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Submitted by cooluzu on April 20, 2008
Category: Miscellaneous
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Economics Everywhere in Everything
When making an everyday decision, one fails to consider the economic concepts associated with any given choice. To exemplify how economic theories are incorporated into everyday life, we examine a typical Friday night outing with some friends. After eating dinner at a local Red Robin, and sipping Strawberry Margaritas at the bar, a group of friends decide they would like to check out the new club in Denver. None of the group members consider the many economic concepts which will surrounds their decisions throughout the night, but what exactly occurs economically on any typical night, much like this one?
Initially, the choice to go to the bar creates an opportunity cost. The opportunity cost is essentially the next best relinquished alternative. By making a choice to go to the bar, one may give up watching “Titanic” with the girlfriend, relaxing at home, or studying for an upcoming Economics 200 GR. However, it is Friday night and most will endeavor maximum benefit—the pleasure attained from having a good time at the bar in company of good friends. Similarly, applying the same maximization principle, the group decides to venture to the club in Denver. Furthermore, as the group decides which new club they will enjoy, the group unknowingly evaluates the market: an arrangement which brings buyers and sellers together, enabling both parties to gather information and do business with each other. When choosing the club, the primary market exists as the nightclub itself, however, a “social market” also exists—the club goers who interact with one another.
Each of the two markets (the club and social interaction at the club) is similar, characteristically, to one of the following types of markets: perfectly competitive market, monopoly, monopolistic competition, or oligopoly. The group of friends lives in a city with multiple clubs, therefore, the club market mirrors monopolistic competition—a market...
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