Question

5 things you learned in the economic class from only, that you can now or will be able to apply to your career, your current career or in your personal life.

Answer 1

Economics refers to the study of how businesses, households, governments, societies, and individuals allocate their scarce resources. The economics study class provide valuable knowledge for making decisions in our daily lives.

--In economics class, we are taught about opportunity cost, which means the cost of not choosing the next best alternative for my money, time, or various other resource. The benefit of opportunity cost will provide me the opportunity to make better choices.

--Scarcity exists only because the wants of people are greater than the available resources to satisfy their wants thus it is important to allocate goods according to some set of criteria in professional as well as personal life is important for optimal benefits.

--The concept of marginal utility theory will make me understand to buy goods which give the highest satisfaction for the price. To maximise my overall welfare, I will consume a quantity of goods where total my utility will be maximised

--In economics class we learned about externality which refers to the cost or benefit that affects a party who did not choose to incur that benefit or cost. At smaller, more personal scale daily lives, I am imposing to several externalities such as while driving to work I increase the amount of traffic.

--Economics shows the importance of relations between variables: prices and quantities, output and inflation, revenues and elasticity, productivity and aggregate growth, education and salaries, etc; and thus helps me to understand complex relationships and their importance in the employment. These offers a tool with which to approach questions about the desirability of a specific financial investment opportunity, whether or not to attend college or graduate school, the costs and benefits of alternative careers, and the impacts likely to occur due to the public policies.