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Economics is in one way or another a good discipline

Business Dec 28, 2020

Economics is in one way or another a good discipline. Do you think it's recommendable for people willing to set up businesses in future?

Expert Solution

I would certainly recommend economics to any willing to start a business in the future. This is because economics describes how markets work in general and allow you to think rationally instead of being optimistic or pessimistic. You understand that it is not personal if consumers don't buy your good/service and there are clear reasons why. You learn what impact changes in production costs or taxes will have on your profits and who bears the burden the most.

In general, economics puts theory behind what most businessmen deal with and allows them to think clearly. It also allows you to take into account macroeconomic changes that you otherwise might be unaware of.

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