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How Economics Have Changed My Life
They say that if you look at it things closely, you will see the essence of economics going about its daily routine. Indeed, from the man buying his morning coffee to the woman calling for a cab, the economic system is all around us. Not many people notice it (or are just apathetic about it). But surely, it's everywhere. Day and night - it never stops. The moment the sun sets in one part of the world, money starts circulating on the opposite side. The buying and selling of goods begins. Services now continue with their proceedings and processes. And infrastructure construction resumes. Truly, depending on how one views his or her own surroundings, one will be able to see the active nature of economics.
Economics, in the simplest sense, refers to the study of the production, distribution and consumption of goods and services.
As a field of study, economics aims to comprehend the daily processes of the subjects mentioned. As such, the study of economics helps people understand the never ending activity of economics within their daily lives.
Apart from the study of the production, distribution and consumption of goods and services, probably one of the most important aspects of economics is the study or analysis of scarcity. Scarcity, in the economic sense, means the availability (or unavailability) of resources (insufficient) that are used to satisfy the needs and wants of the populace. As what the late Lionel Robbins - a British Economist of the late 20th century - had claimed, "Economics is the Science which studies human behavior as a relationship between ends and scarce means which have alternative uses." Using Robbins' definition, it can be deduced that the study of economics is the study of man's...