Learnings !!!

When we say about economics what comes to our mind? Micro or Macro Economics or may be its definition that “economics is a branch of knowledge concerned with production, consumption and transfer of wealth.

Economics for me was same only - just a subject to be studied. But it was in trimester one that I actually learned to apply the economics concepts to the real world, “the world around us”. You name it and economics is there – I have had dinner in Barbeque nation multiple times, I have even gone to amusement parks during special offers, but it is now that I have realised that all these works on the basis of our Diminishing Marginal Utility.

During shopping I used to get so much confused while buying clothes/other items, then I used to sit around and resolve the confusion of which one to buy – This also relates to the economic principal of “Trade-offs” and “Net Benefit analysis”.

I often went to watch the circus but never thought about the mobility of inputs concept related to elasticity of Supply behind the movement of circus artists from one city to another. I have even had friends who have participated in talent hunt shows and I often imagined what made them get so attracted towards such shows. Now after completing trimester 1 I know how people respond to incentives and this itself was the reason behind all the young talents getting attracted to talent hunt shows – as the money they generated after becoming super stars was enormous.

Surprised by economics all around??? aren’t you .. So was I but now I know how does the world revolve around economics and how these many years I have overlooked the same.
So don't just sit around..but analayse everything... as you never no ..when and where, which economics concept may surprise you.