How To Apply Economic In Your Daily Life?


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Matthew Porter answered
You can apply economic theories and process to everything that you do in your daily life that involves money, such as buying goods or services or paying your household bills. Even the way in which you decide to manage your time on a day to day basis can be analyzed through economic theory.

Economics can be broadly defined as the social science that analyzes the production, distribution and consumption of goods and services. However, we should not think of economics purely in terms of money. broadens the definition as the study of how people, firms or institutions choose to allocate resources. Resources are not always monetary. Time, skill and land are all resources.

People make economic decisions with the intention of maximizing their return. The way a person allocates their time to perform duties on a day to day basis, for instance, will tend to be taken in order to be as productive as possible and to reach the goals they want to achieve.

There are plenty of blogs and websites that relate specifically to the economics of everyday life, and you might be interested in viewing these in order to see some of the many ways in which economics can affect so much of what you do each day. Some of these websites include:
•    New York Times (1) - •    New York Times (2) - •    Financial Times - • -

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