Exercise 2-2 ~Economic Games~

 Hello people, this time I'll be blogging about a game I played with the economic stuff in it.

There were three different games I could play, so I decided to play the Mcdonalds game for a long period of time.  At the beginning of the game, I almost went bankrupt. I was in the deep negatives for a period of time and after panicking for a minute, I decided to disable all my campaigns and stop my public relations to help turn it around. Though it was a success save, I was pretty close to game over. Since after the great save of my corporation, I decided to play it safe which resulted in slow growth of the company.  216 years later since the game started in 2000, I managed to become a millionare before I began to get bored of the game. There was indeed some ups and downs such as lack of cows to create patties and the slow growth. 

Very interesting game indeed, after reaching 1 million dollars in my pocket I realized  this game could go on forever...

Exercise 1-2 ~The Possibility Curve~

Hello everyone, I am back again to talk some more Microeconomics today.

In Chapter 1 of the Microeconomics textbook, we find figure 1.1 to 1.4 of some graphs. These graphs represent the different varieties and possibilities of each production of object A and object B. It is usually represented in a curve which helps us indicate the maximum possibilities of production of each object.

 The curve depicts how much of object A must be sacrificed in order to produce more object B, this is called Opportunity cost. The graph will also depict if there is scarcity by the change in the curve. Scarcity is bound to happen in all our lives. We must sacrifice time and money to gain the things we want and do in life. Spending time with family is a very common opportunity cost we see in society today. Not many people out there want to sacrifice their money and time for family.

A significant opportunity cost for me that I experienced was spending more money and time to continue to go to school. Common situation for most people, but will benefit in the long run.

The First Post

Hello everyone, this will be my very first blog as well as my very first post in a blog. Hope everyone will enjoy this blog about Microeconomics and the future posts about it.