Explain how economics is important in everyday life An
Answers
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Answer:
From an individual perspective, economics frames many choices we have to make about work, leisure, consumption and how much to save. Our lives are also influenced by macro-economic trends, such as inflation, interest rates and economic growth.
Explanation:
The opportunity costs we face in deciding what to buy – how to use time
How to maximise our economic utility and avoid behavioural bias
How the macro-economic – inflation, economic growth and employment prospects affect our living standards.
Individual markets like housing market can influence our standard of living.
Understanding issues like externalities. We may not like paying petrol tax, but if we see it helps to reduce pollution and congestion and the tax revenue is used to subsides public transport, it gives a different perspective
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