What does economics mean to me, and why is it important as a senior in high school?

Chantel R: What does economics mean to me, and why is it important as a senior in high school?
The question is a prompt for which I have to write an essay for my economics class. I have no idea what to write! I know next to nothing about economics, and it has to be five paragraphs. Thanks in advance for any help!

Answers and Views:

Answer by JD
If it is for class, I would not want to answer for you, but consider all of the ways that economics is a part of your life already. Whenever you spend, save or invest money, you are subject the laws of economics. When you offer your labor for money, you are engaged in economic decisions. In fact, every time you engage in an activity of any kind (including recreation), you have made your decision based on your perception of the cost of undertaking the activity compared to the benefit of it. That is economics.

Consider how you obtained every one of your possessions. How did you get them? Consider the computer you are using right now. How did the company who made it know that they should make one for you? How did they know what features it should have? Are the manufacturers of the computer components clairvoyant enough to know exactly what to make and where it should go? How did the company’s employees know it was a good idea to work for the company and make its products? How did the retailer who sold it to you know that you would want it where and when you bought it? It’s all economics.

All resources, including land, labor and capital (equipment or tools) are scarce, and we must make decisions constantly about how those resources get used. You only have 24 hours in a day and use them in the way you think is best. Economics makes it possible to understand how rational people use their scarce resources to satisfy their needs in the best possible way. You have to admit that this science impacts everyone.

I could also point out that you are nearly old enough to vote and matters of national economics will impact you whether you pay attention or not. Economics governs such national issues such as the unemployment rate, which will determine how easy it is for you to find work. It impacts interest rates, which will influence how willing you are to save or spend your money. What jobs are in demand in the US will impact wage rates and, subsequently, your choice of profession.

Economics is the study of people making choices either as an individual or a group. You can’t help but be a participant.

Good luck.