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Economics Related to Life

The Ten Principles of Economics breaks down into three main sections: “How People Make Decisions, How he Economy Works as a Whole, and How People Interact” (Slumbers, 2006). One of the specific principles is “People Face Tradeoffs” which implies “to get one thing you have to give up something else. Making decisions re quires trading off one goal against another” (Callbacks, 2006). I feel that this principle fits my life because I decided to go back to college to be able to get further in my career. In making this decision I had to give up some time with my daughter.

Although, I am bettering both of our futures, I am also giving up quality time with her. Instead of coming home to spend the rest of the night with her, I am spending it fifty/fifty between her and school. In this sense I am falling into the “people face tradeoffs” principle. The law of supply and demand states that it is “a theory explaining the interaction between the supply of a resource and the demand for that resource” (“Law of Supply and Demand”). “The economic theory suggests that as demand increases, sellers will be able to increase prices of scarce

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products” (Pepper, 2008).

This effects people during he holiday season because people are demanding more of a product so they are willing to pay more to get a gift for someone. Around the holidays sellers also stock up on items to ensure when prices are lowered or raised people will be in such demand for items that they will buy more than not. This applies to me and my family because during the holidays I prepare to spend and buy more than I would in the off season. In the effect of supply and demand I have an expectation for sellers to be able to supply my demands.

While a lot of retailers prepare for the holiday season in advance they also have an expectation for customers to buy more. Every person and business experiences some sort of consumer surplus daily. Consumer surplus “is a measure of the welfare that people gain from consuming goods and services” (Riley, 2012). This says that there is a minimum amount that people want to pay or give up, but they will be receiving a much better outcome. Focusing on getting a college education can even be a part of consumer surplus. For most people, the benefits of receiving a college education far outweigh the costs” (“Example of Calculating Consumer Surplus.. “). Many people decide not to go to college based simply on the high cost without seeing the final opportunity. After deciding to go back to college myself, I realized I was a part of consumer surplus. I had a set price I was willing to Economics Related to Life By crusty With putting thought into what my benefit would be in the end, I decided to extend my willingness to pay. My college degree will eventually add up to more than I have paid out of pocket to receive it.

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