Importance of Economics

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Importance of Economics Economics is important to study because it helps us understand community to global affairs, to become better informed voters, and teach us about choice and decision making. Because of the fact that economics is such a major part of life, it is important that we completely understand as much as we can of it. Economics is used in almost all aspects of life and is a big part of many decisions we make. When asked why economics is important to study, my grandfather and I share the same thoughts. Economics is about logic and reasoning. Many professionals deal with economics on a daily basis and must make decisions in situations where resources are scarce. It is used in many fields of employment such as government, finance, business, administration, law and many others. Through the study of economics, we can learn from situations such as the Great Depression, poverty, and wealth, to figure out how to avoid such situations in the future. We need to know economics in order to understand how to live and exist in our world today. Also, as a nation, we can better solve problems because we know whether or not certain methods to solve such issues have worked or not in the past. We also need to study economics to create or eliminate laws. We can look back and see which laws were effective, as well as determining which laws are no longer useful. I asked my grandfather as to whether or not he thinks the study of economics is important, and why or why not. In his opinion, “It gives us a better understanding of how the world's economy works so that you can know where your money goes and how the government decides to spend it.” He believes that by knowing how the government spends money will help us to understand what they go through and how they make decisions on which programs get funded and which do not. It also teaches us about how to

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