Educational institutes across the world are emphasising on teaching economics, so that business students especially are able to analyse the changing economic situations and hence, can make decisions that are in the best interest of the organisation. What economics teaches us?
Economics is a disciple that teaches about scarcity of resources and how to utilize them in acquiring maximum gain. Economics is not limited to scares resources and their utility, it is a much broader field of study dealing with both micro and macro aspects of the economy. This field helps us in understanding historic trends and interprets headlines of today and enables one to make predictions for tomorrow.
The basic and fundamental tenets of economics is that it holds the power to change behaviour of people and their desire to acquire a certain thing. In other words, incentives are what help people respond differently and change their existing behaviour. The best example to analyse this situation can be how lower wages, results in lower production cost, which provides incentives for the owners to locate their factories in a region where the cost of labour, and ultimately production cost is low.
Studying economics can be disquieting for students, as it incorporates thousands of concepts within itself and learning each of it is not an easy task. What makes economics difficult is when it comes to making studying important is notions like government economic policy, supply and demand, monetary and fiscal policy, international trade, taxation, income distribution, GDP, personal finance economics entailing money management or budgeting, compound interest, credit, insurance, human capital saving and investments, and risk and return; and price ceiling and floors.
No matter how boring or difficult these concepts may sound, they are one of the essentials to learn, as they not only help in planning the economic conditions of the country, it also helps in analysing your own personal economic condition. Budgeting, may not be what you need to know at the state level, but you need to learn the concept to manage your own budgets and plan your own months and years ahead.
Despite knowing the importance of economics and studying it, some students lack interest in studying economics, hence, may find difficulty in writing their economics essay. Firstly, it is essential to know the components of a decent economics essay. An essay should be well organised around the concept of the main argument, which should be closely connected to the logical flow and supported with evidences. Despite the fact that it is easy to explain what a good piece of writing about the subject should read and sound like, the fact is that is it easy to write an economics project especially by students who are not zealous about perusing economics in the future? No, definitely economics essay writing is complicated.
What makes it so complicated? Students require hours of preliminary research to understand the topic, concepts and theories prior to writing about it. Deciding the flow of the essay is the next question in line. This part gets difficult, especially if the student is not aware of the concepts, essay requirements and its execution. Usually students write anything and everything they find while doing research, while missing the actual instruction and guidelines of the essay. Here all the efforts may go to vain, when you, despite doing efforts don’t know what to write and how to execute it.
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