1)The economy affects us! Youth unemployment, which ranges from 16-to-24-year-olds, has fallen by 88,000 over the 3 months to 733,000, giving a jobless rate among the age group of 16% (October, 2014). Though there are some worries about unemployment for youth, it is important we know that provisions are being made for us in the big world of employment so there is less for us to worry about.
2)In order to live prosperously and financially comfortable! It is important to know how the economy of the country and how it works. By doing this you will know what careers are growing and once you get those jobs how to manage your finances to make the most of what you have.
3)To learn how to distribute scarce resources efficiently! Something that most definitely affects us all, including us teens who’s minds are otherwise occupied with ‘more important things’ is the fact the world’s resources are finite. Economics teaches us how to make rational use of these scarce resources in order to meet our unlimited wants.
4)It ensures stable economic growth! By doing this it helps keep inflation low. Inflation controls the worth of money in the country. So if inflation becomes too high and everyone’s money becomes worthless.
5)Economics keeps the country running! Without economics, the economy will become unstable. This will have a particular impact on organisations such as the NHS and police, paying for schooling and the keeping of roads, railways etc. Looking at the worldwide effects, poor knowledge of economics could result in less trade between countries which could mean we go back in time where most of our food was home grown and we would not be able to get the foods we want all the time as they may be seasonal. Though with extreme costs, Britain should be able to feed itself. By 2050, the predicted world population will require the resources of two Earths to sustain it. This means economics will become increasingly important.
5 REASONS TO CARE ABOUT THE ECONOMY
We are only young, why should we care about the economy? Whether you believe it affects you now or not, it definitely will affect your future. Here are some reasons that we, as young people should care about the economy.
3 Issue 01/November, 2014