Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Importance of economics in our daily life
Importance of economics
Importance of economics
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Dr. Joshua Hall’s book, Homer Economicus: The Simpsons and Economics tells stories from the popular television series The Simpsons to show how economics are visible in everyday life. The popularity of the show helps portray different economic concepts in a new light that are relatable and easy to understand for all new economic readers. The book gives comedic examples of the most important economic principles to the most difficult economic principles, but truly helps every reader master the microeconomic fundamentals within a three part book. Part I focuses on economic decision making and how certain behaviors affect economic output and viability. Part II focuses on money, markets, and government and how much effect they have in economics. …show more content…
The economic way of thinking is not just about being able to understand economics and how they work, but how to apply it to everything around you. It’s understanding that “economics is about people, the choices they make, and the consequences of those choices (19).” In Chapter One, the Ten Basic Concepts are introduced and later discussed into further detail relating to specific Simpsons episodes. The Ten Basic Concepts as stated are “Scarcity Necessitates Choice, Opportunity Cost, Efficiency, Economizing, Comparative Advantage, Specialization and the Division of Labor, The Law of Demand, A Market is a Process, Exchange is Mutually Beneficial, and Wealth is What We Value (6-18).” Chapter Two discusses Adam Smith’s Invisible Hand Principle and how economizing and exchanging are critical aspects of human behavior. Chapter Three discusses incentives and the unintended consequences that …show more content…
Chapter Four basically covers the four fundamentals of money (widely valued, portable, divisible, and durable) and what makes the United States dollar acceptable. The chapter then goes into further detail of how “the ability of something to serve as money rests on individuals’ confidence that other individuals will accept it as a payment for goods and services (50)” and not in the government’s power. Chapters Five and Six focus on the profit scheming ways of Simpsons characters and the underlying concepts of entrepreneurship. The book goes on talking about Homers numerous fails of searching for profit opportunities and how that has affected his business ventures in a negative way. For example, in the episode “Lisa’s Rival” Homer and Bart find an overturned truck of sugar on the highway and plan to take it back to Springfield to sell to individuals. Since Homer obtained the sugar for free, he does not think that he incurs any costs in his entrepreneur scheme. However, Homer fails to consider the value of his time in the calculation of his costs and later realizes he lost $40 because he spent the day working on his sugar scheme rather than going to work and that he could possibly lose his job if he doesn’t show up the next day. This episode clearly shows the pros and cons of profits, opportunity costs, and entrepreneurship and that there will always be hidden costs to every endeavor. Chapter Six focuses
From classroom to a cocktail party, having knowledge in today’s economics is definitely an asset when it comes surviving in the world of business. Cocktail Party Economics, by Eveline Adomait, and Richard Maranta undeniably satisfies as an economic training book, helping you understand the concepts of basic economics. The book brings to light many theories and thoughts, which are explained in a certain way that help readers easily, compare and relate them to each other. During the first couple chapters of the book, the main theories presented are scarcity, value, opportunity cost, production, and absolute/comparative advantage. Believe it or not, all of these theories are relatable to Supply and Demand; the two concepts introduced in chapters six and seven.
Throughout The Odyssey, Odysseus’ power was gained through the power of others resulting in three phases of understanding: self-determination, courage, and having a greater vision in life. In order to understand these three phases, one must be able to conquer predominance from those less useful than others. Although Odysseus was physically strong, he was not who he was mentally, without the help and guidance through the gods. Odysseus was like one who has no friends, but when he meets up with more people, he becomes popular. One who was alone and meets new people, has more friends and finds out more interesting subjects about daily life. They are the ones who have more predominance than others because they know more people and have much more interesting subjects. Odysseus was like this because he didn’t know much without the help and guidance from others.
Brue, S. L., Flynn, S. M., & McConnell, C. R. (2011).Economics principles, problems and policies. (19 ed.). New
The sum of all human traits is defined as human nature, meaning the excuse for our vices, and the flaws of mortal life. In Homer's The Odyssey, the main character Odysseus demonstrates these flaws throughout his journey, constantly struggling through the eternal fight for realization of life and death, and is weighed down by the never ending power struggle of nature versus mankind.
21st Century Economics (Vol. 1, pp. 58-59. 163-172. Thousand Oaks, CA: Sage Reference.
In chapter 13, the great Odysseus finally returns home to his beloved Ithaca. The chapter begins with Odysseus and his newfound Phaeacian comrades returning the heralded king to his land before setting off themselves to Phaeacia, their home. While the good willed travelers made their way home, the gods up in Olympus plotted against their homecoming, as Poseidon, who was still angry at Odysseus, desired to punish those who aided in him in returning. Zeus helps Poseidon devise ways to punish the Phaeacians, until they decided it was best to destroy their ship as it embarked to their native land, causing the Phaeacians to beg for forgiveness through sacrifices. Meanwhile back in Ithaca, Odysseus, who had just woken up, encounters Athena disguised
You are permitted on settle on your choices yet you need support not permitted to lift those results" that quote recognizes for a few pieces in the odyssey. The subject "Through Also through flexibility is An all the all the more persuading move over destiny" may be for a few encounters in the odyssey: those secured proprietor, eating up Hyperions dairy creatures, Moreover The minute that odysseus returns home.
Economics take part in many daily lives can be seen in the music people listen to. Harry Chapin’s “Cats in the Cradle” song is no exception. The song describes a young father trying to live up to capitalistic America’s economy and needs. Sometimes in life choices must be made. People respond to incentives put in place by Homo Economicus. For many, just as it is in the song, that incentive is money. The song states, “My child arrived just the other day. He came to the world in the usual way. But there were planes to catch and bills to pay. He learned to walk while I was away.” These lines relate to opportunity cost. The father had to give up one thing in order to achieve another. The opportunity cost is the time that the father lost watching his son grow up. He felt there was a higher demand for his job than for his time with his son. He chose to be on that plane and to be at a job that would keep him from his family. In his mind, the father used marginal analysis to make this decision. He simultaneously, even though he might not have realized he
The Ancient Greeks sought to define how humans should view their lives and how to create an existence dedicated to the basis of the “ideal” nature. This existence would be lived so as to create an “honorable” death upon their life’s end. Within their plays, both dramas and comedies, they sought to show the most extreme characteristics of human nature, those of the wise and worthy of Greek kleos along with the weak and greedy of mind, and how they were each entitled to a death but of varying significance. The Odyssey, their greatest surviving drama, stands as the epitome of defining both the flawed and ideal human and how each individual should approach death and its rewards and cautions through their journeys. Death is shown to be the consequence
In the epic poem, Odyssey, Homer provides examples of the consequences of impulsive and irrational thinking, and the rewards of planning and rationality.
Greeks had used writing since c. 1400 BC, but it was not until the late 8th century BC that their literature was first written down. Greek literature began in Ionia with the brilliant epics of Homer, the Iliad and the Odyssey. These mature products of a long tradition of oral poetry brought together a vast body of divine and heroic myths and sagas that served as a foundation for much subsequent Greek literature. The epic view of humankind had a lasting influence on Greek thought; indeed, it has been said that later Greek literature is but a series of footnotes to Homer.
According to Sloman (2003), many people think that economics is about money. Well, to some extent this is true. Economics has a lot to do with money: with how much money people are paid; how much they spend; what is costs to buy various items; how much money firms earn; how much money there is in total in the economy. But despite the large number of areas in which our lives are concerned with money, economics is more than just the study of money. It is concerned with the production of goods and services and the ...
O'Sullivan, A., & Sheffrin, S. (2005). Economics. Upper Saddle River, New Jersey: Pearson Prentice Hall.
Economics is related to everyone’s life. It is (as said before) the study of how goods and services are produced, distributed and utilized. We are making economic choices every single day in our every-day life; we just might not realize it. In this essay, I explained to you how these economic concepts, opportunity cost and scarcity, are related to our every-day life.
Sullivan, A., & Steven M., (2003). Economics: Principles in action. Upper Saddle River, New Jersey : Pearson Prentice Hal