UNDERSTANDING ECONOMIC FOUNDATIONS FOR INFORMED DAILY LIFE AND SOCIETAL PROSPERITY
DOI:
https://doi.org/10.55640/Keywords:
Economic literacy, Microeconomics, Macroeconomics, Personal finance, Consumer behavior, Public policy, Global economy, Decision-making, Scarcity, Opportunity cost.Abstract
This article explores the profound and often underestimated importance of comprehending fundamental economic principles for individuals navigating their daily lives and for societies striving towards sustainable prosperity. It posits that economic literacy is not merely an academic pursuit but a critical life skill, empowering individuals to make informed decisions regarding personal finance, consumption, and career choices. Furthermore, it argues that a foundational understanding of microeconomic and macroeconomic concepts is essential for active and effective civic engagement, enabling citizens to critically evaluate public policies, market dynamics, and global economic trends. Through a series of real-life examples, this paper demonstrates how economic principles manifest in everyday scenarios, underscoring the necessity of integrating economic education into broader curricula to foster a more discerning and resilient populace.
References
1)Mankiw, N. G. (2021). Principles of Economics. Cengage Learning.
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3)Stiglitz, J. E. (2012). The Price of Inequality: How Today's Divided Society Endangers Our Future. W. W. Norton & Company.
4)Thaler, R. H., & Sunstein, C. R. (2008). Nudge: Improving Decisions About Health, Wealth, and Happiness. Yale University Press.
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