Economics is very important in the human lifespan. It is all around us like in school we have a checkbook and we have pay days and bills to pay and emergencies, they are all part of economics. There are goods and services, goods and services are, items that are tangible, such as pens, salt, shoes, hats and folders and Services are activities provided by other people, such as doctors, lawn care workers, dentists, barbers, waiters, or online servers.
Opportunity costs are fundamental costs in economics, and are used in computing cost benefit analysis of a project.
The checkbook has helped me realise how much money our parents spend on bills and everything, so I have a newfound respect for my parents.
What supply and demand are is,Demand refers to how much quantity of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price; the relationship between price and quantity demanded is known as the demand relationship. Supply represents how much the market can offer. The quantity supplied refers to the amount of a certain good producers are willing to supply when receiving a certain price. You should save for a rainy day because you could have nothing to do.
By: Reed Gruber