Topic 5: Ripple Effects and Elasticity

Ripple effect is basically when a single incident influence and adjust other events then will eventually turns into a pattern-like cycle. According to the clip, it mentions about how oil is a great example of a ripple effect because when the cost of oil rises, huge amounts of unpredicted goods also rise their prices.The increasing price of oil actually does affect me. Despite the fact the we use oil itself for like minor things, but we also do use huge amount of oil in terms of transportation and those goods made out of oil.

Corn would be another great example of ripple effects that affect my life. In spite of the fact that I actually do really like to eat corn as a food there are actually a lot of goods that are made of corn. Corn has been transform into a lot of goods such as, fuels, oil, crayons and even pillows.

In terms of elasticity and inelasticity, I will consider needs such as things that will affect my life will definitely be an inelastic case for me. In addition, entertainments and electronic devices are relatively elastic, because if those things’ price rise, I will have a big likelihood of me not buying it. 

Topic 4: Where Choices Lead

            To come to pacific American school is actually a choice completely made by my parents. When I was in the states during my freshman year, I told my mom that I want to go back to Ming Dao high school, which is a local school when all my friends are, she said yes. But then, she changed her mom by just one article on the newspaper, saying that how many students got in to the top 50s.  So then she decided to give it a try. I will consider it as a quite rational choice, because we actually did make out the pros and cons list in order to make the whole process more legit.

            The opportunity cost for me coming to this school would be I basically started all over again. I have to start out with a brand new environment and study with unfamiliar friends.  Of course, the opportunity benefit would be a better curriculum compare to my local school and indeed a better future in terms of academic performances. I would say the benefit is actully greater then the cost, because I can still contact my old friends even though we go to different schools but my future is like a one time thing. If I screw up then that’s its. Hence I would say coming to PAS is actually quite a rational choice and if I am the one making the decision I would probably do the same.

Topic 2: Scarcity at School?

In terms of scarcity, I believe PAS does encounter scarcity as a whole. For example, as a student’s experience, I might face a situation of me having a dentist appointment tonight yet a three ap tests tomorrow, I am facing a time scarcity. As a student, without the ability to earn money, we are always facing a circumstance of needing more money, which is also count as a kind of scarcity. I might need to make choices between an actual breakfast or a cup of starbucks coffee. Then I do usually prefer actual breakfast, so then when I am facing a scarcity of money I usually give up my coffee.I will Teachers also face scarcity too. They might have too much material but only limited time to cover them. So then they will have to choose materials and information that are relatively important and to educate us with those. Another scarcity teacher might face is how they have limited books with whole bunch of students, or probably limited printed test paper with the whole class of students. Office staffs might face scarcity too. They might have new staff coming in but only limited seats are available; So then as a result, some people might need to combine their seats. 

Topic 1: The Big Questions

 If we consider PAS economically, and everyone at PAS as a producer and consumer; what goods and services are produced? Who produces and how are those goods and services? For whom exactly are those goods and services produced? Who is the one that determines the what, how and for whom question? I think if everyone at PAS is consider as both a producer and consumer then I will say the goods and services are education that teachers provide and the tuition fee we pay in return. Since both teachers and students give up something in order to exchange something more important, I will say the goods and services are produce for both. Teachers sacrifice time and educate us and get paid, we sacrifice our money in order to pay for our education and hope to be intelligent somehow. I think the one that determines those questions are basically everyone who chose to be involve in PAS. Both teachers and students basically have the choices of either coming or not coming to PAS, so I will say everyone chooses to be in PAS and determines what they think are more important then they do tradeoffs with other people.

 Students come to PAS basically hoping for a better future and somehow become intelligent upon the education PAS provides. Teachers come to PAS to educate people and to gain money out of it. These two self-interest examples and combine together and form a social interest and benefit the world as a whole by educating students and provide job opportunities for teachers; these decreases the rate of unemployment and increases the intellectual level of the entire world and also better the world as a whole.