The Role of Economics in Personal and Career Life

This article discusses the role of economics in personal and career life, including the effects of economics on career goals, the role of economics in personal life, and group collaboration.

Introduction
Economic is the study of how individuals and society choose to utilize scarce resources in
producing and acquiring products for current or future consumption by households, corporations,
or governments. The discipline has two major branches namely microeconomics and
macroeconomics (Bos, 2014). Microeconomics deals with demand and supply of products within
the household while macroeconomics deals with allocation issues of the entire economy. This
article discusses the role of economics in personal and career life.
The effects of economics on career goals
Career goals are personal objectives that individuals set to achieve in their career life.
These include the choice of career among other objectives during the career life of individuals
which influence the academic path taken. Economics has shaped my career goals immensely. I
decided to study medicine and surgery because of the ever increasing demand for healthcare
services in the United States and abroad. I also intend to start a private health clinic later which
would enable me to practice more independently and increase my earnings.
The economics concepts of demand and supply will influence my profession as a doctor.
My career will thrive when demand for healthcare services is high. The high demand of
healthcare professionals in the US is associated with the need to adequately take care of the large
aging population. In economics, the higher the demand of a service, the higher the supply
(Ehrenberg & Smith, 2016). Therefore, more demand of health services will motivate launch of
more health facilities and employment of more medical practitioners to meet the demand surplus
in the market. Kavilanz (2018) reports that the demand for health aides, nurses and doctors is

much high beyond its supply. It is also estimated that, the United States will hire approximately
more than 2.3 million new healthcare professionals by 2025.
My career goals to start a medical clinic in future will also be influenced by the
government policies. A favorable macroeconomic climate for investors will motivate me to
pursue my goal since it would promise good returns. A good business environment for business
is facilitated by favorable government policies, low interest rates, and stable levels of inflation
(Galbraith, 2017). Low interest rates would make capital loans affordable and thus enabling me
to generate more funds for my venture. I will also have to provide quality services to my clients
to maximize their marginal utility with respect to the marginal cost they incur. The presence of
many health facilities offers customers the choice to select among alternatives. When client taste
and preferences are in favor of my facility, more people will visit and hence favoring my career
goal. Poor services might however, keep away clients by reducing demand of services offered at
my facility.
The role of economics in personal life
Economics plays a great role in our personal lives. Normally, we make decisions at every
point of our lives with the aim of maximizing our utility (Parker, 2018). The economic concept
of opportunity cost always features in our decisions. For instance, while deciding on whether to
purchase a commodity, I weigh the economic importance of the product and cost of the best
foregone alternative. For example before I started my grocery business, I asked myself whether it
was better to invest in the business or buy a car. The opportunity cost of starting the grocery
business was not owning a car. The economic costs of maintaining the car discouraged me from
purchasing it and instead, I decided to venture in a return generating business.

The course has also taught me to be make rational decisions in my personal and business
endeavors. Evaluating costs and maximizing utility will be essential in ensuring that I achieve
my personal, professional, and business objectives. In business for instance, I plan to maintain
accurate records of transactions because they are helpful in determining total costs. I will then
engage strategies that lower costs while increasing business revenue and profitability. Rational
decision making is also promoted by having full knowledge of all the available alternatives
available in the market (Miller & Benjamin, 2017). Through that, it will be possible to select the
alternative that yields the highest utility.
Group collaboration
Group collaboration was essential in assisting me master the concepts of the course
through exchange of ideas. I was the group leader responsible for ensuring that group members
are focused towards our goals. However, there were some challenging working in groups that
include managing people of diverse personality and ensuring that members adhere to timelines
and set topics. In the workplace, I would overcome the challenges by creating team building
opportunities where employees get to interact with each other in order to be more productive in
at work. With my passion for economics, I will continue working to growing my knowledge in
economics through reading magazines and books in the field of business.
Conclusion
Economics is in my opinion the most applied discipline in human life. Almost every
decision in personal life, business, and career life has an economic component.

References
Bos, D. (2014). Public enterprise economics: theory and application (Vol. 23). Elsevier.
Ehrenberg, R. G., & Smith, R. S. (2016). Modern labor economics: Theory and public policy.
Routledge.
Galbraith, J. K. (2017). Economics in perspective: A critical history. Princeton University Press.
Kavilanz, P. (2018). The US can't keep up with demand for health aides, nurses and doctors.
Retrieved from https://money.cnn.com/2018/05/04/news/economy/health-care-workers-
shortage/index.html.
Miller, R. L., & Benjamin, D. K. (2017). Economics of macro issues. Pearson.
Parker, S. C. (2018). The economics of entrepreneurship. Cambridge University Press.