The principles of economics that influence my decision making skills would be principle #2 in the text. Principle #2 is the cost of something is what you give up to get it. I am the type of person who looks at all the different ways I can spend my money. I try to find the most effective way to pay off bills so that I can have extra money later on down the road. The principles of economics that influence my interaction with others is like principle #5 in the text. Principle #5 states that trade can make everyone better off. I believe that when people want something they must give something in return to get it, whether it is money or services. Currently, my husband and I are having work done in our basement to get one of the rooms finished. We do not have the time to complete it ourselves so we are contracting parts of the work out. The principles of economics that influence the economy as a whole, on a personal level for me is principle #8 in the text. Principle #8 states that a country’s standard of living depends on its ability to produce goods and services. Basically, this says that a country can live better if it works harder to produce more goods and services. These principles affect me positively because when I think and live by these principles, I can make my money work for me more effectively. Budget constraints and personal preferences influence me as a consumer by looking at the price of something. I would rather get more for my money so I prefer to buy cheaper products. But, since I do not have a large amount of money, I make sure that I get a good product for my money as well.
The principles of economics that influence my decision making skills would be principle #2 in the text. Principle #2 is the cost of something is what you give up to g