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Economics in My Life

Looking at financial transactions experts, I have instantly realized that this occupation is exactly what I want to tie my future career to. Indeed, every activity, for example buying morning coffee, calling a taxi or purchasing goods in the nearest supermarket, is connected with economics. In this respect, the idea of being involved in economic business evokes enthusiastic feelings as well as inspires me to study different sciences, which have relation to the economic area, specifically mathematics, statistics, and computer science. I am very interested in the active nature of economics, especially the way the manufacture, distribution, and consumption of goods and services occur. At the same time, I like to benefit from the knowledge of economics and use the principles and rules of economics in daily life. Therefore, economics has a crucial role in my life as it helps me to understand the never-ending economic activities and encourages me to examine this field further in order to use obtained information for my own benefit.

Attempting to analyze the role of economics in my life, I have come to the conclusion that it occupies a significant place, motivating me to study harder in order to improve my knowledge and skills. Since my childhood, I have been greatly interested in studying mathematics, especially in compiling figures and solving equations. I like to sharpen my logical thinking and conduct research projects. At the same time, there is a number of things in economics I enjoy and try to apply in real life. For example, I am very enthusiastic about the rules of numbers, specifically their implement in real life. I try to use gained knowledge in real life in order to obtain all possible benefits. Although it requires certain skills as well as a particular way of thinking to perform different economic tasks, I am very excited about an opportunity to use my talent in practice. Moreover, I find the principles of economics very helpful in daily life, especially the principle of opportunity cost. Opportunity cost is the value or benefit of something which a person should give up in order to obtain something else he or she needs, Because people face trade-offs, making decisions requires comparing the costs and benefits of alternative courses of action. This principle of economics can also be applied in real life. For instance, a person can choose between studying in college and spending time with his or her family. I have chosen to study, sacrificing my time with my friends and family. In this case, my opportunity cost is my time with the people I love and care for. Nevertheless, I do not regret my decision to study because a good education will help me to get better job opportunities and become financially stable.

Some people have certain misconceptions about economics, thinking that it is only about monetary benefits. However, economics is more about person’s choices and how they influence human existence. In my life, economics is of crucial importance not only because I like studying this subject, but mainly because it provides an explanation of human decisions in terms of cause and effect as well as benefit and cost. Indeed, the principles and rules of economics, as it has been mentioned before, are applied by a person in everyday life. For example, even while thinking of buying a pair of new shoes, deciding whether to go to college or find a job, or choosing the best way to build a career, people should make specific choices, which are connected to economics. In this respect, the knowledge of basic principles of economics may greatly help people to improve their lives. Although most of these decisions are subjective, economics helps people to weigh up all the pros and cons in order to choose the best variant for themselves. As Lionel Robbins states, Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses. In this regard, economics broadens the understanding of person’s behavior when he or she attempts to satisfy his or her desires and needs. While people’s wishes and needs are endless, the resources are limited. Thus, a crucial question arises  how can people satisfy their unlimited wishes having scarce resources? Economics can help people to evaluate their potential choices and alternatives in relation to potential consequences. Therefore, economics is not only about money but also about making appropriate decisions, prioritizing human wants and needs in daily life.

Unfortunately, not all people understand the significance of economics in everyday life. While some people simply want to use economics to get monetary profit, others have great dedication to this discipline. Personally, I belong to the second group. Studying economics has helped me to do the following things: distinguish between real news and distorted information, comprehend and analyze what politicians say and actually mean, and realize that there is nothing free in the world even if an advertisement attempts to sell risk-free goods or services. Indeed, economics makes peoples lives easier if they use the principles and theories of economics. I consider studying and understanding economics very important because this science governs the life of an individual and society in general. Economics has shown me that everything in life has a specific purpose. I think that economics is not a bundle of theories but a practical social science. Furthermore, economics helps people to reduce poverty because it teaches them how to satisfy human needs and desires with limited resources. Therefore, the knowledge of economics is crucial in eradicating poverty around the word and improving peoples living standards. At the same time, economics explains the effect of one sector on another, for example, the relations between the producer and consumer. Additionally, economics is useful for budget planning as it teaches families how to lead good lives when their income is low. All in all, economics greatly helps people and entire society in everyday life.

To conclude, economics is very important to people because it makes their lives easier and offers a number of principles that can be applied in everyday life. Personally, I use my knowledge of economics to distinguish between real information and false one, filter news, plan my budget, understand the economic system and the ways it works. Moreover, economics allows me to get the most out of life, having limited resources. The principles and rules of economics help me to evaluate my desires and make proper choices. Economics not only improves my knowledge but also allows me to see regularity in everything. Every day I encounter different challenges and obstacles, however, economics shows me how to overcome them and make right decisions. In general, economics governs people’s lives, helping them to plan their budget, solve certain little and major problems, and improve their living conditions. The knowledge of economics is beneficial for those people who can wisely apply the principles, rules, and theories of economics in daily life. All in all, economics is very important to me because it allows me to develop both my personal traits and professional skills.

About the author: Victoria Brown is a master in Literature at Maryland University. She is currently working as one of the best writers at the custom marketing plan She also studies male psychology.

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