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Economics in Action - Essay Example

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The writer of this essay "Economics in Action" describes his impression of the subject called Economic in Action. On the macro level, economics has put itself on the limelight. As international trade and the global economy can affect all of us daily, we cannot just ignore the role of economics…
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Economics in Action
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Download file to see previous pages Understanding the basic economic concepts will make us consumers more aware of the things that are happening to our economy. Because we know how the economic system operates, we will be able to see things from an economic perspective and think economically. This economic perspective gives us the importance of resource scarcity and the necessity of making choices specifically on spending our limited income. We all know that scarcity is the main reason for studying economics. It is the concept of being limited that urges us to make choices whenever we have to make decisions. And because we cannot have everything we need and want at the same time or place, we have to forgo or sacrifice something. We are always expected to behave rationally. This is because economics assumes that human behavior reflects rational self-interest. We make different choices under different circumstances. Because whenever we make decisions, we tend to weigh the costs and benefits. And our decisions also vary as these costs and benefits change. We look for and pursue only the things that will give us pleasure, happiness, or satisfaction or in economic terms of our utility. In the end, our decisions are considered purposeful and rational and not just randomly selected.
The knowledge of economic concepts we obtained from our books and mastery of economic perspective is not enough to study our behaviors in our economy. Although the practical benefits of studying the concepts are clear enough, I still believed that I have to see it for myself, thus, I recommend the use of experiments in studying economic behavior. We have to keep in mind that economics is also a science. This means that we have to follow a step by step procedure whenever we try to solve an economic problem. We also develop frameworks that will allow us to analyze the possible solutions to economic problems. These frameworks may use models and theories to represent the real world. ...Download file to see next pagesRead More
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