Demand Headlines

1. Complementary: iPhone 5 released, new phone cases sales dial up.
2. Substitute: Walmart's frying pan prices raise, Sears pans sales sizzle up.
3. Elastic Demand: Skittles prices reduce dramatically, now whole country is tasting the rainbow.
4. Inelastic Demand: Electricity prices skyrocket, but no one wants to be left in the dark.

In our modern world, almost no household could be run without electricity due to its incredible utility. The need for electricity steams from our need for light, utilities, and entertainment. A modern household could not function using candles for light or without a microwave for food. Although if electricity prices rose, many families would likely attempt to be more careful with their use of electricity, being careful to not be wasteful or use it frivolously. However, they would not be able to stop using it all together.

The utility of the electricity would outweigh its price raise for its multiple uses. One use would be the lighting of a household, because houses are not built to utilize natural light. Therefore, electricity would be a necessity for lighting a home and making it functional. Another use would be its ability to make food in a microwave. Many households utilize a microwave, and without it, they would have to change the way they eat, making life more difficult. 

Demand and Utility

Throughout this week, I plan to exhibit economic demand for goods and services through:

1.  Purchasiung gasoline, which has a utility of making my car run, allowing me to use it for entertainment, work, and travel purposes and also allows me to have more freedom.  
2. Purchasing coffee at Dutch Bros, most likely an Iced Kicker, which has a ulitity of giving me energy and allows to be allert, as well as satisifying my need for a tasty drink. 
3. Purchasing a burrito from Chipotle, which has a utility of satisfying my hunger, giving me nutrients, and gives me energy, making me happy and satisfied. 

Markets

What are the strengths or weaknesses of the American Market Economy?

The American Market Economy is one that has many advantages and disadvantages  In general, the economy can be considered a success due to its high level of American support. Some of its strengths include its ability to change. The American Market place is effected greatly by other markets around the world and therefore, it must adapt when production factors change. For example, many corporations have the ability to predict the changes in the economy, allowing the economy to stay quite stable. The other major advantage is that there is an individual freedom available to all people, giving them the choice and opportunity to purchase anything or even start a new business. This ability gives people the freedom to start a new career or creating a business and gain a future.
Other strengths in the American Economy include its lack of government inference. The government stays out of the economy and does not change in the outcome of different businesses. Due to the low level of government control, there is also no centralized decision making. This way, the economy is defined purely by the consumer, allowing a variety of goods and services that are desirable by the public. The variety also allows us Americans to find many different and interesting items that aid us in our daily lives, giving us a high satisfaction.

Opportunity Cost

Around May of last year, I got offered a position at Jamba Juice. At the time, I was only working approximately 15 hours a week during the school year. As time progressed, I began to work more and more, up to about 40 hours per week. At that same time, auditions were occurring for the school's musical Hello Dolly. I am an active choir member and I had really enjoyed the past musicals I had been in; however, I knew I didn't have time for the musical and my job. 

I decided to not participate this year in the musical in order to keep my job. Therefore, since I didn't do the musical, I missed out on a few different things. I would have been able to learn more about music and improve my singing. I would also have been able to make new friends and learn more about the other people in my classes. I would have been able to have more free time after rehearsal and get more sleep, consequently having more energy. I also could have learned another musical, including it's music and message, and explored something that truly makes me happy.

Scarcity

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In between school, work, family, and friends, time seems to be something I never have enough of. I am always rushing from place to place and trying to rest in between. Time is a finite resource for everyone and when a part of my day is blocked out by school and another 7 hours by work, I am constantly attempting to catch up on different things that I truly do not have time for.