Economics Essay

610 Words3 Pages
The thing that I really like in economics is that the knowledge that you can obtain from it can be use in your daily life. It is true that some of the concepts in economics can be understood better by using graphs or models but most of the things that I learned from it can be simply observed in an ordinary place if you will just be observant. In fact, we are already applying some of its concepts even if we don’t have any background of it. It is applied by everyone. For example, a vendor in a market place knows already some of the things that I learned about the law of supply and demand. If he unreasonably increases the price of his goods, then he will have fewer costumers. Thus, by knowing what would be the outcome of this action, he will adjust his price until it is already equal to the equilibrium price. Another thing that I like in economics is the concept about opportunity cost. It really helped me to think twice before I do something. Now I know that every action that I take has consequences. Thus, I am now more careful in my actions. For example, I am usually tempted before not to do my homework and just watch TV or surf the internet. But by knowing about the opportunity cost, I now weigh the consequences of my actions and realized that the cost of not doing my homework is much greater than doing it. So, I can say that economics helped me to be a better person. Lastly, I like economics because it helped me to understand how our economic world works. Before, there are things that I really don’t understand. For example, I can’t figure out before why the government doesn’t prints a lot of money even if we are having trouble with our economy or why our country is poor. Now, I already have the answers to these questions that bothered me for years. I discovered that printing too much money will cause inflation and our country is poor partly because of the

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