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Macroeconomics 15th Edition by James Gwartney, Richard Stroup, Russell Sobel, David Macpherson
Edition 15ISBN: 9781305176799Macroeconomics 15th Edition by James Gwartney, Richard Stroup, Russell Sobel, David Macpherson
Edition 15ISBN: 9781305176799 Exercise 2
"Individuals who economize are missing the point of life. Money is not so important that it should rule the way we live." Evaluate this statement.
Explanation
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In the given statement, economizing has been solely linked to the money and has been conveyed that economizing pertains to spending or earning money in such a manner that individual concerned make choice in order to get greatest benefit at least cost.
Statement also points out that whenever an individual economize he is solely thinking about how best to spent or earn money and in this way money has been put as central perspective of a person who economize.
However, in reality, economizing is not solely related to money matters.
In fact, economizing is a general behavior because in every sphere of life whether related to money or not, we practice economizing that is we always try to choose those options that provides us with greatest benefits at least possible cost.
As we know, cost and benefits are both subjective as well as objective therefore to state them in monetary terms is not possible.
In same way, economizing is not exclusively linked with money.
So, whether money is important in your life or not you will economize because economizing behavior covers various matters pertaining to our life and not just monetary matters.
Statement also points out that whenever an individual economize he is solely thinking about how best to spent or earn money and in this way money has been put as central perspective of a person who economize.
However, in reality, economizing is not solely related to money matters.
In fact, economizing is a general behavior because in every sphere of life whether related to money or not, we practice economizing that is we always try to choose those options that provides us with greatest benefits at least possible cost.
As we know, cost and benefits are both subjective as well as objective therefore to state them in monetary terms is not possible.
In same way, economizing is not exclusively linked with money.
So, whether money is important in your life or not you will economize because economizing behavior covers various matters pertaining to our life and not just monetary matters.
Macroeconomics 15th Edition by James Gwartney, Richard Stroup, Russell Sobel, David Macpherson
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