Topics: Economics, Opportunity cost, United States Pages: 1 (337 words) Published: February 19, 2013
02.07 Lab Questions
1-Often you will have to make trade-offs in life. Give an example of a trade-off situation you faced in your own life. How did the trade-off affect your financial decision making skills?

• Tradeoffs are exchange of one thing in return for another, especially a sacrifice of one benefit. I had faced trade-off in my own life, and it required sacrifice, and dedication. One year ago, I wanted to start working a part time to help my parents, but if I began working I had to quit school for a few months. I decided that it was better to keep going to school, and I could help my parents in the future. I could not buy what I need for school, but at least I was learning new things every day. Now I have knowledge, and I am studying to help my parents in the future when they cannot work anymore. The trade-off made me think that money was not everything in the world. Sometimes you can help more by dedicating time to what is going to give you money in the future.

2- Trade can be important to individuals and countries. Is there a product that you currently use that is from another country? If so, what is the product and how would you feel if you were unable to get this product due to trade restrictions?

Trade is a basic economic concept that involves multiple parties participating in the voluntary negotiation and then the exchange of one's goods and services. Most of my clothes and shoes are from Europe, especially France, Spain and Italy. I love Christian Louboutin, Zara, and Armani; those designers are from other countries, and they trade with the United States. I would be very mad, and disappointment on my country if I would not get the clothes and shoes I want. I have been buying in the same store for years, and I don’t want my style to change because of the
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