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Why Study Economics Essay

opinionated Essay
1241 words
1241 words
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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 …show more content…

In this essay, the author

  • Opines that economics, as an independent subject, has existed in the world for a long time.
  • Opines that it is difficult to define what is economics, since it's a science to assist people to make right decisions, allocate and make efficient use of limited resources.
  • Explains that economics provides support to help people make right decisions in life and work, regardless of whether they are politicians or housewives.
  • Explains that economics is to improve the masses' life quality, boost their well-being, and make more people live in happiness.
  • Explains that economics holds the idea that trade can make everyone better off because it allows people to specialize in what they do best.
  • Opines that with the development of social economy, economics is not an abstract and remote subject anymore.

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

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