position paper
For my own opinion, Why is it important economics in my life, it because economics is basically the study of scarcity of resources and their allocation in society. Everyday life is a never ending competition for scarce resources. For example you need to earn money a scarce resource, for which you provide labor another scarce resource so you can afford to purchase all the things you need in order to live vehicle, gas, home, food, clothing, all scarce resources at the lowest price you can find. And also, 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. 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. 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.