Market Economy

Some of the benefits of a Market Economy is that the consumers get to control the market because it is based on our needs, the supply and demand, so majority of the time, customers like me would be able to get what I want with a reasonable price. Another good thing about the Market Economy is that there is little interference from the government because the entrepreneurs are the ones controlling the system, people who can make the decisions. The downside to a Market Economy is that not everyone can get the same benefits such as health care, insurance, universal education etc. In other words, people with lower income has less benefits from this type of economy.
On a personal level, I have friends right now who are trying to find a job but they can't because the market is so competitive since businesses are more interested in adults who have more experience. Another factor is the poor economy, resulting in a large amount of unemployed workers because the market is not producing enough new jobs to keep up with the pace and demands of the our society.
Although the market may have some disadvantages, it's still very effective. For example, when I go shopping,  the stores will always provide/produce enough goods for the customers and depending on the demand they can control the prices, so when something is out of season/style, the price will be reduced which is very fulfilling for those who don't want to spend as much.
With the poor economy right now, will there ever be a way for the government to incorporate more benefits into the market system? Such as providing more services (health care) for everyone or is it impossible?

Opportunity Cost

       At the age of 7 when I was in 2nd grade our whole family had to move from Taiwan to the US due to my dad's job. At the time I was still young and didn't realize how big of an impact it would make on my life. Of course, my dad had already made preparations for either decisions of whether to stay in Taiwan or to go to America. We had to weigh the benefits for both and ultimately made the decision of coming here.
       The reason for coming here were mostly for my brother and I's benefits which was better education, better life, more opportunities and the chance to explore a new language, culture and life. He made the decision towards giving us a brighter future and for him a stable job and income. As I think about it now, I do not regret his decision because it opened up my life to an array of possibilities. The chance to study here has made me more knowledgeable and a better person.
       However, the opportunity cost for this decision still lingers in my mind from time to time such as, what if I had stayed in Taiwan? If I had stayed in Taiwan, I wouldn't have to leave my family and wouldn't have to make any adjustments towards my lifestyle. No money would have to be wasted towards the life in America ( air fare, house, cars, luxuries). I wouldn't have to learn another new language and struggle towards making new friends and education would continue and I could be perfecting my mandarin. Finally, the cheaper life in Taiwan could be saving my parents lots of money. As I look at it now, my question is, what if I had stayed in Taiwan? What would my life be like and would I be as successful as I am now?
   

Scarcity

One major asset that is very scarce in my life is time. As a student taking full IB I am very busy with rigorous course work from the advance classes that I have to take. Whenever I get home, I find myself spending hours upon hours on homework and rarely have the free time to pursue my interests or socialize with friends.
It is also scarce in the sense that I might not have enough time for my priorities such as

• homework
• sleep
• meals

This image is a representation of time because the warping feeling represents how time is slipping away showing that it is a scarcity.