Why Is Economics An Important Part In Your Life? (Essay Sample)

Why is Economics an Important Part in Your Life?

A simple definition of economics refer to the revenue generating area in a country where profits are earned and money is lost. It could be an advantage or disadvantage to a developing country and the people. Another word for economics is money but it is not mainly focused on this. The most important things to consider are the prices depending on the information it distributes. It concerns the big and small enterprises, the macro and micro businesses. Economics also defines why producers have to sell and create and why consumers ought to buy. It explains the whole process that affects the growth of pecuniary interest, the inflation of prices and even the destructive effects of recession. This is all within the scope of economics. It is an important asset and area in a country’s growth and the improvement of the lives of the people. To the economist, the definition is more complicated rather than to the knowledge of a lay person on the value and importance of economics. For educated people, it is important that they have the most basic of the fundamental understanding of economics. It maintains the health of a nation and the world economy thus it is of the essence that the equity market must be guarded, understood and improved. Small business owners understand the definition of supply, demand, taxes, profits, loss, prices and economic sabotage. Economics dictates how people live their lives and give the people the opportunity to decide whether they would like to improve their status in life and live comfortably or keep below the poverty line. It is actually an individual choice and depends on the determination of an individual. We need economics, it plays a huge role in our lives and in its absence, there will be a disorganized method in sustaining the value of money and making a conscious effort to develop the natural resources and different enterprises for the survival of a country.

Economics is an important part of life

Economics is very valuable and could never be eradicated from a person’s life since everything revolves around money. The food that we eat, the clothes that we wear, the homes that we live in, the education and career that we are determined to finish. These are in need of finances and money. Economics is a broad area, which requires a systematic program and strategy to uphold all the principles necessary to determine the steps that will help develop the processes in order to gain more benefit and advantage. It is important because in its absence, money has no value at all. We use money to buy gas, pay for our transportation, receive salary from employment, pay our health bills and insurance, it circulates within the monetary process of buying and selling. Economy provides food on the table and from the day we are born until the day we all die, it is a primordial part of our lives. This is the reason why this subject is taught in schools and universities to teach the young children at an early age the value of money and how it must be used wisely. As we grow older, our view of economics become more valuable and we acquire deeper knowledge as to how the system works. Nevertheless, there is also a need of honesty and integrity with all our dealings, be it in selling our goods in the market or in terms of buying products.

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