Once you have studied a subject long enough, it grows a hold over you. More importantly, everything around you seems related to it. For some frank understanding, here are some theories of economics dressed as everyday matters. Do note that these explanations are far cries from the actual applications.
THE OPPORTUNITY COST
The main concept of economics is based on the fact that resources are scarce. Now, opportunity cost is the lost benefits from the options that you forgo – like the lectures you miss when skip class. So, in the morning when you decide to sleep in, the opportunity cost is not being able to see your crush. Now, there are of course a few questions backing up the choice.
1. Are you deprived of sleep? Yes, you are.
2. Would you have slept in class anyway? Yes, you would.
3. So, sleeping in was the best option and also a no brainer.
The basic idea behind the concept of elasticity is the necessity of a product in your life. To put it simply, once you wake up from the extra few hours of sleep, is where elasticity comes in. Here is when you ask for the heavenly caffeinated nectar. There's no point in elaborating this because the love for morning cups of tea is known to all. And since no one really fancies a headache halfway during the day, so without any exaggeration, people cannot live without caffeine. So, the demand for caffeine is inelastic.
On another note, it would be a good way for caffeine lovers to profess their liking for someone by saying “You're not a dragon, you're dudh chaa”.
THE PRODUCTIVITY AND HUMAN CAPITAL
Once the episode(s) of procrastination have ended, everyone tries to get to work. Oversimplification renders that when you're efficient, you are productive and when you're skilled, you are a part of the human capital. All our lives, the system has tried to discipline us to spike up our usefulness in the society. However, after careful consideration it can be said that the only thing most of us are good at is being a couch potato. In my defence, we are all efficient enough to drag ourselves into passing degrees that certify that we know about the forces behind a bouncing ball. After that we have to learn about income tax the hard way, but that's okay too because we fake it till we make it.
Externalities can be said to be collateral damage or benefit that civilians have to endure after the superheroes are done fighting. These problems are endless, stretching from friends who do not tag you in a minimum of ten memes an hour, to those who have a K-pop reference for everything. The “jhalmuri” condition you are in after a rickshaw ride is also an externality. Nevertheless, endurance is key because the entire population of our country has superhero potential to create more externalities. Who else can survive with chemically blackened rivers?
However, it would still be considered a positive externality if anyone took up to read actual economics afterwards.
Zarin Rezwana is a weird potato trying to be a French fry. Send help or send ketchup at email@example.com