ECO372 Week 1 Discussion Question 1

Why is economics considered a social science? What role does economics play in your personal and professional lives?      

Economics is considered a social science in that it is the study of society and how they behave given the current state of the economy.  No matter the current state, whether good or bad, people have to decide how to manage their finances.  As a result, these decisions affect how the economy is performing, good or bad.  There is no doubt that economics is a big factor in my personal life.  My wife's paycheck from her employer fluctuates, so we have to be careful with what we buy, how much we buy, and what is a necessity as opposed to a want.  Furthermore, within the last year, we bought a house and we have to ensure that we set aside money in case of emergency.  In terms of my professional life, the current state of the economy determines the amount of customers the bank brings in.  I started working in the commercial/agricultural lending department of the bank back in August 2008, just as the economy was starting to take a nosedive.  In the three years that I have been in the department, the amount of loan and credit requests have dipped sharply...

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