“Economics is a social science that examines how individuals, governments, firms, and nations make decisions on distributing scarce resources in order to meet their limitless desires.” Commonly known as the dismal science, economics is essential knowledge before entering the workforce. It educates us on fundamental concepts such as taxes, the law of supply and demand, and various societal matters that require comprehension and awareness.
Multimedia refers to the integration of animation, audio, graphics, text, and full-motion video using computer hardware and software. It serves purposes such as education, entertainment, or training, and can be applied in web design, animation, video editing, and graphics. Essentially, multimedia is a common element in our daily lives – from the movies we watch to the posters we admire and the websites we frequently visit. It stands as evidence of the advancements in technology that have been made over time.
Multimedia practitioners must continuously conduct research on their topic due to the constant changes in our world. As creators, it is necessary to understand external factors such as pricing, taxes, and economic principles like supply and demand. Understanding consumer preferences and behavior is crucial for enticing people to purchase products, explore websites, visit stores, watch movies, and more.
Economics is an essential aspect of multimedia as it is required by practitioners in this field. Whether one is studying business or working for a company, economics must be considered as it has a significant impact on our lives. This influence can be observed in our purchasing decisions and overall consumer behavior. Furthermore, economics holds great importance for multimedia practitioners, particularly in the realm of graphics.
