Economics appear in your life more often than you think.
Economics appear in your life more often than you think. Economics is about decision making. Economics is a study on how to provide for everyone’s wants and needs. Economics is about trade and production. Economics teaches us to be rich. These definitions are often used to describe the social science or branch of knowledge called Economics. Based on the Oxford dictionary, Economics is a branch of knowledge concerned in production, consumption and transfer of wealth. I first learned about economics when I was in grade 9, and I thought it was really boring, but in the long run I knew that economics can help me become a better person. In this article, I will show you 3 concepts you can use in our day to day lives. In economics, there is a concept called opportunity cost. This concept is mostly used in decision making. Opportunity cost is profit lost when one alternative is selected over another. It is something that we've given up over another product or service. There are two types