Anyone here an Econ major? I'd like to prepare before going into university and catch up on understanding Economics. I started reading Freakonomics. But could any of you give me some book or other resource information that can help me understand what economics really is?
Anyone here an Econ major? I'd like to prepare before going into university and catch up on understanding Economics. I started reading Freakonomics. But could any of you give me some book or other resource information that can help me understand what economics really is?
I personally would take a break. I found this website to be useful, though it's too simple.
I was looking at myself talking to myself and I realized this conversation...I was having with myself looking at myself was a conversation with myself that I needed to have with myself.
Economic is a social science that close to sociology and psychology, but some people dragged it close to math and assume, math can be used to predict human behavior.
If you want to get success in economic study you should memorize all theories in economic. But if you want to get success in your working field you should forget those theories and see the reality.
If you take specialization in macro economic, people will call you "the economist". And if you take specialization in micro economic, people will call you "the manager".
Economic is a social science that close to sociology and psychology, but some people dragged it close to math and assume, math can be used to predict human behavior.
If you want to get success in economic study you should memorize all theories in economic. But if you want to get success in your working field you should forget those theories and see the reality.
If you take specialization in macro economic, people will call you "the economist". And if you take specialization in micro economic, people will call you "the manager".
Is there a book of all these theories? I'd like to understand and memorize them.
Is there a book of all these theories? I'd like to understand and memorize them.
I never found any book that special for all theories in economic, but after you study in economic you will 'meet' theories that related to the lesson, in example when you learn macro economic you will meet with theories of macro economic, when you learn human resources you will meet with theories of human resources.
But brother, from my experience, there is no theory that 100% matched with reality or in exactly, can be implemented with 100% accurate. So, if you want to understand economic you cannot spend your time only in the class room or library, but you need to go to 'the field' and meet the people.
Actually, all people in economic such as producers, consumers, employees, etc, are human. And economic activities actually are human behavior. You need to understand human psychology if you want to understand "why ?". In example why people gave response that different than what govt expected after govt issued an economic policy, why consumers are fanatic with one brand although this brand/product in theory is worse than its competitors, etc.
From my understanding, economics is about governing resources. Resources are used to make goods and provide services. For example, oil is used to fuel cars. Unfortunately, in western economics, some of these resources are limited and need time to be renewed. Since the demand of these resources is high and there is not enough resources to meet this demand, the distribution of resources must be governed. This is where supply and demand must be considered. Supply consists of goods and services. Where there is a high demand for goods and services, the price goes up since there is not enough supply to meet this demand. The opposite occurs where there is too much supply, so the price decreases to increase the demand, which increases profit and removes storage costs. Interest rates are to be considered here too. When interest rates are raised, it is supposed to deter spending and encourage saving (interest gained on savings account). Again, the opposite occurs when interest rates are lowered, so spending is encouraged in order to create jobs.
So you will learn about resources, supply and demand, inflation, interest rates, interpreting data (high mathematical content), recession and so on...
Learning about consumers is important but from what I have understood, supply and demand seems to be the core aspect of economics.
Economics is a lot more complicated but I hope I provided a simple introduction. I'm no expert but I have been reading articles on economics until I decided a degree in mathematics would be more suitable. It's a really interesting subject, go for it.
I was looking at myself talking to myself and I realized this conversation...I was having with myself looking at myself was a conversation with myself that I needed to have with myself.
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