What are the advantages of explaination skill in economics?
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conomics helps you to better understand what you are already doing. It’s not that economics will teach you what decisions to make in life. Economics only tells you how people generally behave. Do you believe that knowledge might be of use to you?
Well, think about this -
You go to a vegetable market and the other person charges a particular price. How do you decide whether this price is high or low? Suppose you know that he has no other option and it’s the evening time of the day and his vegetables are going to rot tomorrow, do you think you should pay more for it?When you are negotiating for your salary, how much do you think the other person would be ready to pay you? Do you know what are the factors affecting the company’s decision? Can you influence that decision by offering them something unique or by being more affordable for them?Similar questions