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Why economics is important in our daily life
Explain the relevance of economics in our everyday lives
Importance of economics education
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CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
Economics is an important subject in the school curriculum as it is considered a body of knowledge that is useful to the nation. It is also a fundamental subject which acts as a basic necessity for better understanding developmental process, not only at the individual level but at the national level. According to Harper (2001), Economics is a social science that studies the production, distribution and consumption of goods and services. Knowledge of economics is essential to every individual not only because of its application in everyday life or for being effective in the society, but also for active participation in developmental processes in the economy.
It is generally believed that knowledge
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Hence, the position of Economics in secondary school curriculum has been strengthened and accepted because of its civic values (Obemeata 1991), if Economics is such an integral part of people’s life and an understanding of Economics being critical in helping people comprehend the modern world, then Economics must be a concern of the government in the school policy …show more content…
It enables both leaders and citizens to understand basic economics concepts, principles as well as to understand, appreciate and seek to improve the economic situation for their own social good. The understanding of economics is a pre-requisite for good citizenship. To him the principal objective for teaching economics should be "to provide economics understanding necessary for responsible citizenship". Being a responsible citizen involves the ability to take rational decision on important economic issues with a good basis for doing so Furthermore, Obemeata (1991) stated that the position of economics in secondary school curriculum has been strengthened because it has been accepted that it has some civil values because of some topics as "the element and determinants of national income, the structure and activities of labour unions, the working and influence of financial institution". These prepared one adequately for life in modern society. According to Adu (2002) the study of economics serves a useful purpose in modern life. It gives us facts and shows us what may be expected to be the outcome of certain lines of conduct; it helps us to decide which of several alternatives to choose. It charged its recipient to make wise choice that will satisfy their needs in the presence of unlimited wants and
Jobs, Charles. "Peakonomics: toward a case typology for increasing undergraduate economics literacy and concept retention." Journal of Economics and Economic Education Research 9.1 (2008): 19+.General OneFile. Web. 17 Feb. 2014.
To become an Economists one must study a wide variety subjects in math and science. To get the best jobs at the best firms, a Ph.D. or masters is preferred, but it is possible to get a job with a bachelor's degree(“Economists”). Because of the skills required to study economics, courses in mathematics, statistics, econometrics, sampling theory and survey design, and computer science are extremely helpful (“Economists” Truity.com). Undergraduate economics majors can choose from a variety of courses, ranging from microeconomics, macroeconomics, and econometrics to more philosophical courses, such as the history of economic thought. Economists have to have a general understanding of their field. However they often specialize in one or two categories (“Facts about Economists”).
However, the author also acknowledges and believes that the book can be useful to parents and academic advisers. The guide basically covers major chapters that provide useful information to general education in areas such as communication, citizenship and critical thinking. It also provides basic concepts for making better choices and explains the underlying issues that offer sense of purpose to students. In the past many students did not know the importance of classes they were doing. Today, these barriers have increasingly been broken by people through questioning their importance and contribution in general education i.e. anthropology, algebra among others. To enable value addition in making smart choices a great freedom and flexibility in taking courses and subjects is
Ultimately, it is apparent that there are a lot of issues to address in order to establish a successful education. The biggest issue is the affordability of schools because it determines the quality of one’s education. The quality of teachers and the resources available to all students will be addressed once the tuition is affordable because it will close the gap in the accessibility of education within the lower, middle and upper-class. Successful education establishes the path of human and economic development that will promote new industries, technologies, innovations and ideas for a better future.
The study of economics is important to everyone. Financial decisions affect everyone in their day-to-day routines. Economics is the study of how society manages its scarce resources (Mankiw, 2012). Macroeconomics is the study of economy wide phenomena, including inflation, unemployment, Gross Domestic Product, and economic growth (Mankiw, 2012). Macroeconomics is important because, it is how all of us relate into markets and economies. Many news articles today are centered on the economy and current events. One of these articles lends itself to many economic principles and ideas. Even though there are many important topics not covered in the article, the article titled, "You Are What You Owe" in Time, encompassed many general economic principles as well as the many macroeconomics indices illustrated in the article.
Economics is the study of how best to allocate scarce resources throughout an entire market. Economics affect our lives on a daily basis, whether it is on a business level or a personal level.
It is noticeable that the system of education is changing from time to time based on financial issues and how the world is growing. In the past, individuals taught the education system from the oldest member of the family to children, and their members were charging fees from the families that sent their children to them. Which meant that education was an important thing in all ages. Nowadays, the education is shaped to an official system run by professional people in governments and many countries invest high amounts towards education which makes evidence of how important it is in our current life. Every country has a different system of education based on their financial stability, government infrastructure and the standard of the government officials. It is noticeable that there is a big difference between the education in developing countries and the prevailing system in developed countries .In my essay I will discuss some reasons for these differences...
Finally, research has shown that basic education is paramount to a nation’s ability to develop and achieve economic development and sustainability targets. Once these targets are identified, a country will need to re-examine its education curricula at all levels, that is, pre-school to tertiary education. Also, as a government develop policies within their countries they should ensure that there is an interconnection between the environment, economy, and social structures and that they become an integral part of formal education, starting with kindergarten and continuing through primary and secondary school and then on through training at the college, university and professional levels.
There are two reasons help us to answer this question. Firstly, as it mentioned above, economics could provide supports to help people make right decisions. Everyone have to make a considerable amount of decisions in life and work, no matter they are politicians or housewives. For example, a wise politician makes use of economics theory to make economic decisions in order to run the country well and bringing prosperities to people. A smart housewife knows that breads’ and vegetables’ prices are economical in the afternoon under economics’ guidance. Some common rules hide incredible economics theories people might never notice because it seems so simple in the normal life. If we known these theories, we can take advantages of it to make right decisions at vital moment. Secondly, economics, as one of the most important subjects in academic circle, playing a significant role and affecting many aspects of our life. Before I study economics, I found many strange things whereas I can not explain by using common sense. For example, why are diamonds so much more expensive than water even thought water has vital importance to human existence than diamonds? Why does government levy taxes on merchandises to increase citizens’ financial burden? Why does the fast food restaurant drink can be refilled for free? After I learned the marginal cost and
The crucial importance and relevance of economics related disciplines to the modern world have led me to want to pursue the study of these social sciences at a higher level. My study of Economics has shown me the fundamental part it plays in our lives and I would like to approach it with an open mind - interested but not yet fully informed.
In today's world, economics associated disciplines are of fundamental significance and application and this has encouraged me to pursue a degree in Economics. Economics has an important relevance in all of our lives. As consumers we try to make the best of our limited incomes. As workers we take our place in the job market. As citizens of a country our lives are affected by the decisions of our government: decisions over taxes, decisions over spending on health and education, decisions on interest rates, decisions that affect unemployment, inflation and growth. As dwellers on the planet Earth we are affected by the economic decisions of each other: the air we breathe, the water we drink and the environment we leave for future generations are all affected by the economic decisions taken by the human race. It is these stimulating issues that excite me about economics. I enjoy studying Economics enormously and believe my passionate interest in economics is continually strengthened by my regular reading of 'The Economist'
Individuals are always confronted with decisions. America is changing into being more materialistic and it is becoming a problem in schools. It may be a matter of constrained time. The economy is critical on the grounds that it widens our comprehension, which thusly enhances the expectations for everyday comforts. Matters of trade and profit are paramount to ordinary life on the grounds that it gives social order an adjusted and composed framework for cash administration and business cycles. What ties the individuals and their lives together is the manner by which they choose to settle on the decisions against the risk of lack. The economy is about why individuals settle on the decisions they do and what the suggestions or impacts of those decisions are, and it assumes a significant part in everyone's lives. As America advances in technology, our materialism appears to grow and technology has become a tool for distracting individuals.
Additionally, the challenge that I came across as I encountered different mathematical and economics problems at my latter stages of life contributed greatly towards cementing my desires to further my education in both mathematics and economics at your prestigious institution. Economics happens to be a fundamental part of humans’ daily living and the current economic crisis have triggered my desire to have appropriate knowledge about the
In the first portion of our class we discussed economics we discuss the small units and date in larger units of macro micro economics we talked about how taxpayers of help and paid higher taxes and we talked about the unattainable and attainable statuses of each country.
Sullivan, A., & Steven M., (2003). Economics: Principles in action. Upper Saddle River, New Jersey : Pearson Prentice Hal