Day 1: introduction to Economics

Why I think I will enjoy Econ:- Decision making is a vital skill in order to be successful in your trade. Before choosing the subject, I was aware that Economics was the study of resource distribution and analysing the decisions we make. I would like to understand both of these things and become familiar with technical terms and concepts. Having learnt about cost-benefit analysis has really encouraged me to realise decision making from a logical *homo-economicus’ perspective. So far, having only experienced a few hours of learning, I am not entirely sure whether my original perception of the subject is true.

Importance of Economics:- Understanding society from an Economists perspective and being able to communicate and discuss with others is key to being able to improve society. Many problems that society faces are fixed or formed by the Economy; the distribution of resources, prevention of market failure and being able to discern consumer behaviour is vital for economic growth.

Jobs for an Economics major:
- Financial risk analyst
- Accountant
- Actuary
- Investment analyst
- Economist

Technical terms from Day 1:
Microeconomics- economic decisions that an individual or firm makes
Macroeconomics- study of the ‘whole’ economy
Ceteris Paribus- all other variables remain constant

*homoeconomicus- economic man; which describes optimal decisions made for utility-maximising outcomes