Question

Why is studying basic economics important for everyone?

Answer 1

Somehow you will use this during your life time. Trust me, it is not for nothing.

Answer 2

So many people have extremely ignorant opinions about economic matters that it leads to bad public policy. For example the people who tried to take generators to hurricane Katrina victims got them confiscated for price gouging. These generators never made it to the people who would have gladly paid for them. They were taken there at an extreme expense. This was the reason for the high price. Everyone should study economics because we live in a democracy, and public policy is created by popular opinion. If we lived in a dictatorship it wouldn't matter so much.

Answer 3

Economics can be tedious and boring. But money has impact on society, environment and politics.

Answer 4

For the same reason you have to study the basics of anything

Answer 5

Your rights as a human are based upon your knowledge more than your resources. If you lack knowledge in basic things in life, people can legally take things away from you or deny you things you should have but due to lack of understanding you cannot get.. . Economics is the study of how people behave when there is scarcity. If you do not understand how the world works at the most basic level, how do you expect to survive and prosper?

Answer 6

Because through our whole life we will deal with economics, and to really understand it, one must start at a basic course, then the classes get more difficult and intricate.

Answer 7

All you need to know is that supply meets demand at a price. . . Economists have been trying to complicate it for years, but basically it all boils down to that.

Answer 8

As an Economist, Economics will teach us on how to become a rational person --- a good and reasonable consumer.

Answer 9

basically it is significant to our lives. simple/basic economics will make us understand demand and supply. you would know the basic flow of economy in your country. And as well as you would understand that how come your country is still in growth or in decline stage economy. And most important thing you would know is when is the time how would inflation would come in. furthermore in economics you would understand how would your countries currency makes its value increases or decrease or what are the factors that affects a Dollar decrease it value or increase its value.