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How does studying economics contribute to the holistic growth of a student?

Published On July 24, 2023

CBSE senior secondary school in Bangalore

Economics develops a cognition to the basics required to decipher graphs and make reasonable extrapolations from available financial data by using different variables. Studying economics makes a person more aware and provides the base to stand on the constantly evolving market’s landscape.

Children can learn the complex concepts of economics if they are taught in a quasi-static manner and with an appropriate difficulty level. Children who learn economics from an early age assimilate its complex concepts more profoundly and turn to be better employees. It develops a sense that enables children to weigh pros and cons, cause and effect, profit and loss, etc. In this blog, we will discuss how studying economics benefits the students.

What is economics, and why has it gained importance?

Contrary to the general idea about the subject’s limit to money, finance, economy, business, etc., its constraints are beyond. The study of economics provides insight and cognizance of the analytical framework required to understand the ways of the world and how circumstances affect our choices and the operational characteristics of businesses and the economy.

Economics can be further broken down into macroeconomics and microeconomics, which concern decisions of an individual or entity and an economy as a whole, respectively. Assimilating the concepts of economics develops critical thinking skills and problem-solving abilities in children and evolves their intellectual framework. It builds a foundation with which they are encouraged to make informed decisions. The following are the reasons that make the study of economics a compelling case:-

  • It develops the children vocabulary: children need to learn fundamental terms of economics to proceed further, and it leads to the development of a better vocabulary. With the same, children get familiar with the language of the corporation, making their professional profile more compelling.
  • They learn to employ the concepts practically:Learning economics is not limited to memorising fancy terminologies and concepts. By employing those empirical concepts, children learn to make informed decisions.
  • It encourages them to improve their spending habits: Students learn various ways an economy is managed and measures an organisation takes to streamline its expenditure and utilisation of resources. It offers them the insight to reform their spending methods and values.
  • Children become proficient in using economics tools: Concepts like conjoint analysis enable children to map the demand for a specific product feature. With the same, children learn to establish a balance between price and advancements.
  • It offers them a base for making a career choice. Learning economics at an appropriate age may develop an interest in the subject or related stream, and they can choose a career in the same.

What are the different ways of applying economics in daily life?

Some of the disciplines of economics employ a blend of statistics and mathematics to extrapolate optimal solutions. Economics provides the insight to determine appropriate solutions for issues of an individual to large economies. Following are some of the ways one can employ economics in daily life:-

  • Time management: Economics is concerned with the employment of available resources in the best possible manner. Time is one of the things students need to manage in their earlier and post-academic phases. Learning the concepts of economics provides them with the knowledge of inventive measures to manage their time resource.
  • Being a better citizen: Students learn how governments and economies operate and learn things like the budget process, tax system, and impact of geopolitical activities on economies, making them more aware and informed citizens.
  • Career choice: With awareness and cognition about markets, students learn to determine the flow of wind and make more informed decisions relating to their careers.

What schools can do?

Following are the measures schools must take to make this complex subject more relatable:-

  • Live examples relating to their lives:If teachers provide examples relating to the day-to-day lives of students, they find it more relatable and efficiently grasp difficult concepts.
  • Hands-on examples and applications:Teachers can provide cases and ask students for appropriate solutions to resolve the issue. With the same, students learn the concepts and their pragmatic value.
  • Teaching the art of understanding the implications:Students should be taught using the concepts of other subjects like geography, maths, history, etc., to provide a broader perspective to understand the impact of several events.
“Economics isn’t just about money — it’s about making wiser decisions in every aspect of life.”

Concluding remarks

Economics employs practical ground and scientific methods to make the required deductions. With an efficient understanding of the subject and its practical use, a student can make its reasonable application. Schools should be more proactive in providing insight to students relating the implications of the concepts rather than sticking to the theory. Humanities STREAM is one the most practical ways to provide students with a better insight into the subject matter. If you are seeking a reputed CBSE senior secondary school in Bangalore, National Public School is the best choice you can make.