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 the result of human action and scarce. In 2008, Andrew Caplin and Andrew Schotter concluded that economics’ focus are the behaviour and interaction of economic agents and the foundation of it.
As suggested above, it can be seen that economics can be used in nearly everything of people’s daily life. 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 ti...
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...e salary, whether I like the job, the location of the company and the time of commuting. Nevertheless, if the market more competitive, I will not consider so much thing, because I know that in the stressful market, finding a suitable job is more difficult than normal, I have to decrease my expectation of finding a good job.
In conclusion, economics is a vital subject, it is a study of human business, which means it can be used in every side of the world. Accordingly, as a well-educated student, learning economics is necessary. Furthermore, according to Hanna Newcomble (1989), when people use economics theories they should think about ecological aspects, social aspects and philosophical aspects of economics, which can help them make better application of those theories. In the end, I introduce some application of economics theories in my daily life and future career.
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