...Economics and My Daily life Stevens-Henager College Abstract Economics is a daily part of our lives I will be discussing how certain areas of economics affects my life these will include principles 2, 4 and 5of economics. I will discuss how supply and demand and consumer surplus are used in most areas of my life. My Economics class has given me a better understanding of how important economics is to our daily lives. How Economics is used in my daily life There are 10 principles of economics and all of them are used in our lives but for the purpose of this paper I will be discussing how three are used in mine. Principle 2- Opportunity cost “Because people face trade-offs, making decisions requires comparing the costs and benefits of alternative courses of action.” (Cleverley, Song, & Cleverley, 2011) This principle refers to what you have to give up in order getting what you want. For example, you can choose to study for an exam or be with family and friends. If you choose to study, your opportunity cost is quality time with family and friends. Opportunity costs do not always have a monetary value associated with them, rather, the cost is: anything of value to the person assessing the situation including energy and time. I have chosen to spend three years of my live to go to college for my Bachelors degree. This is costing me time...
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...Microeconomics In My Daily Life Throughout my life, I have always been reading and hearing about economic issues and concepts, but I never thought about the impacts of economic models on my personal life. Before learning about microeconomic concepts, I always thought that a course in the field of Economics, would teach me theories that only apply to the economy of a nation as a whole and not to an individual’s life. However, there were a lot of concepts throughout this course that I found relative to my personal life. Among all the concepts that I have learned in the Microeconomics course, “Opportunity Cost”, “Sunk Cost”, and “Supply and Demand” have the most impact on my daily life. “Choice and Opportunity Cost” is one of the most important concepts of Microeconomics that I found it relative to my everyday life. Similar to many other students, limited time during the school semester, forces me to make choices about what to study, when to study, and how to estimate the opportunity cost of every choice. Applying opportunity cost concept in my day-to-day life helps me better schedule my study time. For instance, I usually choose to study during weekdays because the opportunity cost of studying on these nights is lower than studying on Friday or Saturday nights, when usually more exciting events are happening. On the other hand, if my alternative on weekend is to stay home and organize my closet and do my laundry, I would choose to study, because to me, the value of studying...
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...Economics of Daily Life Economics of Daily Life Economics is a study of how society manages its scarce resources. The literal translation for economy is “one who manages a household.” “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 & Preston-Grimes, 2011). This means that economics is everywhere, even in a home. Every household makes decisions that follow the economic principles. There are tradeoffs, and incentives. Supply and demand regularly show up in a household setting, as do decisions regarding limits on price and time. I am a single mom and the science of economics is a daily occurrence, at the grocery store, while doing homework, and in my choice of home and bills. Economics is an inevitable part of most people’s daily lives. It occurs in every facet of home, work, and school. There are ten principles to economics. They are the decisions that need to be made in regards to the jobs that need to be done, and the management of the resources that will allow the necessities to be provided. One of the principles that occur most in my daily life is tradeoffs. Tradeoffs occur when a person has to choose between one thing and another, forgoing one desirable option, for the more beneficial, sometimes undesired option. In a study done in 2011, a Montessori middle school set up a school store. Some...
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...Introduction: Economics has become an increasingly significant part of contemporary life. Regardless of the daily expenditure of our life or the allocation of the social wealth, all this affairs related can be explained by the economics and the functions of economics are playing the essential role. The essay is aimed to define the economics and discuss how we can use economics in our future career or daily life. What is economics Professor Israel Kirzner in The Economic Point of View points out that even among professional economists, there are ‘a series of formulations of the economic point of view that are astounding in their variety’. Many people feel that they are generally familiar with economics. However, if what the economics is asked, people will find that it is difficult to define the subject. After all, economics is more than money. As Mankiw mentioned in his book, economics is a study of mankind in the ordinary business of life, it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of well-being. More generally, economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses, and scarcity refers to the limited nature of society’s resources. That is to say, economists not only study the consumption determination and investment portfolio, but also pay attention to the results that led by the consumption...
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... 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 companies interact with each other, and cover such diverse fields as finance, law, education, business, government policy and more. Having a firm grip of these subjects gives the individual a big advantage both in business and personal life. As a Human Resource Development Management Student of Polytechnic University of the Philippines Quezon City Campus, I found Economics as one of the foundations of the Human World. 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, all of it, is already the application of Economics in our daily lives. Economics defined as a study of mankind in the ordinary business of life; it examines that part of individual and social action which...
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...an intellectual set of activities designed to uncover information about anything related to this world in which we live. The information gathered is organized through scientific methods to form eloquent patterns. In my opinion the primary objective of science is to gather information and to distinguish the order found between facts. What Science Means to Me as an Upcoming Scientist Science exposes several ideas along with significant themes so that I could test them independently and without any bias to arrive at solid conclusion. For this purpose exchange of data and materials is necessary. I am able to generate real and tangible facts supported by reliable evidence. Work of scientist is based on theoretical science. It means, in theoretical science, there is only a sign, just a hint on which discoveries could be made, facts could be found. While studying science I am always working for determining truth, based on my perceptions, judgment, observation, experience, and knowledge collected through several means. It is pertinent to mention that science, in fact, has practical limits, however it is beneficial in almost every areas of human beings. Through science, I have the opportunity to test and verify ideas. I feel myself as an upcoming scientist because of my probing aptitude always ready to help people by producing useful things which great scientists have been able to accomplish like producing...
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...post grad. After taking general education courses I am able to incorporate that knowledge into my daily life and have accurate information about a different culture. With the knowledge of those general courses I am able to apply them to my daily life. The computer courses that I took introduced me to different kinds of programs that are used by most companies. In my class we were required to navigate through all parts of Microsoft Office entirely. I am now able to connect files between the different Microsoft Office programs. The several computer courses that I took were beneficial in keeping up with the growing technology. A lot of courses that I need for my degree are being created online to allow more flexibility to my schedule. In order to do well in these courses I need to be familiar with Microsoft Office programs so that I can do my assignments. This familiarity is essential so that I do not submit sloppy assignment s to my professors simply because I didn’t know how to organize my work in the right Microsoft Office program. Another course that I took was Social Science which consisted of a wide variety of subjects from sociology and psychology to geography and economics. The topic about economics is useful to me because I am very interested in the value of a dollar. If the value of money decreases it would mean that I would have less purchasing power. By talking with my friends, family, and strangers I am able to understand how different social phenomena affect their...
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...Carter December 12, 2011 Microeconomics In My Daily Life Throughout my life, I have always been reading and hearing about economic issues and concepts, but I never thought about the impacts of economic models on my personal life. Before learning about microeconomic concepts, I always thought that a course in the field of Economics, would teach me theories that only apply to the economy of a nation as a whole and not to an individual’s life. However, there were a lot of concepts throughout this course that I found relative to my personal life. Among all the concepts that I have learned in the Microeconomics course, “Opportunity Cost”, “Sunk Cost”, and “Supply and Demand” have the most impact on my daily life. “Choice and Opportunity Cost” is one of the most important concepts of Microeconomics that I found it relative to my everyday life. Similar to many other students, limited time during the school semester, forces me to make choices about what to study, when to study, and how to estimate the opportunity cost of every choice. Applying opportunity cost concept in my day-to-day life helps me better schedule my study time. For instance, I usually choose to study during weekdays because the opportunity cost of studying on these nights is lower than studying on Friday or Saturday nights, when usually more exciting events are happening. On the other hand, if my alternative on weekend is to stay home and organize my closet and do my laundry, I would choose to study, because...
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...stages.China has achieved a great development since participated in World Trade Organization(WTO).Therefore, I want to express some of my opinions about the importance of the international trade for China’s development.Obviously, we can divide two parts of China’s international trade since,1949 .On the one hand,Chinese economy is likely to a self-sufficient society which is from 1949 to 1978.On the other hand,China has taken a policy which named Opening and Reform, China began to do international trade with all the countries.Compare to the self-sufficient society period, we have witnessed a great development and experienced a lot of benefit that brought by the international trade since 1978,so I will use some examples and my daily experiences to support the importance for the China’s development.First of all ,international trade can meet most of the needs of China’s economy.Besides this advantages,international trade can offer a higher life quality for all kinds of Chinese.Last but the most important ,international trade can make a great contribution to the continuing development of China.Based on these three reasons,I do believe that Chinese will decrease misunderstanding to international trade and gradually realize the importance of international trade for the whole nation.What is more,I totally support that China will follow the trend of economic globalization and government will continue the policy for a better future of Chinese next generation. First of all, I want to talk...
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...Throughout my life, I have always been reading and hearing about economic issues and concepts, but I never thought about the impacts of economic models on my personal life. Before learning about microeconomic concepts, I always thought that a course in the field of Economics, would teach me theories that only apply to the economy of a nation as a whole and not to an individual’s life. However, there were a lot of concepts throughout this course that I found relative to my personal life. Among all the concepts that I have learned in the Microeconomics course, “Opportunity Cost”, “Sunk Cost”, and “Supply and Demand” have the most impact on my daily life. “Choice and Opportunity Cost” is one of the most important concepts of Microeconomics that I found it relative to my everyday life. Similar to many other students, limited time during the school semester, forces me to make choices about what to study, when to study, and how to estimate the opportunity cost of every choice. Applying opportunity cost concept in my day-to-day life helps me better schedule my study time. For instance, I usually choose to study during weekdays because the opportunity cost of studying on these nights is lower than studying on Friday or Saturday nights, when usually more exciting events are happening. On the other hand, if my alternative on weekend is to stay home and organize my closet and do my laundry, I would choose to study, because to me, the value of studying is more than the value of above...
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...Principles of Economics (week 1) Thinking Like an Economist (week 1) Supply and Demand (week 2) Market Efficiency (week 3) Consumer Surplus (week 2) Your assignment for the final paper is to write a 2 to 3 page paper (double spaced) about how 3 of the above concepts applies to your daily life. For example how does consumer surplus impact the decisions you make when shopping for groceries? Be creative and think hard about these important concepts. Please use ProQuest and cite at least one source in text. Your paper will be due on Saturday night of the last week of the module. Submit your paper to Smarthinking. Attach their feedback along with your final submission. Smarthinking has about a 48 hour turn-around time so plan accordingly. Day to Day Concepts Perla Gomez ECN220 September 7, 2013 Sheneman Day to Day Concepts The thought of Economics can be a scary one. It is full of big words, difficult concepts, and challenging theories that can be hard to understand. The concepts that underlie Economics are scary ones and at some point were difficult to understand. However, I found that I could apply most of these concepts to my daily life. Supply and Demand, Consumer Surplus, and Thinking Like an Economist are all part of my day to day activities. I use them so often that I don’t even realize I am using them or taking advantage of them. Even if you have no idea what these are, chances are you have already used them, like me. According to my Economics book,...
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...are more concerned with having more consumer goods than running a self sufficient household and helping others in need. Marketist Economic Priorities consist now with an abstract, atomized focus. There is competition for individual gain by desires for "more, better, newer". Marketists' want efficiency, profit, and growth. They are looking out for the markets' wellbeing and individual wealth and property. We as a society have forgotten how to feel the pain and suffering of the poor. We have become a selfish world and developed a globalization of indifference. We have become exclusive rather than all inclusive in our thinking and behavior.This kind of economy kills. We need to stand together and say no to this "disposable" culture. Some of the essential elements of economy in Catholic social thought include the value and dignity of every human person. The economy must serve people, not the other way around. Work is a way to participate in God's creation. We must respect our workers. Solidarity refers to something more than a few sporadic acts of generosity. It presumes the creation of a new mindset which thinks in terms of community and the priority of the life of all over the appropriation of goods by a few. It means working "to eliminate the structural causes of poverty and promote the integral development of the poor, as well as the small daily acts of solidarity in meeting the real needs we encounter." We need to promote peace in a world surrounded by violence and conflict...
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...The Effects of Stress in Life In today’s era, people have to cope with advantages and disadvantages in daily life. Besides the advantages in life as economic development, life comfortable and convenience, people often deal with disadvantages as stress, social problems and illnesses. Among of these disadvantages in life, stress is the most common phenomenon. This is clearly expressed through three effects of stress as health problem, motivation and life expectancy. Firstly, the effects of stress are the health of human. When people are stressed extreme, their physical and psychological become weak. With the effects of physical stress, people can easily see them because they express outside the body. When my friend fell into the state of extreme stress, her immune system became weak. A simple cold could become the flu or a lung infection with a person under stress as her. Stress can make people feel headache and fatigue. In addition, stress also has a great influence in the activities of organs inside the body as releasing hormones and breathing rates. With the effects of psychological stress, it also gives a negative result. I have lost the joy in daily life because of stress. I cannot concentrate on work. When people are stressed, they are not able to distinguish what is good and what is bad. So, stress has created a negative result in human health. Everyone should give methods of stress management order not to affect health. Secondly, the effects of stress are a change...
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...obstacles in my life. I have learned how to deal with hardships and stressful situations. Furthermore, I am determined and persistent to move forward and achieve my goals I have set. For example, this too my inner strength is my determination that has helped me overcome many obstacles. The struggles and obstacles I have faced develops my inner strength to be the best that I can be as a grandmother, mother, and student. Without a doubt, personally continue to be a positive role model for my grandchildren. In other words, my hardships help me develop thinking and writing skills. My academic breakthrough occurred when I got a writing coach Ms. Russell. For instance, being able to go through hardships and struggles has given me confidence. Furthermore, the more education I have more opportunities will be available as a candidate in the job market. I learned from attending Damon City Campus if I gave all I have, I can succeed. However, enrolling at Empire State College, I experienced a feeling I never felt before-- hope. I must admit as a high school dropout, single mother, and older student I was impressed academically. In addition, to enrolling at Empire State College I experienced a new challenge online classes. In fact, as a student at Empire State College, I have completed my Bachelors of Science degree and paid $246.00 to continue on with my Masters at Empire State College. This shows how important education is to me, in addition, to how determined I am to continue on with my education...
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...Accountancy and economic personal statement The globe financial market is currently undergoing a major shakeup. The reason for my choice of economics and accounting in such a situation is I consider myself as person who has a long-term view, loves challenge and is confident of my ability of communication and organization I have never done some courses related with economic before, but the deep interest in economic motivated me came to Singapore for a diploma course major in economic. I took my lecturers advice and began to read some financial magazines, I focus on update financial news of every part of world, combine with my knowledge like consumer theory and firm theory and help me understand them more easily. This shows my determination to pursue economics. Being a student in charge of live in the senior high school for 3 years gave me a chance to be a free man andrecorded every expenditure and revenue carefully, helped teacher make some money decision and collected the money. The work experience taught me that being careful and determined are important qualities of an accountant, raise my interest to be an accountant and help me to be patient and have an intuition of accounting. Shanghai, my hometown, the government want to poplarise English as it will be the host of EXPO 2010. As such, I went to a community centre and worked as a English tutor there. My job was about helping the elderly pronounce words and communicate with foreigners. I talked people whom I have never...
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