The great thing about being apart of the Gabelli School of Business at Fordham University is they make the students take a core amount of classes before they jump right into their major. Even though you may be majoring in marketing, you are required to take Economics. Economics teaches more about business than you can imagine.

1. How Stocks and Bonds Work

Ever hear grown ups talk about stocks and bonds and think: “Oh yeah, I can definitely get rich through that”. Or when you watch Wolf Of Wall Street and say you’re gonna do that and be rich. Yeh…nope. Not as easy as you think. But, the professor will teach you what stocks and bonds are really about, and how to handle them. Now you can have something to add to the dinner table other than how great Leonardo DiCaprio did in Wold of Wall Street…and how you want to be him one day (without the drugs…).

2. The Value of Money

So apparently no matter how much money you make now, it won’t really matter in fifteen years when you are trying to pay off your mortgage? Yeh, the $11 minimum wage is going to be worth probably one cup of coffee then. But, good thing is, when prices go up, so does minibus wage (eventually!) But that’s how money works…so before prices start going up, put your money in your Savings accounts. Buy some fancy artwork, or some objects that you can get more money out of later. Do some investing to get your best bet of how much money you have now.

3. Supply and Demand

So apparently Wolf of Wall Street is a fluke. You either make that much money and die trying, or you take a non-stressful job and not make as much money, and the job you hate so much right now that you work tirelessly at, only makes 11$? Yeah that won’t count for much in the future. But everyone knows about supply and demand right? You put some stuff in…and get some stuff out…right? It’s a little more than that. You will have about 15 hours of class just on supply and demand. Now you know exactly how it works…in terms of coffee. People want more coffee? More input…more output…more money. Piece of cake. With some obstacles…

4. GDP

Gross domestic product…right…and you need to care about this, why? Well,  we rely on GDP to measure a nation’s income and the cost of living for everyone. So with GDP, we can measure how different Japan and China’s growth is compared to third world countries. Also, there are two types of GDP.  Real and nominal. Real is the real deal. It’s the value of all goods and services at a constant price. Nominal is just what the current price is. It’s important, but real matters the most in the long run.

5. Unemployment

Honestly, unemployment gets a bad rep. The labor force includes the people who want jobs but can’t get them, while they still consistently look for jobs. Then there are the people who want to work for something they love, and it counts as unemployed because they are just looking for the right thing. Definitely don’t judge someone without a job.. they might be looking harder than you think. Today’s economy just might not have the demand for those types of jobs.

Overall, this class was much more valuable than you could imagine. You will finally feel as if you can add to adult conversations without sounding as if your only education was based on a hot guy in an amazing movie.

Isabel Murphy

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