Kacy Cigan
Staff Reporter
Economics. What is it? “Economics is the study of resources and how to efficiently and effectively manage them so that people have what they need to live”,(UoPeople.edu.)
Not only do you need this class to graduate high school, economics is quite important as well as challenging. It helps people understand the world around them and allows the study of resources. For example macroeconomics and microeconomics, what is the difference? Macroeconomics studies the economies as a whole, it concerns interest rates and national production. Microeconomics deals with the behavior and decisions by the people, this will determine the outcome of the economy. Supply and demand is another thing you should know. According to Owlcation.com, “Demand is the measure of how much of a certain item is wanted…Supply is the measure of how much of an item there is available. Generally speaking, supply is determined by demand.” When supply decreases, demand increases. When something becomes scarce or rare, meaning that there are not enough resources, more people will “panic” and those people are willing to buy more. If the price of something decreases, people will be tempted to buy more, some will buy more because they have no idea when/if prices will increase suddenly. All in all“ Those who choose to major in economics open the door to many job opportunities and careers in government, non-profits, and both public and private sectors” (UoPeople.edu).
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