Question

More world leaders have an economics degree than any other type of degree. Discuss how the study of economics has helped you understand the world around you and how the knowledge of economics can be used to better the world. Also discuss how, with your knowledge of economics, you can profit in order to help better your life, your family’s life, your very close friends, or your community.​

Answer 1

Study of economics Which helps the world:
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Economics is the study of how human society, government, business and individual life allocate their inputs. Economics can also provide valuable knowledge for making decisions in every ones life.

We need to understand the importance of economics to develop the country in the form of pushing some sector like Agriculture, Small Scale Industries & Cottage Industries. The best uses of economics are to provide solutions how we can vanish economic failure.
Economists have to understand what is the current situation of the economy and investigate reasons for poverty, unemployment and low economic growth. We need to develop conceptual models of behavior to predict responses to changes in policy and market conditions.

Economics is not like other scientific studies, Because of many unknown variables, it is not possible to predict the future, but a good economist will be aware the result depends on changes, and there are different potential outcomes. Modern economists have examined economic forces behind everyday social issues and Economic forecasts are more difficult than understanding the current situation.

The below sample objects will be helping in order to improve:-

The Calculation of each and every day to day expenditure in order to save the money where we can get the maximum satisfaction with minimal effort and money. The personal & family budget is interrelated.
Suppose that Shopping Mall parking which is chargeable and finding out the free space which is nearby that place would be better.

The preparation of family Budget very month, forecasting expense and reduce the expense ongoing month itself which will help to maintain the budget.
Using economic analysis family such as marriage, the decision to have children, fertility and even in food preparation, will result in a good budget in your life.

Some people analyze the kinds of effort to do and how much time spending, on the other hand, people will not even think about the expense and effort should be applied to do small things.In that case, we can help our friends, which are the steps to be taken for such small work and how he can do that without any expenditures or with a minimal amount. Before engaging him to spend time and effort studying economics, it helps to know the advantages of doing so.We can suggest our friends based on our experience or forecasting which would be easier for him. Economics also looks at production, investments, and taxation.

This view recognizes that market goods play an important role but it is limited to do and that the non-market goods and services provided by community or nature are also essential factors. As a part of economic, we should also think of community improvement and how we a help our society in the form of helping to do some small works and guiding the best way. Taking the statistical survey and random sampling of some sectors where need to improve our task and responsibilities.