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My professional major is in economics and statistics. Mathematics has always been one of the major elements of study in economics since olden times. When goods valued for goods during the trade. Though the introduction of money as the acceptable business legal stamp all the traded goods acquired a numerical value. Doing mathematics calculations became even more important. The use of mathematics has become more important in the competitive markets today where every chance are created to earn a business profitable net income. Statistics in the economical world has been frequently used to find market analysis (Levi et al 56).
Mathematical economics is usually used in statically commercial endeavors to enter and pull concern operations. Several commercial organizations use mathematics in accounting, stock checking, calculation of the revenues and fiscal analysis. The kind of mathematics usually used in commercialism is mainly simple arithmetical calculations, algebraic expressions, statistical equations and chance. The commercial market can be made to be more productive but even using advanced mathematics like the matrix, commercial mathematics and additive scheduling.
Consumer mathematics is usually of great significance since it includes a group of topics that are on a practical basis. These topics are used in cooperative settings and mundane life. These practical applications involve the use of previously stored data including the commercial value in the price reduction in the past, markups and markdowns, loans on properties, pay sheet calculations and concern recognition. To interoperate or predict the future direction that may be taken by the business.
The importance of mathematics in economics and business is that mathematic is usually used in the proceeds of our day to day life. Many marketable professional occupations such as company manager, statistical analyst, economics analyst and concerns advisers, have to have a good back group in basic mathematics and even advanced computations that involve mathematics.
The four basic mathematical signs that always used in the daily calculations of business transactions, income statements and profits and losses. These signs include the addition subtraction, division and multiplication. Analyzing the market is one of the basic components of concerns. This is done by observing the wants of the consumers, accessing the competitors strengths and weaknesses in the market. This information may be got through the use of questioners to gather all the relevant information that you may need. This may be convenient by the use of the census bureau and use the statistical knowledge to change the information into per centum mode and finally come up with the customers tendency and place it off a market graph. This, therefore, helps measure the economic performance and all this is usually acquired by having enough information on mathematics (David et al 45).
In the calculation of the gross domestic product which is referred to as the income in a country added to the revenues collected pus the total investment within the country added to the difference of the exports and the imports. You will always need mathematics to calculate all these summations. Mathematics will also help an encomiast calculate the GDP per capita. It will also help to broadly understand the inflation and interest rates in and economy with the use of statistical knowledge (Levi et al 32).
The knowledge on basic maths will help make it easier for proper bookkeeping of the revenue enhancement records which is a basic necessity for businesses and corporations. The revenue enhancement includes collective revenues like the unemployment revenue enhancement, the gross revenue enhancement and the security revenue enhancement which must always be monitored from time to time. And when one does not have the basic mathematical knowledge it becomes easier to make errors during the calculations of these revenue enhancements. Therefore when the evaluation is done on the records unrealistic profits of losses may be found in the reports.
Algebra is usually the kind of maths that are used on the concentration and statistics. Algebra may be used in the calculations of the entire cost and the gross. Advanced calculus is also used to derive complex functions and to design the public service corporation curves (Richardson et al 56). Having statistical knowledge enables the economics experts to do the estimation and realize the chance of an economic event happening. Therefore mathematical knowledge can be used to help make serious decisions in an organist ion.
Economists can find the possibility of an event happening. In the instance of the institute of health wanted to know the reason for an increase in the maternal mortality rate and the frequent use of the C- section as a means of giving birth. The statistical experts determined that the female patients could carry overweight babies and the lack of proper maternity clinical care. Based research that was done by the economist it was realized that the women took overweight drugs that as a result caused complications to the children.
Economists are trained mathematically to handle calculations with imperfect information. Mathematics can also help economics experts to tell irrational human behavior (David 98). Therefore mathematics is an open ration system that has everything worked out through it. When one is well versed with mathematical knowledge, he will no probably suffer from the deficiency of jobs in the commercial market. There are also new findings monthly on mathematical concepts. Mathematics is largely accepted to be in a relationship with all the scientific disciplines.
In conclusion, mathematics helps the learner acquire broad skills in communication, analysis, research, logical thinking, problem-solving, interpretation and finally decision making (David et al 51). It is also an important unit in the current job market since most employers give priority to graduates with mathematical qualifications because of their resourcefulness (Levi et al np).
Franke, M. L., Carpenter, T. P., Levi, L., Fennema, E. (2001). Capturing teachers generative change A follow-up study of professional development in mathematics.American educational research journal,38(3), 653-689.
Borko, H., Jacobs, J., Eiteljorg, E., Pittman, M. E. (2008). Video as a tool for fostering productive discussions in mathematics professional development.Teaching and teacher education,24(2), 417-436.
Clarke, David, and Hilary Hollingsworth. Elaborating a model of teacher professional growth.Teaching and teacher education18.8 (2002) 947-967.
Darling-Hammond, L., Richardson, N. (2009). Research review/teacher learning What matters.Educational leadership,66(5), 46-53.
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