Economics is not always about finance but is a study of how human beings make crucial survival decisions when faced with a crisis. The choice may be individual, family, societal, or business related. Throughout history, the human way of life is filled with opportunities and scarcities, and it is in understanding and maneuvering through these difficulties that humans are able to acquire their basic needs. At times, those necessities for survival such as food and water, exceed the available resources which may include land and raw materials necessary for production. Considering that every individual has 24 hours to look for all those requirements, a choice has to be made based on the available products. For this reason, understanding of the concept of scarcity is crucial in comprehending the diversities of economics.
Professionals, especially in the human service sector, face hardships during calculations of budgets. In most scenarios, the available funds are usually not enough to cater to all the obligations. Consequently, they are made to choose between the essential needs based on their experience. Although the most suitable choice, according to them, is not always the right answer at the moment, a clear understanding of the fundamentals of economics, particularly of specialization and division of labor comes in handy. The business professionals specialize in what the company produces best, sells the products, and uses the income to fund the other ongoing projects as well as purchase assets.
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In my future career, economics knowledge acquired will be useful in the interpretation and implementation of business ideas. To illustrate that, economics branches into micro and macroeconomics. While microeconomics focuses on the actions of the various individuals, macroeconomics considers the industry as a whole. Therefore, in my dealings as a business person, I will be able to determine the level of economic activity in the sector, the inflation rates, government policies and how to incorporate them in the business objectives, and what goods and services will be suitable for my target audience.
