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Value of economics in life

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Suppose you were having lunch with your best friend who just enrolled in an economics class. He was complaining about how irrelevant the class was, commenting that he saw no useful purpose for economics. According to your friend, "I'm a nursing major. I will never use this stuff in the real world." Having just completed the same course in economics, you try to explain to your friend that economics affects everyone! How would you explain to this person that economics is a daily part of his personal and professional lives? Use at least three examples of microeconomics and macroeconomics in your response.

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This solution provides a detailed discussion regarding the value of economics and how it affects everyone. Several examples of microeconomics and macroeconomics are also provided.

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Microeconomics and macroeconomics both affect each person's daily lives even though most people don't realize it. Your nursing friend will make a decent salary when he/she is completed with nursing school. Your friend will be affected by changes in pay and will want to understand how those changes increase or decrease disposable income.(1) Your friend will also likely make a major purchase, such as a car or home. Your friend will be able to make better choices based on his/her understanding of how income, interest rates, and ...

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