Economic Analysis On Everyday Activities Essay


Economic Ideas Economics can be considered as the study of the allocation of scarce resources that have potential alternative uses among the competing and virtually limitless want of consumers in society. The allocation of resources is necessary both at an individual and societal level. Economics considers the manner in which people are organized for economic tasks. Economics is applicable everywhere. Economics should be thought of in all the aspects rather than considering the things in the way they already are. This particular proposal explains the reason cars have their fuel doors on different sides. People line up and fuel their cars at the petrol station. However, it is noteworthy that some cars have their fuel filler door on the side of the driver while others have their fuel filler opening on the side of the passenger. This might be perceived as a normal aspect but is largely linked to economics. This is to avoid overcrowding at the petrol stations. If all cars had the fuel filler door on one side only, there would be long queues at the petrol station consuming everybody's time and limiting the cash accruals and cars refueled. It also ensures that the demand for the fuel at the petrol station does not exceed its supply (that can be handled at any given point of time).

Economic Ideas


Economics resources are scarce and they command a price. The producers have to choose to allocate resources and maximize profits. These basic principles of economics are applicable on an everyday basis. This applies to an individual and the society broadly. It takes into account the way people are organized for economic responsibilities (Mankiw, 2012). Everybody fails to pay heed to various aspects of daily happenings...


It is to be considered that there are economical twists to these aspects. One such aspect is having fuel filler doors on different sides of the car. The main question to be considered here is why are fuel filler doors on the side of the driver for some cars while others have it on the side of the passenger? This aspect when linked to economics shows how economic ideas are incorporated into everyday life.
In the United States, motorists drive the cars on the right side of the road. This implies that it is much simpler to take a right turn compared to taking a left turn across incoming traffic. This implies that most of the motorists will fuel their cars at stations where they are able to take a right turn. Suppose gas tanks were at all times positioned on the driver's side of the car. What would be the implication? It follows that the motorists would have to park their cars on the right side of a fuel pump to fill the fuel tanks. Thus during rush hours all the right-sided fuel pumps would be full and overcrowded while the left-sided fuel pumps would remain completely empty. Placing the fuel filler doors on the opposite sides of cars implies that these cars will now be able gain access to the left-sided fuel pumps. More so, this decreases the possibility of overcrowding at the fuel station on the other side. This is a facet of the opportunity cost. Opportunity cost is the value of the best-foregone alternative action. The choice of one action therefore, often implies that an alternative action will be foregone. In this case, the benefit largely outweighs the cost of pulling up at times to the wrong side of the fuel pump at a station (Frank, 2009).

In any economical aspect, one has to weigh the costs…

Cite this Document:

"Economic Analysis On Everyday Activities" (2015, October 31) Retrieved December 5, 2023, from

"Economic Analysis On Everyday Activities" 31 October 2015. Web.5 December. 2023. <>

"Economic Analysis On Everyday Activities", 31 October 2015, Accessed.5 December. 2023,

Related Documents

The nation's ports and harbors are world class due to the large amount of national exports in oil and goods. However, the nation's airport infrastructure is lacking even though there are 144 airports with paved runways out of a total almost 1400 around Argentina. V. Media Argentina has a modern telecommunications and media market systems. There is a great deal of foreign investment incorporated into the systems. "Argentina encouraged the growth

The deal was immediately criticized as anti-competitive by William Kennard, the chairman of the Federal Communications Commission, and by the Communications Workers of America, which represents some workers at both of the merged companies. But neither government regulators nor union bureaucrats will have the slightest impact on the latest merger. They have neither the power nor the desire to oppose the plans of the giant telecommunications monopolies. More substantial opposition

Activity Based Costing

Activity-based costing (ABC) employs numerous cost groups, organized by activity, in the allocation of overhead costs. The conception is that activities are necessitated to generate products, basically activities, such as procuring materials, setting up machinery, assembling products, and scrutinizing finished products. It is imperative to note that these activities can be expenses and therefore the cost of activities ought to be apportioned to products on the basis of how the

According to Economic Darwinism principle, people will prefer to replace the alternative with the lowest potential (in terms of return, profit, solvability, etc.) with another random solution, which may it could turn out to be more successful than the initial option. In the project evaluation process, all alternatives receive different points according to the criterions and requirements of the company. Of course, that only the investments with a positive

Economics in China (Manufacture) There is a time and stage for all types of manufacturing and what may be seen to succeed in China is not likely to succeed in many other countries like the United States. Chinese economy has developed very fast and that has attracted attention from all over the world in the business community. This has led to a rapid increase in their foreign direct investment and share

Hidden Order: The Economics of Everyday Life" by David Friedman. The paper will discuss various articles that have been written to elaborate various points from the book. The Hidden Order: Economics of Everyday Life David Friedman's book "The Hidden Order: Economics of Everyday Life" is a classic read, it highlights all the possible encounters a person can have in the field of economics. He has tried to highlight the problems and