The Economics of a Student’s Life

The Economics of a Student’s Life

Posted on February 14, 2016 by Audrey Brown

Introduction

Economics is an interesting subject and the application of economic concepts and theories in the day to day life makes it even more interesting. After getting the high school passed, the most of the students get confused as to which subject to choose to pursue higher studies. It becomes difficult for the economics assignment experts also to advise the students regarding subjects to be chosen for higher studies. However, this difficulty could be curtailed to some extent by explaining to the students, the application of economic theories in the day to day life. In this essence, assignment help on economics coursework has been extended through this write up.

Supply and demand chart drawn on a blackboard.

The Economics of a Student’s Life

Understanding the application of economics in the day to day life is exciting as well as useful for the students as it helps in managing and bringing effectiveness in the work. The microeconomics assignments reveal that aspects of macroeconomics such as inflation, gross domestic product, income levels, and employment rate affect everyone in life in some or other way. The inflation affects the exchange power of the currency while the unemployment rate is the concern of the youth of the country. Thus, it is important to understand the concept of macro economics for all. Other than the crucial aspects of macroeconomics, the other economics concept also applies in the day to day life. The most prominent examples of economics in the day to day life are as under:

Buying Goods

Help with economics assignment reveals that in buying the goods for consumption or use in the day to day life, the consumers apply common sense that the highest satisfaction is received by incurring lowest cost. This common sense of the consumers that they have to apply in day to day life is termed as the theory of marginal utility in economics. Thus, the concepts of the marginal utility theory could be observed to be applicable everywhere either its eating at a restaurant or buying vegetables from the market. For example, suppose a student has $15 in his pocket. He is quite hungry and thinks of eating a pizza in a restaurant. He has two options, either to eat pizza, which costs $12 or eat burger which cost $10. But the problem is that he needs to have $5 in his pocket after taking some meal to get home back. In this case applying the concept of marginal utility, the student will choose to eat burger instead of pizza because after spending on burger he would have sufficient balance to get home back. Thus, here the marginal utility of getting home back is more than eating pizza.

Analyzing Market

Microeconomics homework providers, state that market with respect to demand and supply is crucial in taking decisions as to purchase of vegetables. The consumers, who are aware of the demand and supply in the market and knows the application of the demand and supply in estimating prices, would be able to make prudent decisions in the day to day life. Further, the consumers also apply the concepts of economics in recognizing the false and manipulative marketing strategies of the firms, which helps them to maximize the utility of spending.

Budgeting

Budgeting is needed to control the expenditure of not only a business, but also in the day to day life. A house wife’s budget involves an estimation of the expenditure on the grocery, education fees, and other allied expenses with the estimation of the monthly income. A student’s budget may involve estimating expenditure on the school fees, stationary, and pocket money expenses. Thus, the concept of economics related to budgeting is effectively applicable in the day to day life also. Additionally, the other concepts of economics, such as the cost benefit analysis and the opportunity cost also apply to the student’s life. The cost benefit analysis is applied in evaluating the costs and benefits associated with an alternative prior to going for it. The opportunity cost refers to the value of opportunity lost on the next best alternative, for example, a student pursuing graduation degree in economics gets an offer of a job that pays $10,000, but due to time constraint, this job can not be taken up. Now in this case, the $10,000 lost due to non acceptance of the job is the opportunity cost for this student.

Summary

Addressing the topic, “Economics of a student’s life”, this paper provides help with economics homework to the students pursuing study in economics. With the help of examples, this paper explores the use of economic concepts in the day to day life of a student. As per the discussion in this paper, the concepts of economics are applied in analyzing the markets and buying goods for daily use. The most crucial economic concepts that are applied in day to day life are the cost benefit analysis, opportunity cost analysis, and budgeting.