3 months experience in Economics

3 months experience in Economics

Realizing about the economic theories in our day to day life was a new experience altogether. Right from the start of the day, we get surrounded by economic theories. Waking up early in the morning and going to the bathroom to brush our teeth, we realize that we have already started hating the toothpaste after 2 weeks, unknowingly being unaware of the diminishing marginal utility. Similarly when we walk out of our hostel to have dinner outside the campus, looking for a delightful and satisfying eating experience, we are unaware of the principle of economics, that is, opportunity cost, where we’re looking up to sacrifice the next best alternative to attain the best out of the choices. We don’t have to go too far to find such examples, our life is completely surrounded with economic concepts, theories and principles. Inculcating the basic knowledge of economics and applying it into real life examples made it a lot more clear on how economics affects and relates to each and every step of our lives and how it binds its concept with our surroundings.