As an individual, the concept of Microeconomics applies in my everyday living.

How could
I say so? Microeconomics in the most known definition is the study of individuals, households
and firm’s behavior in decision making and allocating of limited resources. As a student, how I
allocate my time which is one of the limited resources because we only have 24 hours, is just an
example of economic. How I decide to spend my every minute in my everyday life, whether it
for chilling, doing the chores or for studying especially now that the classes are already started.
Which I breakdown my time in learning the lectures and completing the different requirements.
My choices in spending money in foods, clothes, shoes, etc. and saving money is also an
example of applying microeconomics. When I buy something, I have many bases for my choice,
like my preferences, tastes, price of the products, trend, needs, is also related to Microeconomics.
Everything I’ve said has really something to do with microeconomics. As what I’ve said
earlier, it is involved with decision making and allocating the limited resources to satisfy my
satisfaction which is also calculating the cost of forgoing the next best alternative. In spending
my time and my money which I based with “what should be done first” and “what is good that
fits on my budget” that affect my choice are factors in my economic decision in every day.
Because Microeconomics, is not just about decision and allocation. It is also about what
influence your decision, the human’s action and interaction, the efficiency and the most of every
choice you make and allocation you do.

K.E