Write Three Examples of Economic Actions in Everyday Life

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Write Three Examples of Economic Actions in Everyday Life

Write Three Examples of Economic Actions in Everyday Life

Answer :

 

Examples of economic actions in everyday life are:

  1. Choose to cook yourself or buy at the shop
  2. Choose to go to work by public or private transportation
  3. Choose to save or buy jewelry

Detailed discussion of Economic Action

Action economy is human action to meet their needs, and this action is based on consideration between efforts and results to get the right choice.

Examples of these activities in everyday life are:

  1. Choose to cook yourself or buy at the shop

When we go out to eat, we make some considerations. For example, those who are more frugal, buy groceries at the market such as rice, vegetables and fish, then cook these ingredients themselves, or buy side dishes and rice at the store.

  1. Choose to go to work by public or private transportation

When we go to work, we can consider which is better, whether we should go with vehicle own or use public transportation such as buses or trains. If we leave with our own vehicle we have to pay for fuel, tolls and parking. Meanwhile, if you use public transportation, you only pay for the ticket, but public transportation can take longer and the routes are limited. 

  1. Choose to save or buy gold

If we have excess cash, we may want to do some storage. We will consider alternatives such as savings or gold. If we save, we will earn interest and our money can be withdrawn if needed. However, if you save, interest rates may be lower than inflation, so the value of money can fall. When we buy gold, our money will be difficult to withdraw because we have to sell gold first, but maybe the increase in gold prices will be greater than inflation.

Question Details

Class: X
Subjects: Economics
Topic: Economic action
Keywords: buying and selling, saving

 

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