Introducing 

Prezi AI.

Your new presentation assistant.

Refine, enhance, and tailor your content, source relevant images, and edit visuals quicker than ever before.

Loading…
Transcript

How Economics Affects Our Daily Lives

What is Economics?

Economics is defined as a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of well being. Thus it is on one side a study of wealth; and on the other, and more important side, a part of the study of man. Economics is not just a study about the economy of country, inflation rate or stock market but a study of humans every day lives.

Choice

Economics is about choice, all kinds of choice. We are making economic choice about marriage or single, sick or healthy and even life or death. We have to decide whether catching that worm is worth sacrificing sleep to wake up before all the other birds in the morning. Those decisions are economics. Every single day people make choices about what they are going to buy, sell, or do. Economics permeates in our daily lives as we decide "Oh, I want those shoes" or "I need that shirt." No matter where you go there will always be economic choice.

Wants V. Needs

Wants v

Needs

Every one on Earth has the same basic needs: food, water, and shelter. Everyone does not have the same wants and that's where individuality and economics comes in. You may want something really bad but it is not what you need. I think this is a very important concept in economics because it demonstrates how humans sometimes do things out of pure want.

Trade and interactions with other people

Trade

Whether or not you like it you interacting with people is essential in daily life. Our whole communities and markets are built of trade and interactions with other people. Without it their would be no growth as a society and no advancement in technology. Trade and interactions are the backbone of economics and it impacts our daily lives.

Scarcity

Without scarcity you wouldn't have to make hard decisions or trade-offs. But in the real world, there is scarcity, and because there is scarcity, we have economics, the study of how individuals, firms, and entire nations deal with the limitations imposed by scarcity to prioritize and allocated limited income, time, and resources. Scarcity drives the market and is used to set things like cost and decide who can get what. I think this is something that definitely impacts daily life because everyday people have to face scarcity in some form or another.

Scarcity

Future Consequences

Everything you do in life has an impact somewhere a long the line. Especially what you produce and consume. You might decide to go on a road trip. In the moment you might think there is no consequence until you get home and your insurance bill has gone up because you decided to go faster then the speed limit on your trip. Every thing you do has consequences good or bad and it's important to know how that affects daily life so that you can learn and grow from it.

Learn more about creating dynamic, engaging presentations with Prezi