Monday, June 17, 2024

Importance of Economics: Why Study Economics?

Importance of Economics: Why Study Economics?

The motivation to learn a discipline like economics can be diverse. First of all, simple curiosity, the desire to understand the world in which we live, pleasure are commendable and sufficient motivations for learning economics tuition in Singapore

In addition, it is also particularly important to learn economics for very practical reasons at the professional level. 

Every manager, leader, and any person wishing to develop professionally in positions of responsibility should take an economics course in order to understand the fundamentals.

Why should you study economics?

Studying economics allows to introduce professionals and student (e) s and enable them to assimilate the economic reasoning that they or they can make their future decisions knowingly. 

Learn economics to become a good manager

Understanding the economy makes it possible to be a good manager. Indeed, within the framework of economic policy, this manifests itself through optimal management of scarce resources. It is important to stress that the resources available on the planet are very limited. But people have always known how to develop know-how allowing them to find solutions to overcome this rarity, particularly through technical advancement.

Thus, people who are intended to manage finances or work with money (banking, accounting, fiduciary) should have notions of economics whether this is in the direct context of their professional activity or to understand more global issues. (such as global warming, energy transition, the impact of digital transformation on the job market) which are discussed in the office or between business partners. 

Study the economy to be able to decipher economic news

The fact of mastering the fundamentals of the economy makes it possible to decipher economic news in a more structured way with models and tools to be applied in the reasoning. This makes it possible to create links between the different events, points of view, and schools of thought. 

C hale economists only have not always enough information to know for example the necessary investment to protect against global warming. O n do not know e excitement global oil stock on which we can count nor the resources to eradicate hunger. 

However, thanks to the knowledge acquired in the field of economics tuition, one becomes.

Learn economics to be a better citizen

Knowledge of the economy still makes it possible to be a better citizen, especially in a context of economic and social crisis. Thanks to the knowledge acquired in the field, we can quickly filter the speeches of politicians and decode the jargon of economists. It is very useful during elections or popular votes in the case of Switzerland. The professional and vocational students can acquire such economic reasoning, which is likely to change their perception and vision. We are talking about changing our mental model (Weltanschauung in German). 

Assimilate economics to understand human behavior

Assimilating economics is essential for studying and understanding human behavior. Many of the actions of the M are irrational and unpredictable, but some actions are predictable and respond to incentives (incentives English). Thus, to promote certain behaviors qualified as being good for society or for health, for example, actions will be taken to try to influence them. We will try to act on certain psychological mechanisms.

According to the CTN News, we can say that economics is an interdisciplinary social science or in any case which applies in very different contexts: health, environment, individuals, society, companies, State, etc. 

The economy allows us to better understand the past to better anticipate the future

As economics is a human science, it looks at the incentives and actions generated by performing statistical analysis. The latter ensures the processing of information to emerge with decisions and recommendations in an environment characterized by a great abundance of accumulated data.  

Whether in a personal or professional capacity, you have to know how to manage information and decide what is appropriate to share or not. In the business world, the one who analyzes the data has an undeniable comparative advantage, because he or she will have a better understanding of the past and a clear vision of the future with the support of forecasts, giving him the opportunity to emerge. with concrete and effective solutions.

One who has even a basic understanding of economics develops rational and strategic thinking

Among the most important economic principles is diversification. One of the illustrative examples is that of Lehman Brothers which went bankrupt due to a lack of diversification in its portfolio. This can also happen with individuals who invest all of their savings with the same banking establishment or in the same type of financial products.

Being interested in the economy also quite simply allows a better understanding of the world in which we live. There is therefore a clear interest in taking courses in economics in parallel with a course in finance, law, psychology, or any other discipline.

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