Tyler Cowen states ‘economics is everywhere, and understanding economics can help you make better decisions and lead a happier life’. If you look for an economics tutor, you should first know about the things that the teacher should teach you.
Why should you learn economics?
The tutor should teach you why you should have a complete understanding of this subject. This is the basic lesson you should get from the tutor. Yes, the tutor should teach you how much important is it to learn economics. The reason is that this subject will help you gain life lessons as well.
The Tutor should teach you about cost and benefit analysis:
Cost and benefit analysis is an integral part of arriving at decisions. Irrespective of whether it is your personal decision government-related decision, this analysis will motivate incisive decision-making. So, the tutor should teach you about cost and benefit analysis. This knowledge will help you become a good economist in the future.
What determines the cost we pay?
Irrespective of whether it is the cost of a product or a service, understanding the factors that determine the cost is important. So, your economics tutor should provide you this knowledge. This knowledge will help you become a better employee. The reason is that you can understand the market forces.
What is the role of the government?
There is generally a role for government in the market economy. There is no specific rule when the government should intervene. But, there is a government role. The economics tutor should help you gain knowledge in this respect. The government intervention becomes suitable at a specific situation. It can be like whenever the benefit of government policy overshadows the costs. As you are interested in a career in economics, it is important to have this foundation knowledge.
The knowledge of economics is useful for personal life:
When you get help from an economics teacher, you should get a lot of knowledge and skills that will help with your personal life. Even, you will become competent enough to apply to other jobs with the knowledge gained from the economics.
Knowledge to arrive at better investment decisions:
Further, the economics tutor should teach you about equity markets. Also, knowledge about economic indicators, exchange, and interest rates are important. The knowledge you gain in these areas will help with your investment decisions in the future.
Ability to think about unintended consequences:
The best economic tutor should teach you how to understand and identify secondary effects. Also, he should teach the probable unintended consequences. In general, issues related to economics have secondary effects. The government creates a tax for paying for some required social program. But, if the taxation is not crafted with the utmost care, a secondary effect of that tax might bring about changes in the behavior of people. This, in turn, will lead to sluggishness in the growth of the economy.
An understanding of the working of the world:
With the knowledge gained from the economics tutor, you should be in a position to learn about how the world works. The meaning is that you should gain the knowledge on the effects of decisions.
Knowledge about employment opportunities for economists:
The economics tutor should motivate you in gaining knowledge on different subject matters. The reason is that economics is a field with a wide range of employment opportunities. With a degree in economics, you have the option to get employed in different fields right from banking and finance to even policymaking.
Even, the economics tutor for class 12 should teach you that you have the option to opt for higher education after a degree in economics. A degree in economics opens up the door for a wide range of higher education courses. The course starts from MBA to Master of Economics and even a Ph.D.
Finally, the tutor should also let you know that everything has a cost in this world. Yes, there is no such thing as free lunch. Even, you can get a tutor only when you pay the price for the tutor.
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