this post was submitted on 14 Feb 2024
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Neither- business major and been tutoring 1st year economics for the last two years or so.
As I say, it's a common mistake. We teach for the test, theory and how to apply it in a business context but it doesn't take into account reality and wider issues... that's later on.
Not a problem - always happy to talk with people who want to discuss rather than argue.
I'm always a fan of discussion. I'm also a fan of being corrected constructively.
To be fair, my understanding of economics, while it may be better than most, is all based on my college courses from more than 10 years ago. It stuck with me, and has helped to guide a lot of decision-making. I rarely buy the cheapest option when I need something, and spend time weighing the benefits of options to try to find something that I believe will provide a low TCO and high ROI.
Of course my needs are fairly simple compared to the complexities of businesses and public facing services. The exercise allows me to stretch my economics skills a little and I enjoy it for the most part; needless to say, I'm a bit rusty on the specifics.