I don't exactly understand what you mean by "economical," though studying economics in school makes you look into the bigger and the smaller picture of economics. It doesn't make you take all the right choices and decisions in life when it comes to money, but it does help you understand several scenarios which you may never really wrap your head around when you didn't study economics.
While some people may tell you that the academe doesn't really help you out in real life situations, I beg to differ. You'd still pick up a neat trick or two in the academe that you will not pick up anywhere else.
Topic: Does studying Economics in School make one to be economical or what - page 3. (Read 349 times)
July 15, 2021, 04:05:45 PM
July 15, 2021, 03:48:29 PM
I'll try to keep it as short as possible.
- The economics they teach at the school level is quite basic and doesn't go into much depth compared to the ones they have in Universities.
- You'll have to select an economics subject in higher studies with special focused attention on economics, where you get practical assignments regarding the subject, then you can call yourself economical unlike with school teachings where there are no practicals.
- The economics they teach at the school level is quite basic and doesn't go into much depth compared to the ones they have in Universities.
- You'll have to select an economics subject in higher studies with special focused attention on economics, where you get practical assignments regarding the subject, then you can call yourself economical unlike with school teachings where there are no practicals.
July 15, 2021, 03:30:31 PM
I don't think studying economics will significantly affect our day-to-day life. It mostly explains economic phenomenon so that student know why/how the society works in the present day. However, its branches, such as finance, business, management, etc., can make you more economical to some extent, and somewhat useful in our day-to-day life.
July 15, 2021, 02:44:02 PM
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First, what kind of school are you talking about? High school, undergraduate education, graduate school? It makes a huge difference. If we're talking about general school study, to be honest, it's all pretty useless in real life. There are a lot of people in the class, a teacher is probably a person that failed in his specialty (economics, in this case), so he/she became a teacher, you don't get nearly enough information to go on with at school. The upper you go - the more it makes sense because there are more specific courses and more qualified professors.
However, keep in mind that just having studied something doesn't automatically make one a professional. I'd say that much more depends on your environment, how you spend your spare time, whether or not you take additional courses, masterclasses and, generally, just smart enough to apply the knowledge in real life.
July 15, 2021, 02:43:37 PM
Your opinion is needed concerning the above topic.
When it comes to economics I love the following quote and think it is very true in many cases:
"An economist is an expert who will know tomorrow why the things he predicted yesterday didn't happen today."
To sum it up, an economist is great at reading patterns in old data but is far too often used as a source of reference like they can predict the future. Oftentimes most people with "economics" training are as hopelessly lost as a random stranger on the street. It is only once you've started to combine economics with real world experiences and other skills (such as deep financial or business knowledge) that the practical usage can actually be helpful. Training for one economics qualification can be pretty useless by itself.
July 15, 2021, 02:43:32 PM
Your opinion is needed concerning the above topic.
I think by economical you mean: Financially literate. Truth is that personal financial literacy isn't really taught in schools, especially in mid-income and low-income countries. Economics taught at school is entirely about the macroeconomic and microeconomic concepts of the Economy which are barely important for anyone unless he wants to make a career in Economics. More important concepts like personal wealth management are often ignored. The job mindset is inculcated that if you want to be successful there is just one route study, get a job and earn active income and that's life. 
July 15, 2021, 02:35:33 PM
Your opinion is needed concerning the above topic.
You should ask specifically about this thread so as not to make assumptions about economics, economics is very broad in scope and I think the title of the thread above is asking about individual financial management. If how to manage finances individually, you only need to allocate financial management to basic expenses, savings and unexpected expenses. 
July 15, 2021, 01:01:56 PM
Economical is not a final degree or a professional target from studying economics, so it depends on how they apply the results of their lessons and even then it is not a requirement. Even if they enter a special class to become an economic specialist such as a marketing expert, financial advisor etc., they will find many new and different cases of what is taught at the school desk which makes it difficult for them to be economical.
July 15, 2021, 12:23:57 PM
studying economics in school is only limited to the basics of how to earn money, but not as studied and quite complicated when only theory and theory. all just refers to how we earn money from working part time. nothing explains managing finances financially for future survival.
Studying economics today requires an evaluation that leads to the modern financial system. no longer study conventional finance. and I haven't found a lesson in school about it all. we need a new curriculum that explains digital finance in high schools.
Studying economics today requires an evaluation that leads to the modern financial system. no longer study conventional finance. and I haven't found a lesson in school about it all. we need a new curriculum that explains digital finance in high schools.
July 15, 2021, 12:21:51 PM
Maybe you can check the life status of people teaching economics class in school and use it as basis? It's probably not the case if those instructors aren't financially literate and financially stable. I mean if they are still slave to their stressful 8-hour day job.
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July 15, 2021, 11:56:14 AM
Yes, but you need to understand that you cannot be taught every in school and to take some advance class that will upgrade you professional cause the purpose of schooling is to have social equality,mindset development etc.
But, what I said seems complicate. I will advice to do some online search about how to be professional economical.
But, what I said seems complicate. I will advice to do some online search about how to be professional economical.
July 15, 2021, 10:06:08 AM
First and foremost, it's pertinent you construct your thoughts articulately for easy assimilation, as well as to stimulate discussions. Going by the dictionary definition of economical, it means "prudent with money, so you don't spend more than you ought to", thus to answer your question, taking/studying economics as a course in school doesn't actually mean it'll help you curtail your spending, being frugal in spending is somewhat a personal decision or as a result of actually not having the money to spend.
Having said that, there are quite a lot of people who have never even been to school before, but can properly account for their spending, and then people who take economics as a course being wasteful in spending, it doesn't depend whatsoever on whatever you study in school or anywhere else, it's more of a responsibility inherent in responsible individuals.
Having said that, there are quite a lot of people who have never even been to school before, but can properly account for their spending, and then people who take economics as a course being wasteful in spending, it doesn't depend whatsoever on whatever you study in school or anywhere else, it's more of a responsibility inherent in responsible individuals.
July 15, 2021, 10:04:42 AM
Wonder why you ask the question.
Well, depends on what you mean by being Economical. Searched for the word on the internet and it's a bit of what I do when dealing with money, paying people for services or providing paid services to people, but I'm not sure I learnt that from school. Always felt it's right to pay for things according to there real worth and I prefer not to spend to much on things when there are cheaper alternatives. I didn't learn that in school.
Well, depends on what you mean by being Economical. Searched for the word on the internet and it's a bit of what I do when dealing with money, paying people for services or providing paid services to people, but I'm not sure I learnt that from school. Always felt it's right to pay for things according to there real worth and I prefer not to spend to much on things when there are cheaper alternatives. I didn't learn that in school.
July 15, 2021, 10:03:22 AM
If you mean I job wise, most science studies do open up the possibility of being paid higher and getting better job satisfaction. Economics can allow you to go into financial fields as well as general company management too - and anything else a normal qualification at the level you're going for might open up.
I think we've all seen the memes of people studying economics degrees making the most irrational/impulse purchases out of everyone.
If you want to save money, find ways how to. Work out how to do things like budgeting but don't stick to a budget, show yourself what you might have at the end if you did manage to cut out some sstuff - but don't make it something you won't stick to.
Depending on where you are, you don't need much to live off and still enjoy life - eg switch going for a drink or for coffee for having a picnic in the park then you've still got the same level of social interaction but for much cheaper.
Imo electric, Internet, food, water and gas should be less than $5000 a year in Europe so it's probably cheaper elsewhere. (this figure is just for educational purposes only as it might vary but it is an overestimate - I got all those for about £2k last year).
I think we've all seen the memes of people studying economics degrees making the most irrational/impulse purchases out of everyone.
If you want to save money, find ways how to. Work out how to do things like budgeting but don't stick to a budget, show yourself what you might have at the end if you did manage to cut out some sstuff - but don't make it something you won't stick to.
Depending on where you are, you don't need much to live off and still enjoy life - eg switch going for a drink or for coffee for having a picnic in the park then you've still got the same level of social interaction but for much cheaper.
Imo electric, Internet, food, water and gas should be less than $5000 a year in Europe so it's probably cheaper elsewhere. (this figure is just for educational purposes only as it might vary but it is an overestimate - I got all those for about £2k last year).
July 15, 2021, 09:26:07 AM
as far as I understood the question, in general, studying at an institution with an economic bias does not mean that you will become an accountant, but you will definitely have a certain financial literacy and this is now a useful thing
July 15, 2021, 09:25:15 AM
Your opinion is needed concerning the above topic.
You might want to add some more content to your topic as the term economical could have a broader scope to it and one cannot completely give an opinion that would be more directive to the scope being targeted. I don't know if you get what I mean but then, I suppose your economical in this case to be about, how a person apportions his resources to accommodate his needs and wants, correct?Well, in that case, its often not about studies. Sure you might get some ideas on scale of preference, giving you a direction to creating a pattern but then, it takes real discipline to follow it up. Something that could be self built and controlled. In essence, its all you really.
July 15, 2021, 09:17:14 AM
What exactly do you mean by economical though? I assume that it's probably financially stable, and if so I do think that studying could make you but that all depends if the person wants to employ what they've learnt in their studies because you can learn about economics and all the stuff about it but if you as a person only care about the theoretical and not the application then you won't be as economical as you might wish.
July 15, 2021, 09:09:27 AM
Your opinion is needed concerning the above topic.
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