Provide several examples of how economics plays a role in policy or public discussion related to your career.
Discussion – Economics and Policy
Substantive responses, Respond to the following in a minimum of 175 words: Be constructive and professional.
Main Discussion: (175 words)
Discuss how economics plays a vital role in shaping public discussion in the following policy areas:Household taxation
Business taxation Import taxation (tariffs)
Provide several examples of how economics plays a role in policy or public discussion related to your career. Why is understanding economics important for you?Student Response:
#1 AM (175 words)
Economics is essential in shaping public discussion in household taxation, business taxation, and import taxation by impacting the public’s view on the essentially of paying taxes. Taxation is essential in the payment of public products, goods, and services and provides the government the required resources to foster economic growth and development (Akhmetshin et al., 2019). The knowledge of economics provides people with relevant knowledge to know how to interact with value in the processes involved with goods and services. For household taxation, the public gets to know why the households have to pay the tax household, which changes the public’s view and ultimately shapes the public discussion. Moreover, economics shows how taxes impact the economy both in short and the long run. The knowledge shapes the public discussion by motivating business owners to pay the taxes and build the economy. For import taxation, economics shows why the imports have to be taxed and encourages people to buy from the local industries, thus shaping the public discussion in its favor. Thus, the knowledge imparted to the public by economics shapes the public discussions on diverse areas of taxation.
As a financial planner, economics plays a pivotal role in shaping the public discussion about my career as it deals with the handling of finances, making economics vital to me. A financial planner is responsible for helping clients meet their financial requirements while taking care of their long-term needs (Grable et al., 2017). For example, in helping a client undergoing financial constraints, economics will shape how the person will perceive my suggested ideas. For a client with no scarcity of resources, I would help the person to know why spending sparingly is essential to their future despite the enormous amounts of capital they currently have, which economics will help them understand better. Thus, as a financial planner, economics is crucial because it would help me base my guidelines on the economic facts and help my clients have a better future.
References
Akhmetshin, E. et al. (2019). Dataset for determining rational taxation value with incompatible criteria of economic efficiency and equity. Data in Brief, 26, 1-11.Grable, J. et al. (2017). Enhancing financial confidence among widows: The role of financial professionals. Journal of Financial Planning, 30(12), 38-44.
#2. BG (175 words)
Economics is a discipline that focuses on production, distribution, consumption, and wealth transfer. Economics is divided into two major branches. Microeconomics focuses on the individual, and Macroeconomics focuses on the aggregate variables in the economy, such as inflation and unemployment. Economics is vital to operations globally. It shows how society survives under particular scarcity. At the present moment, we are experiencing a pandemic that is taking a toll on our economy. The choices made for our society are affected in many ways, such as household, business, and import taxes. Household taxation is based on income, and tax brackets vary for each family. The amount paid in taxes may change, such as work status and dependents. This also applies to business taxation. The amount owed for taxes can vary due to many factors, such as what type of business and how many people are employed. Imports (Tariffs) are taxes on imported goods. Since President Biden has been elected as the commander and chief, the economy is on the verge of growth in many areas. However, our nation is under great strain with the pandemic and unwarranted violence affecting our economy.
Answer preview to provide several examples of how economics plays a role in policy or public discussion related to your career.
APA
407 words
