What is Economics?
For quite a number of college students Economics is a course they do as a part of their business degree for exposure, for some its a free elective from another major for the others, 'the crazy people' it happens to be their major like is mine.
The study of Economics is a science which accesses how people make decisions on what they need based on their unlimited wants. Since we all don't get everything we want unless were rich and can buy anything, but even then there is always something you'll want. You must make choices, which is simply what economics is. However at the advanced level "the crazy people" use this choice thinking to explain social and economic phenomena. That's where all the graphs, tables and charts come from. In fact it is believed that economists can try to work out an answer for any possible theory.
For instance, Sex and Relationships, why do men cheat? A question women have tried to answer for years. To answer an economist would look at background data(read like hell) and make a pronouncements. One of the main Principles of Economics is that returns diminish, So a man after having relations with one woman gets bored or his level of satisfaction has diminished after the first sexual encounter. So you goes out to find new sex and the process repeats itself. The one good thing about economic pronouncements is that you can guess like hell and be right if you have a good basic background.
So if you have to Econ as course don't just think of it as a Hard subject engage your lecturer and try to explain Social Problems in your tutorials and lectures.
The study of Economics is a science which accesses how people make decisions on what they need based on their unlimited wants. Since we all don't get everything we want unless were rich and can buy anything, but even then there is always something you'll want. You must make choices, which is simply what economics is. However at the advanced level "the crazy people" use this choice thinking to explain social and economic phenomena. That's where all the graphs, tables and charts come from. In fact it is believed that economists can try to work out an answer for any possible theory.
For instance, Sex and Relationships, why do men cheat? A question women have tried to answer for years. To answer an economist would look at background data(read like hell) and make a pronouncements. One of the main Principles of Economics is that returns diminish, So a man after having relations with one woman gets bored or his level of satisfaction has diminished after the first sexual encounter. So you goes out to find new sex and the process repeats itself. The one good thing about economic pronouncements is that you can guess like hell and be right if you have a good basic background.
So if you have to Econ as course don't just think of it as a Hard subject engage your lecturer and try to explain Social Problems in your tutorials and lectures.
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