Economics is a relatively vast field which can be applied to the collective and everyday life of the individuals as well

Economics is a relatively vast field which can be applied to the collective and everyday life of the individuals as well. Daily affairs of a person’s life are highly associated with the various components and elements of economics. The readings from the previous week have been of great aid in the comprehension of economics and its link to certain aspects of our life. The readings have not only offered a detailed account of certain elements of the field but have been significant in the comprehension and real world application of those elements. As far as I am concerned, the concept of savings and investment spending and their relationship has greatly helped and influenced me. This concept is applicable not only to the economic growth of a country but also to the household economics. I have learned the importance and the need to manage, save, and invest the money on the personal level. In the recent times, we cannot ignore the constantly changing economic condition of our country and there is a need to spend wisely and saving and investing the money for the future use. These investments can be done in the form of government bonds, company shares, saving accounts etc. So, after understanding the importance of savings and investment spending, I try to save money in my daily life as it would be helpful in achieving my long-term goals. In addition to that, I also look for the available investments that can protect the real value of my savings.