Economics is the study of how people make decisions when in a state of scarcity. It is people choosing one option for another and the allocation of scarce resources.
What is Scarcity?
In life, people cannot get everything they want. No matter how rich you are, you can’t have everything you want; you have to make a choice. One thing that is scarce for everyone is time. Everyone has a limited amount of it. At any given moment, you can only do one thing at a time. For example: You can choose to sleep in an hour or you can choose to not. You can’t do both. Another example: If both item A and item B cost 1 dollar to buy, and you have 1 dollar in your pocket, you can only buy one of the items. Making those types of choices are the core of economics.
The Importance of Studying Economics
The reason people study economics is that people can use it to predict how people are going to respond to any given event. It isn’t always right. People often act irrationally. However, we can use economics make a prediction about what is most likely going to happen in a given situation. Economics is heavily used in a wide variety of fields such as finance, politics, monetary policy, international development, business, etc. The reason I’ve defined so many economic concept with this blog is because I believe that economics is a valuable thing for everyone to know. It is the study of human actions and I believe it can be a valuable tool for everyone, in order for them to understand the world.
|Rate||Assets Under Management|
|1.00%||Between $125,000 and $750,000|
|.85%||Between $750,000 and $1,250,000|
|.80%||Between $1,250,000 and $1,750,000|
|.75%||Between $1,750,000 and $2,500,000|
|.70%||Between $2,500,000 and $3,250,000|
|.65%||Between $3,250,000 and $4,250,000|
A single rate is applied to the entire account. So a person with a $750,000.01 account pays less than a person with a $750,000 account. I will waive personal tax return fees for accounts over $1 million. For accounts that are above $5,250,000, we’ll need to discuss a custom rate.
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Questions for the comments
Did my explanation make sense? Do you agree or disagree with what I said?