This article explores how fundamental economic principles can significantly improve daily decision-making, from personal finance to career choices. It highlights key concepts like trade-offs, opportunity costs, and the benefits of specialization, drawing insights from Gregory Mankiw's Ten Principles of Economics.

• The article emphasizes that economics can help individuals make better decisions regarding time management, career paths, and personal investments by understanding concepts such as opportunity cost and the trade-off between inflation and unemployment.
• Authored by Manpreet Gill, Chief Investment Officer for Africa, Middle East and Europe at Standard Chartered Bank’s Wealth Solutions unit, the piece translates complex economic theories into practical applications for a diverse audience.
• Understanding the interplay between inflation and unemployment, particularly how it influences interest rates set by bodies like the US Federal Reserve, can empower individuals to make more informed borrowing and saving decisions in their daily lives.