Market Economy, yo.

I think the part that stood out to me the most about what makes the Market Economy so unique is that workers have the freedom to change jobs and move elsewhere. They also have the ability to decide when and where they work. This is relevant in my life because I have a job and for the most part I get to decide my own hours (or at least tell them the hours I don't want to work). I never really considered that I have this freedom because of little government control in our economic system. 

To add to that, my dad got laid off a few years ago and had the freedom to find a new job that he liked better and that paid more. Since we have a market economy, he was able to move freely to a new job and take advantage of new opportunities (even if it was sort of forced upon him).

One thing that I would like to know is how our work system would be affected with a different economy. For example, if we lived in a command economy, would the government be able to choose our jobs for us and force us to stay with those jobs for the rest of our lives? Maybe it's not so extreme, but it would be interesting to see how different economies have an effect on different work forces.

Opportunity Cost, yo.

“Think about a time in your life where you had to choose between two or more options. Explain the opportunity cost involved in that decision.”

There is a significant time coming up in my life where I am going to have to make a decision about where I want to go to college. So far my options are Biola University, Corban University, Azusa Pacific University, and William Jessup University. My decision can greatly affect how my future plays out, so it is something where I really need to consider the opportunity cost of going to each college.

If I choose to go to Corban University in Salem, the opportunity cost will be going to California and experiencing a new place and meeting a lot of new people. I would be closer to my family, so I would probably still have some of their influence and not get to be as independent. However, if I went to any of the other three schools in California, the opportunity cost would be the ability to stay in touch with my family and friends more easily. The opportunity cost of going to one school versus another would simply be the people I meet and the experiences I have. I could even end up marrying a different person and settling down in a different location if I went to one place over another.

This is something that is really scary to think about. The opportunity cost of going to each college is ultimately uncertain since I don't know what experiences I would be giving up at the other colleges. It's insane that I have the ability to decide my future and really not know what I'm getting myself into. How can I tell which is the best option when I'm not completely sure of the consequences?

Scarcity, yo.

Raspberry lemonade is a scarcity in my life because we never have it in my home. Whenever we do have it, it gets consumed quickly and we have to wait a long time before we get more. Also, when we do get more we are desperate to get the best kind of raspberry lemonade there is, so we spare no expense to get Simply Lemonade raspberry lemonade.

Huzzah for blogs!