Economics through the Lanes of daily life.

Have you ever noticed that while bargaining at the flea market, you applied an important economic principle to determine the fair value of the article you desire to purchase? Most probably not because we do not acknowledge the significance of economics in our daily lives. Economics does not always mean big theories, graphs, and Computations. Without realizing, we apply many economic principles in our daily lives during the allocation of resources. We apply economic principles every time we purchase groceries, calculating the fair price of service offered by a freelancer, and of course, during bargaining.

In general terms, Economics is defined as the study of how individuals, businesses, governments, and nations make choices on allocating resources to satisfy their wants and needs, trying to determine how these groups should organize and coordinate efforts to achieve maximum output. It is a social science concerned with the production, distribution, and consumption of goods and services.

Economics means the allocation of limited or scarce resources (money, time, labor, etc.) in a meaningful way to maximize the return or making a choice to get the desired result by optimum utilization of scarce resources. We all try to maximize the return by smartly allocating the resource at hand. Economics is not only restricted to money, which is a general perception.