A third reason for studying economics is to understand global affairs.News headlines are filled with economic stories. The environmental disaster associated with BP’s oil spill has the potential to affect the future price of oil if deep sea drilling is banned, the price of fish, the extent of tourism, and tourist-related employment in the Gulf and numerous other markets. The discovery in 2010 of major new diamond deposits in Zimbabwe has implications for the future stability of Mugabe’s government,with implications for developments in the rest of the region. China’s new position as a major trading partner of both the United States and Europe clearly has implications for political interactions among these nations.Greece’s economic struggles in 2010 over its large debt is affecting the enthusiasm of the rest of Europe’s citizens for the European Union. In a relatively open,market-oriented world,it is impossible to understand political affairs without a grounding in economics.While there is much debate about whether or not economic considerations dominate international relations, it is clear that they play a role as political leaders seek the economic well-being of their citizenry.
A third reason for studying economics is to understand global affairs.News headlines are filled with economic stories. The environmental disaster associated with BP’s oil spill has the potential to affect the future price of oil if deep sea drilling is banned, the price of fish, the extent of tourism, and tourist-related employment in the Gulf and numerous other markets. The discovery in 2010 of major new diamond deposits in Zimbabwe has implications for the future stability of Mugabe’s government,with implications for developments in the rest of the region. China’s new position as a major trading partner of both the United States and Europe clearly has implications for political interactions among these nations.Greece’s economic struggles in 2010 over its large debt is affecting the enthusiasm of the rest of Europe’s citizens for the European Union. In a relatively open,market-oriented world,it is impossible to understand political affairs without a grounding in economics.While there is much debate about whether or not economic considerations dominate international relations, it is clear that they play a role as political leaders seek the economic well-being of their citizenry.
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