“Dad, what’s a tariff?”
For those who might have had to ask this question it is hard to argue that being in ignorance really matters, because the chances of somebody checking for this sort of knowledge in interview are low. However, what if they did? You’ll have heard of the term. You might also have learned via your news-feed that Trump is having a face-off with China. You may even have noticed that ‘recession’ is becoming a regular buzzword in the press. That sounds as if it’s something for the world to worry about and somebody will have to take steps to ensure that things don’t get out of hand. Still, much like the outcome of the Brexit fiasco there’s nothing I can do about it so I’ll go with the flow. I never did economics but enough people did and they’ll be in a position to sort it out.
Ignorance is bliss after all – right?
Whoever first coined that phrase didn’t know what there were talking about. Along with so many other FAQs to do with economics, for all those who never got the chance to study this subject there are reasons why you should know the basic principles in order to engage in the modern world, no matter what career-path you choose to take. On an everyday basis, terms such as ‘inflation, deflation, business cycle, supply/demand, tariffs (there it is again), exchange rates, interest rates and monetary policy are mentioned regularly on TV and twitter, and you’d be wise to find out what they all mean because they have an effect on everything that happens. ECONOMICS is just one of our specific modules where you will find everything that’s important to know, explained in a simple format that will make sense.
“Dad, who should I vote for in the general election?”
That’s another story. And another module