Almost everyone hears the word Economics? But not everyone has enough knowledge of what it is and what the importance of economics is to a country or society. Economics can be compared to a person's basic needs. Like budgeting a home for daily expenses with only a limited amount of money to spend. Finding a job to have stability living and growing a business to have a straightforward good income.
First of all, ekonomiks is derived from the Greek word "oikonomos" which in English is equivalent to the word "household".
Oiko - is management and
Nomos - is home
Helps to better understand what is happening in a country's financial and social situation
Economics is a Social Science in which it takes the necessary steps or studies on how to grow a country's economy. Gives good suggestions to people on what is the best way to earn a better income. It will also help a lot to answer questions like:
how to build
how to start doing the concept formed and
for whom the plan was formed.
Attention is paid to economic problems in such a way as to solve them. Having a good job also symbolizes a country with a stable and prosperous economy. The more jobs, the more attractive it is for investors to invest and as a result there is a more solid foundation. This is very important for future generations and it is the main answer to what is the importance of economics in a country.
Serves as an answer to questions on how to meet the needs of a country
It is not easy to find a way so what is the importance of economics also proves a positive answer to the aggravation of social problems. Problems cannot be solved easily if proper methods are not used. There is no question that economics unites and creates ways to further improve the economic situation. Because it is a social science, the methods are not based on mere speculations or common opinions. Uses methods to list data in accordance with the most complex, up to the simplest social issues or problems. These data are based on what the real situation of a country gathered to come up with a more effective solution.
production
consumption of products or services
distribution
income sharing and
exchange
Here are some ways to meet the endless needs of people in daily life.
Economics helps to have better management and make better and smarter decisions. It symbolizes a proper understanding of the methods developed and how to properly use the resource which is only limited. And because the initiatives are well understood, it results in a response to the problems of scarcity or scarcity. The country in which economics is well-established will result in a prosperous country because it is essential to learn because it will teach how to solve all problems.
Economics has to do with human livelihood
It is clear from the previous contents of this article that what is the importance of economics is also the importance of having a good life. Before society, the life of every person must first prosper because it will also be the answer to the existence of a developed country. Having a good job is the number one thing people need. Self-development will begin until it can make a significant contribution to society. Doing a lot of household chores opens the way to the proliferation of economic activities that are the main concept of the study of economics. Remember, economics is an answer to the needs of every person and not just a nation. It is a study that covers all aspects of society.
It also gives people the opportunity to understand what is happening in society correctly without becoming ignorant in the eyes of others who know. At this point, there will be an interest in getting people to think of possible solutions to solve these economic problems. Thoughts related to livelihood, morality and politics are explained by economists who can greatly contribute to the proper conduct, behavior and behavior of people in society.
Economics for a prosperous economy
How can an economy thrive if its solving machinery, like economics, is not analyzed correctly? As you can see, economics has to do with economics. If a country aspires to have a prosperous economy, it must start with having a proper use of ekonomiks. Gathering or thinking of the right data to solve a problem is the first effective step. Add to this the leaders or people who are willing to help in having effective ekonomiks, there is no doubt that there will be a prosperous economy. Economics and economics and can be compared to siblings who can not be separated even if the world is reversed. It has to do with each other so it needs proper study, analysis and proper initiatives.
Without a doubt, economics is 100 percent important in daily life especially in the country. Every person in society is given the right mindset on how to learn to control the use of time and money properly. And as a result, people are making the right decisions and the right choices. Without adequate knowledge of what ekonomiks is, nothing can contribute to the development of life and development of the country. What is the importance of economics, is also the importance of basic human needs whether they are small or large. It helps to understand the issues that society faces and will face without losing interest in the economy and the country.
Why is it so important to study economics? Because there are benefits to learning from this topic. In this article, we will discuss some of those benefits. In our discussion, you will learn the reasons why economics is important. Read this and you will know the following:
Intellectual advantages of economics
Practical advantages of economics
Economics for the leaders of the country
Economics and poverty
Economic development in every citizen
Study economics so you know a lot
The knowledge you gain from studying economics will be useful because it will broaden your outlook on life, sharpen your mind and teach you to balance and think logically. Studying economics will make us realize that our daily lives depend on our neighbors. This knowledge will strengthen our appreciation for cooperation and cooperation.
But keep in mind that in economics, practical benefits are still more important than its theoretical benefits. For example, sharpening your understanding of economics, that is a theoretical advantage. But more important are the following reasons why it is important to study economics.
Personal benefits of studying economics
If we are talking about personal advantages, studying economics is important because it will help us to fully understand our own habit of earning and spending money. Why is this so important? If you know economics, you can easily adjust your daily household expenses according to what or how much you already earn. Economics is also important to manufacturers or manufacturers of products. If you are an entrepreneur, it will teach you to look for the most economical aspect of making the product at your fingertips. It will also help you solve the problems associated with your work. If you are familiar with this topic, you can easily make a decision because you know the reasons why the price of your goods is going up or down. You also know how to grow your business just by analyzing the factors of production. So because of ekonomiks, we can say that it will help us to be better consumers, better commodity makers, and be a successful entrepreneur in the future, if you study economics.
Economics for leaders
The study of economics is not only centered on individual citizens, as it is especially beneficial to the welfare of the majority in our community. It helps our country's leaders to understand the social and economic problems facing our country. Every government in the world has economic problems that need to be addressed such as unemployment, inflation, overproduction, lack of production, implementation of tariffs, monopoly problems and so on. The leader of our country can be successful in finding solutions to these problems, if he has the right and sufficient knowledge in the field of economics. The economic knowledge of the officials handling the national budget is also critical. He needs to increase the country's income by collecting people's income tax to meet the expenses of our government. Knowledge of economics can help as it helps how to set different types of taxes and how to collect them effectively. Why is economics important? Because this is the blood that lies in our country.
Helping the poor
One of the greatest benefits of economics is its ability to gradually remove traces of poverty in a country. Take for example our country, the Philippines. We are plagued by severe economic problems, such as low incomes, lack of agricultural production, poor industrial development, rapid population growth, underdeveloped communication and transportation systems and much more. . Studying economics can help our leaders think of effective ways to solve all these problems.
Economics for citizens
Given the undeniable benefits of studying economics that we have already discussed, the famous economist Wooten can be said to be right when he says that you are not a full citizen of a country if you are not somehow economically savvy. He was right in what he said folks, wasn't he? Yes, our world of livelihoods is changing rapidly, that we are living in a world revolving around economic forces and economic ideologies. If people in a country do not even know the basic principles of economics, the government of that country will be very fragile. The government will have a harder time with its goal of ending the poverty of the people.
Another proof of why economics is important is the fact that you really do not understand periodicals if you do not know the subject of economics. Newspapers often refer to complex terms such as inflation, payment balance, trade balance, cooperative farming and so on. If you do not know much about this topic, you will never understand the problems that are told in the newspapers. It is better to study economics first before you buy newspapers.
In our brief conversation, we saw that the study of economics is really important. It is important to every citizen, workers or employees, government officials, consumers, and business people. So if I were you, I would study economics because it is not too late for you.
An economist, Sir Henry Clay, rightly said that studying economics is a practical need and an obligation of every citizen.
The economy symbolizes what the living state of a country is. It also reflects whether there has been a change in the past to the present situation. Here you can find out if a country is prosperous, facing severe economic problems or with big positive changes in the future. In other words, the economy reflects the economic situation of a country. This article will open up a broader understanding of what an economy is.
The important scope of the economy
The study that examines what the economy is is embedded in the social sciences and can also include economic sociology, economic history, anthropological economics and economic geography. The factors that contribute to the economic development of a country are related to all professions or occupation, production, distribution, trade and consumption. In this day and age where the growing importance of the financial sector, the term “real economy” used by most analysts and politicians, is to define the part of the economy that pertains to the actual production of effective services and goods, which is largely contrary to what is written in the economic paper relating to the sale of financial markets.
The Modern Economy
First degree of economics. Currently, the main grade of the economy is under the production and production of natural materials such as wood, steel and corn. A fisherman and a farmer are examples of workers in this primary grade.
Second degree of economics. Included in this grade is the transformation of natural materials into goods. A solid example of this is the fabrics in clothing or the manufacturing of steel used in cars. Tailors and people whose occupations are building houses or structures fall into this second grade.
Third degree of economics. This grade covers the provision of proper services to consumers or consumers just like people who work in the bank. They are just an example contained in this grade.
Fourth degree of economics. Here is what research and development is all about to make products from natural sources. An example is a logging company. They can seek modern knowledge on how to process the burnt part of the wood without affecting the part of the wood that is not burned to create pulp in paper making. Education has once again been included in this sector.
There are appropriate methods to measure the economic activities of a unique country that can answer what is economically developed and act correctly in a country. Some of these are as follows:
Interest level - this is the level at which the borrower pays interest on the money or money borrowed from the lender. For example, a worker borrows money from a bank to start a small business, and when the money is borrowed, it has a corresponding level or interest rate.
Inflation level - inflation refers to the price. Similar to the increase in the price of goods or products and services of the economy. If the price of each commodity or product is high, it is clear that fewer people can buy it. In essence, inflation reflects the collapse or collapse of a country's economy.
National debt - this is also called government debt or public debt. Covered in the purpose of government borrowing is to finance national activities. Consolidated national debt and local government debts so it is called national debt.
Unemployment - in times when a country is experiencing recession, the economy is also experiencing high levels of unemployment or unemployment. As a result, the economic growth of a country is affected and this is not a good sign.
Proper balance of trade or product exchange - this is the relationship between products imported and exported to one or a country. There is a positive and negative balance in this aspect. Positive is called trade surplus in which exports outweigh imports. The negative is called the trade deficit or trade gap.
Consumer spending - or consumer spending. This is the largest component of the integrated and effective needs of the macro-economics component.
Total domestic product or better known as GDP
Total national product or better known GNP
Gross domestic product (GDP) measures the size of the economy. The simplest economic analysis of a particular country is highly dependent on its economic signals where such as total national product or GDP enters. Remember, GDP is the process of integrating economic activity in which money is exchanged. Countries such as the European Union, the United States, China, Japan and Germany were just some of the GDP records with the highest economic levels in 2012. Five of the thirty countries with the largest GDP economies in 2012 were European. Union, United States, China, India and Japan. The economies that recorded the largest global contributions from 1996 to 2011 were the United States, China,
What kind of economy a country has shows only how well it is developed or how much it is left behind by other competing countries. A country with a prosperous economy has a high standard of living that does not need to import products from abroad, does not need to go through a recession that can lead to high levels of unemployment which is deliberately very negative. For the economy to thrive it needs more in-depth study to come up with more effective methods.
Thanks for post