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:
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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