Many people find that when they study economics, it alters how they think about their own...

Many people find that when they study economics, it alters how they think about their own decisions, social and political issues, and the behavior of others. How Have the concepts of microeconomics altered how you view the world? What concepts have had the most significant effect on your views? What concepts have you found to be less relevant to you?

Expert Solution

Yes, Macroeconomics provides insight into how you as individuals can use your limited resources effectively and efficiently and maximize the profit out of it. There are various economic concepts such as the law of supply of demand, utility maximization, diminishing marginal utility, which we can use in our daily life to maximize personal satisfaction.

Concepts have the most significant effect on my views

Maximizing the utility: Here utility refers to satisfaction. So if we have resources, we have to utilize those resources in such a way, which can maximize the profit.

Law of demand: All the things being equal when the price of goods increases, then demand for that product decreases, and vice-versa. For example: If movie ticket prices decrease then demand for movies would increase and vice-versa.

Diminishing marginal utility: It describes that if you consume anything in heavy quantity, the lower satisfaction, you get from it. For example: When you consume a pizza, you may feel very happy and feel very satisfied but at the same time, if you eat another one, you may feel low utility as compared to the first one.

Every concept is having its own scope and objectives. So, it will be good if we do not categorize into most relevant and less relevant concepts.

Rahul Sunny answered 2 years ago

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