1. Let's first clarify the concept you are referring to, as it wasn't specified in your message. 2. Common algebraic concepts like solving linear equations, quadratic equations, or systems of equations apply to many real-life problems. 3. For example, solving linear equations can help in budgeting: if you know your total income and expenses, you can find out how much money you can save. 4. Quadratic equations are used in physics to model projectile motion, such as calculating the trajectory of a ball. 5. Systems of equations can be used in business to determine the best combination of products to maximize profit given constraints. 6. If you specify the concept, I can provide more targeted real-life examples and problems.