Importance of Economics in Daily Life Essay

What are the most important concepts you have learned in this Course How can you apply them to your life? What difference can these concepts or tools make in your everyday life? The essence of the education is not just to get the degree, rather to enhance intellectual caliber though learning and developing wisdom in the light of that learning that can be applied in the practical sphere of life.

Although anything new that we learn is a value addition to our already developed wisdom; however, the aspect of life where that knowledge can be applied is different.

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For example, to learn about aviation would add something to a person’s wisdom, yet if that person does not want to make career in aviation or aeronautics that knowledge has little to do with his ordinary life. However, there are some subjects that are important not only to the experts of those fields, rather to all and sundry. Economics is one of them.

It is a well known quote that economics is the intellectual religion of the day. In this course, we learned a variety of economics concepts, such as, Supply and Demand, Types of Goods and Markets, Government Policy and International Trade, Labor Markets, Wages and Income, Measuring Economic Health, Federal Reserve and Fiscal Policies, Economic Analysis. The importance of these concepts and tools for an economist is undisputed. Let’s look at how these concepts can help us in our everyday life.

At an individual level, even if a person is not an economist, yet by studying economics he would be able to reason out some very simple phenomenon of life, which is actually the application of the different economic concepts. For example, he may reason out for a popular diamond water paradox that would reveal him that commodities rare in supply but greater in demand have higher prices. Likewise, consumer behavior and utility analysis can be understood, which would help him to be a wise and well informed buyer.

Thus, at individual level, economics would help because, whatever the profession of the individual may be, being a buyer, he is the part of the economic world. At the community or group level, to be a well-informed and wise citizen, every person should be equipped with at least basic tools of economic analysis. It is quite normal at the time of election that the contesting parties also given a significant space to the economic reforms and policies in their election manifestoes. Having at least a functional knowledge of economic would help to evaluate which party has better policies.

Thus, voting decision may also be influenced by the knowledge of economics. Moreover, the wisdom of various economic policies of government may be assessed and that would help to be a better, well informed and better citizen. All in all, based on the abovementioned arguments, it can be concluded confidently that economics enhances the reasoning of an individuals on various issues, at individual as well as group level.

Reference

Brue, S. , & Mcconnell, C. (2006). Economics. New York: McGraw-Hill/Irwin.

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