Importance Of Economics

I am an economics major student. Economics is a subject which can help people live in a better way as well as guide the society to a correct direction. The main idea of economics is to teach people how to efficiently use the resources that can be everything in people’s daily lives. The goal of economics is infinitive use of limited resources to do unlimited jobs. As Brandeis put it, “A lawyer who has not studied economics is very apt to become a public enemy.” I chose economics as my major because I want to help the people in my country to live in a better way, and also contribute my knowledge to benefit the society. First, economics benefit society from finding the best way to divide social resource. In economics, it is most common to divide productive resources into three categories--land, labor, and capital--which are sometimes called the basic factors of production. An alternative division is to think of resources as either natural or produced.[ http://www.econlib.org/library/Topics/College/productiveresources.html] In economics. Here is an idea called opportunity cost, it means when people want something they should give up the other things, and the things what they give up is opportunity cost. If people know what is the opportunity

Most policies are created according to economic condition, because government want prevent the bad result, and government also spend lots of money to hire economists. The monetary policy, for example, is that which relate to economics, the main idea of monetary is the lower interest rates reduce the cost of borrowing, encouraging investment and consumer spending. Lower interest rates also reduce the incentive to save, making spending more attractive instead. Lower interest rates will also reduce mortgage interest payments, increasing disposable income for consumers.And government also have amount of policy which relates to