Initially, I was uncertain about how economics influenced my life as I couldn’t perceive the connection between economics and my personal experiences. This lack of awareness made it challenging for me to comprehend the topic. Fortunately, a classmate provided assistance by sharing their essay, which aided in my understanding. Upon reading two additional essays, I came to realize that virtually every aspect of my daily routine is intertwined with economics.
The field of economics encompasses everything from the items I purchase to the income I earn from my job. The things I sacrifice while working or attending school represent a complete opportunity cost, highlighting the importance of economics in our lives. Even my purchasing habits are deeply rooted in economic principles. This realization led me to understand that without economics, our lives would be impossible as we know them. Whether individuals are aware or not, everyone encounters concepts such as price ceilings, opportunity costs, taxes, and goods and services.
It is undeniable that our economy is facing challenges, leading individuals to devise their own strategies for dealing with inflation. This task becomes particularly daunting when attempting to earn money and pursue higher education. To illustrate, as the prices of textbooks increased at the ECC bookstore, I had no choice but to seek alternative options due to financial constraints. Moreover, there were other crucial expenses that necessitated careful allocation of my funds.
Websites like Ebay and Cheapbooks served as my go-to for purchasing books, and they offered significantly lower prices compared to ECC. If the prices on these sites were still not affordable enough for me, I continued to search for better deals. Surprisingly, the price of a specific book gradually decreased the more I looked for it. I realized that the number of sellers played a major role in determining the price. Books that were extremely difficult to find were priced higher due to their rarity, while commonly available books were easily found at a lower cost.
They say that opportunity cost is always something to consider before making decisions. For instance, I work as a server on weekends, including Fridays. While Fridays are one of the best days to earn good money, most winter and summer classes at ECC are scheduled from Monday to Friday. Additionally, my Friday shift is a full eight-hour one, which makes it extremely challenging to find later classes. So far, throughout my two years at ECC, I have only managed to attend one in-person winter class, with the rest of my classes being online.
Despite the limitations of working on Fridays, such as not having all classes available online, work often interferes with different aspects of my life. Since school is from Monday to Thursday, I only have Friday through Sunday to dedicate to work. This restricted schedule makes it challenging for me to enjoy vacations or spend time with friends at the beach during summer since I usually finish work late in the afternoon. Furthermore, staying out late with friends also becomes a sacrifice due to my early morning work schedule. However, despite these sacrifices made for work, I firmly believe that putting in hard work now will lead to an easier future.
Staying out late and going on vacations are the times when I will be most affected. Filling taxes for the first time this year was a big surprise. I have always been someone who contributes extra money to improve things, much like our economy. If we don’t assist, such as through paying taxes, our economy won’t thrive. Using turbo tax for the first time, I independently filled my taxes and it showed that I owed over $600 in federal taxes alone and an additional $200 in state taxes. It was then that I realized I would become one of those people who constantly complains about taxes.
Despite wanting a better economy, I couldn’t afford it. I was accustomed to seeing my friends receive large checks in the mail and didn’t expect to pay anything. However, after seeking another opinion, I discovered I didn’t owe any money and would actually receive money. Dealing with taxes can be complicated. Although I would have been okay with paying taxes eventually, at the time, I was not and it took some convincing.
Despite the current state of the economy, there is gratitude for Toyota’s mistakes. Although I acknowledge the harm caused to individuals due to their negligence, many Americans are now apprehensive about Toyotas. Personally, even while driving, I take precautions to steer clear of any Toyota vehicles in order to prevent potential accidents. However, as a result of this incident, American car production has risen and American dealers have regained popularity among Americans.
It is important to recognize the progress made by American car manufacturers in producing excellent vehicles. The introduction of more luxurious and faster cars is undoubtedly capturing consumer interest, thereby benefiting the American economy. Personally, I presently possess a pre-owned Volkswagen Beetle, but if I required a new vehicle, I would certainly contemplate American alternatives. By transitioning towards purchasing domestic products and services such as these, we can potentially contribute to the reconstruction of our economy.
In addition, there are benefits to decreasing imports and increasing exports. It is challenging to find American-made products for our everyday needs, causing us to settle for whatever is available. Gradually, I realized that economics is closely tied to our daily lives. Although we may participate in actions like paying taxes or saving money and aim to be frugal, we frequently disregard our role in the economic system. Every person contributes to the economy and has a small impact on shaping its outcomes.
Before, I lacked awareness about the extent to which economics impacts my daily life. However, I now recognize its influence in all aspects of my existence. While the amount of money I spend may vary, there will always exist a maximum price limit. Additionally, as I become wealthier, I do not expect my lifestyle to become more extravagant. Inevitably, opportunity costs arise since it is impossible to be in two places simultaneously. The crucial aspect lies in determining which choice is wiser at any given moment. Throughout my lifetime, numerous economic decisions will need to be made, ensuring that economics remains an ever-present force in my life.
