Name: - Vaibhav Kumar

Roll: - 20191017

Branch: - CSE

Economics and Accounting

 Ordinary life

 Since economics is providing me the information about how to

utilize and manage the resources, I am able to make certain
decisions in my day to day life which is helping me maintain my
finance.
For example:- Let us suppose that at the month end when almost
all of my salary used to get exhausted previously. But now
considering my salary as a resource, I can make better plans about
how to keep my expenditure in check and also saving for future.

 Not only this after studying economics I can build better insights
at my own spending habits and values.
 Accounting features not only in business life but when
implemented in daily life too it provides a tool to plan ahead
financially.
Ultimately it can provide a healthy financial future.
 Understanding economics and accounting features can help in
taking financial decisions about investments, loans, debt controls,
savings etc.
For example:-
It can give us analytic ability to decide over when and how much
money to spend on our luxury or fancy items. It is fine that some
of us may have a dream life or house or cars or something. But
understanding economics really give you a insight about how
much we can spend without deteriorating our financial status.

 Let us suppose we go to a shop to buy some kitchen items from

there. We know that every item has a maximum retail price tag on
it.
Now as our understanding is good we can better bargain over
the price and quality of the items.

 Professional Life

 Being a software engineer we will be working in an organization.

There we will have to develop softwares and solve multiple type of
problems in order to generate more and more turnover for the
company.
Without understanding the finances and sources of income we
cannot do it well.
Thus it becomes a necessity to understand the economics and
accounting models and techniques to understand them well.
 Being an IT professionals it can happen that some of our clients
may require such softwares to handle their finance, in such cases it
would be beneficial for me that I already understand some of it’s
concepts and terminologies.
 It might happen that we have to build machine learning algorithms
to implement the previous data and to predict the future prospects
of earning then this would require a better insight about business
and accounting. Also such type of models can help taking certain
big decisions for the company .

 And last but not the least as a individual I will have to my financial
and investments decisions on my own. Therefore a grasp over
these concepts will make my financial decisions better and my
financial future better too.

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