365 days for Economics

11.29.15

Hey Baby Journal! 

I learned so much from the whole school days from our Economics class! Consumption down to Production! :) Here let me share it to you.

"People create mistakes because they don't calculate the risk." Sir Tautho said. For the second time of my life baby j, I've been struck by the word "risk" again. After I heard that from Sir Tautho, it let me remembered the question that my Science teacher let us answered when we were Grade 7. When we watched The Croods, wherein you can see 2 different types of people: risk takers & playing safe or just overprotective. To make the long story short, after watching the the movie, we didn't just directly went back to our respective classrooms  because just like what Sir Tautho had said "There's no such thing as free lunch" because everything has a cost. There were process questions that needed to be answered that were related by the movie. As I was scanning through the questions, my eyes were caught by the question "Are you willing to take a risk or not?" (The words are not really the exact words in the question yet it still has the same idea though. :)) After that, I immediately asked myself and tried to recall when was the last time that I even try to take a risk? Yet, I can't answer it. Why? I asked myself. Is it because I'm forgetful or it is simply because I haven't really tried to take a risk? After reflecting with the questions that were running in my mind baby j, I try to get out of my comfort zone and take risks. Subsequently, I have the motto "It's not or never." I never imagined that I'd be able to be struck with that word again until one day, when we talked about Consumption (I liked the lesson despite of the thousand terms though haha because it gives me an overview in the business world, Have I told you baby j that I want to be a business woman someday? :) anyways, I liked the lesson especially when we moved on to the Salik ng Produksiyon wherein we talked about entrepreneur. And some of the the characteristics o how to be a good entrepreneur Just like an entrepreneur must be an innovator, that he/she must know how to create something new in order for his/her product/output would be appealing and unique to the consumers. And the second characteristic is, he/she must be a "CALCULATED RISK TAKER". Meaning, he/she must not only be willing to take the risk but also he/she must know how to to weight the opportunity cost, harms and benefits. Because when a person is a good calculated risk taker, he/she will have alternatives if ever his/her 1st option would fail he/she still has another option(s). :)) and Mr. Tautho told us that sometimes, we create mistakes because we don't calculate the risk. I try to ponder what Sir Tautho had said. Yeah, I indeed get out of my comfort zone and take the risks but did I even try to calculate it? Then I realized, that's why sometimes when I take the risk,  it lead me to affliction, sadness or even pain that I wished it will be just a dream or even a nightmare that when I wake up I could just simply breathe out and tell to myself that it wasn't real, that it didn't happened. But after all the good and bad experiences because of me being a risk taker yet not a calculated risk taker, this is LIFE. We learn from our mistakes, we learn from opportunities we didn't take and the risks that we didn't calculate. All we need to do is to not waste our time looking back on what we've lost. We must move on, because life is not meant to be traveled backwards. Right baby j? :)

During the discussion, I've learned different insights and terms that were applicable in the real world and helped me prove that Sir Tautho was right. I realized that because of people's extreme desire for things, they easily take risk yet they don't calculate them. Like how people would try to have the things that other people have even if their income is only enough for their basic needs such as food for example. They know that it wouldn't be enough and they could possibly sacrifice not  to eat the next day or worst the whole week. They don't even try to consider if the thing they want is really necessary thus would it be a wasteful or harmful consumption for them. Like what's happening now, people go to this newly opened mall because just like what my cousin had said "It's the trend right now" (I'm not actually against people who are going to this mall but I'm just stating what I've observed. Besides, I went there yesterday, for me to really experience the adventure and for me to find the answer if my cousin's perspective was right ) So, as I was walking along with my friends I was observing the people. As expected, the mall was crowded, then I asked myself,  do these people even consider that they must walk for 10-20 minutes to reach the mall if they don't have a service car. Second, did they even consider the fact that there are a lot of people in there and if they're going to buy foods in a restaurant or any food courts they could possibly wait for an hour or half of an hour before they could be entertained and another 20-30 minutes waiting for them to get their orders? (Based on some people experienced and unfortunately, My experienced yesterday. Ironic isn't it?)  Just because it is a trend that doesn't mean that we need to follow or acquire these trends. We must try to think about what could possibly happen if we acquire or follow these trends? Is it necessary? Would it be a direct and productive consumption to us? As consumers, it is important that we need to make choices that matter to us. Another example is, when people try to spend their money and be blinded with the 10-50% sale, buy 1 take 1 and etc. Consumers spend and spend their money even if it's not necessary because of the fact that it's sale or any marketing strategy. Sad to say but this is reality. And my last example for this would be out of the market world/ job market. LOVE,TRUST AND FRIENDSHIP (hmmm, interesting baby journal?)  people need to understand that to be really sure that the love you are consuming is true, you both need time to know each other so that both of you can trust one another. Because in production of love,friendship and trust, time is an essential element just like the production in the job market. We must not love someone because our friends have love life already. Just because the effect of love in their love life worked out, they maybe productive and efficient in everything they do, they're inspired because of the reason they have a love life, that doesn't mean the effect of love for you will also be the same. That's why need to consider the things such as time, Are you ready? Do you know one another that much? Is the time right to be together? The same questions when we choose who to trust and who to be with. Yes, we need to take the risk yet we also need to consider these questions so that when the day comes that we decided to take the risk and enter the kingdom of love (char), if it will fail or not, we wouldn't regret because we calculated the risk through questioning ourselves and we could learn from it. Because sometimes, once we've been hurt we're scared to get attached again. Like we have this fear that every person we start to like/trust is going to break our heart. That's why before consuming or producing things, let's consider the possible effects, kinds of consumption, our standard of living, our purchasing power which is money, and if this would lead us to utility. Calculate these and the risk we take will be worth it!

Now baby J? Am I ready to be a business woman or a good entrepreneur already? I would like to thank Mr. Tautho for these! I learned so many things that helped me to pursue my dream to be part of the business world. :) Haha until next week baby j. For a journal of full of insights and practicality. Mwaaa xoxo :*

Love,

Huhneemey xoxo