Economics is universal and surrounds our daily life, in practise it can be used to answer a wide range of questions that arise from daily life. No, this introduction isn’t a response to a University Interview question asking what economics is, but instead is an introduction to a new feature we are introducing – Everyday Economics.
This feature aims to answer a variety of different puzzles that can be found in daily life and answered by economic theory.
When confronted with a reality puzzle there are a number of economic tools we can use to try and solve the question. Some of these tools (of which you can learn more of the theory on, in our Lessons Page) are listed below, in no particular order: