What is applied economics? How is it used?

[Good-Person]

Economics is a really interesting topic which is usually discussed when we talk about financial markets, inflation, etc. Applied economics seems to be a branch of economics and it may be related to practically applying various kinds of theories related to economics. So, what is it and how it can be helpful?

 

[Debashis]

Applied economics is the application of economic theories and principles to real-world problems and scenarios. It is used to analyze and solve various economic issues, such as determining the impact of government policies, forecasting economic trends, evaluating business strategies, and assessing the effects of market interventions.