Benefits of learning Macroeconomics in my life - Essay Example

Benefits of learning Macroeconomics in my life Over the recent past, the global economy has been faced with a lot of uncertainties associated with fluctuations of prices. The stability of an economy is as well determined by many factors including preceding and current economic conditions. Therefore, the study of economics is considered a significant aspect as it helps individuals to have a clear understanding and comprehend market conditions in regard to policies. This paper describes how learning economics has helped me understand economic policies effectively and how this knowledge will be helpful in my life. Based on the fact that I am pursuing a course in economics, my dream has always been to become one of the most successful economists in the country. Being a successful economist would involve being a Chief Executive Officer of a manager in the most respected organizations in the world. These roles necessitate one to have a wide range of knowledge in macroeconomics as well as other fields associated with economics. Being a top official in a highly respected organization involves a lot of interviews in televisions and radio stations. In doing so, an individual offers insight in the happenings of his organization and hence this can be considered a form of marketing. Furthermore, one of the units learnt in macroeconomics is leadership. Therefore, learning macroeconomics have enabled be to learn and gain leadership skills and abilities. Learning macroeconomics will ensure that I familiarize myself with all aspects of preceding and current economic issues of benefit in my future role as a top executive. Successful organizations in all parts of the world are governed by distinct rules and regulations. For managers to implement plans of actions geared towards enhancing and maintain organizational structures, incorporation of skills and knowledge in macroeconomics is critical. The study of macroeconomics involves investigating behaviors of various organizations and other successful institutions (Madariaga, 2005). Therefore, learning macroeconomics presents me with knowledge on how to create and implement organizational rules and guidelines associated with macroeconomics. In general, the study of Macroeconomics is involved with investigating comportment, performance, or conduct of the economy. It would be hard for me to implement economic policies without understanding various market conditions such as fluctuating prices of commodities and services. Conditions in the economy are always changing. This can be attributed to the current advancements in technology and globalization. These are some of the factors that determine the price of commodities and services. Researchers have in the past been involved in methodical investigations geared towards identifying why market conditions are ever changing. Results from these studies are very important and are incorporated in the study of economics (Mankiw, 2011). Learning economics has enabled me to gain skills and abilities that will help me predict market conditions in future. Learning macroeconomics comprises of identification, measurement, and comparison of economic assessments from a range of markets and from different countries or regions. It also involves tracking various aspects that affects market conditions and how to create and implement strategies in practice that would mitigate effects of poor market conditions. An individual can effectively understand market conditions through observing previous market trends. Understanding or analyzing these trends requires one to have certain skills and knowledge that can only be acquired through learning macroeconomics. Therefore, I will be able to follow these trends in future and identify opportunities for investments. There are times market conditions are dilapidated and at other times the market is stable. Understanding the concept of supply and demand is of benefit to businessmen today (Madariaga, 2005). As an economist and businessman in future, I will be able to incorporate my learned knowledge and skills in macroeconomics to identify the opportune time to increase production and the opportune time to elevate or minimize price of commodities and services. Though investigating market conditions, I will be able to identify which commodities to buy and which to avoid. The study of macroeconomics involves a lot of research, data analysis, as well as evaluations. Through the acquisition of these skills and knowledge in macroeconomics, I will be able to identify the most favorably location for production of my commodities. The fact that economists are involved in investigating market conditions makes it possible for economists as well as other businessmen to identify production locations that will ensure maximization of profits and also minimize total expenditure (Arnold, 2008). Skills in macroeconomics will also enable me to evaluate or assess market conditions in potential regions for expansion of business. This will also enable to effectively other factors or aspects to aimed at maximizing production particularly technology. Through the use of modern technology, many organizations are able to minimize the cost of labor and maintain elevated levels of profits. In conclusion, my acquired skills and knowledge form my macroeconomics course is of benefit in my current situation as well as in future. Through these skills and knowledge, I will be able to identify favorable locations for production, identify the opportune time to elevate or minimize the price of products, and also know what to buy and when to buy. As an aspiring economist, these skills and knowledge will form as a platform through which I will be able to make sober and appropriate financial decision for the benefit of the organization. Many organizations today expand their businesses to other countries. Skills and knowledge in macroeconomics is the basis for investigating economic, political, and social conditions in target countries. References Arnold, R. A. (2008). Macroeconomics. Mason, USA: South-Western Cengage Learning. Madariaga, B. (2005). Economics for Life. Berkeley, Boston: Houghton Mifflin Company. Mankiw, N. G. (2011). Principles of Economics. Mason, USA: South-Western Cengage Learning. Read More