Macro Economics

What does it mean to say that a person economizes? Do you attempt to economize? Why or not why?

Answer: As we know Economics is the social science concerned with the problem of using scarce resources to attain the greatest fulfillment of society's unlimited wants and the main importance of economics is to help a society to decide on the best allocation of the resources. So it is clear that the foundation of economics is the economizing the problem of the society.

The word “economizes” usually means making the most out of the resources we have and when we say that “a person economizes” we basically mean that the person practices economy, as by avoiding waste or reducing unnecessary expenditures. That means managing family resources to meet needs and wants more efficiently. In other word “a person economizes” means the person is using what he or she has (resources) to get what he or she wants and needs(objectives or goals). For example if a person normally eat out twice a week and buy a glossy magazine each week, and then he or she decide to stop doing that to save money –we called the person is economizing(cut down on spending). In our daily life we can done this by a various numbers of ways such as substituting, conserving, utilizing, cooperating, and finding free goods and services in the community

Over time humans beings have proven to be insatiable, we will always want more. Unfortunately for us there are a definite number of resources in the world and thus our wants will never be satisfied. But be economize we can effectively deal with our limited resources and can satisfy our needs and wants within in these limited resources. Economizing also helps to realize that the situations are not as difficult as they seem. It teaches us how maintaining a positive attitude and adopting several economizing skills such as using coupon, paying bills on time etc. helps us to improve our condition without affecting the standard of living and which in turn help us to...