The Market Economy System

In a market economy, an outstanding strength, to me, is the people being a part of the decision making. We do help steer the economy in terms of what to do with scarce resource and we also have a voice in the what the economy does. That's important to me because I feel that not a few powerful individuals should be able to say what our needs are.

A weakness, or disadvantage, that I believe is a major flaw in a market economy system is that those who are dependent on others for their well-being (young/old people and those who are terminally ill) don't have all the services required to meet their needs. All the other people in society and those dealing with the economy or more focused on what the demands are of majority of the population that they forget about those who are usually not present in the face of our economy. To me, that is something that we need to place more focus on when we're dealing with the economy.

Overall, the best strength of a market economy is our ability to each have a voice in the way the economy works, but with that also comes the disadvantage of not meeting the needs of the neediest people in our society.

Question: Is the government the only organization that sets aside money for programs to help the elderly?

Opportunity Cost

A time I had to make a choice concerning opportunity cost was last spring. I had to make the decision of entering into the Honors Program or the IB Program. Both included advanced courses and IB classes, but IB is more rigorous than Honors.

When I made my decision, I weighed the two options. If I chose to go with Honors, the opportunity cost would've been the full benefit of an IB Diploma such as potential credits for college (could save money on college classes), development of skills (especially writing), and, of course, the Diploma stating that I had made it through the most advanced program provided at school. But, if I chose IB, the opportunity cost would've been a better social life, easier schedule, and more free time. I was stuck and had to not choose what I wanted but what would ultimately benefit me even if it was challenging at times.

In the end, it came down to taking the easier route and not pushing myself to my full potential or challenging myself and pushing through the assessments of a more advanced program while developing essential skills. I measured the affect on my future and realized that developing some of the crucial college skills now, would pay off in the long run. When I have to make crucial decisions, I consider my wants and needs. More importantly I take the long-term affects on my life into consideration .

A question I have concerning opportunity cost is: Do economists consider all possible factors in a major decision or do they only consider the more important factors at hand?

IB Diploma Program Logo

Scarcity

http://musclecarclub.com/petrol/free_gasoline_prices.jpg

A scarce resource in my life is gasoline. My family and I use it all the time when we travel or just drive around town just because. With high demand for oil world wide and it being a non-renewable resource, it's supposed to run out in my lifetime. (This website has the days left until the end of oil worldometers.info). And without gas, what will we use to fuel our cars.