Economics can come across as an intimidating topic for the layperson. Still, I am beginning to realize how much economics is genuinely embedded in our everyday lives as the semester goes on. Life is significantly about our choices, and it seems economics also has a lot to do with the choices we make. Even prior to taking this class, I understood that our decisions would determine how much of an opportunity cost those selections have. Sometimes I would say to friends or family, "you're going to pay for it one way or another. It just depends on if you want to pay for it with time or money?". That phrase also reminds me of our recent class where we discussed prices and how they serve as a communication system. Prices affect how we determine what specific choices we will make (Cowen & Tabbarok, 2018). An example of how prices affect us occurred earlier this week as I witnessed my brother, who has no previous automotive experience, work on his vehicle. Usually, he takes his car to the dealership to receive an oil change and whatever other tune-up work is necessary. However, prices have risen to the point where paying for those services was no longer worth it to him and instead, he found more utility out of buying the parts himself and taking the time to learn how to replace some of them. Thus, my previous statement that everything costs it's just up to one's discretion on how they choose to pay.
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Good example of hitting the break even point between trading time and money.