Whatabout This Thing Called Happiness
ToWhat Extent Are These Definitions of Economics and Happiness Similar?
Thetwo definitions are similar since they all entail the use of limitedresources with the aim of achieving maximum utility. For instance,some of the limited resources in economics include land, labor,capital, technology, and entrepreneurship. In this case, economistsmake effective use of these scarce resources in order to satisfyunlimited wants. The primary goal is to utilize what is available andget more returns. Economists are more concerned with maximizingreturns out of the inputs. For instance, the use of labor or humanresource ensures organizations provide good and services. On theother hand, people utilize their power and ability in order to getultimate happiness. In this definition, the skills, knowledge, andeducation are the scarce factors. As such, not all people can begifted with everything therefore, it is important to make good useof the given talent or skills in accomplishing lifetime goal,happiness. A healthy individual ought to fully utilize his capacitiesand be able to set realistic targets. The accomplishment of theseindividual objectives is the ultimate fulfillment in life that comesalong with happiness.
ToWhat Extent Are They Different?
Thedefinition of the two terms may differ because of the underlyingperception among individuals. For instance, happiness is relativeimplying that what one can refer to happiness could be something elseto another person. People have different tastes and preferences thusthe concept of happiness can be challenged. As such, the achievementof happiness is not universal since everybody has their own ideology.On the other hand, the utilization of scarce resources in economicsresults in the production of goods and services. Therefore, theresults of economics are tangible and feasible, whereas theutilization of capacities is relative among different individuals. Assuch, the definitions of economics and happiness may be similar andat the same time dissimilar.