Blog #2

        A time in life when i had an opportunity cost was when I had to make a quick decision to purchase an item. At the time I was saving for my car and it was up in the air if I would be able to have enough money in the end to pay it off. The reason this came up was when I was browsing on the internet and I noticed that my favorite band, Atmosphere, was coming to Portland. I then had to make the last minute decision to either purchase the tickets for me and my friend to go to the concert and risk the fact that I could pay off my car, or I could play it the safe way and make sure that I saved the money so that when my car payment was payed off I would still have enough money, and maybe even some extra.
       Well, because I have never been to a concert, and it just happened to be that they were coming around the same time my car had to be payed off I made the impulsive decision to buy the tickets. The reason I did this was because there was only 22 tickets left and I felt as if I didn't have enough time to "think" about the situation. There for my opportunity cost was that I could purchase the tickets and risk the fact that I may not have enough money in the end for my car because I didn't put it in my savings, OR I could have saved the money in my bank account and know that I won't be 100 plus dollars short in the end. My question would have been, what if I didn't make the decision to buy the tickets and decided to save the money? Would my opportunity cost change? Or would I have regret the decision in the end?

Blog #3

        The market system overall seems to be working well, I like the way that everyone can be involved in it even if they don't imagine so. Just purchasing something on a daily basis makes the market grow in one aspect to one company that will determine the strengths and weaknesses of how they are doing. I like how the market economy answers the "WHAT, HOW, and FOR WHOM" questions. Baisically determining that we have a say in what is going on by what we buy and how much money we put in to it.
       Another thing that I admire about the market economy is how it can easily revolve and change to what is changing with the enviornment, the style, or whatever it might be that is a concern or new interest. But mostly I like how it provides freedom to everyone. After a certain amount of time the people can choose whether they want to continue going to school and go to college or a trade school, or they can begin to pursue in a career if they are ready for that next step, or if they really want they can continue to live at home and do whatever they were doing to begin with and just not move forward. But either way it is the individual that gets to decide that, unlike other economies where people are forced to do whatever a, for example, "higher" person says or tells them to do.
       There are also disadvantages of having a market economy such as, when a business can no longer provide for the people or their employees know the employees are left to go out about themselves to find another career to support themselves and possibly a family. Also a market economy can't provide some basic needs for the society because they may be too young or old or maybe even too sick. And there is always the possibility of a market economy may failing.
      So my question is, What would happen if the Market Economy fails?