The class discussions in Business Economics has provide me a chance to understand the different concepts that surround the determinable process by which business economics is handled especially in relation to how operations of basic economics relate to the process by which business organizations develop through time. More than this, the lessons and discussions on the subject also gave me a chance to perceive life differently especially when it comes to managing financial resources; it basically gave me a more realistic understanding of economics in general and how such element of understand applies to my personal process of living. The discussion and response activities further gave me a chance to see through my peers’ reactions as to what economic development is and how they themselves view the concepts of economic advancement as the said elements in the society personally affects them. These activities helped me grow as a person who is particularly concerned on how I spend my own money and how much I prepare for my future and that of my family’s.
One particular lesson I learned is that in relation to retirement, economic preparation is essential. The basic provision of the government and other insurance companies for individuals as they are working and are preparing for a better option of retirement has been proven essential yet not enough to support life in the future. The lessons in this class allowed me to see the future differently. Certainties about the economic procedures becoming tougher in the future are evident, especially basing on the pattern of developments that the world encounters today. Basing the pattern of economic advancement on how the economic status of the world changes from time to time [as based of recurring instances of financial crisis], no one can fully trust his future in insurance investments and social security support. While these policies might be able to give supportive resource of finance, it may not be able to sustain one’s needs for survival when immediate emergencies come at hand.
This is where personal investments come into mind. Perhaps involving in stocks exchange options, I see myself to better thrive through personal options of determining how to manage my money now and towards the future. Controlling the way I buy stuffs and making sure that I have ample savings that could support my needs in case of emergencies [may it be personal or perhaps even socially related] could keep me grounded under proper foundations especially when it comes to determining the way I am to face the future.
Another lesson I have learned that would surely affect my personal perception about economics is the fact that monetary management need not be a source of common stress as it does on many people today. Looking at money as a reliable resource is essential. It is a resource that can be consumed and can ran out. Realizing this fact allows me to understand a better way of finding effective options of developing a personal course of schedule on how I see to it that my money goes to valuable matters.
Working for money; this is how many workers term their reason for work or for attaining a job they hope they can earn from. It is also this particular course of thinking that has lead many individuals to desperate measures of utilizing economic status as a reason to not reach their goals. As if putting the blame on money, they say that it is because of such common element in the society that they cannot reach their dreams accordingly, making them accept life as it is and live everyday through meager earnings. This is why life has become unsatisfying for the majority of the individuals around the globe. Having had the chance to realize what real economics is about and how much it applies to me as an individual, I need not follow the same ace of life. I do have a choice and I can use it to avoid the failures that others have experienced especially in relation o the lesser capacity to manage their income.
Working for meager earnings is not an excuse for one to desire financial freedom. I have learned fully from this subject that as one’s personal manager of finance, each person has the right to decide what kind of life would fully satisfy him as an individual. While he may not be able to buy everything he wants, he could be able to live life at a better course than simply accepting it as a major course of failure that leads him to unsatisfying visions of the future.
Seeing through reality, I have also learned to make my goals more realistic; especially the ones that might be affected by my financial capacities. I may not be as rich as others, but that does not mean I cannot enjoy life further. Among the most successful businesses in the world are the ones that started out small and had the chance to be managed by good financial developers who know where to put the money when necessary.
References:
loman, J and Sutcliffe (2004) Economics for Business, Financial Times/ Prentice Hall; 3 edition
Jones, Trefor, (2004). Business Economics and Managerial Decision Making, Wiley.
