GAME ON

In my class we had to choose 1 out of 3 games to play that made you work with supply and demand.   I chose one that was called Diner City.  I passed the tutorial and level 1, but after several tries I was unable to make it through level 2.  The game is fairly addicting so I am going to keep trying until I finally pass.

Although it was just a game, Diner City made me consider things such as how price influences my decision to buy and sell products and how to manage scarce resources and money.
If I have something that I do not need but I can sell for a large amount of money I will do so.  On the other hand if I am lacking money I will not go out and spend it on something that I do not need.  If I absolutely need something I will most likely purchase it, but if it is overpriced I will wait a few weeks and consider it again.  In order to succeed at the game, Diner City, you must allocate your resources reasonably, update your store often, and have the right amount of workers so that you are not under or over staffed.  This game made me think about all of the concious decisions I would have to make if I was the owner or manager of a store.

This is the website for Diner City: 

    http://games.t45ol.com/play/6132/diner-city.html

Production Possibilities(Exercise 1-2)

The graphs from Figure 1.1, 1.2, 1.3, and 1.4 represent the various combinations that can produce the maximum amount of output from the available resources.  They also demonstrate how a person and/ or a business must allocate their time and resources so that they do not waste either of these.  With these graphs a person or business can find out if they need to cut back or spend more of their resources and it allows them to make choices of how and where they want to allocate their resources.  When you are given a choice you have more than one alternative, these production possiblity graphs allows the person or business to discover the opportunity cost of choosing one alternative over another.

I have had to make many choices in my life but most of them are based on my income and lack of time.  I had to make the choice of not going on a family vacation to Mexico this coming up week, due to a lack of time.  I have final exams coming up, tonnes of school work to complete, and I have my two jobs that I can not miss.  It was a tough decision but in order to do good in school I need to allocate my resources responsibly.

By returning to school I experienced the opportunity cost of having an education so that I can get a higher paying job as I get older.  Yes, school is expensive, but the opportunity to make more money throughout my life is well worth it.


Example of a Production Possibility Curve: