Why I like Economics?

4/21/2014

Why I like Economics? 

Simply, it amazes me. This is the most practical subject I have ever came across. I have taken 2 years of Physics, Chemistry and Biology in my high school but  none of these ever appealed to me as economics does. So far, the concepts of Economics are easy and have wide application. I could be doing anything right now with my time but blogging however, that fact that I am choosing  to blog is also explained by a simple concept in economics. 

The concept of opportunity cost. The opportunity cost is the cost that you give up to do something. For me I am giving up my study time now and instead blogging. You are giving up your time to read my blog when you could be doing anything now, not suggesting you to stop. Everyone is giving up something for the actions they are taking now. 

These concept are universal, and hold truth. However, Netwon's gravitational force also does the same, explains the concept that is universal and applied everywhere but then people's behavior cannot change it. In economics, how we choose to behave may vary the outcome so it is also studying people's decisions at the same time. 

Again, it simply amazes me.