Why is the study of economics important to people as both consumers and citizens?

Question

can anybody give me an answer?

Answer 1

Economics and Politics are very intertwined, especially in election years. Those who don't know anything about economics are easily fooled into believing they can have something for nothing.   Several examples come to mind.

1: Highschool students are told jobs are the reason for businesses to exist.  If you had any economics you would know no-one would risk their money on a business just to create jobs, they need a reward for risking their money and expect to be compensated for that risk (profit).

2; The oil companies are s******g us with higher prices.  They shouldn't be allwoed to make a profit.   Reality, oil companies make about $0.04/gallon on gas.  Government (federal) gets about $0.38 and states get as much as $0.68 in fuel taxes plus sales tax (6% sales tax on $4.00 gas is $0.24/gallon)  So who's making the money off of gas???? Then Government taxes those profits at around 30%.

3; Oh well I can go on and on, but with out an understanding of how an economy works you can believe things that when said on TV make sence to the common peson, but don't really work. In other words you can have the wool pulled over your eyes.   I have met many employees from the automotive industry that think their wages should equal the sale price of the cars they build.  When you try and explain that that can never be so, they don't get it. Their answer is, the Companies are rich and own them.   They never learned anything about economics.

Answer 2

with the help of economics you can better manage your finance. you better where to invest and in which field you can get maximum return. in which field there are maximum chances of growth. what a simple person do something for leave poverty. with the help of economics you simply guess future of growth and get maximum benefit

Answer 3

The study of economics helps people understand the character of the society we live in, our relationship to the people who control our lives (shot callers like politicians, energy services, big bureaucrats, and deep pocket investors), and what democratic rights we may exercise to curb their power and control. As workers, we generate the wealth that others benefit from, and we should kno how our labor shapes society.