Economics And Its Impact On Economics Essay

Economics And Its Impact On Economics Essay

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The economics, as an independent subject has already existed in this world for a long time. Maybe some people believe that the knowledge which is contained in economics is so far from them that it is not necessary to consider about is. Actually, economics always hides in our daily life and effects decisions what we made. Once I have hold the same opinion of economics is not really my business, but I do not think like this any more after I studied this subject. Economics no longer acts as an abstract terminology lying on the textbook far away from me, this word became meaningful and I am sure it will make some changes not only in my mind, but also in my future life.

It is really a difficult job to define what is economics. Perhaps many people consider that they hold a generally comprehension about this subject. However, they will have some difficulties to describe it if they are asked about the economics’ certain definition and details. Gene Callahan (2005) presents some possible answers of this question, maybe someone proposes that economics is just a study of money. Maybe someone will tell you that economics is a theory which is used by the businessman to earn profits. As it is mentioned by Joshua Gans, “the economics is the science of how society manages its scarce resources.” One of the most famous economics founders, Adam Smith (1776) claims this definition in his work that economics can be considered as a branch of the science of a statesman or legislator. Basically, no one has the right to judge right or wrong about the statements. There is even no absolutely correct definition of economics. Since the existence of these differences about the idea reflect various viewpoints hold by people come from different professional are...


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... for me. I majored in law at college so I feel a little bit of easy than my classmates when we have law classes. But they are familiar with other business courses which is quite strange to me. In such way, we could take our advantages of different subjects to help with each other in order to strive for better grades in the study. Economics indeed potentially guides our action to make us better off even when we do not notice it.

In general, with the development of social economy, economics is not an abstract and remote subject any more. It closely bound up with our daily life and offer many useful ideas to us. To me, I acquired much knowledge about economics after I chose this subject. With the help of how to make wise decisions to get the maximum benefit, more and more of people needs would be satisfied. I believe we will live a better life after studied economics.

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