Economics is the study of how people decide to use resources on an individual and collective basis. It examines the kinds of work people do and how much time they spend doing it. Economics also looks at production, investments, taxation and how people spend and save money. Before we commit ourselves to spending time and effort studying economics, it helps to know the advantages of doing so.
Studying economics prepares us to deal with issues in a variety of fields, including business, law, politics, history, taxation and accounting.
Economics helps us to understand the current events. Economic changes occur often such as, a decrease in unemployment, an upswing in the stock market or a trend of jobs being outsourced to other countries. During these changes, we can better understand the events as they happen by participating in classroom discussions.
Studying economics helps us prepare for the future. We’ll have a grasp of the economic principles that affect our career prospects, investment decisions and retirement strategies.
While other people are more uncertain about the economy and how to adjust to changing conditions, we can make better-informed choices and come up with ideas to deal with problems and benefit from opportunities.
Earning an economics degree also earns us prestige. People who successfully study economics must operate at a high intellectual level. Because of its importance in society, economics is a social science for which one can earn a Nobel Prize. Amartya Kumar Sen is an example of this. He got Nobel Prize in the year 1998.