Научная статья на тему 'THE IMPORTANCE OF LEARNING ECONOMICS IN MODERN LIFE'

THE IMPORTANCE OF LEARNING ECONOMICS IN MODERN LIFE Текст научной статьи по специальности «Экономика и бизнес»

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economics / modern life / unemployment / investments / price

Аннотация научной статьи по экономике и бизнесу, автор научной работы — Yagmyrova J., Suhanova L., Rejepova J., Myratdurdyyeva A.

Economics is the study of how people make decisions in the face of scarcity. It is a social science that examines the production, distribution, and consumption of goods and services. Economics is important in modern life because it helps us to understand the world around us and make better decisions

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Текст научной работы на тему «THE IMPORTANCE OF LEARNING ECONOMICS IN MODERN LIFE»

Continuous Monitoring: Blockchain technology can provide auditors with continuous access to a company's financial data, enabling real-time monitoring and risk identification.

Deeper Insights: Data-driven audit approaches can provide auditors with deeper insights into a company's financial health and potential risks.

Innovation is reshaping the accounting and auditing professions. By embracing these new technologies, accounting and auditingpromising a future of continued innovation and cultural vibrancy. Literature

1. Bond, S., & Davies, M. (2017). "The future of accounting is not (just) about automation." Accounting and Business Research, 47(3), 305-327.

2. Farris, D. W., & Richmond, J. P. (2018). "Is automation a threat or an opportunity? Exploring the future of accounting work." Journal of Accounting Education, 47, 1-13.

3. Huang, A., Zhao, Y., & Zheng, X. (2020). "A survey of artificial intelligence applications in accounting." International Journal of Accounting Information Systems, 40, 100621.

4. Elliott, R. D., & Wright, A. L. (2020). "Data analytics in auditing: A review of the past and directions for the future." Accounting Horizons, 34(3), 825-850.

© Hovasova O., 2024

УДК 33

Yagmyrova J.

Lecturer of Economics of Innovations Faculty

Suhanova L.

Lecturer of Economics of Innovations Faculty

Rejepova J.

Lecturer of Economics of Innovations Faculty

Myratdurdyyeva A.

Lecturer of Economics of Innovations Faculty Oguz Han Engineering and Technology University

Ashgabat, Turkmenistan

THE IMPORTANCE OF LEARNING ECONOMICS IN MODERN LIFE

Abstract

Economics is the study of how people make decisions in the face of scarcity. It is a social science that examines the production, distribution, and consumption of goods and services. Economics is important in modern life because it helps us to understand the world around us and make better decisions.

Key words:

economics, modern life, unemployment, investments, price Introduction

Understanding the Economy: Economics helps us to understand how the economy works. It explains why prices rise and fall, why unemployment occurs, and why some countries are richer than others. By understanding

the economy, we can make better decisions about our own finances and our role in the economy. For example, if we understand the concept of supply and demand, we can better understand why the price of gasoline might rise after a hurricane. We can also use our knowledge of economics to make informed decisions about our own spending and saving habits.

Making Informed Decisions: Economics can help us to make informed decisions about a wide range of issues. For example, economics can help us to understand the impact of government policies, the benefits and costs of different investments, and the risks and rewards of starting a business. By understanding the economic principles behind these decisions, we can make better choices about our own lives and the world around us. For example, if we understand the concept of opportunity cost, we can better evaluate the trade-offs involved in different decisions.

Participating in the Economy: Economics can help us to participate more effectively in the economy. It can teach us how to save and invest our money, how to manage our debt, and how to make wise spending decisions. By understanding economics, we can make better use of our resources and achieve our financial goals. For example, if we understand the concept of compound interest, we can better plan for our retirement. We can also use our knowledge of economics to make informed decisions about our investments.

Addressing Global Challenges: Economics can also help us to address global challenges, such as poverty, inequality, and climate change. By understanding the economic forces that drive these problems, we can develop more effective solutions. For example, if we understand the concept of externalities, we can better understand the impact of pollution on the economy. We can also use our knowledge of economics to design policies that promote economic growth and reduce poverty. Specific Examples

Here are some specific examples of how economics can be used to address modern life challenges: Economics can be used to design policies that promote economic growth and reduce poverty. For example, governments can use fiscal policy to stimulate economic growth or provide social safety nets for the poor. Economics can be used to create incentives for businesses to reduce their carbon emissions. For example, governments can impose carbon taxes or provide subsidies for renewable energy. Economics can be used to design policies that promote access to education and healthcare. For example, governments can provide scholarships or subsidies for low-income students or expand Medicaid to cover more.

Conclusion: Economics is an important social science that can help us to understand the world around us and make better decisions. By learning economics, we can become more informed citizens, more effective participants in the economy, and better equipped to address the challenges of the modern world.

References:

1. American Economic Association. (n.d.). The Importance of Economics in Modern Life. Retrieved from https://www.aeaweb.org/resources/students/importance-of-economics

2. Organisation for Economic Co-operation and Development. (2016). Economics and Everyday Life. Retrieved from https://www.oecd.org/education/skills-beyond-school/economics-and-everyday-life-9789264208712-en.htm

3. Mankiw, N. G. (2020). Principles of Economics (9th ed.). Cengage Learning.

4. The Economic and Social Benefits of Economic Literacy. (2018). The Hamilton Project. Retrieved from https://www.hamiltonproject.org/papers/economic_and_social_benefits_economic_literacy

© Yagmyrova J., Suhanova L., Rejepova J., Myratdurdyyeva A., 2024

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