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Position paper Es labelFor my own opinion, Why is it valu equal to(p) economics in my life, Economics is about freedom as well in our economy, youre free to do what you want economically speaking because the market itself will decide what to produce and how to produce. In order to do what you want lets say, to buy what you want at the quantity you want you have to have the bills. So other factor of economics that affects your everyday life is the distribution of the total income. Example Lets say your income. Your income is not unlimited. With that limited income, you want to buy a lot of things. You have to choose what product to buy, at which price and how much quantity. Now lets say that you have 200pesos last in your pocket. With that money you can either buy a ticket for a movie or buy sustenance and drinks and watch the TV-show. What you do is what gives you more pleasure or as we say what maximize your utility. You make an economic choice.Economics basically the stud y of scarcity of resources and their allocation in society Everyday life is a never ending competition for scarce resources. For example for me I need to earn money a scarce resource for which you provide labor another scarce resource so you can yield to purchase all the things you need in order to live gas, car, home, food, clothing, all scarce resources at the terminal price you can find. Also economics is about your income itself. The level of your income depends on the overall status of the economy. In my own example, if we have a recession, thusly the income for most of us will be less. If we have branch then the income will rise. If we have growth then I would have a job. If we have recession, then I might be unemployed.As you can see economics affects almost everything. And also it is chief(prenominal) for me to embark the study of economics due to its strong relation in our daily lives. Economics service of process students to understand more about the modern world in m aking the decision for the future. It also helps us to understand the problems caused by the limited resources and helps students, as consumers to make rational choices when making decisions. Besides that, students are able to understand the function and role of banks and financial institutions, more over able to understand the information related to to the economics. One of the most basic concepts in our daily life is wants/needs. Basically every human has contrastive needs and wants. It is impossible to please every need and wants due to the limited resource or cognise as scarce. Scarcity is as well another basic concept of economics known as the limited resource of unlimited wants due to the incapability to provide ones need they want for.University Of MindanaoRoxas Extension, Digos CityPosition PaperEco 1Submitted By Ken Joy B. PugoySubmitted To Adrian Raphael C. AballeOctober 16, 2013