Why Economics And Why Should We Study Economics?

When people open television, they may often hear a word ‘economics’, the emcee may say:’ some countries’ pecuniary condition is not good’, pecuniary condition means the economic condition of a country. As a business student, I know economics is very important course, but what is economics and why us should study it. This essay will definite economics in board way, describe the importance of economics, simply introduce some economics theories, how can I apply those theories into my daily life and future career and what determine me to make a decision based on economics theories.

As a new field to human being, economics has many definitions and vary from person to person (Gene Callahan, 2004); however, according to Lionel Robbins (1932), the most accepted definition is Alfred Marshall (1890)’s-economics is a study of human’s ordinary business. Economics can be seen as a social science, which concern how to determine the distribution and production of goods and services (John Mill, 1844). Moreover, in 1932, Lionel Robbins given his definition to economics, economics is a study of the relationship between

Based on Joshua Gans, Stephen King, Martin Byford and Gregory Mankiw (2015), there are three reasons of why students should study economics. The first one is that economics can assist people to understand the real word. For instance, why some students can find good jobs in the certain time but others cannot find such good job in other time. Secondly, in people’s daily life, they always make economics decision, for example, when you are student you should allocate the time of study and your hobby; learning economics help people become more astute in those decision-making. The last one is that economics helps people to gain better understanding of potential and limitation of government policy. For example, what type of tax is sensible and which is irrational