...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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...Airbus Defence and Space PARTNERING WITH PRICE® TO USE THE INNOVATIONS OF TRUEPLANNING® FOR MORE COMPETITIVE BIDDING ON ADVANCED TECHNOLOGY PROJECTS Challenge: Verify cost estimates to ensure bids are priced to win but are accurate and profitable for each stakeholder in a project’s supply chain. Solution: Create a Cost Estimation Framework (CEF) that uses TruePlanning® top-down, parametric estimating to set cost targets with TrueMapper® feature to cross-check estimators’ bottom-up estimates in Excel based on Work Breakdown Structure (WBS). Improve knowledge capture by creating an historical data repository of cost models to source information for future projects. CASE STUDY “PRICE provides us with more than your typical vendor/customer relationship; we work closely together in a real partnership. When we wanted to verify cost estimates for all bid processes that go into proposals, they listened, understood and collaborated with us on precisely what we wanted to achieve with an integrated Cost Estimation Framework.” Manuel Massini Head of Cost Engineering Airbus Defence and Space Results: A Cost Estimation Framework providing the tools and methods to enhance and integrate bid processes across estimating teams spread throughout the organization, improving the accuracy and credibility of estimates, data sharing, collaboration, and competitive yet profitable bid pricing for advanced projects. Bid managers gain better insights to evaluate risks, react to issues, and...
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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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...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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...Throughout my first essay, my environment was a strong predisposition that contributed toward my expectation of attending college. Due to my parents' middle-class status, their cultural and social capital garnered them certain knowledge sets. My mother knew how to research for the best school districts and suburbs using the internet, as well as employ her social network of coworkers, college friends,...
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...recognized as the greatest and best resource for social, economic and personal development, as well as one of the most important dimensions of quality of life. Health and quality of life are related. The quality of life refers how a person appreciates his or her self-realization of physical and emotional necessities and his or her social connections. (Pimento & Kernested, 2015). Analyzing my current life and my health conditions, I consider that there are some aspects that I need to improve. These aspects are important so that I can advance in my quality of life and promote my health condition. Among the many social determinants that influence our health, I am affected by the biology and genetic inheritance, my current social status, and social support network....
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...means for countries to promote economic growth, development, and poverty reduction. However, the progress of integration has been uneven for many decades, especially for underdeveloped countries. Policies that make an economy open to trade and investment with the rest of the world are needed for sustained economic growth. The evidence on this is clear. No country in recent decades has achieved economic success, in terms of substantial increases in living standards for its people, without being open to the rest of the world. This problem resonates deeply with me and I hope to someday work on finding solutions. I am convinced that financial sector reform within these countries would inspire the development of steady financial systems as well as the dismantling of barriers to international capital flow. It is for this reason that I am applying to the graduate program in management at Stanford University. I seek the skills and knowledge I need to participate in a doctoral program and pursue a PhD in international finance and economics....
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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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...on America’s Way of Life To begin, it goes without saying that the topic of immigration in the United States has been a very controversial topic for quite some time. During this week’s readings, I found myself weighing both the pros and the cons of immigration reform and trying to decide which side of the spectrum I fall when considering whether third world immigration is in fact, a threat to America’s way of life. My initial gut reaction was that I would not oppose immigration and do not find it threatening to America’s way of life. This initial decision was conducted before completing the readings and I found my decision was based on the fact that I did not want to be considered a “racist” or discriminatory in any way. Also, as I have mentioned in one of my previous discussions, both my parents immigrated to the United States from Cuba during the “freedom flights” in the mid-sixties. My grandparents brought came to this country along with my parents for opportunity and to escape the tyrannous and communist leader, Fidel Castro who had just taken over. I immediately thought that without immigration, my parents would have never come to this country and who knows, maybe I wouldn’t even exist to write this paper! Then, the words of Peter Brimelow caught my attention in the section of “What About My Grandfather?”, Brimelow writes: “Many Americans have difficulty thinking about immigration restriction because of the lurking fear: This would have kept my grandfather out...but...
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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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...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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...study Politics and Economics. Neither subject was an option for me to do as a GCSE subject in my school. However from an early age as a child growing up in Sierra Leone, a country that was recovering from 10years of civil war, I have always had a keen interest in politics and the economy we live in. I used to love watching the news channel and also listening to adult talk about politics and the state of the economy. My interest in politics and economics made it impossible for me to choose between the two degrees so I am very grateful to have the chance to study both. My enthusiasm for politics and economy reach a new level in 2014. At this time Sierra Leone my birthplace and its neighbour Guinea and Liberia were suffering from the outbreak of Ebola. These three countries have economy which in my opinion is badly run by its government and corruption is also a big issue.. I was sad by the facts that I could not do anything to help. This led me to make the decision that I had to gain more knowledge in politics and economics. I believe politics and economics are two subjects that closely linked and understanding both is the only way to understand how our society functions. This is because it gives you better understanding of the key roles government play in the economy and what effect their policy will have on the economy. Since deciding to study Politics and Economics, in October 2014 I applied to study AS level Economics through the Open University. One of my favourite topics is...
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...mainly be focused on the idea of increasing household ‘well being’ and building ‘genuine wealth’. The book states that the Gross Domestic Product (GDP) measure is flawed as it accounts for everything that doesn’t make life worthwhile, such as cash transactions. The main message regarding the ‘The Economics of Happiness’ is that happiness is the aim of life, and virtuous actions create foundations of happiness as well as the path to a content life. As I was reading this book I noticed four main, resonating themes that occurred throughout the plot. Firstly, Anielski studies the makeup of our current economy and its everyday functions. Once the key economic terms, such as genuine wealth, value, competitiveness and capital are defined we can then begin to create a new road map for societies to use measurement index’s based on the notion of ‘wellbeing’ rather than GDP. He goes on to criticizing Adam Smith’s book title ‘The Wealth of Nations’ which failed to accurately define the word ‘wealth’ which, according to the Old Testament, means the ‘conditions of well being’. This essentially means that wealth can no longer be narrowly defined in terms of the money value of material possessions but must also include the many intangible items that contribute to our quality of life, such as spiritual well being, hope, happiness and the strength of relationships. Anielski then mentions the Genuine Progress Indicator, this measure is designed to reveal hidden environmental costs as well as several...
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...President Barack Obama stated “Higher Education cannot be a luxury; it is an economic imperative that every family in America should be afforded”. Based on today’s society college education is a very significant stepping stone ensuring a better life and various career prospects in our economy. College is therefore, important to me as it allows personal growth, by enhancing my knowledge. Which has open doors to opportunities, I would not have otherwise. More importantly, college is important to me not only to make myself proud but to be a role model to my children. To show them that despite what obstacles stand in a person’s way, they should never give up. Being a young, single minority mother with two children and only a high school diploma, I was not afforded the opportunities to acquire certain jobs. This made me realized the importance of furthering my education. Many personal experiences have influenced my understanding that without a college education I will not be able to provide financially for my family and to give them the foundation which they need to succeed. Abraham Lincoln quoted that one should, “Always bear in mind that your own resolution to succeed is more important than any other.” It is often perceived that having children at a young age would halt my opportunities to obtain a college education or opportunities for me to have a productive life, however, that perception was wrong. Like other parents I have been repeating the mantras, “go to school” and “education...
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