Politics and Economics Research Paper Example | Topics and Well Written Essays - 500 words

Politics and Economics - Research Paper Example Man is always changing – from his physical traits to his values and cultures. He changes even his way of life in order to cope with his ever changing environment. Because of the changes in his environment, economic resources have become scarce. This is the main reason for us to economize (McConnell & Brue, 2005). We need to make economic choices every day of our life – from choosing our food to eat, deciding what and where to buy our clothes and how much fuel should be filled in our car. And in every decision that we make, we has to forgo an alternative and incur a cost. In our decision makings, we need to consider the prices we have to pay. Prices in the economy may affect individuals’ buying behaviors and decisions. Prices of goods imported to the U.S. may affect the individuals’ decision making. Principles of economics can explain the behaviors of both sellers and consumers towards price changes. We, as consumers, tend to buy more when prices are lower and buy less or even delay buying when prices are high. However, the reported drop in the prices of imported goods could also be attributed to the increase in goods imported to the United States.