Identify your top three takeaways from the Economics and how you’ll leverage them to make good...

Identify your top three takeaways from the Economics and how you’ll leverage them to make good decisions.

You can consider these questions as you reflect on your learning in this course:

What did you learn that will help you make better decisions?
What will you do differently at work or in your personal life as a result of being able to apply economic principles to your decision making?
What advice would you give to someone who is just starting to learn about the principles of economics?

Expert Solution

We have scarce resources attached with us in this economy. If we have anything in abundance we will demand more of it. Once we use any resource in extra that too will become scarce. So we have to be cautious while picking up the good we wants to consume. We have to measure the utility level which each good provides us and the good giving us maximum utility should be chosen among all. Economics taught me to make right decision by trading off between them. By trading off, one can pick the best possible outcome for them by valuing the goods among them, by calculating the utility level of goods, by finding opportunity cost if we do not pick a good and chooses any other good over it. If opportunity cost > benefit of choosen good, i change my decision and choose the second good. So by all means of selecting a product among many, i apply my knowledge of economics.
I already discussed how i make the rational choices. Take an example of work, if i have one job opportunities to work upon which decides my future and one business opportunity. I will apply my theories in this practical world and make judgement based on it. I will think about the explicit/implicit cost in the business and figure out the pros and cons of both of them and finding opportunity cost of both job and business. As there is limited time which i can give to, so i pick one among them. Take another example of personal life where i go the market and i have options among buying shoes or clothes. As i have limited money with me (which is here scarce resource), i have to pick one of them. I will pick the good of which i have urgent requirement and reject other.
I will advice that if you are in your initial phase of learning, you must understand the concepts. I love economics as it is a dynamic subject, theories of which can be applied to real world. Real economic world changes every second and impact every other economy.

Rahul Sunny answered 2 years ago

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