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A Whole New World: Economics And Me

820 words - 4 pages

Jonas Miguel M. Valeza Prof. Rodrigo Dolorosa
BSBA HRDM 2-1 Basic Economics with Taxation and Agrarian Reform

A Whole New World : Economics and Me

Economics is the study of choices and behaviors. Economics focuses on why we make the choices we do and what the implications or effects of those choices are. In this essay, I will talk about the magnificence of Economics and how it has been a part of our daily lives. So what are you waiting for? Come and join the fun as we wend our ways through the marvelous world of Economics!
Economics may seem like a theoretical subject, but it actually has many practical applications in daily life. Economics studies the way people and ...view middle of the document...

Economics is about choice, all kinds of choice. We are making economic choice about marriage or single, sick or healthy and even life or death. We have to decide whether catching that worm is worth sacrificing sleep to wake up before all the other birds in the morning.
Those decisions are economics. If there were no scarcity, you could have everything you want right now. You wouldn't have to make hard decisions or trade-offs. But in the real world, there is scarcity, and because there is scarcity, we have economics, the study of how individuals, firms, and entire nations deal with the limitations imposed by scarcity to prioritize and allocated limited income, time, and resources.
The opportunity cost of doing this article is that I could have spent my time doing something else. However, I would not have learned about how economics affects your daily life. Understanding what I have given up in order to do or buy something is another important economic concept, as it helps me make better choices.
In the subject of economics, I have learnt the word “scarcity”. A resource is considered scarce when its availability is not enough to meet its demand. Life is beset with scarcity and unfulfilled wishes. Scarcity forces us to choose, but what choices are best? Every choice to pursue one goal is a choice to sacrifice another.
They say that if you look at it things...

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