StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Benefits of learning Macroeconomics in my life - Essay Example

Cite this document
Summary
This essay "Benefits of learning Macroeconomics in my life" describes how studying macroeconomics helps you understand an issue of how to identify favorable locations for production, identify the opportune time to elevate or minimize the price of products, and also know what to buy and when to buy…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER94.7% of users find it useful
Benefits of learning Macroeconomics in my life
Read Text Preview

Extract of sample "Benefits of learning Macroeconomics in my life"

Benefits of learning Macroeconomics in my life Over the recent past, the global economy has been faced with a lot of uncertainties associated with fluctuations of prices. The stability of an economy is as well determined by many factors including preceding and current economic conditions. Therefore, the study of economics is considered a significant aspect as it helps individuals to have a clear understanding and comprehend market conditions in regard to policies. This paper describes how learning economics has helped me understand economic policies effectively and how this knowledge will be helpful in my life. Based on the fact that I am pursuing a course in economics, my dream has always been to become one of the most successful economists in the country. Being a successful economist would involve being a Chief Executive Officer of a manager in the most respected organizations in the world. These roles necessitate one to have a wide range of knowledge in macroeconomics as well as other fields associated with economics. Being a top official in a highly respected organization involves a lot of interviews in televisions and radio stations. In doing so, an individual offers insight in the happenings of his organization and hence this can be considered a form of marketing. Furthermore, one of the units learnt in macroeconomics is leadership. Therefore, learning macroeconomics have enabled be to learn and gain leadership skills and abilities. Learning macroeconomics will ensure that I familiarize myself with all aspects of preceding and current economic issues of benefit in my future role as a top executive. Successful organizations in all parts of the world are governed by distinct rules and regulations. For managers to implement plans of actions geared towards enhancing and maintain organizational structures, incorporation of skills and knowledge in macroeconomics is critical. The study of macroeconomics involves investigating behaviors of various organizations and other successful institutions (Madariaga, 2005). Therefore, learning macroeconomics presents me with knowledge on how to create and implement organizational rules and guidelines associated with macroeconomics. In general, the study of Macroeconomics is involved with investigating comportment, performance, or conduct of the economy. It would be hard for me to implement economic policies without understanding various market conditions such as fluctuating prices of commodities and services. Conditions in the economy are always changing. This can be attributed to the current advancements in technology and globalization. These are some of the factors that determine the price of commodities and services. Researchers have in the past been involved in methodical investigations geared towards identifying why market conditions are ever changing. Results from these studies are very important and are incorporated in the study of economics (Mankiw, 2011). Learning economics has enabled me to gain skills and abilities that will help me predict market conditions in future. Learning macroeconomics comprises of identification, measurement, and comparison of economic assessments from a range of markets and from different countries or regions. It also involves tracking various aspects that affects market conditions and how to create and implement strategies in practice that would mitigate effects of poor market conditions. An individual can effectively understand market conditions through observing previous market trends. Understanding or analyzing these trends requires one to have certain skills and knowledge that can only be acquired through learning macroeconomics. Therefore, I will be able to follow these trends in future and identify opportunities for investments. There are times market conditions are dilapidated and at other times the market is stable. Understanding the concept of supply and demand is of benefit to businessmen today (Madariaga, 2005). As an economist and businessman in future, I will be able to incorporate my learned knowledge and skills in macroeconomics to identify the opportune time to increase production and the opportune time to elevate or minimize price of commodities and services. Though investigating market conditions, I will be able to identify which commodities to buy and which to avoid. The study of macroeconomics involves a lot of research, data analysis, as well as evaluations. Through the acquisition of these skills and knowledge in macroeconomics, I will be able to identify the most favorably location for production of my commodities. The fact that economists are involved in investigating market conditions makes it possible for economists as well as other businessmen to identify production locations that will ensure maximization of profits and also minimize total expenditure (Arnold, 2008). Skills in macroeconomics will also enable me to evaluate or assess market conditions in potential regions for expansion of business. This will also enable to effectively other factors or aspects to aimed at maximizing production particularly technology. Through the use of modern technology, many organizations are able to minimize the cost of labor and maintain elevated levels of profits. In conclusion, my acquired skills and knowledge form my macroeconomics course is of benefit in my current situation as well as in future. Through these skills and knowledge, I will be able to identify favorable locations for production, identify the opportune time to elevate or minimize the price of products, and also know what to buy and when to buy. As an aspiring economist, these skills and knowledge will form as a platform through which I will be able to make sober and appropriate financial decision for the benefit of the organization. Many organizations today expand their businesses to other countries. Skills and knowledge in macroeconomics is the basis for investigating economic, political, and social conditions in target countries. References Arnold, R. A. (2008). Macroeconomics. Mason, USA: South-Western Cengage Learning. Madariaga, B. (2005). Economics for Life. Berkeley, Boston: Houghton Mifflin Company. Mankiw, N. G. (2011). Principles of Economics. Mason, USA: South-Western Cengage Learning. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Benefits of learning Macroeconomics in my life Essay”, n.d.)
Retrieved from https://studentshare.org/macro-microeconomics/1496014-describe-how-studying-macroeconomics-has-helped
(Benefits of Learning Macroeconomics in My Life Essay)
https://studentshare.org/macro-microeconomics/1496014-describe-how-studying-macroeconomics-has-helped.
“Benefits of Learning Macroeconomics in My Life Essay”, n.d. https://studentshare.org/macro-microeconomics/1496014-describe-how-studying-macroeconomics-has-helped.
  • Cited: 2 times

CHECK THESE SAMPLES OF Benefits of learning Macroeconomics in my life

World Economy: Neoliberalism

Learning about the basics of economics and later on the subjects of microeconomics and macroeconomics would give solid foundations for the understanding of the world economy.... News around the globe always contains the headlines regarding the world economy and the presence of a crisis....
6 Pages (1500 words) Essay

Expansion and Merger

Subsequently, business expansion or growth is a stage in the life of a company that is fraught with not only opportunities, but also perils.... Expansion and Merger Name Institution Expansion and Merger A merger takes place when one particular firm assumes all assets and all liabilities of another firm whereby the acquiring firm retains its main identity but the acquired one terminates its existence....
5 Pages (1250 words) Research Paper

Macroeconomics Objectives of Governments

This paper specifies six main macroeconomic objectives, commonly set by different government the world over.... These objectives include; economic growth; control of inflation; reduction in joblessness; control of current account; better distribution of income; environmental conservation.... hellip; According to the paper, governments priorities differ, according to the political ideology, and organizational factors....
6 Pages (1500 words) Essay

Macroeconomic Policies, Government Attitudes towards Inequality

hellip; Like due to inequality in the wages or income of the workers many people cannot gain the all opportunities of the life so overall standard of living of society decline.... Macroeconomic Policies, Government Attitudes towards Inequality Macroeconomic Policies, Government Attitudes towards Inequality Answer 1 Effects of Inequalities on the Economic Growth Inequality badly affects the economic growth because due to this there arises different sever problems those affect the growth level....
7 Pages (1750 words) Essay

Microeconomic of my own life

Having learnt various principles and theories in microeconomics, the objective of this paper is to relate my life experiences to some of these microeconomic aspects.... Thus, in my case, the freedom to watch movies, eat the food of my choice and play with my pet would be considered as the opportunity cost as I had to forgo this for the sake of enrolling in a boarding school.... Despite the academic benefit that I was to realize by being in a boarding school, I found other benefits that I would not have found had I remained in my previous learning institution....
4 Pages (1000 words) Essay

Tax, Price and Cigarette Smoking issues

Microeconomics: Tax, Price and Cigarette Smoking Contents Contents 2 Answer 1 3 Answer 2 3 Answer 3 5 Answer 4 6 Question 5 8 Question 6 8 References 9 Answer 1 In the year 2008, when the taxes on cigarettes were increased by 62 cent per pack the sales of cigarettes decreased by 10%.... hellip; This shows the impact of taxes on cigarettes....
6 Pages (1500 words) Essay

Learning and Expectations in Macroeconomics

The essay "Learning and Expectations in macroeconomics" states that the sources of local economic growth interact with the local policies and it addressed how the policies are directed to the factors that influence the behaviors of the local firms.... Appropriate policies depend on its effect....
7 Pages (1750 words) Essay

Economic Events: Macroeconomics and Microeconomics

macroeconomics is a term that refers to the larger aspects of the economy.... hellip; In the study of macroeconomics, the factors that are considered are those that affect the economy at the very highest level.... The term comes from an amalgamation of the two words; macro and economics....
7 Pages (1750 words) Term Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us