Week 3 HW

Over the past week in Economics, we learned quite a few things. For example, on the first day we learned what opportunity cost was (where you give up the second best option after making a choice) and how it related to Trade off (where you make a decision based off of many options, and it's related because opportunity cost -- what you give up -- is the result of a trade off -- what you choose). We also learned why we should go to college and how the decision of going to college or not will affect us in the future. For example, if we worked a job making $7/hr (about the average of what you can make if you don't go to college) and worked even up to 40 hours a week, you'd still only be bringing in about 70,000 every 5 years. If you went to college, tuition could be from $90,000 and up, and you add on the opportunity cost of not making $70,000 over the course of 5 years, that makes $160,000 for 5 years. But, if you go to college, then you could be making far more than that $90,000 a year. We also learned about PPC (the production possibility curve, or the maximum amount of two products you can make at the same time) and Marginal Analysis (through Reeces), which is basically that the more you have of something, the less you're going to want it, and nothing is immune to it. The golden rule is to always keep doing something until the cost outweighs the benefit. On finance Friday, we all learned that we're not ready to live on our own, and that budgeting is more complicated than we first assumed. Plus, we learned about how much our parents do to take care of us.

Every choice has an opportunity cost. One that I've made in high school thus far that has yielded the highest opportunity cost was choosing what I want to do with my life, AKA go to college to be a journalist. The thing I'll have to give up is getting a full time job to pay for everything. If I had to do it over again, I wouldn't change a thing.

One skill I would love to learn is how to not let other people influence my opinions/decisions. My desire to do things right and make other people happy is stopping me. Still, I don't just say what people want to hear just because I know it's what they want to hear.