Why study economics

1. What is economics?

Economics isn’t a bachelor’s degree or master’s degree in business or financial management but is a social science that helps to explain the secrets of how people make their living, enterprises earn their profits and societies achieve their goals.

2. What does economics teach people?

Economics teaches people important business skills.

3. What does economics explain?

Economics explain the secrets of how people make their living, enterprises earn their profits and societies achieve their goals. Economics teaches people how stock markets and other markets work.

4. Why are people’s lives concerned with the economy as well as with economics?

If we want to get a job we have to enter the economy or in other words, to enter the market for labor. If we want to buy food or clothing we go to the economy or to put it another way enter the market for a particular commodity. We all make economic decisions every day of our lives and economics helps us improve the decision-making process.

5. Why is studying economics worth people’s effort and time?

Economics helps answer a lot of questions in a contemporary society – allocation of resources, inflation, unemployment, discrimination, economic growth, pollution and poverty. Thus, studying economics is worth our effort and time as it enables us to improve our own as well as a nation’s welfare.

6. What are the reasons to study economics?

There are different reasons of studying economics. For some of us, economics develops an analytical, clear, and accurate way of economic thinking. Economic reasoning helps to evaluate the advantages and disadvantages of choices we make in order to gain our aims and deal with wide range of economic matters intelligently. For others, economics is the study of how gain a living. Studying economics we can realize where our money comes from and goes in and how to manage money we get.

7. Why is economics considered a training of clear and accurate economic thinking?

Because economics is a powerful tool which, once learned, enables us to separate facts from emotions, examine and track cause and effect relationships carefully.

8. What does economics mean for people?

Economic knowledge enables us to run our personal lives, to understand society, and to improve the world around us. Economics is important for individuals, as economic decisions affect the quality of their life.

9. Why does economics teach people how to gain a living?

Economics is the study of how gain a living. The more we know about economics, the better career and business decisions we are able to take, the higher living standart we enjoy.

10. Why should people in the world of business require knowledge of economics?

Businessmen require knowledge of economics to achieve the highest production efficiency, draw the greatest possible profits with the least possible production costs, meet competition in the market and as a result succeed in the business world.

11. In what way do people use their basic understanding of economics?

A basic understanding of economics is necessary if we want to understand national and international affairs and become responsible and knowledgeable citizens in order to affect the decisions of our political leaders by voting, directly or indirectly, on many matters involving economic issues.

12. Why is economics important for governments?

Economics is important for governments, as they want to come to good decisions about economic policies.

13. Why is economics considered so important?

Economic knowledge enables us to run our personal lives, to understand society, and to improve the world around us. Economics is important for individuals, as economic decisions affect the quality of their life. Economics is important for governments, as they want to come to good decisions about economic policies. Economics is important for society as a whole, since it needs to use its productive resources in the most efficient way.