Economics of Daily Life

Topics: Supply and demand, Microeconomics, Money Pages: 3 (1232 words) Published: July 5, 2013
Economics of Daily Life
Leah Hand
Stevens-Henager College

Economics of Daily Life
Economics is a study of how society manages its scarce resources. The literal translation for economy is “one who manages a household.” “In an increasingly complex world connected by social and economic interaction and interdependence, news of stock market fluctuations, consumer confidence scores, and various economic indicators fill the media” (Broome & Preston-Grimes, 2011). This means that economics is everywhere, even in a home. Every household makes decisions that follow the economic principles. There are tradeoffs, and incentives. Supply and demand regularly show up in a household setting, as do decisions regarding limits on price and time. I am a single mom and the science of economics is a daily occurrence, at the grocery store, while doing homework, and in my choice of home and bills. Economics is an inevitable part of most people’s daily lives. It occurs in every facet of home, work, and school. There are ten principles to economics. They are the decisions that need to be made in regards to the jobs that need to be done, and the management of the resources that will allow the necessities to be provided. One of the principles that occur most in my daily life is tradeoffs. Tradeoffs occur when a person has to choose between one thing and another, forgoing one desirable option, for the more beneficial, sometimes undesired option. In a study done in 2011, a Montessori middle school set up a school store. Some of the students just ran the store, some of them bought items to sell, and others made things to sell in the store. The kids that ran the store did so as a trade-off of playing at their lunch or hanging out with their friends. Sam was one of the students who chose to make something to sell in the store. Sam traded his time on Sunday to make pretzel bites to sell, instead of doing something else of his own desire. Tradeoffs are common in my life, as I am a...

Cited: Broome, J. P., & Preston-Grimes, P. (2011). Open for business: Learning econimics through social interaction in a student-operated store. Journal of Social Studies Research, 39-55.
Mankiw, N. G. (2007). Essentials of economics (4th ed.). South-Western.
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