In what ways can you apply economics in your daily life?

Question

In what ways can you apply economics in your daily life?

Answer 1

economics deals with decision....so in everything you do, like how  will you spend your money wisely, how will you budget your time, how you react in every issues that involves your everyday life, how will you run your business, you are already applying economics in your daily life

Answer 2

we need not apply economics in our life

BUT we are the part of economics

FOR EXAMPLE

                        u come under the category of  

u go to job         employed person

decided not

to go to job         unemployed person



u come under the population of Ur country

educated               literate    etc

Answer 3

Some of the ways you can use economics in daily life:

1. Be conscious of the interpersonal differences in utility and accept different person's differing tastes and prferences as normal.

2. Accept the reality of scarcity of goods, prices and limited income / budget to spend.

3. Be aware of your priorities of consumption and related purchases so that you may enjoy the best (maximizing utility).

4. Accept that rationality in decision making and choice as desirable human behavior but be also conscious not to do everything in life including loving people based on economic rationality principle. Whole life is not merely economics.

5. Be awrare of external effects of your own actions on others  at home, on the streets, in school, at offices and the society at large even as you criticise other for the adverse external effects of their actions like smoking or creating noise or air pollution.

6. Be responsible citizen  in respect of safegurding public property and common goods.

7. Understand trhat Govt. or central bank is only a paper tiger in dealing with external shocks, recession and depression, that the Govt. can cause inflation but cannot really bring inflation down except to a limited extent and largely by chance. Do not rely on Govt. to solve all economic problems.

8. Consider everything in the prespective of  cost-benefit evaluation principles and methods.

9. Antipate macro-economic environment like growth, inflation, scarcity of materials in the market, unemployment and take appropriate actions to minimize any adverse effect ofchanging economic environment on you, your family, your locality, your company and the society.

!0. Recall economic principles when politicians and frustrated terrorists or communists try to fool you and seek your support: critically examine their lecturers and pamplatesv as they contain in most cases economic non-sense.

11.Apply the concept of opportunity costs when you wish to make a change.

12. Want more?

Answer 4

1.comparing your demand with the markets' supply.

2.savings

3.comparing the revenue and profit out of a sale

Answer 5

Try to spend money for your first periorities only.

Answer 6

Paying your bills.