Daily Spending August 17, 2018 – Posted in: Essay Help Online, Free Essay Help Online
Daily spending often encompasses striking a balance between sustaining needs and wants. While we must purchase different commodities such as food to survive, it is usually difficult to overlook certain wants. Specifically, as a student and a young and energetic person, I would want to save some money for entertainment and purchasing fancy items. In fact, sometimes one would find it difficult to differentiate a want from a need depending upon the level of importance of the specific item in question. I would not give up on music and related electronics at any cost. It includes having a good phone that accommodates an adequate number of songs and with easy access to download sites, paid subscriptions to various sights, and an iPod. I also love certain foods such as fresh fries, that define my daily expenditure.
I am well aware of the theoretical framework behind the struggles to sustain daily expenditure. Firstly, learning various economic concepts helped me identify with consumer and producer constraints that make it difficult to achieve optimal utility. As such, I relate to aspects such as the substitutions’ effect, particularly with regards to opportunity costs. Specifically, one has to sacrifice a need for a want as per the prevailing situation. At times, I would rather go hungry than miss out on a new release for a subscriber music site. The course has also been detrimental to learning wise financial planning. Although an individual may lack adequate resources, it is smart to save and spend consciously to optimize utility. On must also stick to their financial goals and avoid copying consumption habits of others.