It’s a misconception to think that only economists, financial professionals, and politicians should know about economics. Examples include: the study of supply and demand or how regulations may affect a business’ bottom line.Įconomics affects everyone.
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The study of resources on an individual and company level. This can include imports and exports or the unemployment rate, for example. The big-picture study of what affects the economy as a whole. For example, there are two main frameworks in which one can study economics, namely: The broad nature of the subject means that it can be broken down into smaller pieces. It’s the methods and practices that help to quantify, optimize, and conserve resources on the level of: governments, businesses, households, societies, and individuals. Put in the most simple of terms, economics is the study of resources. We will break down the details: from defining economics to reasons why one may choose to major in the subject in college.
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Understanding economics can change your life on a day-to-day level, as well as play a role in helping you understand the bigger picture of your local government and world affairs.
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For those who have ever wondered, “why is economics important?” or been unsure of why economics is a smart subject to study, we will fill you in on all you need to know. Economics is the study of the facts and figures that affect government, households, families, businesses, and the overall state of the world’s resources. However, numbers and figures play a large role in how societies function.