Understanding economics is a great deal for the students. And for the students of economics, its the best subject to remain in the theories and graphs. Whether its micro economics or macro economics, its always carries vales to understand and examine subjects.
The price phenomenon is applicable everywhere and in all sort of markets. The students of economics do study the principles affecting the price in the market, like the demand and supply side factors. They do lot of experiments on these set principles to justify their theories, comparing their values and effect on various market conditions or simply testing price mechanism.
For a lay man, the theories may sound redundant but, they do also know something about the price mechanism, which is one of the interesting topic in the micro economics. Since they are consumer, their behaviors has been reflected in micro economics. And new theories might have some more interesting themes about price mechanism and consumer behavior.
Take macro economics, the study about economy, and the study have great importance in shaping economy by framing best fiscal policies. The health of economy is the core of the subject, various aspects of one economy is being thoroughly being examined in the macro economics.
The jargos like fiscal, taxation, deficit, fiscal deficit, GDP, inflation may be not interesting topic for the common people. On the contrary, the people know about their economy, know about crops, income, burden and other factors.
They may not understand, if one narrate them in economic terms or jargon but they certainly possess the knowledge and can understand in simple terms. And the terms are fine and good for the students studying macro economics in schools and colleges. The bottom line is the technical terms and jargon are essential for the students, but when it comes to lay men understanding economic, there always should be some substitution of words in economics.