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Blaze Rogahn

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Q: In the game of economics every person alive plays the role of?
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In the game of economics every person alive plays the role of which?

consumer


How does economics relate to business?

A basic understanding of Economics plays a fundamental role in achieving success in Business.


In the game of economics who plays a double role as both consumers and producers?

worker


What wouldn we not have without economics?

Without economics you could satisfy your needs like food, water, clothing and shelter only. But the enormous demand created by every individual today is the soul existence of economics. If these wants were never created in history then economics would not have played a major role. With the evolution of mankind, certain intellectual guys practiced the 'guy with the hammer syndrome'. They brought into existence(with good intentions) a methodology to bridge the gap between scarcity(supply) and requirement(demand) in the most efficient manner. They had the hammer and thus shaped the thinking of the rest of the world. If they had a complete tool kit, maybe then they would've encouraged every person/country to be self-sufficient with their resources, rather can creating a demand for more. Technology advances and more breakthroughs in every field plays an equal role for creation of demand. If mankind is satisfied with what they already have then economics can take a back seat. There probably would be lesser gap between the rich and the poor and more peace in the world if we weren't greedy.


What is the economic importance of economics in your everyday life?

Every person can give a different answer to this question. But what binds us (the people) and our lives together is how we make choices against the threat of scarcity. That's what economics is all about, and it plays a major role in all of our lives. For example: you go to your local store. You have 20 US dollars on you. A Mars Bar costs 17 US dollars and a magazine costs 19 US dollars. How do you allocate your money? What will you buy? This is an example of the economic importante of economics in our daily life. Likewise, firms and entrepreneurs need to make choices as well. But that's another thing.

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In the game of economics every person alive plays the role of which?

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