Making Choices

I have a choice not to write this blog and to not take the time to put my thoughts to use. But I fear the consequences. Consequences that go beyond just a bad grade on my report card. And that fear drives me to do what I am supposed to do or won't do. Everything we do is an example of economics.

My personal choices affect my future and could affect those around me. If i decide to drink and drive, for example, I would put my life in danger and the other people on the road as well as face prison time. This is micro economics; a study of choices by individuals. And people everywhere are making choices that represent their intent to do something. One similar idea is called the Butterfly Effect, small changes can have large consequences. In the same way, the way our government goes can determine a lot of things.   

People respond to incentives. In order to get what they want, they will change their actions/ behavior to attain those things, and therefore achieve their goal. It could be a good or bad goal that changes the way something happens. Choices concerning the will and rights of America are the most crucial for our well-being. When the topic of economics was brought to my attention I began to think of money and finances that our country is in charge of; which isn't exactly wrong, but there is a much broader definition of my blog subject. From the definition of an economic website, it claims to be "the study of scarcity, the study of how people use resources, or the study of decision making."  It helps us portray historical trends and understand today's headlines. Economics can also make predictions for near decades.

Economics has an impact in every one of our lives because when you get back to the core of it, it lies on choices. The main parts of economics are based on scarcity, supply and demand, costs and benefit, intensives. An example would be gas prices. When there is a low supply, prices rise, and people have to plan on saving and using gas wisely. Or even the  "Hmmmm, should I drive that extra 15 miles just to get 50 cents cheaper gas." Of course that may not be a burden to some people and they could go to the most expensive place in town. See, decisions decisions.We thrive on using our minds, or whatever is up there, to create saving and spending arrangements.

"The world is wide with choices, so the field of economics is wide with theories, laws and concepts that explore those choices." We have to work with what we are given, that could go well or not so great. Over many years of developing our economy, we have set courses and experienced things that help us make our decisions. The chances of the average American not paying attention to our economy may seem high. But understanding the fundamentals creates a much more secure mindset of what goes on in the United States.