Sunday, February 5, 2017

Definition and Implementation of Economic Principle

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Economic action of human being should base in the economic principle. How is the implementation in economic life? Study this article.

Definition of Economic Principle

In doing activity or economic action, human always have guidance to economic principle. What is the meaning of economic principle?

Study this simple example so understand economic principle.

Harun needs twenty-five notebooks. He comes into stationery. He observes the trademark and quality of the notebook and asks the price. Notebook in the same trademark and quality in Ampera store is cheaper than other store. Finally, Harun determines to buy notebook in Ampera store.

This simple example shows that Harun action is suitable with economic principle. That is human nature, if he cannot separate from economic principle. People certainly choose the way with the cheapest price of there is a requirement that can be fulfilled. If someone wants to buy something, he certainly tries to get the things he wanted by using little money.

In doing economic action people always have a guide to economic principle. Its caused that human has unlimited requirements, meanwhile the means to fulfilled the needs are limited or rare. Therefore, people ought to economize by applying economic principle. What is economic principle? Give definition of economic principle!

It is necessary to do economic activities that have a guide on the economic principle, but do not do this based on self-interest. Vice versa, it is an extravagance if someone conducts economic activity but he does not have a guide of economic principle. What about of a job is finished by four people, whereas it is supposed to be done by two people?

The Implementation of Economic Principle

In daily activity, both in economic action and non-economic action, people often apply economic principle.

a. Examples implementation of economic principle in economic action as follows.
1) Riska will buy a toy, she makes bargaining before she buy it.
2) Wulan prefers buying a pair of shoes in shoe with qualities and cheaper than other shops.

b. Example of economic principle implementation in daily activities (non-economic action) as follows.
1) Eto is a famous badminton player. He play not only not show up hos physical power, but also use brain to beat his rival.
2) Silvia prefers going to school by taking short cut.

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