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.
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.
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.
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.
Mae Dempsey - period 4 - Econ
ReplyDeleteFor part 1, I would like to see you take this further and give me more details. You can do so in a reply to this comment!
ReplyDeletePart 2 has some great thinking!
For part 3, we will talk about loans and paying for college on another day! Nice job fleshing out some of your goals.