Everyday Economics: Not Just Supply and Demand

As an economics student, few things make me happier than applying economics outside of the classroom. While I admittedly over do it (sorry Sara, Doug, and Jenna) I still love finding examples in everyday life. My favorite definition of economics is, “Economics is the social science concerned with how individuals, institutions, and society make choices under conditions of scarcity.” This is definitely different than most people’s idea of economics, which tends to be something like, “the branch of knowledge concerned with the production, consumption, and transfer of wealth.” In this article, I’m planning to briefly summarize many of the ideas I have had Continue reading Everyday Economics: Not Just Supply and Demand