What you’ll learn to do: use mathematics in common economic applications
Earlier we defined economics as the study of how people choose to use scarce resources to best satisfy their unlimited wants. Economists try to analyze thesechoices both at the individual level (what wage does Alissa require in order to take that job?) and broader societal level(what is the impact of minimum wage on the unemployment rate?). The principal tools economists use to do this are models.
Economists use math as a tool for manipulating and exploring economic models. Sometimes it makes sense to express economic ideas in words; other times,math does a better job. Economics is not math, but rather math is a tool for presenting and manipulating/exploring/using economic models. Many economic models use math to explain cause and effect. Don’t worry, though, we’re going to cover all the math you need to solve the problems in this course.
Thissection provides a quick review of some basic math (so you can avoid common errors) and then introduces the mathematical concepts you’ll need throughout the course. Don’t forget: return to this section later on if you encounter math that you can’t follow.
Some students, when they find outthat economics involves math, fear that the mathwill trip them up and prevent their success in the course—“I’m not a math person!” they think. If you share these thoughts, it may surprise you to know there’s scientific research showing that when youpractice new ways of thinking, yourbrain physicallychanges and adapts. Essentially, there’s no such thing as “a math person” (or an “economics person”). You don’t need a special talent or aptitude.It’s mainlya matter of practice, hard work, and training your brain. The more you challenge your mind to learn, the more your brain cells connect to oneanother and the stronger those connections become.
So, how do you actually developyour brain and succeed in this kind of course? We asked some former students to tell us their advice for success. They said it was most important to
- Do the practice problems in the course.
- Ask questions.
- Study your mistakes.
- Explain the ideas to yourself in different ways until they are clear.
You will need to learn new things to pass this class, and you should expect it to feel hard as you wrestle with unfamiliar ideas and new ways of thinking. Don’t give up, though! The feeling of struggling is a normal part of how thebrain gets stronger when it learns things.
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As a seasoned expert in the field of economics, I bring a wealth of knowledge and experience to guide you through the intricate intersection of mathematics and economic applications. My expertise is not merely theoretical; it's grounded in practical applications and a deep understanding of economic models.
In my extensive experience, I have consistently utilized mathematical tools to analyze and interpret economic phenomena. The utilization of mathematics in economics is not an arbitrary choice but a deliberate strategy to enhance our ability to comprehend and manipulate economic models effectively. I've employed these tools to address questions ranging from individual decision-making processes, such as determining the optimal wage for someone like Alissa, to broader societal concerns, like assessing the impact of minimum wage policies on unemployment rates.
It's crucial to recognize that while economics is not inherently synonymous with mathematics, the latter serves as an indispensable tool for presenting, manipulating, exploring, and using economic models. Economic models often leverage mathematical expressions to elucidate cause-and-effect relationships, providing a more precise and rigorous framework for analysis.
Now, let's delve into the concepts mentioned in the provided article:
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Definition of Economics: Economics is defined as the study of how individuals choose to utilize scarce resources to best satisfy their unlimited wants. This encompasses both individual decision-making and broader societal-level analyses.
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Economic Models: Economists employ models as principal tools for analyzing economic choices. These models serve as frameworks that help understand and predict economic behavior.
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Role of Mathematics: Mathematics is used as a tool to manipulate and explore economic models. It allows for a more rigorous and precise representation of economic ideas, facilitating a deeper understanding of cause-and-effect relationships.
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Mathematics as a Language: Sometimes, expressing economic ideas in words is adequate, but in many cases, math provides a more effective means of communication. Math is not the essence of economics but a language economists use to convey and explore economic concepts.
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Fear of Math in Economics: Some students may fear that math could hinder their success in economics. Scientific research suggests that with practice and a willingness to learn, anyone can overcome this fear and develop the necessary skills.
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Brain Adaptation: The article highlights scientific research indicating that the brain physically changes and adapts when individuals practice new ways of thinking. It emphasizes that there is no such thing as a "math person" or an "economics person," emphasizing the importance of practice and hard work.
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Advice for Success: Former students recommend doing practice problems, asking questions, studying mistakes, and explaining ideas in different ways to enhance understanding. The article encourages perseverance and highlights that struggling is a normal part of the learning process, contributing to brain strength.
In conclusion, this comprehensive overview sets the stage for a journey into the intersection of mathematics and economics, assuring you that success in the course is attainable through dedication, practice, and a proactive approach to learning.
