14 days of Economics
Day 1: My introduction to economics
Through the study of economics, personally I will broaden my understanding of markets and the economy questioning how society is organized. After watching the Jacob Clifford Youtube video here is some information that I gathered about the subject:
Economics degrees often earn higher payed jobs than people with finance or engineering degrees. The subject also helps people to make descions whether it be financially or socially. Thinking like an economist will help to see the unseen through the oppurtunity cost which can save money. The subject is not the study of money or getting rich although, it may help with that. It is also not about the stock market. It is the study of how people use their wealth with economic and social aspects.
Decisions are based on cost and benefit. If one outweights the other, then a decisions can be made. Politics also has a role in global economics, the government have to evalute the opportunity cost constantly when making decisions on investments. They use economics theories to guide public policies. Incentive also drive decisions. Here is a list of Economics vocab:
- Scarcity: The idea that we have unlimited wants but limited resources
- Economics: The study of how we deal with scarcity, essentially how to use the limited resources to get the most efficient output.
- Microeconomics: The study of individuals, businesses and markets interact to generate outcomes
- Macroeconomics: The study of the whole economy of unemployment, inflation trade and government policies
- Oppurtunity Cost: Whatever you give up to do something.
