Learn About Economics - 54/101 Entrepreneur Mistakes & Lessons

Years ago, around October 2014 I added onto my CV (Résumé) that economics and finances was one of my hobbies. Someone relatively close to me told me to remove that, as I had to study it at university in order to understand even the basics of it.As a side note, their attitude and response is a rather disempowering, because they failed to realize that anyone can learn anything when they put their mind to it. Picking up a book on economics would make them smarter than up to 99% of the UK population when it comes to economics and how it works. But I digress a little.Because we live in a capitalist world, it is best for us to understand how economics works. How the banking system, money, currency and stock indices, etc, works.Firstly, it only makes sense, because that's the world we are born into. If we were born in 1517 then we'd have to worry about getting more harvest from the land, why the Lord is going to war again, how to survive the winter and hoping this cut on you knee does not kill you.Secondly, when you understand economics, you can begin to understand the world and its complexities. And as you understand it, you can make much more informed decisions. People talk about being open minded, but they are not open minded enough to learn something new things.If you go into Amazon, YouTube and Google, you can discover a lot about the world when you know what to search for.Here's a list of some things worth researching about. Furthermore, while you are researching, if an interesting phrase or word is mentioned, then research about that too:Inflation, hyperinflation, Weimar Republic.Fiat currency, money velocity, Keynesian Economics.Interest rates, supply and demand curve, fractional reserve lending.Means of productivity, price elasticity, gold standard, invisible hand theory, Austrian School of Economics.Furthermore, search additional phrases like: who, what, where, when, why and how. For instances: "How do banks make money from credit cards?"You don't know what you don't know, and the more you understand about economics the better.Question of the day:There are another 100 mistakes that I made here.