Essay on Economics and My Daily Life

1232 Words Apr 25th, 2013 5 Pages
Economics and My Daily life
Stevens-Henager College

Economics is a daily part of our lives I will be discussing how certain areas of economics affects my life these will include principles 2, 4 and 5of economics. I will discuss how supply and demand and consumer surplus are used in most areas of my life. My Economics class has given me a better understanding of how important economics is to our daily lives.

How Economics is used in my daily life There are 10 principles of economics and all of them are used in our lives but for the purpose of this paper I will be discussing how three are used in mine.
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Our parents offer us dessert if we eat all our dinner; our bosses offer us a bonus if we meet our quarterly goal. We even feel obligated to provide incentives to our friends and family. My sister needed a ride to work for a few days, and so she gave me a gift card for a manicure. I asked my good friend to dog-sit for me, and I took her dinner and a movie to say thank-you. We also get incentives on the economic side. I receive coupons on a daily basis from businesses. I consider these incentives for coming into their place of business. Many times a coupon will entice me into a place I never would have gone.
Principle 5- Trade can make everyone better off “Countries as well as families benefit from the ability to trade with one another. Trade allows countries to specialize in what they do best and to enjoy a greater variety of goods and services.” (Cleverley, Song, & Cleverley, 2011) When I think about trade I do not think of it on a global level. I think about how it affects me and what I need. I have a group of friends that started a trade circle because we were all so tired of spending money on things that we only needed for a small amount of time yet they were still in good shape such as, baby clothes, decorations, books, Etc. If I have a book that I no longer need I can trade it for a different one or even trade it for something else. Now this benefits me and my

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