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Whether you are a student, employee, parent, business owner, or superstar, we are all human and face an overlooked concept: insatiability.  Contrary to what many believe, nothing is (and never will be) enough for us in our endeavors in life because we will always want more. Accordingly, scarcity occurs because wants are unlimited while the resources of this land are limited and people, businesses, and countries find themselves having to make choices that are in their best interest.

This is such a big deal that there exists an entire field of study for it. Economics is the study of how choices are made under scarcity and facing these insatiable wants. Economics is divided into two levels: macroeconomics and microeconomics. Macro deals with the overall performance of the economy. Such topics covered under this sector include the money supply, inflation rates, unemployment, currency rates, economic policies, interest rates, and the federal budget.

Micro is concerned with the choices of consumers and businesses, and their impact on certain markets. Those who focus on this branch of economics cover price changes of particular goods, bans on immigration affecting the U.S. produce market, seatbelts leading to more deaths, how a company can maximize profits, and the like.

While a person like me gets excited about economics, there are others who may not understand how it relates to them and how exposure to its principles can help them in their everyday lives and better interpret what goes on in the world around them. The goal of this blog is not only to provide insight into the field by showing its relevance, but to also make it interesting so that keen economic intuition may be developed for optimal decision-making on a variety of levels.

Every decision we make in this life comes with a cost that is more than likely not monetary. When one choice is made, another is forgone. This forfeited cost is known as the opportunity cost. Studying as opposed to hanging out with friends and going to class instead of working to earn a paycheck are some opportunity costs involved in going to college to obtain a degree. However, people are willing to pay that price because they feel such a decision will benefit them greater in the long run.

As we travel along this economic voyage, it is imperative to understand that there is more to economics than the happenings at the Federal Reserve and recessions. Economics helps us understand how to get the most value from limited resources as we all face scarcity and unlimited wants.  

 Contributor: D. Simone Devereueawax