Economics defined as a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing. Thus it is on one side a study of wealth; and on the other, and more important side, a part of the study of man. Economics not just study about the economy of country, inflation rate or stock market. I have learnt that economy is all related to our lives. For example we buy a shoe or a shirt, we are making economic choices. Economics is about choice, all kinds of choice. We are making economic choice about marriage or single, sick or healthy and even life or death. We have to decide whether catching that worm is worth sacrificing sleep to wake up before all the other birds in the morning. Those decisions are economics. If there were no scarcity, you could have everything you want right now. You wouldn't have to make hard decisions or trade-offs. But in the real world, there is scarcity, and because there is scarcity, we have economics, the study of how individuals, firms, and entire nations deal with the limitations imposed by scarcity to prioritize and allocated limited income, time, and resources.
The opportunity cost of doing this article is that I could have spent my time doing something else. However, I would not have learned about how economics affects your daily life. Understanding what I have given up in order to do or buy something is another important economic concept, as it helps me make better choices. In the subject of economic, I have learnt the word “scarcity”. A resource is considered scarce when its availability is not enough to meet its demand. Life is beset with scarcity and unfulfilled wishes. Scarcity forces us to choose, but what choices are best? Every choice to pursue one goal is a choice to sacrifice another. For example, time is scarce. In this fast pace society, everyone want fast and efficient....
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