In what ways can you APPY ECONOMICS IN YOUR DAILY LIFE?
Answer:
You apply economics to your everyday life without even knowing it.
Consider marginal benefit. You might pay $5 for a glass of water after mowing your yard on a hot day. However, by the third and fourth glass, water may not hold any practical value for you any more, and someone may not be able to give you a glass of it.
Econ 101...marginal cost vs. marginal benefit. We do it every day.
we are using everyday. you are getting a product cheap because of mass production(economies of scale),you are paying tax according to marginal utility concept and everyday ur fashion changes due to MU concept.you can't move here and there for work and employment. this is based on less mobility of labor concept.you are living in a imperfect competition etc..etc...so it is inseparable from ordinary life.
read The Undercover Economist
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