Final answer:
The concept of limits is used in everyday life through approximation in mental math and by recognizing the scarcity of time, both of which require decision-making and prioritization skills analogous to understanding mathematical limits.
Step-by-step explanation:
Limit concepts from mathematics have various applications in everyday life. One practical way limits are used is through approximation, which simplifies mathematical processes and makes mental math easier, becoming a life-long skill that can develop with practice. When using approximation, understanding potential ranges allows for mental guard rails against miscalculation and promotes a good practice of setting expectations before solving a problem.
Furthermore, the principle of scarcity in economics is somewhat analogous to limits, highlighting that time is a finite resource. Just as there are only twenty-four hours in the day, in various contexts, we must make choices that prioritize certain activities over others, which relates back to the idea of limits by recognizing finite capabilities and resources in decision-making scenarios.