Free Articles, Free Web Content, Reprint Articles
Thursday, August 6, 2020
 
Free Articles, Free Web Content, Reprint ArticlesRegisterAll CategoriesTop AuthorsSubmit Article (Article Submission)ContactSubscribe Free Articles, Free Web Content, Reprint Articles
 

Economics through the Lanes of daily life.

This article is about Economics through the Lanes of daily life. if you like this article please do comment and like share

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.

Does Economics have anything to do with the daily life?

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 moneyFind Article, which is a general perception.

Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR


I am not very much of a writer but I like reading small articles on regular topics. An IT engineer with the interest in casual games development. A fan of DC comics. Loves the character of Flash. Responsible for managing



Health
Business
Finance
Travel
Technology
Home Repair
Computers
Marketing
Autos
Family
Entertainment
Education
Law
Communication
Other
ECommerce
Sports
Home Business
Self Help
Internet
Partners


Page loaded in 0.283 seconds