Hello everyone, today’s blog post is going to be about economics. Economics is an interesting thing to talk about, and it’s all around you everyday. In today’s blog post I’m going to be talking about what I learned about economics, and what we’re doing inside the classroom to learn about.

So first, what I know about goods.  Goods are items that a person purchases, usually food or drinks or things that a person needs/wants.  An example of a good might be steak, or potatoes, or something else a person purchases. But there’s something else too, something called a service. A service is a job or something you do for another person and then you get paid for doing it. Like for example if your toilet or sink needs to be repaired, also you either don’t want to do it yourself or you don’t know how to do it yourself you can call a plumber, and you can pay them to do it for you. There are a lot of services nowadays, like getting a haircut or constructing a house. All of those things are jobs/services that you pay money for. Now a different topic, opportunity cost. This one is really easy to explain. So imagine you were deciding between buying carrots for $2.00, or potatoes for $2.00, if you decided to buy the carrots, then the $2.00 for the potatoes was your opportunity cost between the two items. Finally, I’m going to talk about one more thing before the blog post moves on to what we’re doing inside the class about economics. Supply, and demand. This is actually a big thing in our classroom. Supply and demand is how much there is there is too sell, and how many people want it. For example if an item is super popular but there aren’t that many of it. The price is going to be very high. But if the item isn’t really popular, also there are a ton of it, the price isn’t going to be high so people buy it anyway.

Inside of the classroom we have something called a “checkbook” where we earn money from doing things in the class, and we earn a paycheck every other week. We also pay bills, and if we do bad in class we pay money. We bought a car, we’re planning a “vacation” at the end of the year, and we’re doing much more. This helps me learn real life economics because I know what I should spend money on, how I should finance, and much more.

I think when I grow up I may be more in the middle of a saver, and a spender. I really like to buy things, and there are lots of things I really want in life. But I also know that I need to save money if I ever want to get anywhere in life. Saving is a really good thing to do when financing, and I plan on doing a lot of it. But spending will most likely always be a part of me.

Finally, here’s why it is important to save for a rainy day. A “rainy day” is a quote for when a surprise bill or emergency comes up without expected. I think you should always save for a rainy day because you never know what will happen next. Also if you have to call the ambulance or a fire happens, or you need a trip to the doctor because you’re sick. If you don’t have money to do this, then problems may start to arise.