Have you ever thought about how you put studying to economics? Think about it, what if you had three tests in the same week. Now I am sure you cant study for each one of those tests as much as you would like to. Its just not possible. You have to think about your oppurtunity cost of which class you want to study more for. Then think about the supply and demand of those classes as well. A lot goes into how well you want to do for each class.
Nicole Shearer
It seems that in today's world athletes seem to be able to request how much money they are going to make. Ray Allen's contract for the Seattle Supersoncs expires at the end of this season and if Seattle wants to keep him as a member of the team he requested the team to pay him $96 million dollars over the next seven years. This would be considered a price floor becuase if Seattle does not pay him this amount of money, chances are he will end up with another team after the season is over. This seems to be a re-occurring theme in the sports industry today.
Chris Morrell
In today's music industry, many economic factors we have discussed in class are being presented. For example, downloading music from the internet. This shows a consumer surplus of music. Consumers do not want to go out and buy a $15 cd just to listen to a couple of hit songs. Instead, consumers will download the song they like on the cd, using their computer for nothing. At the same time, there is also a producer surplus in the music industry. Many of the new rap/hip hop music videos that have been coming out, show rappers throwing money at the camera and all around the set. This leads us, as consumers, to believe musicians have so much money and nothing to do with it.
Published by, Matt Cross
Recently the NHL cancelled the 2004-2005 hockey season for good and one has to wonder if it will be back next year and what the economic losses will be.
I think the NHL will be back next year but the players and owners are going to be really hurting financially. The players gave up millions of dollars in pay and endorsements just so they can keep making the millions of dollars they have been making. Which begs the question was that really smart because even with a new contract with the NHL the players would still have been making millions just not as many. So, the oppurtunity cost for the players will be a years worth of pay versus what they will be making next year, which, will not make up for the year of pay since thay will probably be the side to give in, since the players need the NHL more than the NHL needs the players. Instead the palyers will have given up a year of pay and end up making less money next year which is a really bad trade off.
The owners on the other hand will benefit way more thatn the players since most teams were operating at a loss anyways. So. the owners will now be even after one year instead of losing money and then will probably get the settlement they want out of the players and resume making money next year instead of losing it. So the oppurtunity cost for the owners is way better than the players.
However there is another way of looking at this. The fans have been alienated and just like it was for baseball it will take time for the wounds to heal. At first there won't be many fans coming to the games unless the palyers and the NHL cause something exciting to happen or the product is tweaked and made better. It will take a lot of years for the NHL to recover and return to the status it once had. So, in the end the owners and players lose since the NHL as a whole loses. The greed of the players and the owners will cause the whole NHL to lose a lot of money and in the end the oppurtunity cost of the lockout was really high and not really worth it in the short run. In the long run however that reamins to be seen.
Corey Pichler
While watching television over the weekend I came across the movie Major League 3: Back to the Minors. Gus Cantrell, who is the manager of the AAA Minnesota Twins team, finds more interest in helping young players develop into a better athlete than making big bucks coaching in the Major Leagues. By staying in the Minor Leagues, Gus gives up a great deal of money known as an opportunity cost. In today's world, baseball managers would kill to coach in the Big Leagues rather than the Minor Leagues. This is a tradeoff managers can make very easily. Also, another opportunity cost that can be seen in this movie is when Downtown Anderson is being scouted by the Twins. He believes he is ready to play at the next level, but with some talk from his coach, Anderson decides to gives up the fame and money to practice more and develop better technique to hopefully make more money than he was offered the first time.
Chris Morrell
Have you noticed the cost of attending college has gone up? It has been all over the news and papers how the cost of attending college is going up and how there isn't anything we can do about it.
Well, many people have come to the conclusion that the supply and demand for continuing your education is worth the cost that it has risen. In the world today if you don't continue your education after high school you will be in a very low paying and low skilled job that doesn't rise much above the poverity level. Many people are out for their own self-interest and want to make a lot of money so their own opportunity cost to make more money is worth paying more for college. They hope that even after paying more for college that in the long run they will be making more money when they are done with school.
Nicole Shearer
Anyone who watched espn or any of the other news networks, would have, I hope, heard of a man named Pat Tillman. Pat Tillman was a pro football player for the Arizona Cardinals, who was making millions of dollars doing what he loved. However, after 9/11 Pat Tillman felt the need to join the marines and forgo the millions of dollars he was due to make and risk his life protecting the freedom we take for granted. Pat Tillman ultimately lost his life on the field of battle while in Afghanistan.
Just think about what the man gave up. He could have been living an affluent lifestyle and had a long career and life while playing in the NFL. However, despite all that might have been he gave up millions of dollars to get the pacheck of a service man, a huge difference. It seems as though he was one of the irrational people, as economists say. He did not look out for his own self interest but for the the interest of other people. The only way he might have joined the marines for himself would've been in the spiritual sense. However, the oppurtunity cost of him to join the marines was immense. Not many people would give up a million dollar a year job and voluntarily put their life at risk for a vastly lower paying job. The trade off was enormous.
By Corey Pichler
