The Economics of My Dilemma
1. Explain how the concepts of scarcity, choice, and opportunity cost relate to your dilemma.
It relates to scarcity because not many scooters are quite affordable at the moment to it is limited. It relates to choice because I have to choose the right scooter depending on the quality, brand, year, and how well the scooter is in shape. It also relates to opportunity because I have to get it at the price and at the right time.
2. When making a decision, are the costs and benefits equally important to you? Why or why not. Based on your chart, explain which category, costs or benefits, would have the largest impact on your decision?
I personally believe that the risks of the costs are not equal to the benefits. The costs are less significant due to the fact because they are all short term and would not affect me that bad. The benefits are long term and can benefit me greatly. If I were to buy a scooter I would be able to get around without spending thousands of dollars one a car.
3. Based on the chart and your responses to the above questions, what will be your final choice? Write a brief paragraph with at least three details to persuade your instructor that this is the best decision.
I will try my hardest to get a scooter. So my answer is a definite yes on buying and using a scooter for a while. While there is a chance I could get a minor injury or a dramatic injury I would still be able to moderately heal up, but given the amount of risks I tend to prevent on the street (because I am very Cautious) the chances of getting injured are small. Although until a later time when I am older and I need a car I could be driving a scooter. Only current problem I have is setting aside the money to get it. I believe that if I try hard enough I will get it.
It relates to scarcity because not many scooters are quite affordable at the moment to it is limited. It relates to choice because I have to choose the right scooter depending on the quality, brand, year, and how well the scooter is in shape. It also relates to opportunity because I have to get it at the price and at the right time.
2. When making a decision, are the costs and benefits equally important to you? Why or why not. Based on your chart, explain which category, costs or benefits, would have the largest impact on your decision?
I personally believe that the risks of the costs are not equal to the benefits. The costs are less significant due to the fact because they are all short term and would not affect me that bad. The benefits are long term and can benefit me greatly. If I were to buy a scooter I would be able to get around without spending thousands of dollars one a car.
3. Based on the chart and your responses to the above questions, what will be your final choice? Write a brief paragraph with at least three details to persuade your instructor that this is the best decision.
I will try my hardest to get a scooter. So my answer is a definite yes on buying and using a scooter for a while. While there is a chance I could get a minor injury or a dramatic injury I would still be able to moderately heal up, but given the amount of risks I tend to prevent on the street (because I am very Cautious) the chances of getting injured are small. Although until a later time when I am older and I need a car I could be driving a scooter. Only current problem I have is setting aside the money to get it. I believe that if I try hard enough I will get it.