What is economics & why is it important?

Economics isn’t just learning a set of technical words, it’s actually using them to develop a viable business strategy. Once you understand the terms, it’s easier to use theories and frameworks, like Porter’s Five Forces and SWOT analyses, to assess situations and make a variety of economic decisions for your organization.

Why should I study economics?

Instead, economics is better thought of as a collection of questions to be answered or puzzles to be worked out. Most important, economics provides the tools to work out those puzzles. If you have yet to be been bitten by the economics “bug,” there are other reasons why you should study economics.

Why should you major in economics?

Understanding economics can change your life on a day-to-day level, as well as play a role in helping you understand the bigger picture of your local government and world affairs. We will break down the details: from defining economics to reasons why one may choose to major in the subject in college. What Is Economics?