LESSON ONE: Human Life and the Economy

LESSON ONE: Human Life and the Economy is the first lesson on our Mind your Business Lecture Series. This is a lesson to prepare you for the NYSC SAED programme during the 3weeks orientation programme and also to get you prepared for the post NYSC service year.

Human Life and the Economy: In life, we have come to realize the limited nature of resources given unlimited need of man. This has been a great concern and have raised great questions to the great economist which include:

  1. What do we produce so as to maximize the use of the resources available? This question is also taken care of by management accountants in their decision making process and hence, “who is in charge of these resources?” is a big question mark.
  2. How to produce so as to avoid waste of materials.
  3. For whom should these products go to; which determines the kind of product to produce. For instance, during war, the country is expected to produce more arms and ammunition so as to must the demand of the war.
  4. How to maximize or make efficient use of available resources. This is when one continues to collaborate to exchange that which they can produce given barest minimal use of the resources available and then import those products that will cost them more to produce.

And this has given me concern to ask what is the essence when one’s view (law/rule) on the economy is seen as inter- personal validity. By inter-personal validity, I mean that what might be true at this moment given a certain condition, place and time might not hold water given same resources in separate environment and this also places a big question mark on “ceteris paribus”.

          Ok! We have talked more in economic terms, now it is time to carry everyone along this great lesson of human life and the economy.

          It could be said that the economic activities of a society consists of activities which relates to the production and consumption of goods and services. Both the young and the old, everyone in the society gets involved in the economic processes. There is no day that passes without you either producing, consuming or the two.

          Let us take our minds back to the last Christmas period when everyone was spending, are you aware that as you were eager (ready) to spend that there were few at the receiving end who were ready to accept your money and give you what you want, either in product or in science?

          Now let us bring it down a bit.

          Can you still remember how much you bought air time during the yuletide? Yes, I mean the Christmas period! Most of the card sellers (that was still in business ready to collect your money) sold at the rate higher than what it used to be. Same with other products and services and the most interesting part of it is that within this period, the money in circulation goes into the hands of few who are ready to sacrifice the pleasure of the period to either utilizing the opportunity at that period or trying to meet up with their expected goal at the end of the year.

          I hope am now creating an image in your memory? Good!

          In the society today, there are two classes of people, the rich and the poor. I understand the question you want to ask but I must tell you that there’s no more the middle class. They have been removed, to widen the gap between the rich and the poor. This as we all know is the reason behind the rich getting richer and the poor getting poorer. Remember our topic: Human Life and the Economy.

          If you don’t want to join the group who passes over opportunity repeatedly (Poor), then you need to get up and start doing something today because tomorrow belongs to those who do things today (Napoleon Hill). Get up and create opportunities. Don’t always wait for them to come begging you every time. It all have to start from something you can do too well. Something you are passionate about. Here it requires more than skills and talent. PASSION

          The reason behind the rich getting richer is because they are doing something right and they keep doing it. Please do not quote me wrong. I mean the rich who have root and route to their wealth like the founder of face book incorporation (Mark Zuckerberg) that started not up to a decade ago and because of something of value which the company created, they have been able to make it to the top of which analysis of this company can be made with other well established companies like Google Incorporation Apple, Mac, Yahoo and others who started before them. Are you still aware that some individuals make legal money with the use of face book? Well, this calls for a different lesson. (winks).

          There are reasons why people get poor (or poorer). It is quite understandable that everyone want to be wealthy and be able to purchase whatever he or she needs. But the question now is “why is it that everyone is not wealthy?” check the list to know if any of them has to do with you; it will help you in achieving your goal and better still mind your own business.

  1. Most people subscribe to what their predators call “secrets”. Take for instance, If I had entitled this post you are reading “the secrets of making millions in a week or month” The title will hit virtually everyone and compel you to buy not minding its content thereby making me more money and getting you poorer because there is no short cut to wealth. That is why I would not do that rather, I’ll warn you not to subscribe to any post or article/book that promises to get you rich without work. Ask yourself where the money will come from and be wise.

Most of the books with “The secret of …” end up being load of work online and I have subscribed to many email updates and newsletters that at the end of the day I wanted to opt out but cannot find the “unsubscribe” link.

          I woke up one morning, searched my inbox to read new messages an internet marketer (name withheld) sent me “Chinwendu, I want to help you achieve your new year goals”.

          I was not only angry seeing that kind of email subject though it’s possible but not more than what I expected in the content anyway. It was one of the “secret crap” he wanted me to buy. The funniest part of it was that most people do not try the things they call “secrets”. The question you may ask is “where you forced? why complaining after all, do you even own a business and want us to own one?” I complain because there is no “unsubscribe link” and hence, I term it “spamming” for the second question. Yes I own a communication business and that is why you are reading this. One thing you must know is that when it comes to the world of business, most of the free things being offered to you won’t help you achieve your goal. I said so!

          What next happens, the “secret crap” will make you imagine figures and some fat cash lying in your bank account without giving you clue on how to start. Such resources motivates you and still leave you where you are (if not more miserable by hating things around you). Remember our topic: Human Life and the Economy, and we are discussing the reason people get poor (or poorer). You need to take action now and not just imagine big figures you will never get by doing something you do over and over again. Forget about “secret things” and work towards your goal. Ask somebody who knows better than you in that field what it takes to succeed and how to start. Remember, if it is not legal, it’s not worth it!

  1. Poor people have problem in managing psychological and emotional state of mind. One can be the most talented on earth when you are not mentally okay or not able to control things that happen around you, your goals cannot be achieved the way you feel reading this book, will influence your decisions and at long run, tells how far you can go with the ideas in the book. Being able to control your rate of confidence, courage, ambition and passion now tells how you are able to manage your state in a particular time. By remaining in positive state of being, you see yourself being better equipped to tackle the hurdles of life, so many people get poor because they always have something or somebody to blame for their fail