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relevance of economics in day to day life
relevance of economics in day to day life
basic terms of economics
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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
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There are two reasons help us to answer this question. Firstly, as it mentioned above, economics could provide supports to help people make right decisions. Everyone have to make a considerable amount of decisions in life and work, no matter they are politicians or housewives. For example, a wise politician makes use of economics theory to make economic decisions in order to run the country well and bringing prosperities to people. A smart housewife knows that breads’ and vegetables’ prices are economical in the afternoon under economics’ guidance. Some common rules hide incredible economics theories people might never notice because it seems so simple in the normal life. If we known these theories, we can take advantages of it to make right decisions at vital moment. Secondly, economics, as one of the most important subjects in academic circle, playing a significant role and affecting many aspects of our life. Before I study economics, I found many strange things whereas I can not explain by using common sense. For example, why are diamonds so much more expensive than water even thought water has vital importance to human existence than diamonds? Why does government levy taxes on merchandises to increase citizens’ financial burden? Why does the fast food restaurant drink can be refilled for free? After I learned the marginal cost and …show more content…
The basic needs of people ought to be satisfied, in order to guarantee their sense of happiness. Although people have boundless needs and wants, the resources available to us are limited, that is what we called the scarcity of resources. If we want to make maximum utilization of limited resource, which determines we have to make decisions when we are facing choice. At this time, the theory of opportunity cost should be put forward. Let me take myself as an example, after I graduated with my bachelor’s degree last year, there are three opinions available to me to be chosen. The first one is to look for a job like most graduates. Then I will earn salary earlier and gain more working experience than the master graduate. The second choice is to take part in the postgraduate entrance exams in my own country. In this way, I need to spend two years on the subject I have no more passion to research. And the last one is go abroad for further study of a totally strange major which is different from my undergraduate major. After I weighed and balanced over and over again, I chose the last one which I am really interested in. Though it requires me to devote more effort than other classmates who have already learned about the relevant professional knowledge. I had no idea what is opportunity cost at that time, but I made use of it
Also, might want to squeeze in a little detail about the role of Economics in our society.
Most people have assumptions about what an economist does. If a survey was made that asked people to show an example of what an economist does, answers would be varied. Some would say that an economist is a person that knows tax and accounting, others would say maybe a project manager, and some would even say that it is a person who analyzes the financial markets and is able to predict the exchange rate of a currency or market price of a market value. In the best case, it would be a professional who analyzes economic data such as GDP, inflation, and unemployment to predict how the economy will behave. Very few people would be to think of an econ...
Alfred A Knopf, of New York publishing house fame, once stated “An economist is a man who states the obvious in terms of the incomprehensible”. For being someone who is just learning the basics of economics, this elucidation speaks volumes to this branch of the social sciences. From my basic understanding, economics is the study of scare resources that determine the supply, demand, and consumption for a said good. Wherein the simplification of multifaceted issues is used to make predictions that can be used to serve a society’s needs. Although this may seem like a simple concept, Knopf’s comment illustrates the complexity and involvedness of economics within a given society. Ultimately, from this definition, economics is a tool that aims to
However, economics is relative to everyone’s life. We can still feel the wound of financial crisis up to today. It’s useful for everyone to learn something about economics.
Students will need to know how the economy works. If it was up to the student to learn it on their own, it will most likely go unlearned. It must be taught when the mind is still developing new ideas and is mature enough to see both sides of arguments instead of blindly following the advice of a biased internet page. Students need to understand the world they live in. Not only will an Economics class prepare the student to face his future, he will understand how to mold it and make it his.
Riddell, T., Shackelford, J., Schneider, G., & Stamos, S. (2011). Economics: A Tool for Critically Understanding Society (Ninth Edition). Boston, MA: Pearson Education, Inc.
Economics can be a tricky subject to explain to the general public. People often view Economics as a broad scope of finance. While Economics does look at the financial industry quite a bit, it is not solely about stocks and bonds. As Merriam-Webster describes, Economics is “a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services.” The important aspect to gain from this definition is that Economics is a social science, which means the discipline studies human behavior. Economists study human behavior regarding the
When it comes to financial planning, economics plays a major factor in people’s personal finances in many ways, it is an essential part of the world we live in today. When you buy gas, or shop for groceries, plan a vacation, economics is at the core of those choices. So why does economics play such a vital role, what is the driving force behind this? In its simplest form, it’s based on choice. We will look at a few factors that impacts financial planning and the economy, including the use of credit, and how the government affects the economy.
There are four main types of economic systems; traditional, market, command, and mixed. Each of these systems is unique to itself but is also similar in some aspects to the others. Some of the ways in which these systems are different but yet the same are through their property rights, competition, and profits. Each system benefits differently through each of these factors. They all strive for the same purpose though, to survive. To bring their people happiness. To thrive and expand.
It is the study of resource allocation, distribution and consumption, of capital and investment, and of the management of the factors of production. (http://wikitionary.org/wiki/economics)
College is important to large amounts of people. As many know, attending college can help better a single person’s life in more ways than one. For example, by attending college and graduating with a degree of one’s choice improves their knowledge in that field of choice. Everyone that has earned a degree has made many choices to get where they are today. There is a process in making these decisions. The decision of deciding, which degree to earn is the first step to changing one’ life.
The theory of economics does not furnish a body of settled conclusions immediately applicable to policy. It is a method rather than a doctrine, an apparatus of the mind, a technique for thinking, which helps the possessor to draw correct conclusions. The ideas of economists and politicians, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist." (John Maynard Keynes, the General Theory of Employment, Interest and Money p 383)
Economics is the study of how best to allocate scarce resources throughout an entire market. Economics affect our lives on a daily basis, whether it is on a business level or a personal level.
The crucial importance and relevance of economics related disciplines to the modern world have led me to want to pursue the study of these social sciences at a higher level. My study of Economics has shown me the fundamental part it plays in our lives and I would like to approach it with an open mind - interested but not yet fully informed.
In today's world, economics associated disciplines are of fundamental significance and application and this has encouraged me to pursue a degree in Economics. Economics has an important relevance in all of our lives. As consumers we try to make the best of our limited incomes. As workers we take our place in the job market. As citizens of a country our lives are affected by the decisions of our government: decisions over taxes, decisions over spending on health and education, decisions on interest rates, decisions that affect unemployment, inflation and growth. As dwellers on the planet Earth we are affected by the economic decisions of each other: the air we breathe, the water we drink and the environment we leave for future generations are all affected by the economic decisions taken by the human race. It is these stimulating issues that excite me about economics. I enjoy studying Economics enormously and believe my passionate interest in economics is continually strengthened by my regular reading of 'The Economist'