how this course helped economics background essay

Why should you take an economics course?

You'll Expand Your Vocabulary Whether it’s scarcity (limited resources), opportunity cost (what must be given up to obtain something else), or equilibrium (the price at which demand equals supply), an economics course will give you fluency in fundamental terms needed to understand how markets work.

What has been your experience with the online economics class?

It has been a great journey taking, and being part of the online economics class. It has been great learning more than one lesson in this class. The study of this class has taught me a lot both in the economics field, and also in life experiences. The economics class has made a different person than I was before taking the course.

What is economics all about?

What Is Economics? At its core, economics is the study of how individuals, groups, and nations manage and use resources. Economics can be broken down into microeconomics, which looks at individual decisions, and macroeconomics, which is concerned with the economy as a whole.

How has studying economics helped you increase your human capital?

It has helped me increase my knowledge, skills and thus increasing my human capital. My economics class has been dealing with microeconomics, which focuses on the role consumers and businesses play in the economy, with specific attention paid to how decisions are made.

How does learning about economics help us?

The study of economics helps people understand the world around them. It enables people to understand people, businesses, markets and governments, and therefore better respond to the threats and opportunities that emerge when things change.

Why the study of economics is important essay?

Economics is used in almost all aspects of life, and is a big part of many of the decisions that we make everyday. Economics is such an important area to study in that it helps to understand societal and global affairs, helps us to become better informed voters, and much more.

How economics affect your life as a student?

Economics affects our daily lives in both obvious and subtle ways. From an individual perspective, economics frames many choices we have to make about work, leisure, consumption and how much to save. Our lives are also influenced by macro-economic trends, such as inflation, interest rates and economic growth.

How can I contribute to the economy as a student?

Pay Your Taxes You paying your taxes on time will be a major contribution of a student to the economy. This is because sales taxes, income taxes, payroll taxes, and wealth taxes are all contributions we make to the economy to improve the collective standard of living.

What is economics course?

An economics course will teach you the fundamentals you need to decipher the graphs you may associate with a typical economics course, as well as the tools to develop a successful business strategy. But, how can you know if studying economics is right for you?

What are the career options for economics students?

Some possible career paths for economics students include finance, banking, insurance, politics, and healthcare administration . You’ll also be able to further your career in your current industry, as an understanding of the economics that power your industry can help you to be more effective in your role.

What does WTP mean in economics?

For example, Willingness to Pay (WTP) is the maximum amount someone is willing to pay for a good or service.

Is economics nuanced?

Many people think of economics as just curves, models, and relationships, but in reality, economics is much more nuanced. Much of economic theory is based on assumptions of how people behave rationally, but it’s important to know what to do when those assumptions fail.

What is the role of leisure and hospitality in the economy?

It is a business that providing goods and services in terms of entertainment, recreation and tourism . Leisure and hospitality industry is also assisting in the contribution of the gross domestic product (GDP) by creating job opportunities. (Economywatch.com, 2010) With the rapidly expansion of leisure and hospitality industry, there are general risks encountered by the companies. Therefore, managing risks is became an indispensible issue for every company. There are several sources of risk which are market risk, credit risk, interest rate risk, and so on. These risk factors are largely beyond the control of the Company and its directors because of the nature of the activities of the Company.

What is currency risk?

Currency risk is the risk that fluctuation of the fair value or future cash flows of a financial instrument caused by changes in foreign currency rates. (BERJAYA, 2011) Most of the companies invest internationally in global investment arena therefore they face currency risk when they convert the foreign gains back to own currency. For example, Genting Berhad and Berjaya Corporation Berhad contribute their leisure and hospitality business in other countries such as Singapore and United Kingdom. They are exposed to various currencies. Due to the uncertainty of currency, they confront currency risk when they change the earnings to Ringgit Malaysia. Foreign currency exchange rates can change an investor’s total return on a foreign investment significantly, despite how well the investment performed. Some companies attempts to significantly limit its exposure for committed transactions by entering into forward foreign currency exchange contracts within the constraints of market and government regulations. (Genting Berhad, 2011)

What has the pioneer of the world seen?

The obvious view is the amelioration in economic wealth, has considered the improvements in standards of living for the ensemble of people living and working in these countries. These alterations have enhanced the improved productivity and redistribution of the workforce.

What is unemployment in economics?

Introduction: The economists describe unemployment as a condition of jobless within an economy. Unemployment is lack of utilization of resources and it eats up the production of the economy. It can be concluded that unemployment is inversely related to productivity of the economy....

Why is privatization considered an essential concept?

It is considered an essential concept in economics because, it shows the satisfaction received from the consumption of a good or service, and it also considered to be a method of assigning a number to every consumption bundle.... Title: The Pros and Cons of Privatisation. Example essay. Last modified: 19th Jul 2021.

What is the Dominican Republic's economy?

Introduction: The Dominican Republic has done a major shift in its economy, coming from an agricultural economy , to one based on services. An estimate of the sectors contribution to the country are, 60.2% in services, 15.5% in industry, 11.5% in construction, 11.3% in agriculture, and 1.5% in mining.

What is the theory that emphasizes that knowledge is completely or primarily derived from sensory experience?

Explain how the study of epistemology contributes to your understanding of your world. Empiricism is the theory that emphasizes that knowledge is completely or primarily derived from sensory experience. Empiricist believe that all knowledge must be verified by sensory experience. Read More.

Why are discussions important?

Discussions are always useful because we are allowed an opportunity to weigh and evaluate our own personal thoughts with those of others. This comparison helps gauge where I stand on many political and social issues that derive from economic theories and philosophies.

Is economics a complex subject?

Economics is a very large and complex study and reflecting on this subject, piece by piece, requires some patience and ability to put the pieces together. The relationships between simple choices, such as supply and demand, drives all economic and commercial exchange but only through the lens of economic models that attempt to layout this system by ...

How does media and advertising affect the economy?

Media and advertisement play an important role by incentivizing the public to spend more. However, I wanted to focus on the idea of how the society makes decisions and actions that lead the economy to grow. The main foundation of media and advertising deals with the factors of understanding the human mind and behavior, so it has a better public approach like using media to understand the wants and needs of the society. Even if sometimes advertisement has a negative point of view, it has a big impact on the decisions of the society. All those effects that media and advertisement has on the economy later will be reflected back to us because of the decision and actions that the society of a nation makes.…

Why is understanding buyer behaviour important?

Importance of understanding buyer behaviour: Understanding the buyer behaviour is important for any organization for the successful running of their business. It’s useful in developing ways for efficient utilization of the organization’s resources.