Having an understanding of basic economic concepts will help you better understand public policy and make more informed decisions in your own life.
Check out the Economic Concepts page in the Liberty Library for several great introductory articles.
"It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a 'dismal science.' But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance." - Murray Rothbard