1.3 Economics as a Life Skill

MyEconLab Concept Video

Economics is a life skill. It is a decision-making toolkit and, as a social science, it is a platform on which you will build critical thinking skills that prepare you for your career and life.

Economics as a Decision Tool

Economics is useful. The economic way of thinking provides you with tools for making decisions in all aspects of your lives:

  • Personal

  • Business

  • Government

Personal Decisions

Should you take a student loan? Should you get a weekend job? Should you rent an apartment or borrow and buy a condo? How should you allocate your time between study, working, volunteering, caring for others, and having fun?

Deciding the answers to these questions involves weighing a marginal benefit ...

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