Answer:
Step-by-step explanation:
Economics is Personal
Microeconomics is crucial to a person's financial stability since it examines the effects of individual human behavior. Private resources are also in short supply. A dollar more, an hour more, or a new talent is always useful. The most effective use of one's resources must be made, and researching allocation issues enhances decision-making skills for both short-term and long-term decisions. Questions on everyday economics include: Should I pay cash, borrow money, or sign a lease to get that new car? Should I invest in the stock market or take out a home equity loan? Should I start a 401K now or wait until the next year? Economists are capable of making these judgments in their own life and are qualified to provide others with personal advice.
Economics is Universal
Macroeconomics is the study of how the economy as a whole act, including inflation, price levels, growth rate, national income, GDP, and variations in employment rates. Some of the major problems that American economists attempt to address include: "In a country as affluent as the United States, why are so many people unemployed?" and "Who decides how much money circulates in the United States?" A solid grasp of macroeconomics has a major influence on leadership abilities, decision-making, and the ability to plan for a flourishing social future for politicians, educators, journalists, and urban planners. To satisfy this need, the Department of Economics has developed a multidisciplinary curriculum that equips students to transition effortlessly from one area of concentration to another.