Recently, I have decided to declare a minor in Business Administration - a minor that will hopefully be useful to me in my future. Due to this, I am now taking a basic economics class, a subject that I have never taken or been introduced to before. Sure, I briefly talked about it in high school, but this first class in college was my first experience to the life and understanding of economics. To start, economics is defined as the study of how society uses its limited resources; a branch concerned with the production, consumption, and transfer of wealth. Not very interesting at a first glance, huh? I can totally agree, but there is way more to economics than simply the transfer of wealth or resources. The reason I am talking about economics is that after going to the first class, it truly got me thinking deeply about myself, my situation, and what I value.
Economics right away sounds like a dull topic, if that isn't your thing. I'm sure to those who aren't interested in the subject the idea of it can be off-putting, but its concept is more far-reaching and relatable than I had first imagined. Now another important part of this subject is the five foundations in which almost all economic situations can be understood or explained: incentives, trade-offs, opportunity cost, marginal thinking, and trade. These five concepts, the basis of economics, force you to consider and make decisions, as that is what economics is all about. Another way to understand or look at economics is through the lenses of "what do you value and what you need." When you ask yourself when looking at material things, resources, wealth, or basically any concept, "what do you value it" your answers may lead to a better understanding of oneself.
Imagine: You slept through breakfast and accidentally skipped lunch, so at this point in the day you are starving and craving Chipotle. Across the street is a Wendy's, an answer to your problem which is probably incentivized by your increasing hunger and close proximity. However, by eating Wendy's you aren't eating what you want: Chipotle. Now depending on how high or low your opportunity cost, or how much you value eating Chipotle over Wendy's, will aid in determining your decision on where to eat. Furthermore, by eating Wendy's your trade-off is not eating Chipotle.
Yes, this is a basic and rudimentary example, but I'm sure you understand the concept. In that scenario, you will have to ask yourself, do I value eating Chipotle more than Wendy's or not?
This mindset can be applied to so many different aspects of one's life, and that is what I encourage you all to do. Ask yourself, what qualities do I value in a friend? What motivates me to get up in the morning? What do you value your health? For someone asking these questions, if you value your health, then you will most likely prioritize eating right and staying healthy. If you value friends who are kind, then you most likely will surround yourself with those kinds of people. The decisions you make on how to live your life, what to surround yourself with, and what kind of people or things you value, truly can tell you, and others, a great deal about yourself.