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Real World Economic Applications The basics At the beginning of the semester we were told that we are all economist making economic decision on a daily basis to which I agree We then went on to study and discuss a great many economic terms concepts and applications Some of which were interesting while others bored me to tears Yet after all is said and done how much of what we have learned will we be able to apply to our real world And in doing so will it be more than just a recantation of those terms concepts and applications in a dinner conversation to appear learned to those not as versed or in the same league as those who come to the table with equal or greater knowledge on the matters of economics Will we use it to better understand the world economic situation as it becomes a hot topic for our aspiring political leaders in their race for office Or will we simply use the knowledge gain here as tool to help us in making our own future economic decisions My agenda for how best to use this information is to blend it with the economic logic I apply in my daily living and with that being said I offer the following I my world economics can be broken down into two categories of four parts each The two categories being businesses and consumers and the four parts are income expenses assets and liabilities Understanding each is key to anyones success in all economic endeavors Be it apparent or not we have been will be and will continue to be faced with economic challenges How we handle those challenges dictate the failure or success our personal economies For me being successful meant determining which category I fell under and working the system for that vantage point As a business the first category the goal is to make money plain
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