Human society consists of people with so many languages. In our everyday life, we express our feelings or needs with a vocabulary which consists of 3000 words as an average. But, does such limited vocabulary is enough for full filling our life? It is obvious that if our vocabulary consists of a number of words which is less than the average, we will face extreme difficulty to communicate to other people, let alone expressing our emotions fully. Let’s have an example. Suppose a person who is not so used to drinking red wine is asked to express his opinion about the quality of a wine he drank. He might describe the wine by its colour: red or white; taste: sweet or not so sweet, etc. However, with a greater vocabulary he might describe the wine as having colour of a cloudy dark ruby drop, the smell is like somewhat earthy cedar, to the palate it tastes of strong tannin with a bit of acidity. Thus, in a single description, he used our sensory organs like tongue, nose and eyes. Naturally, this description is far more accurate and attractive. In our life, we come across many areas which demand our better understanding of them. Like, how to invest our money or whether to sell a property etc. If we take initiative to learn some terms of Economics like inflation, marginal utility, comparative advantage, opportunity cost and scarcity, we will be able to take practical decisions in our life. For example, at present there is a global recession going on which has drastically affected the market of real estate. The supply is far greater than demand. So, it will be unwise for us to plan for sale of our house. Similarly, if the vacancy for engineering jobs is less, we should not send our kids to study Engineering. If we are not so handy with house hold repair work, we must employ other people and do overtime in our office for paying them, it is called comparative advantage. Again, for every lucrative job, we have to calculate the opportunity cost; whether the job demands more time than we can afford and whether it means sacrificing our family life. During our purchase of an item, not only we should consider its scarcity, but our affordability also. Thus, in every walk of our life, extension of our vocabulary is a must.
