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Hello guys and welcome to a new blog, in my previous blog which was on satisfying your wants in which I briefly explained with an example that how to satisfy your wants but when I read it again, I thought that Is satisfaction really good for a human?  when I contemplate about it I came to a completely different perspective. Human beings have a character of relating everything they have done with a certain satisfaction(happiness, money, respect, power) but what if that satisfaction turns into complacency, the result will be disastrous. The result will that human will stop growing or getting better day by day. There is a principle in economics that Trade can make everyone better off which means if a country A is a competitor of Country B in a certain product due to that competition both the country will try their best to maintain a better quality of the product at a little lower price. So both the country will, in turn, provide a better product. But if there was the

Hello, guys welcome to a new blog I was recently shopping on Amazon , when I was left in a confusion to buy between two types of goods whether to buy a watch or a new t-shirt when I thought that this would be the problem of all around the world i.e. how to satisfy your wants  with limited resources first of all this is the basic idea around which economics revolve getting maximum satisfaction with limited number of resource. Not like that, but how can you satisfy both of your wants? the answer lies in the commonly used word in economics utility, by seeing utility you can easily make a better choice. For example, in my case, there was a tradeoff between a watch and a t-shirt so what should I opt to get maximum satisfaction when I inspected my wants I came to a conclusion that as I am not in dire need of the two I should wait for a month as a sale was approaching and also by adding some more money(resource) I will be getting a decent product .                    

                           One of the most important question in this century is how to stay happy, people blame their situation that they are not happy with their life but it is their own life they can do whatever they want and it is obvious that the thing they are doing must be making them happy directly or indirectly so how does the problem occur in one's life .                                        The problem starts with two of the most common words of economics wants and needs, the two words may sometime use interchangeably but there is an important difference between them. A need is a requirement very important to us than only being just desirable.                                                 A want is a desire to possess or do something. People say that wants are never ending but needs are like food, clothing, house etc. But wants are branded clothes and a big bungalow to live in. So if one satisfy his wants he will most probably be happ

Hello guys and welcome in this blog I will be telling you how to decrease your addiction. So, first of all, we must think that how you addicted to the thing. Addiction occurs when you do something so regularly that it became a part of your life. For example If you are addicted to cigarette, alcohol or any gadget you must have started the use of it very frequently, first, you have just started the thing for trying it, because of peer pressure, stress or feeling lonely, you liked it than you used it twice the next day and then just increased it day by day and end up surviving on it. So to end that addiction the same technique must be used:- On First few days try to minimize it very slowly for example if you used mobile for 4 hours and try to use next day 10-5 minutes less or what you can give up, continue the above usage time for few days like 2-4 days then again reduce the time. Reduce your time in slabs and step by step not straightway decreasing it to ha

How to save money while shopping  Hello guys and welcome to my first blog in which I will be trying to solve a problem of overspending or buying the goods not needed. Shopkeepers use certain techniques to manipulate your mind like Using prices which seems less but is not, prices like 299, 999 and 4.99 seems much less than the nearest roundoff but it is not as it seems it is a very minor difference but it will result into their profit.             To solve this situation one must not see the price first, means that one at first glance at a product should check the utility of the product then see the price it is more or less.       In economics, there is a term known as the opportunity cost i.e. thing which you give up to do the other thing so in the above example it will be costs like $899 which you will be giving up to an unnecessary thing or the thing you are most probably buying because it looks cheaper. Look at the utility and satisfaction you will be