What professional and personal application of the principles of economy?the Economy gives the big importance to the exact, systematic analysis. Thus, studying the economy steadily helps students to improve the analytical skills which are in great demand in labor market.
Studying the economy also helps us to understand everyday reality which we observe around. In what way there are a lot of different people in so many different places, being engaged in different types of activity, make those goods and services which we want to buy?
The economy gives the answer to this question.
The economy has the vital value and for business. The understanding of bases of process of decision-making and the principles of action of economic system allows heads of firms to increase profit.
The head who understands when it is necessary to apply new technology when to merge with other firm when to broaden staff working etc., will be more successful than the head who is less experienced in such decision-making processes. The head to whom causes and effects of economic recessions (the general decrease in economic activity) are clear is capable to make more reasonable business decisions during such periods.
The economy helps consumers and workers to make the correct decisions upon purchase of goods and employment. How to spend the limited means for achievement of a maximum level of satisfaction? How to protect itself from decrease in purchasing power of money which accompanies inflation? That it is more favorable - to buy the car or to hire; to pay off on a credit card or cash? What professions are better paid what are least subject to unemployment?
In the same way understanding the economy helps to make the best financial decisions. On edge to it to a measure of people which understands interrelation between budget deficit and interest rates between exchange rates of currencies and volumes of export, between interest rates and the prices of bonds, it is capable to make more reasonable decisions on personal investments.
The same can be told also about the person having an idea of application opportunities in business of new technologies.
However should warn the reader: at all practical usefulness the economy represents a subject mainly academic, but not narrowly professional.
Unlike accounting, an advertizing, corporate finance or marketing the economy is not first of all science how to make money.
The knowledge of economy and ability to see events in economic prospect will help with a business management or personal finance, but not in it its main task consists.
Finally the economy considers problems and decisions with public, but not from the individual point of view. Production, an exchange and consumption of goods and services are considered in it from positions of interests of society in general, but not from positions of a purse of the certain person.]