how economics affect the lives of students and households?

In economics, there is a term called the "opportunity cost".
In shops and stores, people need to decide what's best for them (choosing the right product), which involves the use of opportunity cost. There are prices listed on the table in shops and stores. A rise in inflation causes prices of food to go up, affecting the people choices to buy in shops. It is the money flow that matters. If the prices go up, some students may choose to buy old books instead of new ones. As for the households, they go to work in the morning, they get paid, they are workers. households are workers. when they work, they get paid by the firms. this is economics. it's the natural flow of money. the household spending on goods and services goes/returns back to the firm. again, it's natural flow of money that matters in economics. if there's an inflation, households may reduce their spendings on goods and services, and in turn firms will receive less in return. this related to economics.