Understandings on economics in the span of few months
Started studying
economics after coming to IBA was quiet interesting. Knowing each concept and
relating them to real life was really fun. The real surprise was Midterm
question paper. Why circus artists/performers perform in different cities, why
hotels provide more items in the menu, why more number of male and female go
for fashion as a career. Need to find the economic concept for all this, there I
came to know what I was studying was not the real way, economics should be
really related to real life whatever we do and see as some kind of economic
concept hiding in it.
So, I started
comparing my past life and present life with economic concept, I was working in
a IT park where almost 50 companies working there, that is economies of
agglomeration. After continuously having food from college mess, I personally
understood what is diminishing marginal utility. While working in Onam, I had
to go out for procurement of various food items, where I bought the items in
bulk and came to realize that the cost of items gets reduced if purchased in
big quantity, which is economies of scale.
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