Before entering _
A Gift from Economics to Our Daily Lives: "A Very Economical Day"

Chapter 1: Question Marks for Rational Choice

Everyday rationality comes from economics.
Economics: Why You Should Learn Economics
We can't all have as much as we want
The Two Pillars of Economics: Efficiency and Equity
Giving and receiving gifts is also an economic activity.
What if I just give cash to buy a gift?
The utility of a gift varies depending on the recipient.
Why do business next to your competitors?
Why it's advantageous to stick close to your competitors
When we gather together, both workers and customers benefit.
Why everyone and everything is heading to the city
The first standard of law and institutions, economics
The Impact of Costs and Benefits on Law
Economics as the basis for legal judgment
Road traffic patterns also require economic debate.
Why Roads Can't Be Widened Easily
Institutions that hinder efficiency and fairness
Am I being uneconomical by making rough decisions?
Errors of judgment, heuristics
If you don't want to waste time and money on information

Chapter 2: Will Evaluating Costs Make Decisions Easier?

Cost, how do you perceive it?
What You Give Up When You Don't Choose
How much does a CEO earn per hour?
Value judgments and costs cannot be separated.
If you put a value on safety
If you put a price on something that never happened
Limitations that must be calculated along with opportunity costs
Clarify the calculation subject
Opportunity cost is determined by market value.
Alternatives for Cigar Determination - EVA
How does shareholder equity relate to opportunity cost?
The 'costs' that must be abandoned for innovation
Why New Technologies and Innovation Are Difficult for Existing Companies
Why Startups Are So Driven by Innovation - The Substitution Effect
To avoid falling into the swamp of sunk costs
Fixed costs and sunk costs are easily confused.
Businesses sunk by incorrect sunk costs
Why do we keep considering sunk costs?
Miscalculation, what's done is done
Sunk costs: Don't forget them even if you hate them, and let's meet again even if it's annoying.
Reasonably reflecting costs in decision-making
Don't ignore your intuition
Intuition is a product of experience and know-how.

Chapter 3: Rational People Think Marginally

Knowing your limits increases your profits: Analyzing your company's limits
Limitations Suppliers Need to Understand
Limitations Consumers Need to Understand
Companies that utilize the principles of marginal analysis
The reason why marginal humans are economic
Seducing Consumers Using the Principle of Marginal Analysis
Pushing customers with marginal utility
The ramifications of marginal utility spread everywhere.
The Law of Diminishing Marginal Utility: The Cost of Gaining Profit
Marginal utility moves little by little
To significantly increase marginal utility, catch it early.
Even when reducing losses, marginal utility
Flexibility in utilizing fixed and variable costs
Another name for the marginal principle, cost-benefit analysis
When calculating cost-benefit analysis
Can you give me a specific cost estimate?
Cost-benefit analysis used in practice
Things that cannot be analyzed with cost-benefit analysis
Calculating benefits is more difficult
Various ways to narrow the scope of benefits
The common thread among benefit estimation methods is 'anxiety'.
Cost-benefit analysis: Beware of the double-edged sword

Chapter 4: We Are Ruled by Incentives

People driven by incentives
What does it take to effectively incentivize?
For incentives to work, you need to remember the threshold.
Wage levels and labor productivity rise together
Corporate trust, employee trust
The basis makes the difference in salary
Is it okay to evaluate subjectively?
Can invisible work be evaluated as performance?
Appropriateness of subjective evaluation factors
Fixed salary, another form of incentive
Why You Should Use Both Efficiency-Based and Fixed-Based Pay Together
Incentives that vary depending on where you work
Various incentive factors that move us
Benefits and promotions given to the chosen ones
The promotion dilemma that no one can solve
Career management, what I need to do thoroughly
Career management that varies depending on accumulated experience
Company goals and their impact on my career
The huge butterfly effect of incentives

Chapter 5: Free Trade Benefits Everyone

Was the original surplus in economics?
Consumer surplus, producer surplus
How is a dominant relationship formed?
What it takes to gain a comparative advantage
Differences in positions between countries are becoming more acute in trade.
An externally oriented economic model is the trend
Trade: A Few Things We Don't Know
For the domestic market, dumping and tariffs
A cunning government, imports are being unfairly treated.
Global financial crisis puts everyone on edge

Chapter 6: The Closest, But Least Known Place - The Market

The market is alive and changing.
The economist's utopia: the perfectly competitive market
Market failure, monopoly market
The changing face of the market before defining it
Can you make a lot of money by becoming a monopoly?
Entry barriers that a monopoly must have
A clearly drawn line between 'scope' and 'limit'
The allure of becoming a weapon, the barrier to entry
Those who want to enter, bear the weight of advertising costs - Advertising
Getting used to the present, becoming too lazy to change - switching costs and the lock-in effect
I only use this brand - product differentiation/experience is more solid than any equipment.
Don't blindly believe in patents
To avoid becoming a monopoly or a 'poison'
Monopoly begins with unprecedented innovation.
As long as innovation continues, there will be no permanent monopolies.

Chapter 7: When Market Functions Fail - Market Failure

We all unintentionally influence each other.
We influence each other without even intending to.
Externalities: shaking the entire society from the outside
To prevent new externalities from emerging
Complete elimination of external diseconomies is not the optimal method.
People who don't know pay more
Without the necessary information, you have no choice but to lean.
Adverse selection is signaling and selection.
Moral decay is caused by institutions and structures.
What the National Museum Admission Fee Does
Goods without exclusion and competition are factors of market failure.
It wasn't made for free riding.
Public Goods: How Much Should We Produce?
To measure the benefits of public goods
Another issue with public goods: shared resources
Common resources are maintained and preserved by those who share them.
Summary of courses that solve shared resource problems
Why Inefficient Companies Continue to Operate
A market failure factor that must be left alone for now: the monopoly market.

Chapter 8: A Mirror Showing Reality - Indicators

The most basic thing to understand about the real economy
Everyone should check economic indicators.
Be suspicious at every moment and use it appropriately.
As the environment changes, so too should the indicators.
When it comes to economic indicators, the "how" is important.
Non-financial aspects: What is the most appropriate way to consider them?
The ultimate daily routine aims for "more than just double-crossing."

Chapter 9: Key Points for Understanding the Economic Situation - Prices and Employment

What the Price Index Means
The consumer price index, a representative price index
Why the Consumer Price Index and Perceived Prices Differ
Why Understanding Prices Is Important
How does economics classify people in terms of labor?
Even if the economy is too bad, the unemployment rate can fall.
Representative economic indicators
The face of a country's economic situation, its national credit rating
National Competitiveness Index: A Criteria for Selecting Investment Locations
Evaluation factors of the national competitiveness index

Chapter 10: The Most Painful Monetary Phenomenon: Inflation

When economic issues hit hardest
The impact of prices on our entire lives
The problem is unexpected inflation.
Inflation that takes advantage of a breakdown in the price mechanism
High prices also need an excuse.
Do I have to pay as much as a backpack to buy bread?
We need more words to describe inflation.
Expensive items when you need them - when demand and prices rise together
As the national economy grows, keep an eye on the money supply.
Inflation is becoming more diverse and complex
Deflation: The Thing Economists Fear Most

Chapter 11: What Makes a Difference in an Age of Uncertainty: Risk Management

Start by overcoming erroneous subjective biases.
Objective value of risk vs.
subjective value
Our attitude toward risk
Examples of risks and solutions occurring around us
The 'real' risk management we need to know
Selling or passing on risk to others
Actions intended to reduce risk can actually create risk.

The best work of Professor Park Jeong-ho, the national economics teacher!
For you who always have a hard time at the moment of choice
Tools for rational decision-making that break through the limitations of theory and the barriers of textbooks.

★★★ Korea's leading expert in real estate investment analysis
★★★ MBC's "Economy Plus"
★★★ 25 million cumulative views on YouTube: Professor Park Jeong-ho's Yeouido Mention

What is more rational among the choices we make in our daily lives?
Economics, which felt distant and difficult,
We easily encounter it in our daily lives

We often hear things like, “You absolutely must know current affairs and the economy,” and “Studying stocks is not an option, it’s a must.”
I nod when I hear that I should study economics, but once I open the book, I quickly lose interest in the rigid theories and unfamiliar terms.
Even though you studied hard because you thought it would help you in real life, it is true that when it comes to making important choices, it is difficult to use what you learned to the point that it becomes meaningless.
The new book, “A Very Economical Day,” is a book that started from these concerns.

“The economy is difficult.
“Just tell me what I can use right away in my daily life.”

This is what the author heard most often.
I want to save money diligently, but I have no economic knowledge, and at work, I get criticized for no reason.
This book follows the daily life of such an office worker and provides 11 economic principles that can be applied immediately.

When choosing a new store location, when thinking about a birthday gift for your loved one, when taking the subway instead of driving…

Economics operates quietly but clearly in the moments of choice we constantly encounter throughout the day.
This book helps you understand why these choices make more sense, without complex terms or formulas.
The moment you close this book, you will have become someone with a more practical economic sense than anyone else.

Learn economic principles and the secrets of rational choice through one person's 'day'!
Can I also create a 'very economical day'?

On the way to work, in the conference room, at the coffee shop, at the department store,
From a gift for your lover, an afternoon cup of coffee, to booking a holiday exhibition…
For you who are faced with economic choices at every moment
Professor Park Jeong-ho's clear economic prescription!

Instead of rigid terms and graphs, this book follows the daily life of an ordinary office worker called "An Kyung-je" and examines economic principles and rational choices.
Office worker Ahn Kyung-je contemplates his day's work on the subway on his way to work, writes a report for a meeting with his head of the headquarters, and thinks about where to eat out with his wife after work.
And the countless moments of choice he faces become the core subject of economics.
We also experience situations every day, but we do not recognize them as 'economics', but they are actually going back to the principles of economics.
And the economic principles that can be salvaged from these situations and choices are 'economic tools' that can be applied in practice right now.
As you follow the concerns and choices of the glasses maker, you will soon find that complex economic concepts are transformed into the language of realistic judgment.


The new book, "A Very Economical Day," is a practical, practical economics book that you can use right away.
For readers living in this day and age, this will be a very practical economics lesson that teaches through empathy rather than theory.

Key points of the tariff war highlighted in this book!

1 Economics in a Daily Workday
- Realistic economic stories straight from the everyday lives of office workers.

2. Mastering economic principles without complex theories.
- Explanations that even non-economics majors can read and apply without difficulty.

3 11 Economic Tools to Develop Economic Thinking
- Apply key concepts such as opportunity cost, marginal utility, and sunk cost in practice.

4 Empathetic episodes and life-related case studies
- Studying economics through everyday situations such as meetings, gifts, transportation, and consumption.