Economics Games

In our microeconomics class as part of our curriculum we were assigned to play a game. I thought to myself  "Wow how great does that sound, this is going to be really fun", yes and no is the answer to that statement. 

Firstly from the list of games I chose the McDonald's game. My reasoning at the time was that I worked at McDonald's many years ago and remembered the company philosophy and believed that this would assist me with my endeavour.  

Trying to juggle all of the supply and demands of each of the different areas of the corporation showed to be a very trying task. I had the grain and cattle growing at the right level then the next thing I knew I did not have enough employees in the restaurant, and then at head office there is a political problem which ends up costing  a significant amount of money each month...and while dealing with head office forgot about the the cows and they didn't get enough feed and died!! Then we went bankrupt... 

I found that the game really gave a good insight into what it would take to run a corporation, it is a very fine balancing act. I found that I was really hooked on the game and have gone back and played it a few times, of course so that I could get further data for the class :) 

Production Possibilities

We as a society have choices that must be made on a large scale such as the building of schools and hospitals which are made by the decision makes in our federal and provincial governments. These type of decisions have a direct opportunity effect to the rest of society. These type of decision can increase capital expenditures and grow our economy at a higher rate, or can be more of a consumer consumption and have a economy grow at a slower rate.

A significant opportunity cost which I have encountered with returning to school is that of less disposable income for myself. By doing the analysis and making the decision to return to school I have had to give up my yearly tropical vacation, and delay the purchase of a newer vehicle for the time being. However the long term benefits of this short term sacrifice are definitely worth it.