Mudabicara.com_ There are various benefits of studying economics because economics cannot be separated from the activities of our daily lives. In addition, economics is the basis for someone to know the transaction process.
In the social process, a person certainly has needs and desires, so one of the benefits of studying economics is that people are able to sort out which ones are needs and which are wants.
Now! Curious what the benefits of studying other economics, don’t worry! Now Mudabicara will review articles about the benefits of studying economics. For more details, see the following reviews:
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Understanding Economics
Economics is a branch of science that seeks to provide understanding and lessons about the symptoms of society that arise due to human activities.
In addition, economics has a goal to analyze human efforts or ways to meet needs or achieve prosperity.
Etymologically, the word economy comes from the Greek words oikos which means family and household and nomos which means household management.
Based on the understanding of the etymology of the economy, the economy can be interpreted as a regulation or calculation in the household.
Limited natural resources must be utilized as well as possible in order to produce goods and services. It is an effort to accommodate all human needs which are also unlimited.
In the beginning, economics was studied because humans basically have needs and wants. These needs and wants must be managed because of these limited resources.
Understanding Economics According to Experts
1. Adam Smith
The father of world economics defines economics as a systematic science that studies human behavior in an attempt to allocate limited resources for prosperity and certain goals.
The Scottish economic thinker in his book An Inquiry into the Nature and Causes of the Wealth of Nations (1776) provides a deeper explanation of the meaning of economics. According to him, economics is a science of inquiry about the circumstances and causes of the wealth of a country.
2. N. Gregory Mankiw
The American development economist in his book entitled Principles of Microeconomics 5 Edition (2009) explains that economics is the study of how society manages scarce resources.
3. Richard G. Lipsey
Economist Richard Lipsey Richard G. Lipsey in a book entitled Economics (1981) explains that economics is a science that studies the use of scarce resources to fulfill unlimited human wants.
4. Paul A. Samuelson
Paul A. Samuelson, an economist who wrote a book entitled Economics (1948) explains the definition of economics is a science that studies how people and society choose with or without using money.
It aims to use scarce productive resources that can have alternative uses.
In addition, it produces various commodities from time to time and distributes them for present and future consumption.
5. Alfred Marshall
An English economist named Alfred Marshall wrote a book entitled Principles of Economics (1890). The book explains that economics on the one hand is a science that studies human beings in ordinary life affairs.
It also analyzes individual and social actions that are closely related to the achievement and use of material welfare needs.
Why ordinary life because economics studies activities that can make money and how humans spend their money.
6. Lionel Robbins
An economist, Lionel Robbins, in a book entitled An Essay on the Nature and Significance of Economic Science (1935) describes economics as a science that studies human behavior as a relationship between ends and scarce means that have alternative uses.
After knowing the meaning of economics then what are the benefits of studying economics. Here’s the review.
10 Benefits of Learning Economics for Young People
1. Improving the Living Standards of Human Resources
Economics plays an important role in improving the standard of living and human resources because economics is a science that regulates the principles of basic human needs.
By studying economics, it will train young friends to be careful and economical in choosing all needs. In addition, it increases the social spirit and is able to manage finances properly and wisely.
2. Analyzing the Potential of Economic Policy
One of the benefits of studying economics is that young talkative friends can analyze the potential of economic policies as well as see market and business potential.
With a detailed count, someone who understands economics will understand the calculation of the profit and loss of a business.
In addition, in the context of economic policy, people who understand policy will also understand how to manage a company or business.
3. Studying Consumer Behavior
By studying consumer behavior, young friends can predict or predict what actions consumers will take in the future.
The prediction results will be useful as data and can then be used in pricing, business planning, marketing policies, and even human resource policies.
In addition, we can predict the effect of government policies on consumer saving and consumption behavior. As a result, with all the behavioral data the company will find it easy to achieve sustainable profits.
4. Setting the Priority Scale of Needs
By studying economics, you will be able to determine the priority scale for needs. In economic studies there are three kinds of needs, namely primary needs, secondary needs and tertiary needs.
Therefore, the benefits of studying economics will make you a wise human being and able to prioritize which is a priority scale in meeting the needs of daily life.
5. Can Be Independent In Entrepreneurship
By understanding the science of accounting and management, people will be able to have the power to become entrepreneurs. In addition, he will be able to understand all forms of market behavior better.
This understanding will lead us to the gate of success to become an entrepreneur or entrepreneurship. Because you are able to understand the market as well as consumer habits.
Especially in the digital era and open market people are required to be more creative and innovative in generating both money and assets. So young people must have the courage to take an independent attitude by setting up a business and providing jobs for others.
6. Carefully Read Business Opportunities
By studying economics, you will have the ability to analyze business opportunities in the future. Opportunities can come from anywhere, can be from the potential of natural resources and human resources.
Natural resources, for example, there is an opportunity to establish a factory based on the local community’s commodities. In addition to getting benefits, you will also help overcome unemployment and improve the economic welfare of the community.
The potential of natural resources based on ecotourism can also be done if you live in places that do have good tourism potential.
When it comes to human resources, you can also make a kind of paid training related to web development and digital marketing which will add to the soft skills of the participants.
7. Train Income Management
Practicing income management means practicing life management. This means that when you have income, you will be able to manage it well. How much is the need for living, saving and investing assets.
Things like this are usually only owned by people who have good economic management skills. If this habit is ingrained well then it is not impossible that success will be in sight.
8. Understanding the Sentiment of Economic Events
As a businessman and economist, he indirectly also has to understand market predictions both locally and internationally.
Economic events are always dynamic and can change at any time. For example, a war between Ukraine and Russia resulted in an increase in demand for one of the commodities. The law of economics when there is a lot of demand but little supply then the price will go up according to market logic.
Therefore, economic actors must have the ability to determine policies quickly based on field data.
9. Creating Synergy and Collaboration Between Business Actors
In the economy, business actors will need each other so that there is a need for synergy and collaboration in order to get maximum profit. Collaboration and synergy can be in supply and demand cooperation related to one another’s business.
10. Become an Economist, Researcher and Lecturer
Job opportunities for graduates of economics are very wide. Why is that? because economics is directly related to the roots of society’s problems.
Friends of young talk can become an economist who provides input related to economic policy to the government. Become a researcher for academic policy studies and become a lecturer on campus.
Now! So many explanations about the benefits of studying economics this time, see you in the next reviews. See you later!