I think since economics is based on the choices people are making, a person's choice is going to be influenced by the society they live in. If I live in a society where the trend is to spend, then I am going to spend more, or if I live in society that the norm is for everyone to save then I am going make the economic choice to save my paycheck and not spend it at store. For example at my son’s school rubber band bracelets are the hot item this year. To be part of the social scene you need to have these bracelets. Three days before school started I was on the hunt for a loom kit so he could make these bracelets. After three stores, and spending $20.00 on a loom and another $15.00 on extra bands he had his bracelets. If the bracelets never became a part of his culture, I would never had made the choice to spend $35.00 or waste the gas in my car traveling to find these products.
Think of all the people that you trade with during the course of the week [grocery stores, gas stations, etc.]. Are most of those trades between greedy people? Are you greedy when you make trades?
I don’t think that the vendors I go to throughout the week are being greedy for the most part. Everyone has the right to make a living however an example of greed would be the gas stations that raised their prices after hurricane Sandy astronomically because there was a shortage of gas. Raising prices during an emergency to increase profits even more is being greedy and unethical. I don’t think I am being greedy either when I am making purchases, I will of course look for the best price or use a coupon.
The people on top of the American economy get rich whether they make good or bad decisions, while workers and consumers are the ones who suffer from all their bad ones.
Chapter 1 talked about economics being about choice and the principals that lead us to make our choices. Greed is a human trait; all humans are capable of being greedy. I do not think that greed is good for...
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