Econ_Unit1_Why Study Economics.ppt

Econ_Unit1_Why Study Economics.ppt - WHY STUDY ECONOMICS Is...

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WHY STUDY ECONOMICS??? Is it really important …
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DID YOU KNOW… Economics is simply a social science that focuses on the choices people make.
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Knowing about economics can help us understand WHY people make the choices they do Why do some people choose not to go to university? Why would someone buy a more expensive product when a lesser priced good is available? Why would someone drive to Alor Setar when they could fly?
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Knowing about economics can help us unlock mysteries of human behavior Many mysteries can be solved by learning how to identify incentives.
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With economic knowledge, we can understand that things are the way they are for a reason. Why is the demand for Nintendo Wii’s so great? What is the price where the supply meets the demand? Why do so many people dislike monopolies, but everyone seems to want to be one? How can businesses stay in business when they don’t earn a profit?
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Knowing about economics can help us understand society at many different levels and how it all connects.
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