"Economics" is very deep and vast as a theory but very interesting when applied practically to real life situations. In our first trimester, we have studied microeconomics which involves study about how consumer behaves in taking buying decisions and about resources and households. Microeconomics includes various concepts, principles and laws which we can easily relate to our daily life situations. Learing with examples is the best way to get proper knowledge of a subject.
When we talk about our eating patterns or our buying decisions, all these things shows one or the other concept or principle of economics. Before choosing this college, we did trade off between other colleges and IBA. When in first week of our college, we enjoyed our mess food. But now after 3 months,with the repeatation of the food, our marginal utility has diminished and we don't like to eat the mess food. How we eat outside in restaurants more often instead of mess food when we are given more pocket money shows income effect. So, in this way, there are many examples that we can see in our own life which involves an economic concept.
Earlier I had just studied the economics concepts and could have only imagined that how these concepts works. But studying economics with real life examples, made me understand this subject very well. I won't say that I have understood everything about the subject but can definitely say that I have gained good amount of knowledge of economics now.
The idea of writing blogs every week made all of us apply our brains to find out real life examples or examples from our own life. This has improved our thinking and understanding of a topic. With this kind of learning through examples and cases, our minds gets open up and ability to understand a concept develps.
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