importance of economics

importance of economics

Economics is a prestigious subject of inquiry. Economic issues are important to everyone. Read any newspaper and you will find no shortage of economic issues and questions. Why do gas prices behave so strangely? How are we going to pay for health care? Why does the dollar move in value? Is the flat tax the best tax? Are we using energy efficiently? Why do financial crises occur? Why are some nations poor and others not? Are free trade and globalization good? Will a minimum wage help or harm people? Economists are always called upon to answer questions such as these. 

An Economics Education develops analytical and abstract skills. After a solid grounding in economic theory, you will learn statistical tools to analyze data and interpret it. By explaining complex ideas to others, you will learn effective communication skills so widely sought after in the job market. 

Economics works both sides of your brain. Some people like economic issues, but not the mathematical equations that go along with them. Others like the equations but dislike writing about them. No matter what your preference, an economics education will allow you to work on both sets of skills. 

Economics allows you to see the costs associated with any given action. Some of the most pressing issues in Canada have to do with the scarcity of resources such as people, money and equipment. By studying economics, you will begin to understand how to allocate one of the most precious resources of all - your time. Because economics attempts to consider the costs and consequences of decisions, it allows humans to make more informed decisions. For example, should you go to university or take that full time position? You'll have to take an economics class to answer that one. 

Economics is the best preparation for law school. Studies have shown that economics majors consistently rank ahead of physics/math and philosophy majors in the top three groups of students taking the LSAT. New areas of law...

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