Benefits To Students Who Think Like Economists

Name Course Tutor Date Economics It takes more than a few business terms to be able to think like an economist. People often view economists or rather those who think line economists as though limited to solving challenges in the marketplace. However, business students who think along these lines are able to apply their knowledge in other fields. When an individual thinks like an economist, there able to avoid making irrational decisions; the students will be in position to improve life decisions and be able to understand the world around them. In essence, those who think like economists will make better decisions. For instance, they will be able to see clearly when making decisions regardless of the occasion, the requirements and even the urgency of events. This paper talks about the benefits that may accrue to business students who think like economists. Thinking like an economist entails dealing with calculations by evaluating facts and ignoring logical fallacies or opinions. Fundamentally, those who think like economist are able to see that ideas are scarce (limited resources), and should decide where and how the resources are going to be allocated. In determining the social and individual choices, people will be to determine the cost and hence come up with the best choices given the scarcity of resources. Following this, the students will be to develop an intellectual toolkit that see them through tough decision making in both personal and professional life. The economic thinking is founded on ideas such as the opportunity cost, and that insured costs ca...