The Advantages of Studying Economics Economics is the study of how people decide to use resources on an individual and a collective basis. It examines the kinds of work people do and how much time they spend doing it. Economics also looks at production, investments, taxation and how people spend and save money. Before you commit yourself to spending time and effort studying economics, it helps to know the advantages of doing so. Numerous Applications Studying economics prepares you to deal with issues in a variety of fields, including business, law, politics, history and accounting. Knowing how scarcity affects purchasing decisions helps in a politician’s office, for instance, where people consider changes in taxation. It also helps in a department store where executives determine how much profit they might make from a certain product. Current Events Economic changes often occur, such as a decrease in unemployment, an upswing in the stock market or a trend of job
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