Everyday Economics Blog
As you go about your daily life during this course, you may run into situations at work or at home that remind you of a course concept. Share them here,
telling us about the situation and how it is an example of an economic concept discussed in the course. And post at least two replies to your classmates'
posts.
Sample Solution
ne situation that I often experience in my daily life that reminds me of an economic concept discussed in this course is the relationship between supply and demand. Whenever I am shopping for groceries, it is always interesting to note how prices fluctuate depending on a variety of factors such as seasonality, availability, and customer demand. For example,
during the summer months when there is an abundant supply of fresh produce available (i.e., ripe peaches or sweet corn), the price tends to be lower than it would be during winter months or when there are other shortages of certain items. Similarly, if a particular item becomes popular among customers due to marketing campaigns or trendiness, then its price may increase substantially as well due to increased demand for that item.
Another situation I have experienced recently that relates to economics discussed in this course has been budgeting for college tuition payments. My family has had to make decisions about which school we can afford based on our financial ability and what resources are available from grants or scholarships versus taking out loans with interest rates attached. We also had to consider potential future earnings from potential majors offered at each school along with comparing tuition rates at various institutions which could vary significantly depending on state residency status and whether one chooses a public or private institution. All these factors relate directly back to the concepts of opportunity cost and marginal benefit/cost that were discussed in class - even though making our decision was more practical than theoretical!
In reply to my classmate's post: It sounds like you were able to go through a very practical application of economics principles while trying decide your college path! It's really important when considering educational opportunities not just think about immediate costs but also long-term returns too! Being aware of things like opportunity costs can help inform decision making processes so they become more informed ones based on everyone's own personal circumstances