SESS 114 - Comparative Economic Planning

MODULE I

Luisa D. Aspiras BSE Social Studies November 7, 2020

THE MEANING, NATURE AND IMPORTANCE OF ECONOMICS

Questions:
1. How often are your daily decisions actually economic decisions?

In every individual’s life we make decisions that lead to every action we make, it
become economic decisions when it involves wants and needs for you. The
economic decisions that I am making everyday is for my basic necessities for a
specific thing like for education, health, and other needs. Also, it involves the
budgeting that allocate my money for the priorities that will benefits myself that will
result a good and productive decision making.

2. Do you find it useful to think about trade-offs when making decisions?

Yes, because trade-offs are an opportunity cost wherein if my decisions were not
a beneficial and my other choice will give more benefits. However, I will make
sacrifices for my other choice that has most benefits than to my main decision. For
instance, I want to buy a vitamin but I need also to buy school supplies for my
studies a what I need to do is to buy both of it. But I only buy school supplies over
vitamins because school supplies way more important and could help me more
with my studying.

3. Is economics about making you rich, or about better understanding the world
around you?

Economics is not all about money and getting a good and expensive life. Its all
about how we make our decisions that will affect our way of living, and how we
could handle our money to make choices. Economics will be taught us how the
economic aspect of every household, firms, government, and international circular
flow of income. It gives us awareness to be knowledgeable about anything that we
buy and we sell because it affects every corner of our country and the world. It also
provides how and why economics is important for our daily life and how it
contribute to the whole world and to our life.