Blog #3

Blog #3

I've found that I connect to the reading in my hobby's. My Dad in the past two years has been fixing up a old  68' Chevy truck; I help him with putting the parts in or providing a extra hand. This makes a connection to the economy because, there are many fanatics about fixing up old trucks. To fix up old cars in general there needs to be truck parts provided; therefore, there needs to be someone selling them. This goes along with supply and demand . It could also partakes in the economy because there are some parts in the Chevy truck my Dad doesn't know how to fix; so he has to take it to a mechanic who knows how to fix old classic cars. This provides job's for people who have the skill set of fixing up old cars. Another example is if a owner of a classic car needs a paint job they take it to a professional who also makes more money through that. 

By fixing up my Dad's classic truck we are making it worth more money. He's putting money into it by buying parts, yet if he ever decides to sell his truck he will be able to sell it for a lot more than he bought it for. He bought his car in 2010 for 3,000 dollars; if he decides to sell it today he could sell it for around 12,000 dollars. Without supply and demand my Dad wouldn't be able to buy parts for his truck, and there would be a decrease of classic cars in our generation today.

Question: Would the government ever be able to control supply and demand? What would happen if consumers were low on money and couldn't buy the products the markets were selling?

Opportunity Cost- Blog #2

Opportunity Cost

About three years ago my Dad work place was closing down and all the employees were either layed off or given a option to transfer to a different location. At this point in time I lived in Sacramento, California. My family was forced into weighing the options of living in California but having no income and having my Dad struggle to find a new job or, moving to Tualatin, OR and starting a new life. My Dad and Mom felt like they were being called to Oregon and we moved all of our belongings to our new home, my three sisters and I started at new schools and tried to regain new friendships. 

I feel like the opportunity cost for my situation is the possibility of staying in California and predicting what my life would have been. I look back now three years later realizing its actually very good I moved up here. The High School I would have gone to is filled with a lot of drugs and I might have been peer pressured into doing unhealthy things with my life. The best friend I had when I left California ended up in the wrong group of friends and is now in Juvie. My Dad would have been forced to find a new job and possibly even my stay at home Mom. Life would have been to say at the least more stressful. We would have had a scarcity of  money. I might have ended up failing all my classes in California and getting involved in the wrong group of friends where here in Oregon I have a 3.5 GPA and am planning to get a nursing degree. 

Even though at the time moving to Oregon was hard, and finding friends was harder it made me value alot more things of my life. Because of the move I have a stronger relationship with my family; I also have great grades!

Opportunity cost: What my life could have been in California, school, education, friends, ect. because my family chose to take my Dads transfer in Tualatin, OR. 

Question: Is the opportunity cost choosing the best profit between two options; or is it just the alternative choice you didn't choose and what it could have been? 

Scarcity

Source: http://www.miriambuhr.com/wp-content/uploads/2011/07/scarcity-principle-marketers-use-of-time-marketing-psychology.jpg

The most scarcity I have in my life is the essence of time. One of my favorite quotes from a song is "The only thing between us is time." One of my best friends is leaving for college and I'm trying to hang out with her before she leaves; however, I feel like I never have enough time. There is so many things I have to do but I don't have enough time to complete everything!