Economics is something that can be applied to our daily lives.

Economics can be
defined as a social science that studies how society manages it scarce resources.
Economics can be viewed as a social science because it uses scientific method to build
theories that can explain the behavior of individuals, groups and or organizations. After
taking this macroeconomics course, it became quite evident that everyone is affected in
some way by macroeconomic issues such as inflation and unemployment. I can easily
relate to one of these issues. On June 15th, 2017, a company that I had been working
for, for a while decided to file bankruptcy, everyone that worked for that company was laid
off abruptly including myself. Sometimes in life we are faced with unexpected problematic
issues, but life goes on, so we just must pick up the pieces and keep going. Throughout
this paper I will be applying economics to my everyday life through personal
experiences and or situations. I will discuss things like opportunity cost, how people
respond to incentives and more. To get things started I would like to start off by
demonstrating how real-world economics can be applied by using two different types of
statements. Positive statements which are statements that can be verified and known to
be factual. An example of this would be “The falling price of crude oil on world markets
will lead to a fall in demand for fuel efficient cars. On the other hand, there is normative
statements, which are subjective statements that carry judgment on the way something
should be. This is very much so relatable in the real-world. I can think of many times I
have made normative statements. I remember when gas prices where a little over a
dollar, now that time has progressed, and things have changed gas prices have become
extremely ridiculous compared to how they use to be. “Gas prices should be decreased
drastically to accommodate those whom cannot afford the current gas prices. I say this
to say this would make things much easier because it would benefit me personally.
Throughout the semester there were a tremendous number of things discussed in
Economics. I believe that as a college student I am very fortunate to have taken this
course because it has taught me alot about things that may be essential to everyday
life. Looking back on a lot of the issues we face in the economy, I realized that these are
things that I have experienced or may experience in the near future. The other day I woke
up and I was very hungry. I mean I was so hungry I could have eaten like 200
hamburgers, well that’s at least that’s what I felt like in that moment.

 productivity growth is lower and concerns have arisen over secular stagnation; monetary policy
has been affected by the zero lower bound and changes in the financial sector; activist fiscal
policy seems to have fallen out of favor, and changes in the energy industry may have altered
the relationship between the economy and the price of oil. The result is that some of the
answers to policy issues are now different because the problems of today were not evident 50
years ago.