The Importance of Learning Economics in Today's World

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With an ongoing global recession occurring due to the Covid-19 pandemic, it has become  extremely important for everybody learn the basics of Economics. This will benefit you in so many ways as is about to be discussed below. 

Day to Day Decisions:

Often more than not, people ponder why certain products cost more in the market than others. With the knowledge of the basics of supply and demand,  they can understand that it is usually because of a low supply and high demand that products have a high price. Furthermore, learning economics helps you to not fall to misleading marketing strategies and also pushes you to think about both positive and negative externalities while doing a task.

Life Decisions:

Learning economics helps with making important decisions that can benefit your whole life. You will be able to choose between loans of various interest rates and decide which plots of land to buy in accordance to the real estate market trend. By analyzing the current situation of the market, you will also be able to decide which stocks to buy in order to get higher short and long term gains. Gaining an understanding of concepts such as opportunity costs will also motivate people to optimize both their choices and time. 

Better Understanding of the World:

Having a basic knowledge of economics is extremely important in understanding the prevalent issues and happenings in the world around us. From growing unemployment rates to oil price wars to the emergence of China as a new superpower, they can all be explained due to economics. It can also help us know what a country's annual budget means for us individuals and whether if it will affect us in a positive or negative way. 

Jobs Gained Because Of Economics:

Although the reasons to learn economics that I have listed over here so far are for commoners, getting a degree in economics/finance is one of the most lucrative degrees as potential jobs include investment bankers, hedge fund analysts, stockbrokers to name a few. Furthermore, over recent years, corporate entities are hiring more economists in order to boost the company's growth, hence the job is becoming more and more valued. 

In conclusion, these are the reasons why I believe everybody should at least have a fair understanding of economics and learning even the basic economic concepts will help them in their daily lives and benefit the common society and country as a whole. 

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