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Location: Welker's Wikinomics Page Discussion Forum
Discussion: Week 2 Discussion Forum Question
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welkerjason |
Week 2 Discussion Forum Question
Aug 21 2009, 8:33 AM EDT
Economics is the study of resource allocation in a world of scarcity. Because of the limited nature of the world's resources, choices must be made between alternative uses. This week we'd like you to share an example of a choice YOU or someone in your family has made regarding the use of a scarce resource or resources. Remember, all economic decisions involve COSTS, but not all costs are in terms of money. Give an example of a decision you've made that involved resources, tradeoffs and costs. The more creative or original, the better!
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ilobjanidze |
1. RE: Week 2 Discussion Forum Question
Aug 24 2009, 3:13 AM EDT
| Post edited: Aug 24 2009, 3:17 AM EDT
A decision I have made involving scarce resources would be going to hang out with my friends instead of doing homework that was due the next day. The tradeoff of it was handing the homework late and getting a lower grade but I did enjoy the time spent with my friends. If I had not gone out with my friends, I would finish the homework and hand in a well completed work.
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vbuehler |
2. RE: Week 2 Discussion Forum Question
Aug 24 2009, 3:20 AM EDT
| Post edited: Aug 24 2009, 3:22 AM EDT
This summer I spent my time relaxing rather than going to work for some weeks. The trade-off is the money I could have earned when going to work, but on the other hand I had a better time. The time I spent not working is the scarce resource I have "wasted".
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sebastianfrisch |
3. RE: Week 2 Discussion Forum Question
Aug 24 2009, 3:26 AM EDT
During my summer break, I decides to bike from Zurich to Lenzerheide, Graubünden. In this case, the scarce resource, also the cost, was the energy I had to bring up. Because the trip took me an entire ten hours, the tradeoff would have been spending some time with friends or family.
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BjornBorgers |
4. RE: Week 2 Discussion Forum Question
Aug 24 2009, 7:32 AM EDT
This weekend I made the choice to do a first aid course, which is mandatory for my driving license. The cost of doing so, was that I had no time to do my homework, or enjoy my weekend. Instead of paying 150 Sfr.- in the course, I could have done some work where I could have made some money instead. The scarce resource that I used was time, and I think that now was the best moment to use it for the course, because later my time might be even more scarce (due to more work, etc.).Do you find this valuable? |
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JasonFedor |
5. RE: Week 2 Discussion Forum Question
Aug 24 2009, 9:00 AM EDT
This week my mother made brownies. A day later, there were just enough left for each of us to have one. However, we had a few cookies as well available for desert. We each had a cookie and a brownie to eat. However, I enjoyed the brownies a lot more, so I offered to trade my cookie for my sister's brownie. She accepted, and I gave my cookie for her brownie. She ended up with two cookies and I with two brownies. I ended up trading my less valuable resource, one of the plentiful cookies for the rare resource, the last brownie.
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GavinSteinhubl |
6. RE: Week 2 Discussion Forum Question
Aug 24 2009, 9:02 AM EDT
| Post edited: Aug 24 2009, 9:04 AM EDT
This summer i made a choice to volunteer for 4 weeks at a summer camp for no pay, instead of getting a job in which i could be paid. The trade off is if i had worked those 4 weeks, i would have made money, but i wouldnt be able to relax and have fun. The choice for me to work at the camp would have been more fun and relaxing, although i had to give up my pay i could have earned with a real job.
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gchamberland |
7. RE: Week 2 Discussion Forum Question
Aug 24 2009, 9:08 AM EDT
Last wednesday i had a lot of homework due the next day and i had a football practice that night. I had no time and i chose to go to football instead of doing my homework and ended up getting in trouble already in the first weekof school. I am now also behind on some work.
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TH0MASS |
8. RE: Week 2 Discussion Forum Question
Aug 24 2009, 9:09 AM EDT
I decision i made was to buy an incredibly over priced computer mouse. When I could have spent the money doing other things such as going out, by buying this mouse I also spent time playing the computer when I could have been doing homework.
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gelando |
9. RE: Week 2 Discussion Forum Question
Aug 24 2009, 9:09 AM EDT
Yesterday I spent 2 hours of my time lazily sitting in my bed watching internet videos when I could have spent the time finishing the homework I still had left. My resource was the time and the tradeoff was the homework I could have completed, but instead I relaxed. The time was a scarce resource which I should have spent finishing homework.
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BjornKvaale |
10. RE: Week 2 Discussion Forum Question
Aug 24 2009, 12:29 PM EDT
This weekend, I had a lot of problems with my old Polar F11 heart rate watch. Instead of continuing to buy new batteries that cost 35 francs and last 2 months (they should last over one year), I decided to look at some new watches with more functions and where I can change the batteries myself. The heart rate watch is scarce because it is limited and desirable to me. The tradeoff was either buying a new battery every two months or to invest more money into a new watch. The cost in this case was both money and time because both options cost money, but one option allows me to change the battery myself and therefore save time.
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kvoskuil |
11. RE: Week 2 Discussion Forum Question
Aug 24 2009, 12:57 PM EDT
During the summer, was working at the Lower School cleaning up all the mess that was left by the kids. I had used a lot of time and energy doing this job. The trade-off is that I could have been spending time with my friends who would every so now and then call or text me telling me they were having a wonderful time swimming. If I had not worked for a couple of weeks and enjoyed the weather and the lake I would not have made a lot of money and not worry about making money to go out. In this case, I don't believe that my time was wasted but the cost of not enjoying myself was higher than expected.
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gustavoproglhof |
12. RE: Week 2 Discussion Forum Question
Aug 24 2009, 1:00 PM EDT
Right now, I am writing this reply to this discussion. The cost of it is that I could be doing many other things such as other subjects` homework, spending time with my family and friends or sleeping. The scarce resource in this case is my time. And the tradeoff is that I am giving part of my time so that I can participate in this Discussion Forum.
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andrew_mclennaghan |
13. RE: Week 2 Discussion Forum Question
Aug 24 2009, 1:02 PM EDT
This summer i visited amazing places but this meant that time became scarce when i had to read and write an essay with in the last couple of days. The trade off was that I could not write and present my best possible piece of litrature.
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ChristaBriggs |
14. RE: Week 2 Discussion Forum Question
Aug 24 2009, 1:18 PM EDT
I had a choice between an ipod 120G classic and the new ipod nano. The ipod classic is about $240 while the nano is $150 and only 8G. I use a lot of video on my ipod for movies, and have more songs than the nano can hold, so I decided to spend the extra money to get the ipod classic. But I really just wasted the money becaue I lost it in the zurich airport two weeks later, and now I have to babysit to save up for a new one.
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larabullens |
15. RE: Week 2 Discussion Forum Question
Aug 24 2009, 2:52 PM EDT
A decision I once made that involved resources, tradeoffs, and costs was when I decided not to see my brother before I left to study german in Vienna for a month and sleep. The tradeoff was that I wasn't going to see him for a long time (since he was going to university) and that he would be angry, and the cost was my brother being angry at me. So it was basically a lose lose situation, but in the end I traded my brother off for more sleep!
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SarahEble |
16. RE: Week 2 Discussion Forum Question
Aug 24 2009, 5:30 PM EDT
A decision I had to make lately was the one between doing homework and playing volleyball. I decided to play volleyball. The scarce resource is time. By playing volleyball, I gave up the opportunity to do my homework. Therefore the trade-off is the time I would have had to do my homework.
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nnowotny |
17. RE: Week 2 Discussion Forum Question
Aug 25 2009, 7:31 AM EDT
| Post edited: Aug 25 2009, 7:57 AM EDT
When something is both desired and limited, it is considered scarce. Health, for example, is a scarce resource, because it is not something that is unlimited or given to someone naturally. In fact, it is something, big pharmacy companies use to make money with, because of this scarcity. They make money with the fact that everyone wants to live as long as possible. However, by smoking, one involves tradeoffs, one's personal health. Apart from this, there is of course costs involved as well. For example, cigarettes are very expensive and controlled by governments due to taxes. For example, by smoking I need to take opportunity cost in consideration as well. These are the side effects, which one needs to take in consideration. For example, the opportunity cost of smoking, could be a longer life span, more money to spend on better things, which profit someone. For example, by smoking I need to take opportunity cost in consideration as well. These are the long term side affects that could appear by not considering them at first. For example, the trade off of smoking, could be costs in hospital and serious sickness. 0 out of 1 found this valuable. Do you? |
JanneJokinen |
18. RE: Week 2 Discussion Forum Question
Aug 25 2009, 7:42 AM EDT
A decision i have made recently is to go to pre season basketball practice instead of seeing my friends and homework. I traded off my time that could have been spent with friends or completing other things i had to do, so i could improve my basketball skills instead. i think my decision had more marginal benefit than cost, eventhough my time is scarce i really want to improve at basketball.
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alexanderjohn |
19. RE: Week 2 Discussion Forum Question
Aug 25 2009, 8:38 AM EDT
"Economics is the study of resource allocation in a world of scarcity. Because of the limited nature of the world's resources, choices must be made between alternative uses. This week we'd like you to share an example of a choice YOU or someone in your family has made regarding the use of a scarce resource or resources. Remember, all economic decisions involve COSTS, but not all costs are in terms of money. Give an example of a decision you've made that involved resources, tradeoffs and costs. The more creative or original, the better!"This summer my parents, my sister and I went to Germany to visit my grandparents. They live in Gelsenkirchen which is an approximate seven to eight hour ride. The cost was the time I spent being bored in the car, but my grandfather has cancer and so it was a rewarding trip although at first I did not want to undertake the long, boring and time consuming trip. Suprisingly, apart form the car fuel, the only other thing we bought on this trip was a lot of ice cream that does not exist in switzerland. 0 out of 1 found this valuable. Do you? |
