Economic and Its Application in Real Ilfe

Economics and its application in real life
When it comes to the question about what economics is, it often raises some controversy and confusion for the reason that it is one of the youngest sciences known to man that emerged during last several decades.1 economics, however, is different from any other sciences. The existence of economics as a distinct science can be traced back to the discovery that there is a regularity which can be predicted to the interaction of people in society, and this regularity in not planned by anyone.1 Many scholars have made great contributions to perfect the definition of economics. Bhekuzulu explains that economics examines how to make choices well and studies the allocation of limited resources in response to unlimited wants. Ludwig Von Mises, an Austrian School economist, once noticing that economics is universally valid and plainly human. He also determines the nature of economics is based on his human action theory.
It is not the first time I ever touch the word “economics”, it seems to be a word that we encounter frequently in our daily life and helps us to make decisions. It is so familiar since we are in an integrated world. But still, I found it is very hard to define this specific subject. From my own perspective, it’s about how the whole society distribute the wealth and property so as to maintain the total balance. Simply speaking, economics is the study of choice and how society manages its scarce resources. To be more precise, it’s a study of how respective individuals and the whole society choose to use the limited resources in order to satisfy people’s unlimited demands. Economics seems very abstract at first, but as the study in-depth, I gradually have a deeper understanding of economics and how we could apply these theories in our daily life. After having an idea of what economics is, I will elaborate more on what economics impact is and how to apply economics in my everyday life.
One of the benefits of studying...