Economics and Personal Life

Topics: Economics, Psychology, Want Pages: 1 (303 words) Published: August 15, 2013
ECO 372 Week 1 DQ1

What is economics? Do not repeat what the text says; put it in your own words. Why is it considered a social science? How will understanding economics help you in your personal life, and in your business life? Give some specific examples.

Answer:

What is Economics?
I feel that economics is the process that we go through to make our decisions on a purchase. Do we need it or is it something that we just want to have. The ability to purchase something without knowing what repercussions that it can have on us in the future. With the way that the economy is now, millions of us have changed our attitudes from 2006 of "I want that" to "do I really need it?"

Why is it considered a Social Science?
Economics is the measure of the well being of a society. How well we are doing as a country. Were is our GDP versus the world? You see, resources are limited while man/women desires and wants are unlimited. It is the study of  how societies use scarce resources to produce valuable commodities and distribute the among society,

How will understanding economics help you in your personal life, and in your business life? It will help me ask more about the cost of making a decision instead of not thinking about it. As it states in our reading in chapter 1, "economists are trained to put their emotions aside when asked about eliminating terrorist attacks on airplanes and think about what are the cost of the policy and it's benefits." So, with this in mind, it will begin to transform my thinking from "how can it benefit me emotionally", to "how much will this decision cost (time, money, things like that) and benefits in the same areas.
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