How does economics works in everyday life?

Question

please give an example and explain.

thank you for answering

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Answer 1

You get offered a job that is exactly the same to the one that you have right now, except it is 50 miles away and pays 1 dollar per hour more. You wouldn't accept that job because driving all that time costs money for gas and also takes up your time. This is called an opportunity cost.

Answer 2

We just make decision based on our knowledge or/and experience - these decisions and choices are made rational way - possibly most efficient way. Economics deals with scarce resources efficient management.

For instance how to spend your free time and get maximal satisfaction for short-run or long-run. how to spend your budget and get maximum benefit/utility from spending this money. etc.

Answer 3

Brazil is a main producer of oranges and if their becomes a flood, hurricaine, or freezing of the orange fields all the oranges will be destroyed and you will notice that the price of oranges will rise at the supermarkets.  This is a basic supply example. If supply falls, price will rise.