Economics : An Essential Part Of The World Essay

Economics : An Essential Part Of The World Essay

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When it comes to financial planning, economics plays a major factor in people’s personal finances in many ways, it is an essential part of the world we live in today. When you buy gas, or shop for groceries, plan a vacation, economics is at the core of those choices. So why does economics play such a vital role, what is the driving force behind this? In its simplest form, it’s based on choice. We will look at a few factors that impacts financial planning and the economy, including the use of credit, and how the government affects the economy.
Consumers make choices every day that affect the economy we live in, and in return these choices impact one’s personal finances. Take for instance, buying clothing at retail establishment that is trending, if it is a popular brand, costs will be higher. This in turn affects one’s personal financial choice to spend more money than they would if they purchased clothing at an outlet store. When a product is trending by populous, it costs increases, thus stimulating the economy in that product’s area. Take for example at the fashion industry and how...

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