ECON 1P91 Assignment 1.docx - Aayush Patel ECON 1P91 TUT 23 Thursday Essay Response 1 Economics is the study of how human beings allocate limited

ECON 1P91 Assignment 1.docx - Aayush Patel ECON 1P91 TUT 23...

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Aayush Patel ECON 1P91 TUT 23 Thursday September 19, 2019 Essay Response 1. Economics is the study of how human beings allocate limited resources. It is about making decisions in business and life that bring the greatest benefit while considering the opportunity cost. Science is a knowledge and a process that allows us to discover theories of the past, present and future. Whilst studying economics there are many proven facts and theories that have been discovered through years of research by intellectual economists. Take Nouriel Roubini for example; the economist who identified the massive vulnerability in the US banking system and predicted its collapse three years before it happened in 2009. While predicting the collapse of the banking system, he knew that if the financial system collapsed, the US economy was at risk of a housing bust and deep recession. Roubini credits the accuracy of his predictions to his comprehensive approach to interpreting economic data. Compare Roubini to the scientists that predict the incoming tsunamis, tornados and major storms. They analyze changes in the water pressure in bodies of water using pressure recorders placed on the surface of oceans. Based on water pressures of previous tsunamis, they are able to comprehend when these tsunamis will occur by looking at present water pressures. Through these changes they can predict when, where and how powerful an incoming tsunami may be. Economists and scientists can be put
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