Of what significance is the knowledge of micro and macro economics to a post graduate student?

Question

buttress your analysis by using relevant examples

Answer 1

Economic knowledge is useful in many post-graduate fields. But it depends upon which field you are studying as to the significance.

In the medical field, knowledge of how markets work can help you understand the trend towards "consumer driven health care", but it won't really help you as a physician.

In the legal field, economic principles have been greatly influential in the creation of laws, and in the way judges rule on cases that can affect the economy, businesses and private citizens. And thus knowledge is actually helpful in a legal career.

These principles are most directly helpful (obviously) in the business world, with micro economics being most helpful on the production side (determining the most efficient path for your business) while general economics is useful all around to understand changes in value of goods and services, which can help tailor a businesses buying and selling habits.