(L60) Made In China: American Monopolies

Would you pay 20% more to shop at a store that sells only American-made goods?

Well, the answer to this question depends on what the product I am in search of is. If I am looking to buy baby toys including things that are going to be chewed on etc., I am going to be very particular about the ingredients. If I can find a cheaper overseas product with ingredients just as safe as the ones I can find onshore, then it will come down to price. However in general, I believe that borders around our states and countries are just imaginary lines. I feel no need to shop exclusively for American products, seeing as how the only reason I am paying more in America is because of government exclusion and tariffs restricting overseas trade. The lack of products coming in from foreigners creates the ability for American producers to jack up their prices. This is a monopoly granted to American producers in relation to certain products; I do not chose to support government monopolies when I have other options available.

In short, if I can find what I want/need for a price that I like, I am going to buy it; regardless of who it comes from.

(L55) High Bid Wins or First Come, First Served?

In what area of your life would you prefer ‘first come, first served’ to ‘high bid wins’? Why?

Well, in my current situation first come first served is more convenient for me than high bid wins because, quite honestly, I am nearly broke and I have more time than money. Convenience however does not always equate to morality, and so I would have to say that I would always prefer high bid wins. My reason for this is that by deciding first come first serve should be the standard of the market, I am penalizing people who’s time is more valuable than their money.

A high bid wins standard throughout the market would be comparable to (something along the lines of) a six-flags line for a ride. There would be two lines alongside one another; one where time is less valuable so the wait is longer and the price is cheaper, and one line in which you can pay more for a shorter wait. This is a more fair, and  free market based system of serving customers because it favors both people who have more money, and people who have more time. Nobody is penalized or excluded.

Another example of this would be online shopping. Nobody waits in line to shop on the internet, they just pay and wait for their product to be shipped. At checkout however, there is an option to pay more in order to have the product shipped faster. The idea of high bid wins, otherwise known as priority shipping, is not condemned in society because it is private. However should this system be applied in public, people who have been trained their whole lives to wait in line become outraged, as they feel their have been cheated or treated unfairly by this high bid wins system of market freedom.

(L45) Tax Funding Schools vs. Churches: What’s The Difference?

Is a tax-supported school different in principle from a tax-supported church?

A tax funded school is no different than a tax funded church in the sense that it favors one set of ideas; the ideas of those who hand out the funds. State granted tax support creates a biased environment, under immoral standards of foundation (theft and coercion). All people are paying for these things, whether they support them (and utilize them) or not; the favoring and support of one group at the expense of another (everybody else) is wrong, immoral, and violent. A tax funded anything is comparable, if not fundamentally the same to any other tax funded organization.

(L30) Do You Have What It Takes?

When asked the question of whether or not I have what it takes to become an entrepreneur, I can surely answer yes! I know that I have what it takes because just last year (my junior year), I started my own dog walking and pet sitting business. I serviced myself to my neighbors because I was living in an apartment that was animal friendly, and many dog owners had to leave during the day to go to work. I had multiple clients, and business spread mostly through word of mouth. I made up colorful and informative flyers that would catch peoples eyes as they were leaving the parking lots and getting their mail, and introduced myself to other dog owners when I was out walking dogs. As business picked up, I also began making and selling different types of dog treats, and giving them out to neighbors with my name and business information on them to reel in more clients. Being an entrepreneur takes perseverance, creativity, and interaction skills. It also involves budgeting both time and money. These were things I knew when I began, but learned much more about through experience.

(L25) Budgeting

How does making a budget reduce impulse shopping?

Making a budget reduces impulse shopping and impulse buys by allowing you to exercise self-restraint in advance. Having a plan with your money causes you to be as thrifty as possible in the moment, and price compare before purchasing an item. Planning ahead also allows time to look both online and in multiple stores; this decision is a trade off between time and money that each person must make for themselves depending on how they value each commodity. Another reason budgeting is helpful for a healthy wallet is that it makes it very difficult to spend money that you do not have, which is something that many people struggle with. It is easy to swipe now, and think about what the price is later; however this can lead to serious debt and lifetime troubles.

(L20) The Worth of Time Vs. Money

Is it worth my time to get a part-time job at the minimum wage?

Right now, I am a full time high school student. Just this month I began my first volunteering endeavor, and I spend as much of my off-time as possible at the local no-kill animal shelter. I have been on a rigorous job hunt, and would be willing to shift my schedule around a full time job if it was available to me. A part-time job would be more convenient at this time in my life, however. As a senior, getting out on my own is nearly the top thing on my priority list, and to do so, I would need income, and savings to support myself. Currently, it would absolutely be worth my time to get a part time job at minimum wage; but, in the long-run, a full time job would be much more beneficial.

(L15) Garage Sale Regulation

If the state regulated garage sales, would poor people be better off?

All people, especially poor people, would be worse off if the state regulated garage sales. Taxes would not only hike up the prices of each item, but the government would also most likely require licences to sell, discouraging people from holding garage sales in the first place. Minimum and maximum prices would also more likely than not be imposed, and garage sales would no longer be a mutually beneficial event. These regulations would all be enforced using coercion, and the option of voluntary exchange would be revoked.

(L10) Cash is King

If you were flying across country, would you rather sit in first class, or would you rather your parents gave you the difference between the first-class fare and the coach fare?” Explain your answer in terms of your hierarchy of economic values.

If I were flying across the country, I would rather fly coach and be given the difference in cash than fly first class. My reasoning for this would be that, first of all, cross country flights are not too long, (my flight from MA to FL was 3.5 hours), so the need to sleep would be lesser than on an international flight. Close quarters for a short duration would not bother me greatly, and cash is always king. Another reason I would chose the money would be that, I do not really care for a meal on-flight. I would be more likely to eat a slice of pizza at the airport, and grab some snacks for the flight. I am easy to please, and a stuffed animal for a pillow, a hoodie and an iPad + headphones would be more than enough to keep me comfortable and happy on a cross country flight. The cash in hand has a higher economical value to me than extra leg room and a cooked meal (however should I be flying 8+ hours, the hierarchy may shift, and sleeping space and a hot meal may become more valuable than extra cash).