importance of economics

Topics: Economics, Social sciences, Ecological economics Pages: 0 (482 words) Published: August 29, 2014

Economics help students to understand more about the modern world in making the decision for the future. It also helps us to understand the problems caused by the limited resources and helps students, as consumers to make rational choices when making decisions. Besides that, students are able to understand the function and role of banks and financial institutions, moreover able to understand the information related to the economics.

Since most of our daily routines revolved around economics, it helps the students to apply the basic and concepts of economics as consumers.

One of the most basic concepts in our daily life is wants/needs. Basically, every human has different needs and wants. It is impossible to please every need and wants due to the limited resource or known as scarce. e.g.: As a human, the basic needs in one’s life are food, water and home.

Everyone is a part of economy and everyone uses the rules of economy too. From the time we are born, we become consumers of various products and services (say, medical services, baby foods, and so on). We grow and diversify to attain various different roles as producers, traders, mediators and agents. Today’s world is that of “economic imperialism”, where economical factors, most importantly, money dictates all the elements of the society, not to forget close family relations. With recession wreaking havoc, economics is something which even ignorant households are learning. Economics is a science which deals with production, distribution and consumption of goods and services. Therefore, we can conclude that whatever involves “transfer of money” includes “economics”. There are two schools of economics, namely, microeconomics and macroeconomics. The combined results of these two determine the actual effect of economics on people. To list all the important functions of economics would be literary impossible as newer issues keep creeping up. In the following lines, we have...
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