Conceptual Learning from Economics & Applying them in Real Life

Economics in general a very vast concept through which we can apply it in every aspect of our life. Before knowing the subject nobody can see that how it is related to every incident/aspect of our life and when in general applies those concepts in our day to day life. In the real life scenario when we merge our life scenario with the concepts of economics & then come to know about economics that it applies in our daily life.

Basically, Micro Economics which gives us every concept that we prevail in our life, like people respond to incentives is the concept which everyone in the world somehow prevail. For example, if we see the offer of buy 1 get 1 free in anywhere we usually tend towards the offer. Then the concept of Diminishing Marginal Utility we apply but we don’t know that we apply before knowing about the subject, suppose for food its best suits, the food we like the most we usually consume it more, then a stage come from where we cannot consume it more so from where the concept of economics come into force, I came to know after knowing Economics.

And we can take one more example of budget line concept, see we as a student is very familiar with this concept although we don’t know before that we apply this concept. Usually, what happens we have limited income which is in the form of pocket money which we get from our parents, so we have to plan our expenditure accordingly so since the income is limited we have to spend limited amount in the goods or services we use to meet our requirement. If we consume more of a product we have to sacrifice other product & here one more concept applies i.e. Opportunity Cost.

Lastly, I would say that economics gives concept which we apply in our day to day life and prevail those maximum number of time. So after learning some concepts of economics I still say some because as a student, I have to know more about it & I can say that economics applies in every aspect of our life.