|I. BASICS||What is economics?|
What the BU students thought about economics:
Before this class I had no idea what economics was about. I used to think it had something to do with money.
I realize I was severely mistaken. economics is one of the most important things in our world. economics has improved and enriched our lives.
Prior to this course, I had envisioned economics to be basically the study of supply and demand.
It is more broad-based than I have originally perceived. I was most surprised at the number of graphs and equations used to determine when the economy is at equilibrium.
Before this class, I had zero idea of what economics was about. All I knew was that it involved money.
I now have learned that economics is a very important discipline, after all. economics dictate essentially the behavior of individuals, households, countries and even the entire world. I have come to realize that economic decisions I make affect the overall economy of my community and that affects the US economy which in turn affects the whole world.
I used to think that the course about economics would focus on studying and analyzing individual corporations. I guess I felt that economics meant business.
Now I know that it is much broader science that cover many areas and principles in our lives and not only buying and selling. It helps us look at our lives from an economic point of view. For example the principle of opportunity cost helps us make wise decisions in many situations.
My perception of economics was that it was used by penny-pinching misers to figure out how to make most of their money.
I must say that after this course, my disposition was drastically changed. I now see economics as a tool to predict the effects of markets not only on businesses but also on households.
Before I started this course, I thought I would learn about banking and money...
...which I did, but I also learned how our nation's economy regulate itself, about international trade effects and the all important ideas of the supply and demand theory. I have also learned that economics is a logical and conceptual field of study.
Before I thought economics was more limited in scope. I thought it was just for businesses and politicians.
My perception of economics changed entirely. I now see that everything has economic dimensions - the choices we make, the resources we use, the things we buy, the way technology changes things. economics entails everything we do.
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