Economics appear in your life more often than you think. Economics is about decision making. Economics is a study on how to provide for everyone’s wants and needs. Economics is about trade and production. Economics teaches us to be rich. These definitions are often used to describe the social science or branch of knowledge called Economics. Based on the Oxford dictionary, Economics is a branch of knowledge concerned in production, consumption and transfer of wealth. I first learned about economics when I was in grade 9, and I thought it was really boring, but in the long run I knew that economics can help me become a better person. In this article, I will show you 3 concepts you can use in our day to day lives. In economics, there is a concept called opportunity cost. This concept is mostly used in decision making. Opportunity cost is profit lost when one alternative is selected over another. It is something that we've given up over another product or service. There are two types of opportunity cost. Explicit cost is the out of the pocket cost and implicit cost is the indirect opportunity cost. Here's a tip for you: explicit is external money you will lose and internal is the indirect money that could be lost. We can use this concept in making decisions in life that involves money. For example, you are invited to a party of a friend, but you have work to attend to. If you choose to go, you will lose $100 in your salary. That $100 is the implicit cost, and if you will be attending the birthday party, you will bring a gift. The money you would use to buy the gift is the explicit opportunity cost. Whatever decision you make will always have an opportunity cost, so make sure that the benefits outweigh the cost. Remember the time when you were so hungry and told yourself that you could eat a 12 inch pizza on your own? When you had the first slice of pizza, it was like the most delicious pizza you've ever had! But as you eat more slices, your satisfaction decreases. This decrease in satisfaction is called The Law of Diminishing Marginal Utility. Marginal means increasing and utility means satisfaction. The law means having more gives you less satisfaction. This law can be seen in restaurants. Those eat all can promos or those amusement park's ride all you can promos or anything that has the "all you can" word. In these kinds of unlimited promos, you don't really last long because according to the law, having more gives you less satisfaction. Here's another tip: You don't need to be an economist to help boost your country's economy. Scott Wolla, an economist in the Federal Reserve in St Louis said that "The purchase of domestic goods and services increases GDP because it increases domestic production, but the purchase of imported goods and services has no direct impact on GDP." The GDP formula subtracts the imports to the total GDP. It is quite complicated so I'm not going to explain it anymore. If you are interested, you can check his full essay entitled "How do imports affect GDP?" in the St Louis Fed website. Having this said, I encourage you to support your country's local businesses. As it will both support the local businesses and also the overall economy. That's it folks. Those are some economic concepts that are applicable in day to day lives. I hope you learned something that you could use or share with your friends. 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