Think about the last time you took a series of tests in a short period of...

Think about the last time you took a series of tests in a short period of time (high school or college finals work here). How did you decide how much time to spend studying for each subject? How might the study of economics help you make that allocation decision in the future? ( Employ marginal analysis as discussed in chapter 1 and the Expanded Discussion under the "Chapter 1" tab.)

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Expert Solution

As how much time you give on particular subject depends on your previous knowledge on it. Suppose you are well good in one subject and week in others then you will give less time to former one and more time to latter one. as economic concept of marginal analysis says additional benefit you gain compared to additional cost incurred by same activity, in this example if you continue study your well known subject than you are doing it at a cost of other subject in which you are week.

economics help you to make better decision as greater choice available to person, he will able to make wise decision. If you know price of some product get low in future, you will wait till that time. economic system help you to understand how money system work due to this one able to make profit in future by knowing how financial market work, how interest rate work etc. economics help in our daily life if you able to understand economic principle you will able to understand how to save money.

By knowing how international trade work and how tariff affect, one able to make purchases in domestic market when prices are low here and discourage import if price higher. Hence economics is useful in our daily life.

Rahul Sunny answered 1 year ago

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