How I Use Economic in My Daily Life - 592 Words

Economic is the study of choices and behaviours. Economics focuses on why we make the choices we do. And what the implications or effects of those choices are. Of all the concepts within economics, supply and demand is perhaps the most well-known by the general public. In economics, we call the point of agreement equilibrium. In other words, the buyers price and the sellers price are now equal. For example, in E-bay people bid on items for sale for a given length of time. When time expires, the one who bids the most get it. Normally we would not pay more for something thats not as good as something else. We’ll only pay less to compensate for the lower quality. Although the quality is low, what is important is that we are able to use†¦show more content†¦The benefit we get from a service or product must be able to correspond to their value of money that we use to obtain it. Besides these, I also use the same concept when have to travel around. Since public transportati on is cheaper and convenient we can save a lot of time and money making use of the convenience of public transportation. They also offer some special privileges to students and also elderly people who choose to use public transportation. Own transportation although provide a more comfortable travelling experience, there also extra costs that we have to bear such as petrol, toll charges, and also fatigue. Since the price of petrol is increasing day by day, the demand is becoming more less and it is wiser for people to choose to travel by public transportation. Moreover it will helpful for me after I finish my studies to find a proper job that suits my qualification also the opportunity cost that I have lost during the study course of my degree. When choosing a job I will make sure the pay is worth my qualification and also the opportunity cost I have lost. Life is all about making choice. We must be able to make good choices that will benefit us financially especially. The use of Mic roeconomic knowledge in a way can be veryShow MoreRelatedEconomics of Daily Life Essay1228 Words   |  5 PagesEconomics of Daily Life Leah Hand Stevens-Henager College Economics of Daily Life Economics is a study of how society manages its scarce resources. The literal translation for economy is â€Å"one who manages a household.† â€Å"In an increasingly complex world connected by social and economic interaction and interdependence, news of stock market fluctuations, consumer confidence scores, and various economic indicators fill the media† (Broome amp; Preston-Grimes, 2011). This means that economics isRead MoreAmerica s Healthcare : Chronically Ill960 Words   |  4 Pagessystem is in an economic crisis. 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