Eco 372 Week 1 Dq #1

Why is economics considered a social science? What role does economics play in your personal and professional lives?  

The study of economics focuses on the wants and needs of people and how they make decisions to achieve their wants. The needs and wants of humans are different from person to person and are based on the society in which they live. Different societies also define how people fulfill the wants they have through out there lives. As societal groups and statuses change, or the addition of family, personal wants and needs also change. In addition to societal influence the state of ones surroundings can affect how a person has to work for or achieve things that are needed or wanted within their life.

In my personal life my wants and needs are controlled by the wants and needs of my family and my ability to satisfy these needs. Take for instance going form single to married I had to think about buying a house and providing for two people instead of one. Once the two of us were satisfied our daughter came along and now that our second daughter is on the way once again our economic needs and wants have changed.

Of course my career also plays a large part in my personal economics, the amount of money I make directly affects the wants and needs my family and I are able to fulfill them. Of course the monetary purchases that are made are also affected by inflation, national economic strength, and the ability to remain employed. More importantly my professional career is dependent on the same national economic factors as my personal economic strength. The same issues that affect my personal economic stability can directly affect my employer and their economic stability.