Some of us want to be knowledgeable about matters related to our chosen field of study, while others want to become knowledgeable with real life skills to help them succeed in the adult world. But what if we told you that you can get both of these just by adding a new subject to study on top of your chosen course or field of study?
You do not need to take a business major just to be knowledgeable with regards to money and financing, all you need is the time and effort you will invest into learning the basics of economics. There are a lot of benefits of studying economics even if it is outside the scope of skills you will need for your chosen career. This article will walk you through the benefits of learning economics and how you can start learning it on your own.
We have been talking a lot about economics in this article, but what is economics? By definition, economics is a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services. It tackles with the flow of goods and services in and out of a community. You also learn how the flow of money is involved which is the primary currency you can exchange for goods and services.
A person who has no knowledge about the basics of economics would have no idea how goods run from one place to another or how much a product actually costs if you bought them at whole sale. This common knowledge can help you save a lot of money as you will be aware of how money runs the system. You will be able to break away from the consumer mind set, which has been carefully cultivated by large companies in order to gain even more profit from unsuspecting consumers.
Even if you were just a humble housewife, knowledge in economics would still prove useful when going out to shop for the family’s dinner. You would be aware that you could save almost 50% if you bought meat in bulk rather than in individually packed 1 pound packs. Economics is not just useful for those at the top of the corporate ladder, but is also essential knowledge for regular consumers as well.
As stated earlier, there are a lot of benefits from studying economics. However, let us expound on the topics further and give you more detailed benefits from studying economics.
If by any chance you were planning to pursue any finance related course such as business management or accountancy, then learning economics is a must for you. Economics will enable you to understand further the concepts needed to excel at these courses and make you a more competent individual in these fields.
Imagine you were a business tycoon that has no idea about economics and is blind of how the economy functions. You would be wasting valuable capital on a venture that will most probably yield to low or negative profit. You could lose the trust of your business partners, or even worse, lose your entire enterprise because you had no idea about what you were doing. The situation may be a bit off from reality (I mean, how would you become a business tycoon in the first place?) but that is only to give you a clear image of why it is important to be knowledgeable in economics.
Have you noticed the terms “capital”, “venture”, and “profit” mentioned earlier? These are considered jargons related to business and economics. By learning economics, you will be able to understand and use these terms with ease. You wouldn’t want to listen to news about the stock market you invested in losing profit due to the value of shares of a certain company skyrocketing, while you are not aware of what those terms meant and that you were losing money.
Speaking of investing, another perk of learning economics is getting better at it. Just as you become knowledgeable about the flow and distribution of goods and services, you will become aware which markets are sure to make a profit and which markets are safe to invest in. Investment isn’t just all fun and games; it is a complicated process of choosing the right venture to invest in which you are sure to generate profit. You wouldn’t want to lose half of your life savings because of a bad investment right? Learning economics will give you a better chance at making safe investments which will make your money grow for you.
Even if you are still a student and have no money to invest yet, learning economics can still help you in a lot of ways. You will be able to become money wise, street wise, or whatever term you want to call it. You will be able to get away from the consumer mentality and will be able to save a lot of money from your everyday purchases. You will be able to know that whenever there is a high demand and low supply, the prices will skyrocket. So you can opt to choose another product which has low demand but relatively high supply whose prices will be a lot cheaper than the product we mentioned earlier.
Of course, learning economics can help you even when you are not a student as well. the knowledge you gain from learning economics will be a great asset when you want to start your own business venture. You will be aware of the factors which can make or break your business such as competition, demand, pricing, marketing, and other factors. You will also be aware of the rules in running a business so you will not have to worry about complaints in the future.
Have you ever noticed that most successful individuals are no longer working for other people and are the bosses of their own corporations? Simply working hard in your job will not be enough to afford the life of luxury you see in televisions shows, you will also need a reliable business venture and a lot of assets to achieve this. These are the things you will learn from having knowledge in economics. Economics literally helps you become successful in life (or at least it gives you knowledge on how to be successful, the rest is up to you).
Now that you may have gained an interest in learning economics, you are puzzled where to start because you never really cared about that subject before. But fear not for we will also discuss simple ways to start learning economics.
There are a lot of books about economics which can be found in your local library or any bookstore. These books are often meant for university students studying economics but you will have no problem understanding the topics listed in them. There might be a few jargons you will not understand but you can always look it up in a dictionary or the internet. This will allow you to grasp the basic sense of economics so that you can understand the complex ideas late on if you want to continue learning.
If you are in a class that tackles economics, then it would be advisable for you to listen to the teacher’s discussion about it. There are a lot of facts not included in books about economics and it never hurts to listen to a person whose job it is to teach you about economics. If you happen to be in a course where they do not offer economics classes, then there are a lot of online lectures about economics in the internet which you can access for free to help you learn about economics better.
Another way to learn economics is to ask for advice or tutelage from a person who has studied economics themselves. You may have a relative who has a successful business or know someone who is a business major. Approach these individuals and ask them t teach you a few things about business and economics.
Do not be ashamed to ask for a bit of their time as most likely, they will be happy to see young individuals taking an interest in business and economics as well. they will be able to teach you knowledge which you know has worked because they themselves used it. You will also be able to gain a new perspective on the business world due to the teachings of these individuals.
If you do not have the courage to ask your relatives or other individuals, then you can always hire a tutor to teach you about Economics. A tutor will be able to teach you a lot about economics and will be able to give you more attention as opposed to a teacher who has to teach about 20 or more students. A tutor will also take not as much time as a teacher as they are only teaching one individual and only need to make that individual understand the topics.
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