Hypothetical College Students

Every basic individual has their own wants and requirements, but are faced with the problem of limited resources. Imagine a college student who’s on a full ride to college, but still, needs to pay for his basic wants and requirements. He wants to see the next movie, he wants to buy the latest iPhone, he needs food for the next two weeks, he needs to spend money on books to study for upcoming tests, but he only has 500 dollars. The hypothetical college student now has to prioritize certain requirements and needs and make choices that benefit his well-being. Your needs and wants are many, but the means through which you can acquire them are limited. The action in which you make choices based on your limited resources is the study of economics. …show more content…
With so many options and with limited resources, how can individuals make choices? An economic principal that comes to play when making decisions is the opportunity cost. Opportunity cost is the loss of potential gain from other alternatives when one alternative is chosen. Rather than looking at the price of the options, you look at the opportunity you could have if you made a different choice. In our everyday lives, we come across choice we must make with our available resource. Everything we do is an economic decision. If we were to leave the house with the intent of walking to school, our opportunity cost would be not taking the bus which could have yielded a faster arrival time. The time used to write this essay could be used to sleep, which would result in lower grades, but higher concentration and a healthy body. If we choose to go to the movies, our opportunity cost would be that we lost the opportunity to stay home or do whatever another thing you could have done during the …show more content…
The law of demand is a microeconomic law that states, all other factors being equal, as the price of a good or service increases, quantity demand of the good or service will decrease, and vice versa. The law of demand may not be in our control at times, but it affects our lives in numerous ways. For example, you want to attend a boxing match between Floyd Mayweather and Conor McGregor. When the fight date was released and the tickets began to sell, there was a numerous amount of ticket. The scalpers estimate high demand, and set the price of the tickets at $1000 per seat. For many people, the price of the ticket is too high to justify and end up using their money to pay $100 for the paper view at their home instead, thus quantity demanded decreased. The scalpers then lower the price to $500, and more people are willing to meet this price to see the fight, thus quantity demanded increased. The law of supply is a fundamental principle of economic theory which states that, all else equal, an increase in price results in an increase in quantity supplied. In other words, there is a direct relationship between price and quantity: quantities respond in the same direction as price changes. Many of us, unfortunately, decide our majors in college due to the annual income you could potentially receive. This is an example of the law of supply. If the annual income for biomedical engineering increases higher than the

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