You are on page 1of 2

I planned to hang out with my friends on Wednesday at 300 feet, which is located in the

Bashundhara Residential Area. As a bachelor, I know that after 20th of every month we have to
spend money carefully. We cant spend recklessly otherwise we will be running out of money at
the end of the month. I decided to spend Tk. 300 for this get together.


Up down rickshaw fair- Tk. 40. (From my house to 300 feet)

One set menu price range within Tk. 150.

Coffee - Tk. 50.

Fudge Brownie - Tk. 60.


When we reached Laspharagus at 300 feet, it was difficult to find a set menu within Tk. 150. I
had to increase the budget of the set menu by Tk. 30. I found a coffee of my choice which costs
Tk. 70 instead of Tk. 50. So, I decided to take tea, which costs me Tk. 30 instead of coffee as I
have already increased my budget for the set menu. Luckily I found a fudge brownie in one shop
which costs Tk. 50. In this I was able to save Tk. 10 from brownie which was allocated earlier. It
helped me to offset the increasing budget for the set menu. I had limited money. One thing was
always in my concern which is the sum of all costs should never exceed the money I had.
Scarcity was the common feature between spending money & time while I took my decision. I
had more desires for things I might buy and ways I you might spend my time. But the time and
the money available to me were limited. I didnt have enough money to buy everything I would
like to have, and I didnt have enough time to do everything I would like to do. Because both
time and money are scarce, whenever we want more of one thing, we must accept that we will
have less of something else. Resources such as time and money are limited even though desires
are essentially limitless. My decisions about what to buy therefore depend on how much money I
have and the prices of goods and services. I can summarize these decisions in a simple way by
using the concept of demand. We can see how demand arises from the choices we make. Demand
is one of the most useful ideas in economics and lies at the heart of almost everything. It is very
important to determine how we spend our time. We know that our resources are limited. There
are only so many hours in a day. As with the spending decision, we have preferences about how
to spend your time. We chose two hours of a day to spend with each other. Economics is
both prescriptive and descriptive. Economics is prescriptive because it tells us some rules for
making good decisions. Economics is descriptive because it helps us explain the world in which
we live. In evolving a sustainable culture and a healing of our planet, it seems to me that each
one of us would benefit the describing whole by continuing to become increasingly aware of our
participation in an economic system, aware of what beliefs, ideals, and principles we bring to
that interaction.