Exercise 13. Text for additional reading and discussion.

Economics provides a logical, clear, and ordered way of examining problems that help individuals in some way despite the field of their activity. This way of economic thinking helps economics students understand why a large number of issues remain controversial, even among economists.

Economics withdraws a great deal of the necessary information from history, psychology, mathematics, philosophy, and a variety of other disciplines to prepare graduate students for questions ranging from household management to business decision making through such economic issues as how to reduce unemployment, control inflation, analyze tax policies, and to come face to face with problems such as productivity and environmental pollution. Economics students learn to solve such questions using methods of analytical reasoning and empirical research.

Equipped with an understanding of basic principles, the students learning economics are prepared to analyze problems and policies in different fields of economics such as money and finance, managerial economics, labor economics, consumer economics, public policy, international economics and so forth. Besides, new problems and questions are leading to the emergence of new fields of study in environmental economics, human resources economics and urban economics. Knowledge of economics will enable future economists intelligently explain and predict the effect of government policies, trends in home market as well as in international trade.

The study of economics provides an understanding of the business world in which all enterprises operate. Economics equips graduate students with the tools, skills and perception necessary to make well-considered business decisions. Decision making is an integral part of business. By applying economic principles knowledgeable businessmen will go out of their ways to gain maximum productive efficiency.

Since economics is such a big part of life, it is important that people fully understand it. It will help them make more informed decisions both as consumers and as voters.

Perhaps the most important advantage of studying economics is learning how to “think like an economist”. Economics is used in many fields of employment such as government, finance, business, administration, law and many others. The intensive study of economics provides a basis of thinking that will serve graduate students well in a variety of vocations. The ability to present and discuss ideas, concepts and arguments in a clear and accurate way, to evaluate decisions and the reliability of information, are the important gained skills that are valuable in a wide variety of careers.

Questions for economic reasoning and discussion

Choose the right variant. Only one is possible.

1. Why should you study economics?

a. To learn a way of thinking.

b. To understand society.

c. To understand global affairs.

d. To be an informed voter.

e. All of the above.

2. One of the major benefits of studying economics is the

a. guarantee of a good job upon graduation.

b. increased understanding of how the world works.

c. fact that there is no opportunity cost from taking an economics course.

d. decreased satisfaction with the world.

3. As a consumer, you potentially will benefit from studying economics through

a. learning how to purchase fewer goods and services.

b. making wiser and more perceptive purchasing decisions.

c. purchasing more expensive goods and services.

d. developing into a better producer of goods and services.

4. As a worker, you will benefit from studying economics through

a. increased potential earnings and better career decisions.

b. making wiser and more perceptive political decisions.

c. learning how to consume fewer goods and services.

d. becoming better at consuming goods and services.

2. “If all people could have anything they wanted simply by rubbing a magic lantern, there would be no need to study economics.” Explain this statement.

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2. Make the list of reasons why you study economics. In what way does the knowledge of economics will help you in your life when you graduate from university?

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4. Speak about the reasons of studying economics as if you have a talk with your group mates, your younger brother or sisters, you relatives from the country…

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