What is applied economics?

Example

Applied economics is the application of economic theory to determine the likely

outcomes associated with various possible courses of action in the real world. By better
understanding the likely consequences of choices made by individuals, businesses, and policy
makers, we can help them make better choices.
Economics permeates into everyone's daily life in the area of purchasing decisions. How
much money you have in your bank account dictates what types of purchases you make.

How can economic affect your expense decision?

Economic can help me make a better decision in my daily expense. Because When the inflation
rate is higher the economy falls down. The prices of the daily commodities are not balanced with
your income. My expenses would be different than before because it is higher than what I am
earning.
What is the importance of what to produce?

It is important to know what to produce to determine what goods

and services
to be produced and the quantity to be produced of each selected
commodity.
Labor force. What does it mean?
all the members of a particular organization or population who are able to work, viewed
collectively. includes all people age 16 and older who are classified as either employed and
unemployed, as defined below. Conceptually, the labor force level is the number of people who
are either working or actively looking for work.
Is it important to you to whom you produce the product? why?
It is important to determine if they have the ability to pay for goods and services depends
on the amount of income that buyers have, along with prices, taste and preferences.

Is it important to decide on how to produce your product?

It is important to decide on how to produce to maximize the profit of resources for goods
and to minimize the production cost.
When you graduate what course would you get?
I chose accountancy because of the many skills you'll learn that can be used in your career. ... I
can improve my skills such as time management, scheduling, and planning for essentially every
career.
How does the population affect the economic growth?
The effect of population growth can be positive or negative depending on the
circumstances. A large population has the potential to be great for economic development:
after all, the more people you have, the more work is done, and the more work is done, the
more value (or, in other words, money) is created. But The negative effect would be it could
cause our economy to fall because of Poverty, unemployment and high cost of living.
When you grow up would you rather to be business owner or employee?
I think I want to be employee first before becoming a business owner because I can
Being an employee gives your perspective when
learn a lot from being an employee.
owning your own business. You know what it is like to walk in their shoes and
should transfer those lessons to building your startup culture and team
member engagement. During this time, learn what it takes to run a company
and can give me experience and reputation in starting up a business.
What do you call the raw materials
it is also the things that people produces
--commodities

in your small business how do you apply economics? what would you do to bugos
buyer?

I can apply economics by using my decision making skills in identifying what are the
demands of the customers, who are the target customer and where to get resources. And Think
whether you will have enough sales or customers to keep your business going.

I will talk to them properly and that they should not do it again. But if they do it again I will Get all
their details and make the public aware of who he/she is and what they are doing so they won’t scam
other seller.