Topic 14: My Future as an Economist

Personally for me, this semester taking economics has been pretty useful for me. Ever since the first chapter, I've felt that this class is a way of summarizing the way in which money and resources flow around us. In regards to the material, I've always thought economics is something you learn subconsciously while living on earth and part of the ever-flowing market, so taking the class is basically just a way of defining the terms and giving each phenomenon a name. The parts on supply and demand were really interesting, but like mentioned above, it is something which one can infer. For example, the fact that technology affects supply is something which is quite obvious. The textbook is just summarizing the different factors for us. Nevertheless, this material has broadened my view of economics and the factors affecting supply and demand. I believe this is important because part of the process of critical thinking is having a wide spectrum of cause and effects.

I do believe this material is interesting, apart from the parts of the book where it is only focusing on the United States. However, the parts on taxation, as well as speculation on the economy in regards to changes as a result of the factors which alter supply and demand, will come in very useful for me. If I were to follow on with economics, I would definitely take macroeconomics. As a person who will most likely major in political science, I believe that the study of the economy is extremely vital, as money is perhaps one of the biggest motivators of political actions. I like looking at the big picture of the world as a whole, and not study individual financing. I can compare this course with psychology, because psychology is also something which people are familiar with, but are just unaware of the terminology. For example, the confirmation bias learned in psychology, is a common way for people to be biased, but we are just unaware we are doing so. So like psychology, economics is a way for us to better teach us both our conscious and subconscious actions and giving them names.