Our resources are limited (scarcity of resources). But our needs and wants are unlimited. So, how we can fullfill as much wants and needs as possible with that limited resources? We have to prioritise the needs and wants, to allocate the recourses and use them the most efficient way. So, it's about efficiency.
Let's say, your income. Your income is not unlimited. With that limited income, you want to buy a lot of things. You have to choose what product to buy, at which price and how much quantity. Now, let's say that you have 13 last dollars in your pocket. With that money you can either buy a ticket for a movie or buy beers and pizzas and watch the TV-show. What you do is what gives you more pleasure, or, as we say, what maximize your utility. You make an economic choice.
Also, economics is about your income itself. The level of your income depends on the overall status of the economy. For example, if we have a recession, then the income (for most of us) will be less. If we have growth, then the income will rise. If we have growth, then I would have a job. If we have recession, then I might be unemployed. As you can see, economics affects almost everything.
Economics is about freedom, as well: in our economy, you're free to do what you want (economically speaking), because the market itself will decide what to produce and how to produce. In order to do what you want (let's say, to buy what you want at the quantity you want), you have to have the money. So, another factor of economics that affects your everyday life is the distribution of the total income.
how can you apply economics in daily or weekly allowance
media can change our daily lives in different ways.
daily or weekly allowance
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There are three aspects of economics. They are utility (wants that satisfy power), scarcity (goods and services possess value when they combine utility with scarcity), and producers and consumers (most people play the roles of both producer and consumer in their daily lives).
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how does science affect our daily living
Using beatitudes affect your daily lives because they help you through each and every day.
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by dancing
There are many of factors like the income we get that affect our daily lives.
to learn something
In complete sentences, answer this question: How did the status of government official affect the daily lives of people in this social class?
In complete sentences, answer this question: How did the status of government official affect the daily lives of people in this social class?
It affected their daily lives by the heat and that they will die
Imagination plays a crucial role in daily life by allowing us to problem-solve, think creatively, and make decisions. It helps us envision possibilities and outcomes, sparking innovation and personal growth. By tapping into our imagination, we can enhance our perception of the world around us and find inspiration in everyday experiences.