The Importance of Learning Economics
Economics is one of the academic subjects that would be easy to highlight as important. Even it has known benefits it is obviously not taught well most of the time. It should be taught in a way wherein there’s appropriate understanding of the fundamental principles and its application in the real world. Economics courses are more designed to explaining theories instead of applying them in practical situations. That is if this subject is ever taught at all in grade school or secondary school. This is why people’s money management skills are so poor. Here are reasons why it is important to learn economics especially when aided with an economics tuition in Singapore.
Money Management
This is known as the greatest practical benefit of studying economics. Studying the subject itself won’t make one wealthy but failure to learn and apply the basics of saving and investing will keep you poor for life. There are several wrong beliefs of those who are not economically literate. For instance they believe that investing is more like gambling and it is close to what we can expect from a lottery. And they have this idea that credit cards mean free money; that’s why some employees don’t get to see their salary at all. Through studying economics these personal issues and even the nation’s economic issues can be resolved.
Value
The concept is value is both crucial in economics and in personal life. According to Thomas Sewell, there are also non-economic values. He said that economics is not even a value itself. It’s just a way of determining the cost and benefits of trading a value for another.
Trade-offs
This is a difficult notion for everyone to understand or accept. In a complex world, we only seek out solutions for problems. But in economics it is said that there isn’t no solution but only trade-offs. This means that we can spend more money on grocery items when we don’t spend so much on our dinner dates. Economics gives people a way to think through things that will make trade-offs more beneficial for them.
Economists often see beyond the visible consequences of their actions.
You may also like
Archives
- May 2025
- April 2025
- March 2025
- February 2025
- January 2025
- December 2024
- November 2024
- October 2024
- September 2024
- August 2024
- July 2024
- June 2024
- May 2024
- April 2024
- March 2024
- February 2024
- January 2024
- December 2023
- November 2023
- October 2023
- September 2023
- August 2023
- July 2023
- June 2023
- May 2023
- April 2023
- February 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- July 2022
- June 2022
- May 2022
- April 2022
- March 2022
- February 2022
- January 2022
- December 2021
- November 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- December 2020
- October 2020
- September 2020
- August 2020
- July 2020
- March 2020
- February 2020
- December 2019
- November 2019
- October 2019
- September 2019
- August 2019
- July 2019
- June 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
- August 2016
- July 2016
- June 2016
- May 2016
- April 2016
- March 2016
- February 2016
- January 2016
- December 2015
- November 2015
- October 2015
- September 2015
- August 2015
- July 2015
- June 2015
- May 2015
- April 2015
- March 2015
- February 2015
- January 2015
- December 2014
Categories
- A Good Appetite
- Arts
- Arts, Crafts, Boutiques
- Backing
- Blog
- Breakfast
- Building & Construction
- Business
- Business & Finance
- Catering
- City Kitchen
- Computers & Electronics
- Desserts
- Dinner
- Economy
- Education & Learning
- Entertainment
- Entrepreneur
- Events
- Events and Planning
- Family
- Fashion & Accessories
- Fashion & Style
- Food
- Food & Drink
- Gambling
- Gaming
- Health
- Health, Beauty & Wellness
- House & Home Improvements
- Industry
- Insurance
- Investment
- Law
- Lifestyle
- Main
- News
- News Center
- Others
- Personal Services
- Pets & Pet Care
- Photographer
- Politics
- Property & Real Estate
- Science
- Services
- Shopping
- Snacks
- Sports
- Technology
- Travel
- Travel & Transportation Services
- Uncategorized