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Farida Salim , Head of Inclusion and Lead Business Teacher , Apple International School
I think most of the economic ideas are important for but the following two are the ones that affect every ones life and should be known by even the ones who can not relate to economics as a subject at all.
1. The basic principle of demand and supply. It's important for people doing science to homemaker to business people. Without understanding this principle we don't really understand the way markets work and especially if you are keen in getting the best of deals or making right investment decisions or making the right mix of elements for your business.
2. The second important factor is the idea of inflation and purchasing power. People tend to look at thing in gross value and thus don't really judge how high the water is. The idea of real money power is one that comes in handy to every one.
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Monette Doss , Chief Economist and Equity Analyst , HC Securities
Many of economic variables and phenomena can be explained by the forces of supply and demand . This includes interest rates, inflation, exchange rates, among many things.
