Question

TOPIC DESCRIPTION For this discussion forum, begin by reading the following statement and decide whether you agree or dsagree with the statement The study of economics is really boring, and it has Wttle to do with my daily ife. In a post of several paragraghs, discuss the reasons why you agree or disagree with the above statement. What evidence bop the lesson or outside-rch can you find that supports your stand? How can you connect your argument with the terms and ideas we have studied in this lesson?

Answer 1

The study of economics, is not limited today, to macroeconomics but for individuals it is equally important to realize the concepts of microeconomics.

Therefore, i disagree with the statement that " The study of economics is really boring and it has little to do with my daily life"

Microeconomics in this sense is the branch of economics which deals with individual level problems and aim at setting harmony between the sellers and consumers.

Therefore, an appropriate knowledge of the subject enables us as consumers to be able to spend our income in a way that maximizes our interests.

The equations of demand and concepts of Indifference largely help us as consumers to arrive at logical distribution of our income in such a manner that our interests can be maximized.

Further, for any individual that wants to engage in production or a student thinking of opening his own business or startup venture the concepts of production possibilities and of producer equilibrium or marginal costs is extremely important to realize. It will ensure that he sells the correct product at the correct price to the target audience.

Further most people would want to save their money if they have choices in mind and economics largely helps people in deciding what to purchase and in what quantity within an allocated budget so as to be able maximize their interests.

Conclusion:-

Economics is extremely helpful for individuals that act as both consumers and producers in their lives. It helps them in optimum allocation of their resources and enables themselves to earn higher profits or save more money. The concepts are extremely helpful and thus must be studied to allow for easier money management and to prevent wrong economic decisions to be made.

Please feel free to ask your doubts in the comments section