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Principles of Economics Essay

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Buying a new home can either be an exciting experience in someones life, or can be a major heache with serious consequences. I was fortunate enough to get a house the a VA loan, and the process was somewhat more simple, because I did not have to do the majority of tasks by myself. I advise all of my friends and family, or whomever wants to purchase a home to consider many factors before making that decsions. Principles of economics plays a vital role in the decision making process when wanting to purchase a home. At the time, when I bought my house I didn’t know this but now since I am more knowledgeable on the economical principles, I realized I was applying all these steps unintentionally. Overall buying my home, was a major decision, and I know realize the consequences if not considering factors such as the economy, marginal cost and benfits, or even the right timeing of the supply and demand.
Principles of Economics
The principles of economics are what consumers use on a regular basis when dealing with trade, cost, products and services. This relates to my purchase decision when I bought my house because every principle neeed to be considered. Here is how for example considering people face trade offs. This principle is based on giving up something else to get one thing. In this particular case, I sold one of my vehicles to help me make the down payment on my home. This to me was a sacrifice.
Another principle that applied to me was the cost of something is what you give up to get it. I felt that buy selling my vehicle was a daring sacrifice, but I really wanted a home so, I sold my vehicle so my family and I could have more space and better living conditions. Then last but not least is the principle of people responding...


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... to purchase any item, and if done at the correct time, can produce excellent results. One thing I have learned in taking this ecomomics course is that the economy is the brain of the world. This is how investors get rich, businesses profit, and cosumers can purchase the products and services they deserve. A great ecomonmy allows more opportunities to make better purchasing decisions.








Works Cited

Investopedia. (2011). Marginal Benefit and Marginal Cost. Retrieved from http://www.investopedia.com/study-guide/cfa-exam/level-1/microeconomics/cfa5.asp
Marginal Costs & Benefits. Goldline International, 29 Mar. 2008. Web. 6 Mar. 2011. .

Shah, A. (2011, January 2). In Trade, Economy, & Related Issues. Retrieved March 6, 2011, from http://www.globalissues.org/issue/1/trade-economy-related-issues





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