For my own opinion, Why is it important economics in my life, Economics is about freedom as well in our economy, you’re free to do what you want economically speaking because the market itself will decide what to produce and how to produce. In order to do what you want let’s say, to buy what you want at the quantity you want you have to have the money. So another factor of economics that affects your everyday life is the distribution of the total income. Example Let’s say your income. Your income is not unlimited. With that limited income, you want to buy a lot of things. You have to choose what product to buy, at which price and how much quantity. Now let’s say that you have 200pesos last in your pocket. With that money you can either buy a ticket for a movie or buy food and drinks and watch the TV-show. What you do is what gives you more pleasure or as we say what maximize your utility. You make an economic choice.
Economics basically the study of scarcity of resources and their allocation in society Everyday life is a never ending competition for scarce resources. For example: for me I need to earn money a scarce resource for which you provide labor another scarce resource so you can afford to purchase all the things you need in order to live gas, car, home, food, clothing, all scarce resources at the lowest price you can find. Also economics is about your income itself. The level of your income depends on the overall status of the economy. In my own example, if we have a recession, then the income for most of us will be less. If we have growth then the income will rise. If we have growth then I would have a job. If we have recession, then I might be unemployed.
As you can see economics affects almost everything. And also it is important for me to embark the study of economics due to its strong relation in our daily lives. Economics help students to understand more about the modern world in making the decision for the future. It also helps us to understand the problems caused by the limited resources and helps students, as consumers to make rational choices when making decisions. Besides that, students are able to understand the function and role of banks and financial institutions, more over able to understand the information related to the economics. One of the most basic concepts in our daily life is wants/needs. Basically every human has different needs and wants. It is impossible to please every need and wants due to the limited resource or known as scarce. Scarcity is as well another basic concept of economics known as the limited resource of unlimited wants due to the incapability to provide one’s need they desired for.
University Of Mindanao
Roxas Extension, Digos City
Submitted By : Ken Joy B. Pugoy
Submitted To : Adrian Raphael C. Aballe
October 16, 2013