Years ago I found a way to download a bunch of homestarrunner sound bites and I tend to listen to my whole library on shuffle so every so often in-between songs I get a brief “I’m sad that I’m flying” or a “somebody get this freaking duck away from me!” And it always gets a little chuckle out of me

Affect is a verb: the rising grocery and gas prices are affecting my spending choices.

Effect is a noun: the effect of rising grocery and gas prices are changing my spending choices

In your example: any single economic decision has an effect on people, while the economy as a whole affects people.