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Import of Economics
- The opportunity costs in deciding what to buy – how to use time
- Maximize our economic utility and avoid behavioral bias
- How macro-economics – inflation, economic growth and employment prospects -- affect our living standards.
- How individual markets -- housing market --can influence our standard of living.
- Understanding issues of externialities --gasoline tax helps to reduce pollution and congestion and the tax revenue is used to subsides public transport --gives a different perspective.