ECO 100 Week 5 Discussion – Considering Tradeoffs You Make Every Day

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Considering Tradeoffs You Make Every Day

  • Let’s
    talk about two trade-offs we face every day: how we spend our time and
    money. There are many things we can do with our money. Money spent on
    one thing isn’t available to spend on another. Also, there are many
    things we can do with our time. We can spend time doing one job or
    another. We can spend time with family. We can spend time in leisure.
  • Start your discussion by responding to these questions:
    • Describe a trade-off you have made in terms of your income or your time.
    • What choice did you make with your money or time?
    • Why did you make that choice?
  • Be
    sure to respond to A peer who made a trade-off in their post
    to which you can relate. Discuss and compare your decisions.

Professor and classmates,

Recently my family and I went to Indiana for a week of vacation to
visit my family. We had to make trade-offs for both time and money to
make this trip happen. The first was our time, as we both had to choose
to use our PTO on our trip to Indiana instead of saving our PTO and
going on an anniversary trip next month. This was a difficult decision
as our 10-year anniversary trip last year was canceled due to staffing
issues at my work, so we postponed it til this year. We decided on the
trip to Indiana as this was the last year we could go over Labor Day
weekend before our son starts kindergarten. The financial trade-off we
had to make happened the day before we left to come back from Indiana.
We were taking our kids to a museum close to Chicago and had a flat tire
after hitting debri on the interstate. We took our car to a local tire
dealership, and they said that the tread was low enough that we should
really replace all of the tires instead of just the one that went flat.
We hadn’t planned on buying new tires until after Christmas so that we
had a little more wiggle room to buy Christmas gifts. We made the
decision that driving 12 hours home on a new set of tires was safer than
just replacing 1 tire and possibly hitting rain on the rain home and
having an accident. So my wife and I decided that we would not buy each
other Christmas gifts this year, which should allow us to still buy
presents for the people we love. My wife is the one who had to make
some of the harder trade-off decisions, as this was for my family, and
she chose to do that instead of going on our own anniversary trip.

Jeffrey

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