The High Five “C’s” of Economics

female student takes notes at table

“We choose to go to the Moon in this decade and do the other things, not because they are easy, but because they are hard; because that goal will serve to organize and measure the best of our energies and skills, because that challenge is one that we are willing to accept, one we are unwilling to postpone, and one we intend to win. “ John F. Kennedy

President Kennedy spoke these words in 1962 to challenge the nation that we need to keep pace with the technological challenges of that time with other nations and added a boost to our competitive nature.

Oftentimes, I hear from students and others that economics is hard and not easy.  I agree, that some students find economics hard and the cost high. However, the benefits of this challenge is to meet our goal of understanding how the economy works and how we can succeed in the ever more complex economy.

We face economic issues every day. What college should I attend or should I continue to work? How will the economy affect my career? Should I lease a car or buy a car? What economic concepts can I use to ask for a raise? How does international trade affect me? Can you speak and understand the language of economics in your business environment? Each of us are faced with questions and the choices we make can have short and long term implications on our personal and professional success.

I offer my 5 C’s of economics on why students and others should take Economics.

  1. Choices. Economics is about individuals making choices about the limited resources available to us to satisfy our unlimited wants.  Hopefully, you will make better choices after completing the course with your expanding resources.
  2. Changes. Many, if not all of you, are going through some big and or small changes in your life. Economics is about change.  The markets are always changing and new skills and new jobs are being created.  Why all the changes? We have a scarcity of resources available to us but we have an abundance of creativity, innovation and technology to find new and better products and services to satisfy our unlimited wants. New ideas create changes.
  3. Competition. We are all competing for scarce resources to satisfy our unlimited wants.  Competition, generally, motivates and inspires us to get better.  It fosters better products/services, lower prices, higher incomes, and efficient and effective use of resources through the idea of productivity.
  4.  Cooperation. To produce a world-class organization, it requires people and departments to work together seamlessly and just in time to ensure the products and services are produced efficiently and what the consumer wants to purchase.  Offering the customer, high quality, low prices and great services takes teamwork/cooperation.
  5. Critical thinking. Economics requires us to examine facts, analyze data, review risks and rewards, compare trade-offs, determine costs and benefits to ensure good decisions are made for self and others.

Are you willing to accept the challenge, not because it is easy but hard? Learn the language of economics and the concepts to assist you in the rapidly changing world with this course.

Moraine Park offers many courses in General Education that you may find enjoyable to take. Please check them out.

Written by Joseph Halter