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Applied Economics: Definition, How It Works, and How It's Used

Katrina Ávila Munichiello is an experienced editor, writer, fact-checker, and proofreader with more than fourteen years of experience working with print and online publications.

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What Is Applied Economics?

The aim of applied economics is to inform economic decisions and predict possible outcomes. Applied economics relates the conclusions drawn from economic theories and empirical studies to real-world situations.

The purpose of applied economics is to improve the quality of practice in business, public policy, and daily life by thinking rigorously about costs versus benefits, incentives, and human behavior. It can involve the use of case studies and econometrics , which is the application of real-world data to statistical models and comparing the results against the theories being tested.

Key Takeaways

• Applied economics is the use of the insights gained from economic theory and research to make better decisions and solve real-world problems. 
• Applied economics is a popular tool in business planning and for public policy analysis and evaluation.
• Individuals can also benefit from applying economic thinking and insights to personal and financial decisions.

Understanding Applied Economics

Applied economics is the application of economic theory to determine the likely outcomes associated with various possible courses of action in the real world. By better understanding the likely consequences of choices made by individuals, businesses, and policymakers, we can help them make better choices. If economics is the science of studying how people use various, limited means available to them to achieve given ends, then applied economics is the tool to help choose the best means to reach those ends. As a result, applied economics can inform a "to-do" list identifying steps that can be taken to increase the probability of positive outcomes in real-world events.

The use of applied economics may first involve exploring economic theories to develop questions about a circumstance or situation and then drawing upon data resources and other frames of reference to form a plausible answer to that question. The idea is to establish a hypothetical outcome based on the specific ongoing circumstances drawn from the known implications of general economic laws and models.

Applied Economics Relevance in Financial Choices

Applied economics can illustrate the potential outcomes of financial choices made by individuals. For example, if a consumer desires to own a luxury good but has limited financial resources, an assessment of the cost and long-term impact such a purchase would have on assets can compare them to the expected benefit of the good. This can help determine if such an expense is worthwhile . Beyond finances, understanding the meaning of the economic theories of rational choice , game theory , or the findings of behavioral economics and evolutionary economics can help a person make better decisions and plan for success in their personal life and relationships.

For example, a person who wants to quit smoking might recognize that they are prone to hyperbolic discounting and might choose to employ precommitment strategies to support their long-term preference to quit over more powerful short-term preferences to smoke. Or a group of friends sharing a large bowl of popcorn might explicitly or implicitly agree to limits, or shares, for how much popcorn each will take in order to avoid a tragedy of the commons situation.

Making Better Business Decisions

Applied economics can also help businesses make better decisions. Understanding the implications of economic laws of supply and demand combined with past sales data and marketing research regarding their target market can help a business with pricing and production decisions. Awareness of economic leading indicators and their relationship to a firm's industry and markets can help with operational planning and business strategy. Understanding economic ideas such as principal-agent problems , transaction costs , and the theory of the firm can help businesses design better compensation schemes, contracts, and corporate strategies. 

Bottom Line

Applied economics is an invaluable tool for public policymakers. Many economists are employed to predict both the macro- and microeconomic consequences of various policy proposals or to evaluate the effects of ongoing policy. Applied macroeconomic modeling is routinely used to project changes in unemployment, economic growth, and inflation at the national, regional, and state levels.

Understanding the way the economic incentives and compensating behaviors created by public policy impact real-world trends in things like job growth, migration, and crime rates is critical to implementing effective policy and avoiding unintended consequences . For example, understanding what the application of the laws of supply and demand implies about the effects of price floors, along with case studies and empirical research, can inform better policy regarding minimum wage laws.

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Applied Economics

The study of economic principles when they are applied to specific scenarios or situations

What is Applied Economics?

Applied economics is generally considered to be the study of economic principles when they are applied to specific scenarios or situations. In the study and research of economics, there exist two fundamental areas of distinction. The first being “core,” and the second being “applied.”

When something is a part of applied economics, one is taking academic principles discussed on the core side of economics and applying them to real-life and practical examples. It helps to better contextualize and exemplify the theoretical, and often abstract, concepts that are put forth within the core field of economic study.

Understanding Applied Economics

Applied economics reduces abstract concepts into examples that can be discussed and related to the business community at large. However, depending on whom you ask, what constitutes applied economics versus what constitutes core economics is open to interpretation.

A popular philosophy taught in many business schools as to what constitutes the field of economics more broadly is that economics is the study of whatever economists themselves do. For simplicity’s sake, the mainstream view of applied economics is generally thought of as consisting of the below:

• Labeling variables as core-specific
• Providing numerical estimates
• Interpreting real-world events
• Providing a structure to draw conclusions

Why is Mainstream Economics Important?

Understanding the world in which we live is pivotal to many economic theories. Economics helps explain market phenomena, such as corrections and recessions , or even why we as consumers are more inclined to purchase one product or another. Applied economics is at the center of everything we do, and it is pivotal to explaining and conveying market principles.

Business leaders and managers can draw on the lessons in applied economics in order to better avoid potential pitfalls and make stronger decisions as managers. Even everyday consumers can better understand the prices they are paying at the grocery store. It can help explain why certain prices rise and fall and why sales occur.

Variability in the Usage of the Term

Historically, the term applied economics is often applied to different areas of study. It is important to understand that the term is fluid and can depend on what period it is referencing or which author is writing about it.

The definition of the term is not fixed, and thus, the reader must also understand its possible wide range of uses and contextualization that may present themselves. The list below represents some classical uses of the term from the latter part of the 20 th century:

• Economic areas that are more specific and require more detail
• Demographics
• Accounting, actuarial science , and insurance

Real-World Problems Understood: The Value of Applied Economics

Applied economics helps us deal with real-world problems by making the abstract tangible. Understanding abstract theory is often not enough, and it must be tested and put into practice in order to effectively understand and critique economic concepts. Consumers, economists , and scholars alike can use applied economic theories to test existing concepts or even come up with new ones.

Understanding Applied Economics: A Summary

• In the study of economics, there exist two fundamental areas of distinction – core and applied.
• Applied economics is at the center of everything we do, and it helps explain economic theory and apply it to our everyday lives.
• Applied economics can help us understand more about the prices we pay, how delivery charges work, and why things may go on sale.
• Business leaders and managers can draw on the lessons from applied economics to make them better managers.
• Applied economic theories allow us to test and formulate hypotheses.

Related Readings

CFI is the official provider of the global Commercial Banking & Credit Analyst (CBCA)™  certification program, designed to help anyone become a world-class financial analyst. To keep advancing your career, the additional CFI resources below will be useful:

• Keynesian Economic Theory
• Government Stimulus Package
• Monetary Policy
• Quantity Theory of Money
• See all economics resources

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AppliedEconomics Q3 Mod1 Economics as Social and Applied Science

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Importance of economics in our daily lives

Economics affects our daily lives in both obvious and subtle ways. From an individual perspective, economics frames many choices we have to make about work, leisure, consumption and how much to save. Our lives are also influenced by macro-economic trends, such as inflation, interest rates and economic growth.

Summary – why economics is important

• The opportunity costs we face in deciding what to buy – how to use time
• How to maximise our economic utility and avoid behavioural bias
• How the macro-economic – inflation, economic growth and employment prospects affect our living standards.
• Individual markets like housing market can influence our standard of living.
• Understanding issues like externalities. We may not like paying petrol tax, but if we see it helps to reduce pollution and congestion and the tax revenue is used to subsides public transport, it gives a different perspective.

Economic choices – opportunity cost

We are constantly faced with choices. It may be a matter of limited time. For example, at the weekend:

• We could spend 8 hours working in a cafe at the Minimum Wage of £7.83
• Or we could spend 8 hours studying for our A-Levels.
• Alternatively, we could choose to spend 8 hours of leisure (sleeping in, Facebook e.t.c.)

Each choice has an opportunity cost. The opportunity cost of earning 8*£7.83 = £62.64 is that we don’t have time to study. This could lead to poorer exam results, which could lead to lower future earning potential. Choosing to maximise our income in the short term (earning £62 a day) may reduce our lifetime earnings and could be a poor decision – unless working in a cafe doesn’t affect our future earnings. We may feel job experience more useful than an essay on allocative efficiency.

The problem is that when making decisions about whether to study, work or pursue leisure, we may forget or ignore long-term effects. Deciding to spend all our free time earning £62 is something we may regret later in life. Economists suggest education is a merit good – meaning people may underestimate the benefits of studying. Under-consumption of education is an example of market failure.

Considering opportunity cost can help us make better decisions. If we act on instinct, we may choose the most pleasurable or easiest course of action, but the best decision in the short term may not be best in long term.

Choice of study vs leisure

A production possibility frontier showing a simple trade off – time spent working or time spent on leisure.

Another important element of life is work. Which job will give the most satisfaction? It is not just about finding a well-paid job, we tend to gain most job satisfaction when we feel part of the process and a degree of responsibility and influence. Behavioural economists such as Dan Ariely have examined motivations for work and find that income/bonuses is less important than suggested by neo-liberal economic theory.

Nudges and rational behaviour

In traditional economics, it is assumed individuals are rational and utility maximising. In other words, it is assumed we calculate decision to maximise our economic welfare – spending money only on those goods which give us satisfaction.

However, behavioural economists note that we are often influenced by irrational and non-utility maximising influences. For example, companies which ‘ nudge ‘ us to make decisions which harm our welfare – e.g. super-sized portions, we don’t really need but cause us to become less healthy.

The importance of the insights of behavioural economics is that we can become aware of factors which may cause us to make sub-optimal decisions. We can try to resist commercial nudges – which encourage us to consume goods which don’t really benefit us.

Behavioural economics and bias

A recent development in economics is the work of behavioural economics – which places more emphasis on elements of psychology. For example, are humans really rational utility maximisers – as suggested by traditional economic theory? Behavioural economics suggests not – but humans are influenced by emotional factors, such as loss aversion (we prefer the status quo, to losing what we have), present time period bias .

Importance of the macroeconomy on our daily lives

When making decisions we don’t tend to first look at leading economic indicators. But, perceptions about the economic outlook can influence certain decisions. For example, those aware of the current economic situation may be aware the depth of the recession which makes a period of low-interest rates more likely. This suggests that if you could get a mortgage, mortgage payments would be cheaper, but, saving would give a poor return.

However, the bad state of the economy and high unemployment rate is a factor that may encourage students to stay on and study. Since youth unemployment is currently very high, it makes more sense to spend three years getting a degree rather than going straight on to the job market.

The only problem is that many other students are thinking the same. Hence the competition for university places is becoming much stronger.

How to survive a period of inflation?

Suppose, we are living in a period of high inflation, how would that affect our economic welfare?

The real value of our savings will decline – unless we can secure an interest rate higher than the rate of inflation. In periods of high inflation, it may be advisable to take out index-linked savings – saving accounts and bonds which give an interest rate related to the inflation rate.

If we cannot secure a good interest rate, an option is to invest in commodities or assets which can protect their value better than ordinary savings accounts

How will we be affected by rising interest rates?

If interest rates increase, then it will increase the cost of mortgage payments and interest on loans and credit cards. It can be problematic for individuals who are over-extended on credit. Higher interest rates can also lead to a slowing economy and increase the risk of unemployment.

Mortgage affordability. High-interest rates in the late 1980s caused mortgage payments to take over 50% of take-home pay from households.

See The effect of higher interest rates .

If we are considering investing in the stock market or housing market, what can economics teach us?

One cautionary tale is that of irrational exuberance – avoid getting caught up in asset booms – where investor confidence gets carried away and people end up buying shares/assets – even though the price has become overvalued.

Externalities

When choosing what to consume and produce, we often ignore externalities. For example, driving into city centre may contribute to pollution and congestion. The social cost of driving is higher than the private cost. Would our living standards be increased by supporting a congestion charge? At first glance, no – we pay higher taxes. But, if there are external costs a higher tax can lead to a more socially efficient level.

A tax can shift output from Q1 to Q2 (which is more socially efficient)

Limitations of economics

As a final thought – is economics overvalued? As a society do we give too much weighting to maximising income, profit and GDP? In a sense, traditional economics encourages us to view life from an economic/monetary perspective. But, perhaps this causes us to miss out on more important issues, such as spiritual understanding, concern for the environment, concern for others and getting the correct work/life balance.

• Economics in everyday life
• The importance of economics

10 thoughts on “Importance of economics in our daily lives”

Economics is important but sometimes I feel that people like us, accounts in the end fail in many other aspects of life because economics is always our main consideration.

economics is the one important in our daily life.but some people can appreciate how important this.we need to cooperate all people in fair situation like reach even if poor.

,,kathrina,,

ECONOMICS IS IMPORTANT IN OUR DAILY LIVING BECAUSE IT MAKES USE OF SCIENTIFIC PROCEDURE OF FINDINGS.

it isimportant coz it widens our undersatnding which in turn improves the standards of living

economic is important because its science as we as art…….. now how much science and art are important ?……. woooooooooo

Thank you for this informative article on how economics affects our daily lives. I found the opportunity cost to be very interesting, like when you mentioned how we all make choices about what to do with our time and could spend either 8 hours working, 8 hours studying, or 8 hours doing something fun or relaxing. It’s tough to make economic choices on a daily basis but this article was a great beginning insight into how beginning economics work.

This article was very helpful and informative.👍

I have been looking for this Economics of Everyday Life article since long time. Thanks author.

very helpful article, but please help us with references next time. thank you

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• The four main types of essay | Quick guide with examples

The Four Main Types of Essay | Quick Guide with Examples

Published on September 4, 2020 by Jack Caulfield . Revised on July 23, 2023.

An essay is a focused piece of writing designed to inform or persuade. There are many different types of essay, but they are often defined in four categories: argumentative, expository, narrative, and descriptive essays.

Argumentative and expository essays are focused on conveying information and making clear points, while narrative and descriptive essays are about exercising creativity and writing in an interesting way. At university level, argumentative essays are the most common type. 

In high school and college, you will also often have to write textual analysis essays, which test your skills in close reading and interpretation.

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Table of contents

Argumentative essays, expository essays, narrative essays, descriptive essays, textual analysis essays, other interesting articles, frequently asked questions about types of essays.

An argumentative essay presents an extended, evidence-based argument. It requires a strong thesis statement —a clearly defined stance on your topic. Your aim is to convince the reader of your thesis using evidence (such as quotations ) and analysis.

Argumentative essays test your ability to research and present your own position on a topic. This is the most common type of essay at college level—most papers you write will involve some kind of argumentation.

The essay is divided into an introduction, body, and conclusion:

• The introduction provides your topic and thesis statement
• The body presents your evidence and arguments
• The conclusion summarizes your argument and emphasizes its importance

The example below is a paragraph from the body of an argumentative essay about the effects of the internet on education. Mouse over it to learn more.

A common frustration for teachers is students’ use of Wikipedia as a source in their writing. Its prevalence among students is not exaggerated; a survey found that the vast majority of the students surveyed used Wikipedia (Head & Eisenberg, 2010). An article in The Guardian stresses a common objection to its use: “a reliance on Wikipedia can discourage students from engaging with genuine academic writing” (Coomer, 2013). Teachers are clearly not mistaken in viewing Wikipedia usage as ubiquitous among their students; but the claim that it discourages engagement with academic sources requires further investigation. This point is treated as self-evident by many teachers, but Wikipedia itself explicitly encourages students to look into other sources. Its articles often provide references to academic publications and include warning notes where citations are missing; the site’s own guidelines for research make clear that it should be used as a starting point, emphasizing that users should always “read the references and check whether they really do support what the article says” (“Wikipedia:Researching with Wikipedia,” 2020). Indeed, for many students, Wikipedia is their first encounter with the concepts of citation and referencing. The use of Wikipedia therefore has a positive side that merits deeper consideration than it often receives.

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An expository essay provides a clear, focused explanation of a topic. It doesn’t require an original argument, just a balanced and well-organized view of the topic.

Expository essays test your familiarity with a topic and your ability to organize and convey information. They are commonly assigned at high school or in exam questions at college level.

The introduction of an expository essay states your topic and provides some general background, the body presents the details, and the conclusion summarizes the information presented.

A typical body paragraph from an expository essay about the invention of the printing press is shown below. Mouse over it to learn more.

The invention of the printing press in 1440 changed this situation dramatically. Johannes Gutenberg, who had worked as a goldsmith, used his knowledge of metals in the design of the press. He made his type from an alloy of lead, tin, and antimony, whose durability allowed for the reliable production of high-quality books. This new technology allowed texts to be reproduced and disseminated on a much larger scale than was previously possible. The Gutenberg Bible appeared in the 1450s, and a large number of printing presses sprang up across the continent in the following decades. Gutenberg’s invention rapidly transformed cultural production in Europe; among other things, it would lead to the Protestant Reformation.

A narrative essay is one that tells a story. This is usually a story about a personal experience you had, but it may also be an imaginative exploration of something you have not experienced.

Narrative essays test your ability to build up a narrative in an engaging, well-structured way. They are much more personal and creative than other kinds of academic writing . Writing a personal statement for an application requires the same skills as a narrative essay.

A narrative essay isn’t strictly divided into introduction, body, and conclusion, but it should still begin by setting up the narrative and finish by expressing the point of the story—what you learned from your experience, or why it made an impression on you.

Mouse over the example below, a short narrative essay responding to the prompt “Write about an experience where you learned something about yourself,” to explore its structure.

Since elementary school, I have always favored subjects like science and math over the humanities. My instinct was always to think of these subjects as more solid and serious than classes like English. If there was no right answer, I thought, why bother? But recently I had an experience that taught me my academic interests are more flexible than I had thought: I took my first philosophy class.

Before I entered the classroom, I was skeptical. I waited outside with the other students and wondered what exactly philosophy would involve—I really had no idea. I imagined something pretty abstract: long, stilted conversations pondering the meaning of life. But what I got was something quite different.

A young man in jeans, Mr. Jones—“but you can call me Rob”—was far from the white-haired, buttoned-up old man I had half-expected. And rather than pulling us into pedantic arguments about obscure philosophical points, Rob engaged us on our level. To talk free will, we looked at our own choices. To talk ethics, we looked at dilemmas we had faced ourselves. By the end of class, I’d discovered that questions with no right answer can turn out to be the most interesting ones.

The experience has taught me to look at things a little more “philosophically”—and not just because it was a philosophy class! I learned that if I let go of my preconceptions, I can actually get a lot out of subjects I was previously dismissive of. The class taught me—in more ways than one—to look at things with an open mind.

A descriptive essay provides a detailed sensory description of something. Like narrative essays, they allow you to be more creative than most academic writing, but they are more tightly focused than narrative essays. You might describe a specific place or object, rather than telling a whole story.

Descriptive essays test your ability to use language creatively, making striking word choices to convey a memorable picture of what you’re describing.

A descriptive essay can be quite loosely structured, though it should usually begin by introducing the object of your description and end by drawing an overall picture of it. The important thing is to use careful word choices and figurative language to create an original description of your object.

Mouse over the example below, a response to the prompt “Describe a place you love to spend time in,” to learn more about descriptive essays.

On Sunday afternoons I like to spend my time in the garden behind my house. The garden is narrow but long, a corridor of green extending from the back of the house, and I sit on a lawn chair at the far end to read and relax. I am in my small peaceful paradise: the shade of the tree, the feel of the grass on my feet, the gentle activity of the fish in the pond beside me.

My cat crosses the garden nimbly and leaps onto the fence to survey it from above. From his perch he can watch over his little kingdom and keep an eye on the neighbours. He does this until the barking of next door’s dog scares him from his post and he bolts for the cat flap to govern from the safety of the kitchen.

With that, I am left alone with the fish, whose whole world is the pond by my feet. The fish explore the pond every day as if for the first time, prodding and inspecting every stone. I sometimes feel the same about sitting here in the garden; I know the place better than anyone, but whenever I return I still feel compelled to pay attention to all its details and novelties—a new bird perched in the tree, the growth of the grass, and the movement of the insects it shelters…

Sitting out in the garden, I feel serene. I feel at home. And yet I always feel there is more to discover. The bounds of my garden may be small, but there is a whole world contained within it, and it is one I will never get tired of inhabiting.

Though every essay type tests your writing skills, some essays also test your ability to read carefully and critically. In a textual analysis essay, you don’t just present information on a topic, but closely analyze a text to explain how it achieves certain effects.

Rhetorical analysis

A rhetorical analysis looks at a persuasive text (e.g. a speech, an essay, a political cartoon) in terms of the rhetorical devices it uses, and evaluates their effectiveness.

The goal is not to state whether you agree with the author’s argument but to look at how they have constructed it.

The introduction of a rhetorical analysis presents the text, some background information, and your thesis statement; the body comprises the analysis itself; and the conclusion wraps up your analysis of the text, emphasizing its relevance to broader concerns.

The example below is from a rhetorical analysis of Martin Luther King Jr.’s “I Have a Dream” speech . Mouse over it to learn more.

King’s speech is infused with prophetic language throughout. Even before the famous “dream” part of the speech, King’s language consistently strikes a prophetic tone. He refers to the Lincoln Memorial as a “hallowed spot” and speaks of rising “from the dark and desolate valley of segregation” to “make justice a reality for all of God’s children.” The assumption of this prophetic voice constitutes the text’s strongest ethical appeal; after linking himself with political figures like Lincoln and the Founding Fathers, King’s ethos adopts a distinctly religious tone, recalling Biblical prophets and preachers of change from across history. This adds significant force to his words; standing before an audience of hundreds of thousands, he states not just what the future should be, but what it will be: “The whirlwinds of revolt will continue to shake the foundations of our nation until the bright day of justice emerges.” This warning is almost apocalyptic in tone, though it concludes with the positive image of the “bright day of justice.” The power of King’s rhetoric thus stems not only from the pathos of his vision of a brighter future, but from the ethos of the prophetic voice he adopts in expressing this vision.

Literary analysis

A literary analysis essay presents a close reading of a work of literature—e.g. a poem or novel—to explore the choices made by the author and how they help to convey the text’s theme. It is not simply a book report or a review, but an in-depth interpretation of the text.

Literary analysis looks at things like setting, characters, themes, and figurative language. The goal is to closely analyze what the author conveys and how.

The introduction of a literary analysis essay presents the text and background, and provides your thesis statement; the body consists of close readings of the text with quotations and analysis in support of your argument; and the conclusion emphasizes what your approach tells us about the text.

Mouse over the example below, the introduction to a literary analysis essay on Frankenstein , to learn more.

Mary Shelley’s Frankenstein is often read as a crude cautionary tale about the dangers of scientific advancement unrestrained by ethical considerations. In this reading, protagonist Victor Frankenstein is a stable representation of the callous ambition of modern science throughout the novel. This essay, however, argues that far from providing a stable image of the character, Shelley uses shifting narrative perspectives to portray Frankenstein in an increasingly negative light as the novel goes on. While he initially appears to be a naive but sympathetic idealist, after the creature’s narrative Frankenstein begins to resemble—even in his own telling—the thoughtlessly cruel figure the creature represents him as. This essay begins by exploring the positive portrayal of Frankenstein in the first volume, then moves on to the creature’s perception of him, and finally discusses the third volume’s narrative shift toward viewing Frankenstein as the creature views him.

If you want to know more about AI tools , college essays , or fallacies make sure to check out some of our other articles with explanations and examples or go directly to our tools!

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At high school and in composition classes at university, you’ll often be told to write a specific type of essay , but you might also just be given prompts.

Look for keywords in these prompts that suggest a certain approach: The word “explain” suggests you should write an expository essay , while the word “describe” implies a descriptive essay . An argumentative essay might be prompted with the word “assess” or “argue.”

The vast majority of essays written at university are some sort of argumentative essay . Almost all academic writing involves building up an argument, though other types of essay might be assigned in composition classes.

Essays can present arguments about all kinds of different topics. For example:

• In a literary analysis essay, you might make an argument for a specific interpretation of a text
• In a history essay, you might present an argument for the importance of a particular event
• In a politics essay, you might argue for the validity of a certain political theory

An argumentative essay tends to be a longer essay involving independent research, and aims to make an original argument about a topic. Its thesis statement makes a contentious claim that must be supported in an objective, evidence-based way.

An expository essay also aims to be objective, but it doesn’t have to make an original argument. Rather, it aims to explain something (e.g., a process or idea) in a clear, concise way. Expository essays are often shorter assignments and rely less on research.

The key difference is that a narrative essay is designed to tell a complete story, while a descriptive essay is meant to convey an intense description of a particular place, object, or concept.

Narrative and descriptive essays both allow you to write more personally and creatively than other kinds of essays , and similar writing skills can apply to both.

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