Economic Autobiography Essay

Paper Type:  Essay
Pages:  5
Wordcount:  1347 Words
Date:  2022-03-27

Introduction

My life so far has been living with a firm intention of achieving something desirable. The focus has been on acquiring a purposeful life by encountering circumstances, which may cause aimless actions. My turn around life objective of achieving success required a determination and motivation, which so far relates to the early life decisions that I made in the macroeconomic environment. The decisions involved creating a proper guideline and a pathway for essential responsibilities. For instance, I developed strategies for living reasonably and responsibly which has accounted for both my long-term and short-term goals. The goodness of life so far comes in the ultimate end, therefore, creating the aim of my actions has been the primary objective. The paper will focus on an economic autobiography, a story from my childhood, adolescence to adulthood and the hopes for the future decisions.

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Life Choices Based on Economic Knowledge

I was born in Chicago, IL in 1984. I am from a two-parent home and Mom divorced my dad and moved to Woodhaven, Michigan in 1985 and got remarried in 1989. Mom and stepdad moved to Trenton, MI in 1990, which influenced some of my actions and thoughts during my childhood. My childhood was fun as I developed interests in embracing the values of integrity, innovation, and growth, which I had grown up appreciating. Since my teenage years, I developed a strong interest in the world that I live in. I developed the interest of wanting to understand the value of existence in the society not just locally but globally. The current affairs program on the television and newspapers as well as journals influenced the need to explore more about being an economist. I explored the usefulness of social interactions through the movement from Military High School in 1999 to MI High School and Graduate, which I finished in 2004. The movements contributed to the interest of study economics that underlies human behavior as well get insight into the validity of economic choices that compete for people's favor.

I began college in 2006, which helped me enhance the interest of how societies, governments, business, households, and individuals utilize the scarce resources in meeting their needs. Economics has two models of behavior, predict the response to changes in policy and market conditions, and gives a statistical analysis of investigation of the changes occurring in the society. The economic knowledge of utilizing the scarce resources shaped my macroeconomic conditions knowledge on understanding the incentives involved in making the decisions, which influence people's lives. Economics is applied in daily life activities by business, financial departments, administration, low, local and national governments for the importance to human well-being. I continued my college in 2006 and entered the workforce in 2007. Having the first son in 2010 influenced switching career fields, get married in 2011, buy the first house in 2013, which I sold in 2015 and bought another one. I had a second son in 2017, and the choices have based on economic knowledge gained in the institutions.

The State of the U.S. Economy

The U.S. government has significant fiscal policies being implemented by making changes to the national budget. The State formed economic stimulus and bailout packages that take over the established mortgage providers. The U.S. implemented fiscal policy aim at increasing the percentage GDP within the context of the state economy (United States President, Council of Economic Advisers (U.S.), 2017). The U.S. has monetary policies in place, and the established include increase of employment rates, stability in process and moderation in long-term interest rates. The economy in the U.S. has established trade policies that allow transactions on an international level for generation of more revenue. The labor market policies however affected structural unemployment. The policies limited workforces and led to different institutional changes. The states at the time have a national debt, which contributes to 96% of the Gross Domestic Product (Bureau of Economic Analysis, 2018). At the time, the macroeconomic school of thought utilized by the policymakers in the U.S. involved a business cycle, money and price level based on the Keynesian economics of monetary and fiscals of fighting recessions.

Economic Situations around the Times of the Pivotal Decisions

My mom and step-dad were the income providers at the time of the pivotal decisions in my life. My step-dad had a stable job, and his occupation was cyclical which influenced moving around during my high school periods. My step-dad was not a business owner but worked to ensure that his primary income was not adequate to cover all the family expense at the time of pivotal decision-making. For instance, after joining college, I had to drop out for some time and return later to continue the studies our family primary provider experience difficult in covering all the expenses at the time. The household expenses were rising rapidly because of economic changes, which triggered a change in lifestyle to cover other expenses (United States President, Council of Economic Advisers (U.S.), 2016). Emergency expenses lacked in my family, but we were able to acquire adequate housing arrangements. There were monetary windfalls enjoyed in my family after I acquired a job and bought my first house. My family, however, did utilize the universal health care during rough times.

Effect of the Economic Environment

The economic environment did affect the opportunities for education that were available to me. I had to drop out of college and resume later because of financial problems. Our primary family provider has a cyclical occupation, which caused us to move regularly and led to shifting of schools. The economic environment affected the cost and benefits of my decisions. The environment promoted my understanding of utilizing scarce resources, and for instance, I learned on saving which helped me buy a house, get a son and later get married. The environment caused a change of relationships with friends as we parted ways during the movements. However, the environment helped expand my life as I got married and later got my second son. The economic environment shaped my preferences regarding household arrangements. I had to sell my first house and buy a second one before I had a second one. I see myself as a strategist who understands the economic knowledge with skills of balancing simplification against relevance, critical thinking, and general environment resource allocation. Economic environment transfers skills and forms personal characteristics, and for others as well as the world in general, it forms the basis of problem-solving regarding resources utilization.

Incentives Involved in the Decision That Affected My Life

My life decisions based on the incentives created by the economic environment I have lived in. The choices result from decision-making which the aspect of managing the available resources that are essential for well-being (Bureau of Labor Statistics, 2018). Since my childhood, the decisions result from the vital cast of economic knowledge resulting in different prospects undertaken by the government, my parents and above all myself. The decision to move out of my parents' home, go to college, buy a house and start a family has al based on the current issues involving economics. My survival underlies the gained valuable set of intellectual skills of economics essential for looking at a variety of issues. The current environment has contributed to the development of general literacy in balancing resources against relevance as well as gain the insight into general resource allocation decisions. Economically, I have been able to make pivotal decisions in my life because of the projected evaluation and government policies on scarce resources utilization.

References

Bureau of Economic Analysis. (2018). National Economic Accounts. U.S. Department of Commerce. Retrieved from https://www.minneapolisfed.org/news-and-events/beige-book-archive

Bureau of Labor Statistics. (2018). Economic News Release: County Employment and Wages Full Data update. Retrieved from https://www.bls.gov/news.release/cewdat.nr0.htm

United States President, Council of Economic Advisers (U.S.). (2016).Economic Report of the President, 2016. Retrieved from https://fraser.stlouisfed.org/content/?item_id=522879&filepath=/files/docs/publications/ERP/2016_erp.pdf

United States President, Council of Economic Advisers (U.S.). (2017).Economic Report of the President, 2017. Retrieved from https://fraser.stlouisfed.org/content/?item_id=535300&filepath=/files/docs/publications/ERP/2017_erp.pdf

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Economic Autobiography Essay. (2022, Mar 27). Retrieved from https://proessays.net/essays/economic-autobiography-essay

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