Suppose you were having lunch withyour best friend who just enrolled in an econo

Question

Suppose you were having lunch withyour best friend who just enrolled in an economics class. He wascomplaining about how irrelevant the class was, commenting that hesaw no useful purpose for economics. According to your friend,“I’m a nursing major. I will never use this stuff inthe real world." Having just completed the same course ineconomics, you try to explain to your friend that economics affectseveryone! How would you explain to this person that economics is adaily part of his personal and professional lives? Use at leastthree examples of microeconomics and macroeconomics in yourresponse.

Explanation / Answer

Economics is really a discipline which desribes how we makedecisions, weather or not they pertain to the consumption ofgoods. Listed below are three examples one can use economicsin their daily lives. A high school senior could usemacroeconomic theory to gauge the job market and economic growthand determine weather it would be worth his time to persue anadvanced degree. An individual could weigh(discount) the benefits of saving and accuring interestfrom recent a recent bonus or using it too purchase a new TVand enjoy the benefits immediatly. Finally, a collage studentcan consider the marginal benefit of drinking another cup of beeror buying much needed toilet paper.

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