His family includes his wife, Dulcy, and six children, Jonathon, Christi, Benjamin, Micah, Anna Lea, and Jesse. Well, there is. And the potential benefits of a fundamental understanding of economic theory accrue at different levels. On a personal level, we can apply much of what we gain from microeconomic theory every day. For example, we can use rules based on economic theory to guide the decisions we make about how we spend our time.
Economic theory provides a framework, an approach, for making time management decisions.
Decisions concerning resource allocation influence the success of a business. Every firm is interested in finding the best way to utilize its scarce resources. We also need a fundamental understanding of how the economy, as a whole, functions and how it is influenced by developments internationally. Aspects of macroeconomic theory help us understand these linkages and interrelationships, both between various sectors of the domestic economy and between our economy and other economies in the world market. Recent political changes around the world have created opportunities that are challenging and difficult, yet exciting.