The General Public s Ignorance Of Economics - 962 Words

In America, many people are completely unaware of how much their daily lives are affected by the economy, and vice versa—how much they as individuals can affect the economy. The general public’s ignorance of economics is extremely counterproductive because many problems in this country could be solved if everyone had a basic understanding of economic principles. However, economics can be difficult to understand, and therefore, people tend to avoid the topic whenever possible. In an effort to overcome the confusing nature of economics, Miranda, a twenty-two year old who works in retail and attends college in an effort to achieve a bachelor’s degree in business, will be used as an example. Upon observing Miranda as she goes about her day, it will become clear that several economic principles are at work in her daily life. This application of economics to simple, everyday situations will make economic principles easier to understand. Miranda browses through the stor e, picking up items, inspecting them, and adding them to her pile of clothes to be tried on. She has just finished her last class of the day and has two hours until her shift at JC Penney begins. Miranda looks down at her watch and realizes that she should hurry if she wants to have enough time to study before work. She makes her way to the dressing room and tries on the five items she picked up. Out of the five, she only likes two of them, but when she looks at the prices, she realizes she can only afford one. TheShow MoreRelatedThe African American Community and the Birth Control Movement921 Words   |  4 Pageshas seeped into almost every part of American society. In fact, scientific studies and beliefs have, for a large part of the 20th century, been infused with an underlying racism that has tainted them. 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