Importance Of Economics In Our Daily Life

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Economics is a social science which deals with the goods and services and their overall life cycle. There is a direct impact that this has on the overall working and the everyday lives of individuals. For instance the overall needs and desires of individuals is covered by the innovation and finance. These are used as a means to effectively provide the needed products and services to the public. Hence it is important to note that economics has a direct impact on the overall lives of individuals and there is a need to understand these in order to be able to run businesses more successfully.
The concepts of supply and demand is among the basics of all daily activities and this can have a direct impact on the overall wallets of people. In our everyday lives when we buy any product and we make any …show more content…

Salaries are dependent on jobs and jobs are dependent on economics. When a country has a number of organizations, there will be a higher demand for employees, and hence there will be more jobs. However in case there are less companies, there is also a lesser need for employees, i.e. lesser jobs. There are also situations when companies need more people, however the resources are less, hence this would impact the salary to a great extent, and would allow people to earn much more. Also when companies tend to earn more, and make profits, there is a higher chance that this is shared with the employees. Again this is a form of income for the employees as this would come in as bonus, salaries, wages, etc. However in the opposite case in case the employees available for work are more and the employers are less, then there is a case of severe unemployment. Hence the salaries will be low, as well as the overall jb security woiuld also be low. Here the basic concepts of economics apply, i.e. demand and supply, money supply, profit and

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