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Macado

what are the importance of studying economics?

it is very important to study economics in schools,so what are the importance of studying economics?
Buwanna:

Hmmm, that's a simple question, the answer isn't quite as straightforward.

In short, we in the USA live in a free country, and the capitalist nature of it guarantees that economic forces will have a significant impact on your life in one way or another. Given that, isn't it prudent to know a little something about economics?

As with any knowledge, you learn economics so that you know how the world really works. I can't go into great details or examples without actually teaching you some economics, but knowing how economics works does two things: it allows you to correctly utilize the system and it prevent you from being decieved.

By utilizing the system I mean starting and running a successful business. How can you make a business work if you don't understand the economics of that business and its market place? Even as an employee, you often have to be aware of how the business functions... or at least it HELPS to be so aware.

Knowing economics also helps keep you from being deceived. I'm thinking of politicians deceiving you about how the world works.

For example, let's take a controversial subject: health care. There's a huge push for "Universal Health Coverage", i.e. government-provided health care. But a thorough understanding of enonomics tells me that the free market will better respond to problems (such as not enough proctologists in Washington DC or no x-ray machine in Dobunk, Montana) than will government.

Even outside the US, knowledge of economics does help. For example, apply that knowledge to Socialism, and you'll see why the Soviet Union (with it's infamous 5-year plans) eventually failed.

Ze'Rebel...!!!:

see economics is directly related to our common life..
its a social relationship bw unlimited wants and scarce means which have alternative uses..u need to put ur resources to that use which results in max efficiency..so its a problem of choice u have to forego something in order to get something
basically a tradeoff. in ur common life when u buy something u forego something else ...that's as simple economics

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