Everything seems to be a business, everything has its price and everyone has their own price. Learning this “rule” at a young age has made the idea of, economics and business extremely interesting. Though it seems like a relatively simple idea to grasp, many facets go into that simple sentence. After reading through a few chapters and attempting to maintain a hold of certain definitions, one realizes that a lot goes into economics. This paper will explain the reasoning for studying economics, particularly, Macroeconomics. Economics is part of daily life, but to hear it and understand it is two separate subjects.
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The economy, especially lately, is something that is encountered on a daily basis. Many hear about it on the radio, see it on the television or read it in the paper. But, how many people really understand what is being said and being portrayed? Personally, when hearing about the economy a blind eye and a cold shoulder is given. Seeing and hearing the numerous statistics that the media puts out can be, intimidating. To repeat from earlier, business and economics have always been interesting, but they have also always been, intimidating. To be able to understand what is being portrayed, even at the basic level will for certain, take away that intimidation. After reading through a few chapters of the textbook it is more evident how much economics is part of our life. It also shows that it is not something that we should be intimidated by or something that is strayed away from.
The first part of the book that caught my attention was the definitions that the book produces. The three definitions in particular were, opportunity cost, marginal cost and marginal benefit. Stepping away from the book and re-reading the definitions was needed after I came across these bolded words. The definitions are something that, personally, has been known for years. Finding out thatthere is no free lunch and weighing your options just so happened to be defined, was very, exciting. This excitement helped with the continuation of reading the following chapters. It also helped with wanting to learn as much as possible in this class. To better understand the daily economical tasks that are at hand each day is something that is hopefully taken away from this course. So far in reading, it seems that so many “common sense” thought are actually, pre-defined business terms.
Another aspect that is hopefully comprehended is the idea of, supply and demand. This idea is one that seemed very easy to understand. After reading, there happens to be much more intricate than “I want it, you have it.” Reading about the market, the trends, the demand, the supply and all the other facets that go into, supply and demand are fascinating. Again it is something that seems so common, but never realized how many intricacies go into this thought.
These are just a couple of the aspects that are hoped to be taken away from this course. Along with these, it is hoped to take away a firm understanding of what Macroeconomics entails. Being able to make a sound “business decision” could quite possible be one of the most important subjects that one hopes to gain from this class. Our lives can easily be enhanced or devastated by the types of business decisions that are made. To be able to weigh the options at hand and better determine, what will give the best marginal benefit is something that is one feels as crucial.
Macroeconomist seems to be a very broad and vast subject, but one that is crucial when wanting a business foundation. It is truly believed that every success is started with a great foundation. It is hoped that this class is the foundation not only to a very successful business careers, but also, a very successful life.
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