What Is Economic

Economics is the study of how individuals and groups make decisions with limited resources as to best satisfy their wants, needs, and desires. Economics includes the study of labor, land, and investments, of money, income, and production, and of taxes and government expenditures.

1. If you live in a democracy, people have the power to vote for politicians that will create economic policies that will affect you in many ways whether it is taxes you pay or services you use or the things you buy. Lots of politicians take advantage of the fact many people don’t know how the economy works and they trick people into believing policies that in the end don’t benefit all people but themselves or some special interest or group of people. With a basic understanding of economics you can find which politician is a liar, knows their stuff or is plain clueless of what’s going on. 

2. Economics is not just about business… It is a social science or a study of how people value things or perceive the value of things among other studies….it touches every part of life and almost every discipline whether it is business- looking at how people value products, science- looking at the most efficient or cost effective ways of creating a product, social problems- how to help the poor, psychology –why people value one concept over another… even religion- how people view sharing and work… Whatever you study or whatever profession you are in you will find an “economic” component to it.

3. Understanding of Economics will give you a better understanding of investments and how domestic and foreign economies effect your personal investments and wealth. For instance, if you understand how the US economy interacts with the rest of the world, you may be able to predict an event such as the price of gold going up. Example: People who understood how the US dollar is connected to the job market and consumer spending and the price of gold may be able to make money. IE as the US economy fails, along...