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Numbers are very integral in our everyday lives. May it be in societies, governments, or businesses, numbers tell us what we have, what we don’t have, and what we need. When it comes to goods and resources, this is called economics.
Economics tackles how societies, governments, businesses, and private individuals use resources efficiently to meet human needs. Numbers tell us how much suppliers we have, how many goods to produce out of it, and how to efficiently distribute these goods.
People don’t often realize how important economics is in our day-to-day lives. This is probably the reason why not too many are interested in learning about it. Economics helps towns, countries, groups, businesses, and households reach their goals efficiently and effectively. Experts in economics are considered decision-makers and changemakers. If you want to be one in your community or in a greater scope like Canada, consider taking economics lessons.
In a nutshell, economics is the study of the production, distribution, and consumption of goods and services. It describes and analyses how resources are used to make commodities and how to distribute these to society in the most efficient way possible.
Economics banks on two ideas. First: that resources are limited. Second: that people must use whatever resources are available efficiently.
As a social science, economics studies human behaviour especially in terms of decision-making. It describes how humans make whatever decision they deem best and the factors that lead to such a decision.
Having knowledge in economics goes a long way regardless of the industry you want to pursue in the future. More than the concepts and theories you will learn, you will reap a lot of benefits in studying economics.
Relevance and usefulness
To say that economics is very useful would be an understatement. Economics can be applied in the daily life of any age group, gender, or race. Whether you realize it or not, you encounter economics on a regular basis. Economics basically tells you why you make the choices you make. There are factors to be considered such as the resources you have at hand and the cost of the goods and services you want to consume.
For example, when you check loan plans that you can avail to get a new car, you consider the money you have to shell out for the loan. Aside from that, you think of how to pay that loan without breaking the bank. You will slowly see how the things you learned in economics, such as the concepts and theories, are already evident in your life.
Economics uses statistics and figures in analyzing data and checking trends. Critical thinking is needed to be able to study data effectively and efficiently. Studying economics will push you to think, and not just take things at face value.
Critical thinking will be very handy in future situations whether you decide to become an economist or not. Employers like to have critical thinkers on their team so being one will help you boost your chances of landing your dream job.
Moreover, when you constantly practice critical thinking, it will eventually become a good habit. You will not accept information given to you right away and will know which questions to ask to get the information you need. When problems come your way, you will also know how to read and analyze it so you can come up with the best solution.
Everyone is a consumer of goods and services. Because of modern technology, more and more goods are produced and you get a wide array of choices. Laundry detergents, for example, are offered by different brands with each carrying a special ingredient that gives you the outcome you want. In this case, your desired outcome is clean and fragrant-smelling clothes.
Economics will help you become a conscious consumer. You will get a grasp of how the market works and in the long run be able to weigh what you need, what you want, and what you can afford. The concepts of scarcity, supply, demand, cost, and benefits will be incorporated in how you consume. These are very important especially in decision-making.
As a result of critical thinking and conscious consumerism, you will get better decision-making skills. The understanding of the economic phenomena will help you in making better choices in life. From little decisions like what to buy for dinner or life-changing ones like picking the house and lot to purchase, economic concepts play a big part.
Expect to develop careful thought and analysis of the situation you have at hand. More and more factors will be taken into consideration, all of which are significant in making decisions.
One misconception that people have of economics is that it limits you to the business world. The truth is quite the opposite. Economics opens doors to a lot of career opportunities in various industries such as finance, trading, technology, and even the government.
In business and finance, economists are highly regarded. Top leaders seek their advice on how to handle businesses and corporations. If you are still starting small, your knowledge in economics will help grow businesses until they reach their full potential.
In trading, economics helps investors understand market behavior. Before making big shots, investors call on economics experts to consult them on the figures they want to invest in. Economics also is integral in technology as it serves as guides on what to produce and how many to produce.
If you are looking into public service, the government acknowledges the big role economists play in policy-making. Public officials seek advice from those with a good understanding of economics in the policies they make whether it be in business, finance, welfare, investments, and even health. Whatever career path you choose, you are assured that people will appreciate your knowledge and mastery of economics.
Economics involves a lot of theories, concepts, and ideologies. The best way to learn these is through a teacher that will not only teach you the basics but will help you understand how everything works together.
Finding the right economics teacher might be a difficult task especially now that there are a lot of teachers you can choose from. SuperProf has a lot of mentors who are not only well-versed in economics but also understand the current market. Learn about economics and be a better consumer by enrolling in SuperProf!
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