Blog 3

Part 1;
This week we learned about marginal analysis and production possibilities. Marginal analysis is what is used to explain why Swy, doctors are paid more than a Mc. Donalds cook. Because doctors have higher capabilities and are more in demand as a necessity. And production possibilities are the most products that can be made based on opportunity costs and the workers are working to their best abilities and no less.

Part 2;
In the fast food industry, unless you are a CEO or manager, you will get paid minimum wage because you need less skills to flip burgers or take peoples orders. Whereas you need many more skills to be a doctor or even an athlete and those pay more for those particular skills.
Part 3;
1. For a future job I want to become a police officer, even though it doesn't pay loads it still pays more because you have to acquire certain skills for the job; as chapter six would agree because police force training is much more scare than asking "would you like fries with that?"
2. The start off salary for it is 56,980 and the required education is a highschool diploma or g.e.d (but it's good to go to college in law enforcement)
3. I plan on going to college and learn all I can and graduate with a bachelors degree in Law Enforcement. The costs is the money and time I will have put into college to get a job that doesn't really need it, but it will most likely make me more desirable based on my knowledge of the law. Plus if the police force doesn't want me there are plenty of fall back jobs that I would be more equipped for like lawyer, judge, detective or even FBI.
4. Chapter 6 clearly states that they can be and are paid so low because the job requires very little from them and they don't need any specific, hard skill to do the job and even do it well. So they are paid minimum wage because the skills required are not scarce and if they don't like the pay and they quit then someone else will be happy to step in and take that job.

Blog #2

Part 1:
  I learned a lot about incentives and opportunity cost, which are connected because opportunity cost is when you choose something that is going to turn out best for you but you give up the next best thing unless you have incentive to pick the second option.

Part 2:


1. The prisoner's dilemma and the fishers relate to the black rhinos because there is far more incentive to do what will be best for you now and even in the long run. There is no trust even if there are laws they think that if they don't get them or confess than the others will and leave them worse off. Related to that cops will actually say to two criminals that their buddy is currently confessing (even if he's not) just to get one or both to confess something.
2. Some irrational looking decisions can also be rational because there may be incentive like helping a person in need that may maximize your utility; like the guy in the subway, it was rather irrational for him to jump in front of a train to save a complete stranger but it maximized his utility; or an irrational decision could be just for maximizing utilizes for yourself like getting paid more, that only you can see happening in the future while others see it as irrational.
3. Incentives can lead to going to jail (to go off the prisoner's dilemma) for 25 years but there are also unwritten rules that no one tells on another, it else. So that is also an incentive against telling. In return we behave how we think we should or what we think we HAVE to do even though we don't really have to do anything. So what ever happens there is always some kind of consequence even though they aren't always foreseen.

Part 3:


1. I want to graduate college in 5 or 5 years with the help of maybe some family or my own job but also mainly as many scholar ships as I can get and NO LOANS. I don't want to go through life in Debt.
2. I want a small home like an apartment house or a cheap but nice house to live in that is not too expensive, soon after I get out of College.
3. I will never in my life gamble. It is a waste if money and even though winning can happen, you get addicted and put all your money in on the bets and if you loose, you got nothing left to live one. It's in no way worth it.
4. I will also never smoke or do drugs because it's very bad for your health and a HUGE waste of money. One pack of cigarettes cost around $5 and if you smoke one pack a day it costs more money per year than average car insurance.

Practice Blog

Part 1
     This week so far i have learned that the Economics class and Economy have almost nothing to do with; money, businesses,  taxes and other things that one might think Economy. No, but it's about the less specific subject of making choices. And that even though things like money can be included with making choices, it's not the purpose of Economics. I also learned about scarcity and that something must be wanted in order for something to be classified as Scarce. And that scarcity is when there is something that more is wanted than is available.
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Part 2
     November 15, 2013 there was a rumor that said salt is scarce in West Bengal. This rumor, whether it was true or not, caused the prices of salt in the market to sky-rocket and everyone rushed to buy some before the prices got too high and before it "ran out" so they could have salt. However the government sent out a letter saying that the rumors were false and there is plenty of salt left so the prices will go back down again
IANS, "Salt selling at Rs.100/kg in Bengal after rumours", The Economic Times, November 15, 2013,
<http://articles.economictimes.indiatimes.com/2013-11-15/news/44113563_1_rumours-common-salt-scarcity>
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Part 3
List of 10 of my future goals:

1. I want to go to college and get scholarships and help without loans so i don't start life on my own in debt.
2. I want to become one of three things mostly I want to become a police Officer, i know they don't get paid a whole lot but it's enough. Second would be an Artist maybe do portraits of people for money. and thirdly since I would have the correct schooling in it i could be a lawyer or detective or something around there.
3. I want a small home, nothing too expensive.
4. I may work secondary jobs like I could write or do the artist part as a second.
5. I hope to hopefully one day have a husband with a decent job.
6. I if don't get a husband i will most likely try to get a roommate, maybe and old friend
7. I won't gamble
8. I won't play the lottery as I have more of a chance getting struck by lightning than winning and it's therefore a waste of money
9. I will not spend money on any unnecessary drugs
10. And lastly, I will never EVER smoke, they are a huge waste of money, they smell and taste gross, are bad for health AND there are other ways to cure depression