Much of economic theory is based on assumptions of how people behave rationally, but it’s important to know what to do when those assumptions fail. Many people think of economics as just curves, models, and relationships, but in reality, economics is much more nuanced. “A simple grocery store visit becomes filled with economic references and analytical ponders,” Benton says. There’s frequently a gap between hypothetical and actual WTP, and learning about it can help you decode your own behavior and enable you to make wiser financial decisions.įor Shamari Benton, the concepts he learned in Economics for Managers opened his eyes to how everyday decisions are infused with economic calculations and principles. For example, Willingness to Pay (WTP) is the maximum amount someone is willing to pay for a good or service. You’ll Understand Your Own Spending HabitsĮconomics will teach you about how your organization and its market behaves, but also offer insights into your own spending habits and values. For example, many companies need to decide whether to pursue a bundled or unbundled pricing model or strategize for the best ways to maximize revenue.
Once you understand the terms, it’s easier to use theories and frameworks, like Porter’s Five Forces and SWOT analyses, to assess situations and make a variety of economic decisions for your organization. You’ll Put New Terms into PracticeĮconomics isn’t just learning a set of technical words, it’s actually using them to develop a viable business strategy. Even if you don’t use these words often in your current role, studying these economic terms will give you a better understanding of market dynamics as a whole and how they apply to your organization. Whether it’s scarcity (limited resources), opportunity cost (what must be given up to obtain something else), or equilibrium (the price at which demand equals supply), an economics course will give you fluency in fundamental terms needed to understand how markets work. Here’s a look at seven advantages of studying economics and how it can benefit both your organization and career. In fact, economics can be useful for professionals in all industries and aspects of daily life, not just in business.įree E-Book: A Guide to Advancing Your Career with Essential Business SkillsĪccess your free e-book today.
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Students who choose to study economics not only gain the skills needed to understand complex markets but come away with strong analytical and problem-solving skills, as well as the business acumen necessary to succeed in the professional world. Both types of economics utilize historical trends and current conditions to inform business decision-making and make predictions of how markets will behave in the future. What Is Economics?Īt its core, economics is the study of how individuals, groups, and nations manage and use resources.Įconomics can be broken down into microeconomics, which examines individual decisions, and macroeconomics, which is concerned with the economy as a whole.
Spanish Language Arts and English as a Second LanguageĬhapter 130.An economics course can teach you the fundamentals needed to decipher graphs and other important financial data, as well as the tools to develop a successful business strategy.īut how can you know if studying economics is right for you? Consider the possible outcomes of various economics programs and how they compare to your personal and professional goals. Other Texas Essential Knowledge and SkillsĬhapter 128. English Language Arts and ReadingĬhapter 114. Please note that the web-version of the standards may contain more than one page. Click on the link below to access the web version (Web) of the standards or a PDF version (PDF) of the standards. The Texas Essential Knowledge and Skills (TEKS) are listed below in two different formats, a web-based version of the standards and a PDF version of the standards. TEKS Review and Revision Texas Essential Knowledge and Skills by Chapter
The following link will provide information for the TEKS by subject area review: The Texas Essential Knowledge and Skills Review by Subject area web page provides information regarding the SBOE’s process and current and previous reviews. SBOE members nominate educators, parents, business and industry representatives, and employers to serve on TEKS review committees. The State Board of Education (SBOE) has legislative authority to adopt the TEKS for each subject of the required curriculum. This site will provide you with information on the Texas Essential Knowledge and Skills (TEKS), which are the state standards for what students should know and be able to do.