What is the Importance of Studying Economics?
Economics is the study of incentives. If you understand the incentives behind the deal you can understand the deal. Economics is life and those who don't understand economics often feel helpless like they are getting taken advantage of.
For example a store is closing near you and advertising a huge sale. Being the economist you think ok what's the catch. Then you realize only one store is closing but two other locations are staying open. The incentive for the stores is to close one location and take all the items that they can't sell in the other stores to the closing store for a sale and to move the items that will sell to other stores to make the best profit. They have no incentive to give you a good deal other than to decrease inventory.
Another good example is Starbucks. How often have you heard that coffee at starbucks is $4.00? Unfortunately it's not true and if you investigate the truth from an economic prospective you'll see that a latte at Starbucks costs roughly the same as Dunkin Donuts, Au Bon Pain etc... Economics shows that most items are really at parity with each other and by looking closely you can find the best deals and keep yourself out of trouble. I think you should read "Freakonomics" by Steven Levitt and you'll find how interesting economics can really be.
Economics is helpful when you start having enough money to put away for retirement which should start with your first job.
You learn how to make money easier than working for it and can be comfortable your whole life but you must be able to understand the financial workings of the world, This is critical for people who want to go into business or people who hope to retire someday. You can't live on what social security gives you!
economics is the one subject that affects everyone at all times. econ is a way of looking at choices critically, about taking all things into consideration, and about including thing in your decisions that are important but that you may not normally consider
Economics answers a lot of questions most people only wonder about. In addition, understanding economics helps you to understand whether new policies as proposed by potential government representatives will hurt or harm you/U.S. economy in the future.
For example, many people would like to cut off trade and take on a more isolationist policy. While this appeals to the emotions, those who understand economics realize that in the long run it would be detrimental to our economy as a whole.
Economics gives a broad view of the mechanics of society.
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