economics homework help free

economics homework help free

The Importance of Economics Education

1. The Role of Economics in Society

The purpose of economics education is to prepare students for personal and professional success. Economics is the study of how societies, governments, businesses, households, and individuals allocate their resources. This discipline provides insight into key issues and topics that directly and indirectly impact our daily lives as all decisions come with a cost. Decisions are made and resources are allocated only when a person or an organization perceives that the benefits to be gained from a development are more appealing than allowing things to remain in their current state. Economics helps students understand the complex interdependence of personal and professional choices and how, at times, they can feed off and even scupper each other. This conceptual understanding is crucial and priceless as students begin forging their careers as skilled artists, skilled tradespeople, welders, electricians, accountants, engineers, lawyers, scholars, students, doctors, nurses, salespeople, and businesspeople.

Economics is the study of decision-making, and our choices determine everything. While it is commonly believed that economics helps us answer the problem of scarcity, understanding economics helps us make decisions that better our own lives — it is the backdrop to our society. From personal decisions on whether to continue our education, how to buy a house, or where to work, the majority of decisions are grounded in economic principles. Sound economic principles come from study and thinking. Today, debates and decisions are being made by individuals with no understanding of economics. This lack of economic understanding can lead to economic policies that stifle economic growth and impede society from moving onwards and upwards. The importance of economics in society is crucial albeit seldom discussed or understood by the general public.

2. Benefits of Economics Education

In addition to more money and less debt, there are additional benefits to increased economics education. Much of the basic economic knowledge and theory most work with every day is fundamentally flawed. Unfortunately, many do not understand why and lack time to learn differently. Increased economic literacy can help people’s understanding of why current economic policy focuses on price protections and regulations which indirectly result in reduced competition and innovation which are the foundations of decreased standard of living. Many programs do not educate students effectively about markets, resource allocation, value exchange, or government policy manages turn these concepts on their head giving students micro and macro level fallacies which thwart their attempts to shape a more prosperous future. By extension, most do not choose to use those concepts to raise civil liberties to acceptable standards.

In today’s society, many people are not aware of the severe effect that economics plays on their daily lives. But the reality is that your lives would not be the same without it. Economics plays a large role in the way people live their lives, and it is important to learn about this subject so that people could gain a deeper understanding of the importance of economics. It is crucial that we are exposed to economics so that we could better manage, protect and add wealth for our collective future. With increased economic literacy, it is possible that people can and will make smarter choices about their own and their families’ finances.

3. Challenges in Understanding Economics

I have my doubts concerning the inferences that are drawn from this situation. Economics, or any other school subject, should not be compared to personal hygiene in an effort to discredit it. Whatever one’s conclusions about educational content and method, a good foundation in economics is part of a well-rounded education. It follows that an understanding of the problems that prevent students from learning economics is vitally important. In giving this subject so much attention, I mean no disrespect to the other subjects that make up the school curriculum. My purpose here is to convey something to non-economists about how an economist thinks; that is, to provide an understanding of what prompts an economist to adhere, often stubbornly, to arguments and propositions that most people believe are false. The world is often going to look quite different if perceived through the eyes of an economist. In short, my object in discussing challenges in understanding economics is not to chide non-economists for being ignorant, but to sensitize them to this particular cost of expertise.

A good foundation in economics is part of a well-rounded education. At least part of the popular outcry of ignorance is legitimate. A well-educated person has no need to know the latest theories in economics any more than anyone ever needed to know the latest theories in economics, just as no one ever needed to know calculus in order to make a decision of the sort that people need to make every day. It is also quite true that, even excluding the hyperbole of the announcement, there is a fund of basic economic knowledge possessed by few students. Many adults do not understand fundamental economic ideas, such as opportunity costs, that are within the reach of most intelligent and thoughtful students.

4. Strategies for Mastering Economics Concepts

If you have trouble understanding what you are reading on your own, work with a study group. A study group can provide better understanding and retention than working alone. Such groups generate questions and stimulate discussion to promote explicit understanding and make connections to anchor learning better. A group can foster a supportive social environment to help members overcome anxiety and self-confidence issues. It is a social context for engaging, respectful debate and can sustain motivation and self-directed learning. Members can encourage each other to set goals and work to achieve objectives. A group provides members a forum to share metacognitive strategies and can reinforce mastery and understanding of concepts. Each member brings unique knowledge and experiences to the group to ensure better lessons. A smaller group can get to know each other and develop trust and respect to enable a more open, honest discussion of issues. Treat group meeting like important appointments because they are very important. I recommend that they meet twice a week if you are not too backed up on your reading assignments. To learn, people must also be willing to apply sound feedback and deliberate practice to build the right knowledge.

Reading assignments in textbooks are an essential part of every economics course. While many people can learn directly from reading, most people get more out of their reading by participating in discussions in which other people discuss and clarify the readings. The study of ecological literacy indicates, and my personal experience with economics education validates, adult learners develop important knowledge and values about the world by talking with others about what they read of issues they care deeply about. Furthermore, it has been well-documented, and my own experience supports the thesis, that adult students learn best when learning is problem-based and their interests are allowed to drive the instruction and the pace of their reading and discussions.

5. Resources for Free Economics Homework Help

The two best resources for free economics homework help are Eli Dourado’s Econ 101 page and Mike Smitka’s Economics Help Page. Eli’s page is especially fun as it uses mostly videos, while Mike’s brings together a wide variety of resources. Both Eli’s and Mike’s sites are designed as supplementary materials for students taking a high school or college level introductory economics course. Another useful free resource is Student FM, a UK based company that provides over 100 videos covering the entire high school economics syllabus. Notice, however, that these videos include a lot of British content. Among other things, somewhat different definitions, especially with respect to national income accounting, is a systematic problem across their videos.

There are many resources available online to help kids with their economics homework. Some of these are free, while others charge a fee. Some provide help for young college students who might be struggling with basic concepts in their introductory economics course and for others cost, quality of information, or ease of use make it worthwhile to them to spend a few dollars. I’ll use this space to describe briefly the most useful resources, starting with the few free ones.