Question

Discuss how economics plays a vital role in shaping public discussion in the following policy areas:...


Discuss how economics plays a vital role in shaping public discussion in the following policy areas:
  • Household taxation
  • Business taxation
  • Import taxation (tariffs)
Provide several examples of how economics plays a role in policy or public discussion related to your career. Why is understanding economics important for you?

Homework Answers

Answer #1

Economics is defined as the knowledge which helps maximize production and consumption and stipulates at the macro levels on how a country can grow and at the micro level helps individuals to maximize their interests. The Macro Levels here refer to the economy as a whole whereas micro levels focus on individuals.

As economics at the macro or micro levels effect public at large, they also have an impact on their thinking, and discussions and debates. The following are the case specifics: -

1 & 2) House Hold Taxation & Business Taxation: -

House Hold Taxation refers to the tax which is levied on people on their incomes. Over a period of time as an economy grows, it reduces the tax gradually which it charges from an average household.

Business Taxation on the other hand, refers to the tax which is collected by the government from business owners on the profits which they make.

Whenever the taxes are too high, the public would debate over taking their investments to another country if you were a business owner and to reduce production or to reduce consumption as much as possible or seek jobs in another country if you were a consumer.

Similarly, as taxes reduce you would seek to expand business or to increase consumption and all our discussions would reflect around the decisions which are taken by the government.

For example, due to the Corona Virus Crisis, most governments reduced the taxes which they charge from business as well as household owners. This brings a discussion among people that they may now increase their consumption levels or expand business as their liabilities towards the government would reduce.

3) Tariffs: -

Tariffs are taxes which are levied on imports in a country. When tariffs increase the cost of goods imported from other countries also increase.

As an exporter I would discuss how opportunities in a country which has high tariffs are lower than those which have lower tariffs. Similarly, as a consumer my discussion would be over how tariffs effect my personal consumption.

Generally, Tariffs reduce consumption and imports into a country and the public debates over accessibility of foreign resources.

Economics and Personal Career: -

Our personal career is determined by the forces of demand and supply of labour as well as of goods and services in any economy. If the aggregate or total demand for goods and services is high in the sector which we are part off, the employment opportunities would be on the higher side as people would demand more labour as they increase their production capability and vice versa if there is low demand our career would not bring in as much revenue as possible.

As the demand for goods and services is high in a country, I would be able to bring in more income for myself and the opposite would happen in case of low demand.

Thus, understanding the forces of economics and the demand and supply levels, directly impact our career choices and we should always prefer an industry in which these variables are stable, and chose to work in economies wherein these variables exceed others.

For example, in the United States, the demand and supply of services is high. I as a professional would be aware of this fact that the service sector is high powered there and the chances of employment remain on the higher side. The net benefit in terms of salary taken would also be higher so my preference would be towards the country. Other developing countries such as China and India would not be able to provide me with similar benefits.

Thus, it is ideal for us to be able to look at economic policies which will help us in knowing which sectors are high in demand and we can also shift our own career towards these sectors and make a profit from the same.

Please feel free to ask your doubts in the comments section.

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