The 10 Best Life and Business Lessons I've Learned So Far 1. Hard work will always outweigh talent. 2. Be confident enough to accept your faults. 3. Learn from the past. 4. Education is the best investment you can make. 5. Never make a decision based solely on financial gain. 6. Give respect to others and love to your friends and family.
Now, because we know that not everyone has the opportunity or desire to become an econ major, we have created an infographic that illustrates 12 things you should know about economics. It’s kind of like a cheat sheet for Econ 101.
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.
Learn from the past. So many people focus on the future, and while having a plan in place is important, it is equally important to never forget to learn from the past. Don’t be afraid to look back.
In Economics you learn about supply and demand, perfect and imperfect competition, taxation, international trade, price controls, monetary policy, exchange rates, interest rates, unemployment and inflation amongst many other topics to understand individual markets, the aggregate economy and government policies.
More broadly, an economics degree helps prepare you for careers that require numerical, analytical and problem solving skills – for example in business planning, marketing, research and management. Economics helps you to think strategically and make decisions to optimise the outcome.
The fact that economics is a social science, one that involves people and their choices, makes economics complicated but also very interesting. Because economics provides a rigorous way of thinking about trade-offs, incentives, and costs and benefits, it has many real-world applications.
Scarcity. Everyone has an understanding of scarcity whether they are aware of it or not because everyone has experienced the effects of scarcity. Scarcity explains the basic economic problem that the world has limited—or scarce—resources to meet seemingly unlimited wants.
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.
Students go on to explore both micro- and macroeconomics, the laws of supply and demand, and important economic policies. A chapter dedicated to global economies helps students understand concepts like international trade, currency and how exchange rates work, and globalization.
Economics is the study of resources and how to efficiently and effectively manage them so that people have what they need to live. Those who choose to major in economics open the door to many job opportunities and careers in government, non-profits, and both public and private sectors.
Economics is concerned with the creation, consumption, and transfer of wealth. The study of economics encompasses the major areas of microeconomics, which explores how people and firms produce and consume goods and services, and macroeconomics, which explores mass economic progress and inter-country trade.
The subject matter of economics includes the study of the problems of consumption, production, exchange and distribution of wealth, as well as the determination of the values of goods and services, the volume of employment and the determinants of economic growth.
Top 5 reasons to study economicsEconomics is everywhere. Economics is a part of everyday life, and it's also the gateway to the future. ... Make an impact. Economics allows you to drive positive change. ... Gain an international perspective. ... Develop transferable skills. ... Boost your career prospects.
The three most important things I learned in Economics Class The first important concept I learned was the ‘goals of monetary policy’ . The primary goal of a central bank is price stability (low and stable inflation). Some of the Feds (short for the Federal Reserve Bank) other concerns are: • high employment • economic growth • stability of financial markets • interest rate stability • stability in foreign exchange markets The Fed desires to maintain high employment because the condition of high unemployment, the alternative, creates idle workers and idle resources. This leads to closed factories, unused equipment and materials, ultimately decreasing our GDP. Now, let me further explain that the goal for high unemployment is not an unemployment level of zero, rather a level above zero where labor demand equals labor supply. This is known as the ‘natural rate of unemployment’. Economic growth focuses on encouraging firms to invest or encouraging people to save, which in turn creates funds for firms to invest. It runs hand-in-hand with the goal of high employment because in order for firms to be comfortable investing in assets such as plants and equipment, unemployment must be low. Hereby, the people and resources will be available to spur economic growth. If financial markets are instable, it will lead to sharp contraction of economic activity. For example, in this most recent financial crisis, a deterioration in financial institutions’ balance sheets, along with asset price decline and interest rate hikes increased market uncertainty thus, worsening what is called ‘adverse selection and moral hazard’. This is a serious dilemma created before business transactions occur which information is misleading and promotes doing business with the ‘most undesirable’ clients by a financial institution. In turn, these ‘most undesirable’ clients later engage in undesirable behavior. All of this leads to a decline in economic activity, more adverse selection and moral hazards, a banking crisis and further declining in economic activity. Ultimately, the banking crisis came and unanticipated price level increases and even further declines in economic activity. Interest-rate stability is very important for the Fed to control because otherwise consumers, like you and I, will be reluctant to buy things like houses due to the fluctuation which will make it harder to plan for the future. The value of the US dollar relevant to other currencies is a major consideration for the Federal Reserve. If they prevent large changes in the value of the dollar, firms and individuals can comfortably plan ahead to purchase or sell goods abroad.
Economic growth focuses on encouraging firms to invest or encouraging people to save, which in turn creates funds for firms to invest. It runs hand-in-hand with the goal of high employment because in order for firms to be comfortable investing in assets such as plants and equipment, unemployment must be low.
Thus, it provides a broad perspective. Microeconomics on the other hand is the study of small economic units. It scrutinizes individuals and their decision making from a close perspective. Even though the two branches cover different areas of economics for the most part, they are highly interrelated.
Economic growth is necessary to satisfy people’s desire for an ever increasing standard of living, to redistribute wealth, and to advance new technologies. It is measured by the change in GDP, the total value of all final goods and services produced within an economy over a set period of time.
Externalities are the positive or negative consequences of economic activities experienced by unrelated third parties. They can arise either on the production or on the consumption side. In most cases, externalities result in market failure that can only be avoided by imposing some kind of regulation to internalize them.
At some point, the marginal utility of consuming an additional unit may even become negative (i.e. completely unfavorable). This concept is often used by companies to set prices.
They have to make choices due to scarce resources. As a result, they can’t get everything they want, so they have to pick certain things over others. Opportunity costs describe the value of the next best alternatives that are given up during this process in order to get something else.
Central banks or currency boards can influence a country’s economy by adjusting the supply of money. They do this by buying or selling government bonds or by modifying the interest rate. An expansionary monetary policy will boost economic activity and growth, whereas a contractionary policy will reduce it.
Due to the increase in online course enrollment, people are questioning if students truly learn something from online classes because it’s not a traditional learning environment. Online classes are just, if. Read More.
E-Learning…Online learning…web-based training …these are all essentially the same thing: learning delivered via some type of electronic device. You may have completed an e-learning course yourself. It may have been designed to introduce a concept or facts; or to teach a new skill, process, or procedure. It may have been text based with some type of assessment, or it could have been a simulation or a game. It could have been delivered asynchronously (self-paced) or synchronously (in real time with
Technology is changing every aspect in our lives, even the way we learn. Online classes are a rapidly growing trend it today’s society. Online classes are a cost-effective substitute for traditional courses and more convenient for many, so more schools and universities are offering this option. Due to the increase in online course enrollment, people are questioning if students truly learn something from online classes because it’s not a traditional learning environment. Online classes are just, if
Hard work outweighs talent and intelligence and is necessary if you want to succeed. This not only means working hard when things are going well, but working harder when things are not. It means taking calculated risks and sticking to them, no matter how challenging they are. 2.
Invest heavily in your education, but only on things that truly interest you. Investing in education for the sake of getting a paper degree will not pay off in the way that investing in a passion of yours will. Education is a lifelong process. It doesn’t end when the class does.
Don’t be afraid to look back. Your past performance actually does reflect future performance . This is something to remember both in your personal ventures and your financial ones. You must make mistakes to build character and to make yourself a better, more rounded individual.
Education is the best investment you can make. Throughout your life, you will be faced with countless investment opportunities. A truly successful individual knows that there is no better investment than an education. Invest heavily in your education, but only on things that truly interest you.
Education is a lifelong process. It doesn’t end when the class does. 5. Never make a decision based solely on financial gain. Making money is a huge motivator in all of our lives, but I have learned firsthand that you should never travel down a road just because there is a promise of financial gain.