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There is evidence of economic writing that dates all the way back to the Mesopotamian era. The development of modern economics is largely due to two groups which were known as the physiocrats and the mercantilists. These groups help develop capitalism in Europe in the 16th century.
The United States of America is a large country in North America, often referred to as the "USA", the "US", the "United States", "America", or simply "the States". American colleges are funded by "tuition" charged to the student, which is often quite expensive, very commonly reaching into the tens of thousands of dollars per year.
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The systematic study of economics helps one to better understand this complex system of markets, enterprises (profit-motivated, government, and private, not-for-profit), unions, and many other economic and political interest groups that influence the economy and the role of government. [+]
Economics is everywhere! As workers, consumers, and sometimes business owners all of us have through our daily activities gained some knowledge of how the economy functions. This knowledge, however, is not systematic and precise. The modern economy is an extremely complex system of social institutions. The systematic study of economics helps one to better understand this complex system of markets, enterprises (profit-motivated, government, and private, not-for-profit), unions, and many other economic and political interest groups that influence the economy and the role of government.
Here are a few basic practical questions the study of economics helps one to understand.
Why are wages and salaries so different? Some workers work for $5 per hour while others thousands of dollars per hour. Why does the price of housing different so much across cities? One can buy a very nice house in Green Bay for $200,000. That very same house would cost five or ten times more in many parts of the east and west coasts. Why do airfares differ so much for the same flight? For example, on a flight from, say, Chicago to Los Angeles in economy class, some people are paying a $200 fare while others are paying $800. ... [-]