Economics is the study of the economy, often at a national or global level. For many, economics may seem purely academic. However, concepts in this field like “recession” and “unemployment” have a very real impact on the everyday lives of working people.
Anyone seeking fiscal literacy should strive to improve their knowledge of both household finance and big picture economics. A broader understanding of these issues can help you to make personal financial decisions, like knowing how much to save when times or good or how to budget when the future of the economy is uncertain. Fiscally-minded individuals should follow news about the global economy closely and use what they’ve learned to inform their own financial planning.