Megan Liston
Savannah Liston
Econ. Essay 1
November 6th 2014
Why Economics Is Important For The Individual
Economics has always existed since the beginning of the world. From the first trade between the first humans all the way to the competition of the worlds biggest industries. It is the very core of our world. Many people choose not to learn about this important key to life, but they live in ignorance, with no clue to what is going on around them. They can see the impact that economics has on their small world, however, they have no idea why things happen. So, why is economics important to us in our everyday lives?
Economics impacts the choices we make everyday. The prices of our groceries influences what we buy and the rise and fall of the stock markets influences the choices we make when looking into buying something. There is no way to get around this and yet, there is a way to study economics so that we can be prepared when things go downhill. It is about a real world! It isn’t just some theory that men came up with, something that doesn’t apply to us. It is real and it will help us to understand those around us once we know their motives and reasons behind their decisions. We make decisions all our lives, all day long. But do we always know why? Economics is such a key thing in our world because the government is always trying to shut us out of their secrets. They treat us like we aren’t actual people, like we don’t have brains. Do we want to be treated like that? Will we settle for ignorance? Or will we stay on top of the government's repeated lies?
Economics isn’t all about the government though. It pertains to our everyday lives as well. It isn’t hard to understand either, so why not take the time and learn about the core that your world revolves around? I have found it extremely interesting to learn about the common and simple things that make up the heart of economics such as value scales and scarce resources and many other things that we so often overlook. Have you ever stopped to think why you took a certain action? There are so many questions that can be answered by the simple facts of economics. Our economy is nothing like when our forefathers created it. But why? Laws have been changed, debt has grown to a peak, and inflation has increased immensely. Some of these things can’t be changed, but as individuals we strive for a better economy by learning more about our country. Economics is something that I think we should all learn and know something about. We might not be as learned in it as other great economists, but can take the first step and learn and memorize the things that hold our nation together.
Take, for example, inflation. You notice when the prices of your groceries go up, but do you know why? Perhaps you blame the owner of the grocery store. But, on the contrary, it’s the government. They are steadily printing more money so that the economy is so full of it, that each dollar becomes more worthless. Pretty soon, the employers have to raise their prices so they can stay in business. It might seem like a very simple example, but really it is very fundamental to the growth of our economy. Without knowing these things, you would probably blame that specific store and try to find another one with lower prices. But, as the economy goes downhill, you wouldn’t be able to find one that had the same prices as before.
So, to help you understand how utterly important economics is in your life, I will end with this. Without proper knowledge of economics, the right and wrong economy, we have no way to truly know how our government is supposed to be acting, and we won’t know the reasons and motives behind the decisions and choices that we we make as individuals and as a nation. We need to become more aware of the things going on around us so that we can better understand ourselves, our families, and our friends. Don’t be left in the dark on this subject, make an effort to learn more about economics.
My Sources:
My notes from Free Market Economics
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