Junior college is admittedly one of the most challenging phases of academic journey. This is one of the few reasons why students reconsider and have second thoughts about entering Junior college. The next big predicament after entering Junior college is decided which subject to choose. Students are encouraged to choose 3 H2 subjects and 1 H1 subject.
When it comes to the subject Economics, students can choose to do it as a H2 or a H1 subject. The difference in the content is not so significant between the two levels however, H2 students are required to completed 2 papers for it.
Economics can be a rather challenging subject to begin with but once you get the knack for it, it becomes rather easy.
For students who are not so strong in the skills required to perform well in economics (ex. Analysing source, interpretation of data, correlating economic concepts, utilising economic jargons in essays, etc.), Economics home tuition services are readily available to guide. Many are often confused as to why how Economics will be helpful as a subject.
“Will it be useful be of any practical use for life?”, and “Will it open up more career opportunities?” just few of the very many questions that students ask themselves.
So, here are 8 reasons why Economics is important in Junior College!
Firstly,
economics is very useful to know on a personal level. Taxes, inflation, interest rates and income inequality are all concepts that are taught for economics and are confusing to learn without help from a teacher.
Every working adult has to have some knowledge of these concepts to make decisions in their life without risking their financial stability. For example, taking loans and depositing money can be tactically done by understanding interest rates and inflation.
Having more money is almost always more beneficial and these economic concepts can help to both conserve and earn money.
Secondly,
understanding the economics of the country and its international relations with other countries is very important. Without learning economic concepts, it will be confusing why a new policy is implemented either nationally or internationally.
All of these policies may seem like they are not relevant for the average person but the reality is that it will one way or another find its way to affect at a personal level.
Being educated about the effects of it will help to prepare for a bad day and seize the opportunities on a good day. Moreover, economic mistakes happen a lot in history and it is important for the general public to learn about them to ensure it does not repeat. The only way to ensure this is by educating the future generation about it.
Thirdly,
economics is a very important tool for business of all sizes and even the government. This economic intelligence used will be based on previous data and modelling and understanding the markets existing in our society.
No business will be able to survive by randomly making decisions and hoping that they will survive in this harsh world where everyone is fighting for the top.
This is where economists will enter and direct these businesses in the correct path to reap as many benefits as possible. This is also true for governments and it is in fact even more important as any wrong decision can result in the downfall of the entire country’s economy.
Fourthly,
even those who are not economic advisers of businesses will still need to understand the economic terms used to be able to work well with that business. These economic terms will be used very widely to talk about the state of the business and how to go forward and people will generally not sit and try to explain these terms.
Thus, by learning it early, students can be exposed to these terms and understand them well which allow them to be more viable candidates for business to choose.
Fifthly,
when people think about economics, they get too scared by the word as people assume it refers to complex concepts that only big companies and political leaders understand and use.
However, it is not as scary as many people think. Economics can be applied at a very personal level including personal spending. Knowing economic concepts can help people optimise their spending and savings so that they can yield as many benefits just from their daily lives.
Sixthly,
unemployment rates and the different types of unemployment are also concepts that students will learn in their economic lessons. This is a rather challenging concept to understand initially but Economics tuition teachers do a great job in providing real-life examples to help students important.
This is important for everyone, even for those who are not pursuing economics in their higher studies.
When trying to find a job or trying to maintain a job that they already have, using these concepts of different types of unemployment will help them tackle the problems that could potentially cause their unemployment.
Seventhly,
jobs that require economics will almost always exist in our society. Recently, due to massive improvements to technology, certain jobs are being replaced by things like robots and Ai and people are now worried that the job that they are aiming for now will not exist in the future due to this.
Economists however will almost never be replaced as there is no clear-cut formula for economics that allows AI to solve economic problems. There is always debate for the most optimal decision, the most ideal decision, etc. AI and robots will only be used in tandem with economists.
Lastly, some students may be thinking that even though economics may have interesting and useful concepts they will never be studying it in the future and so what’s the point of learning it now?
Economics is a subject that requires a lot of transferable skills that are very useful in many other subjects and even jobs. Even if students do not remember any of the concepts that they learnt, these skills will stick with them.
This subject requires a lot of analytical thinking, research skills, commercial and cultural awareness and communication skills. All of these skills will be very useful for a wide variety of things, beyond Junior college.
