Eunice De la Torre Rueda

Mr.Maguire
Economics
10/26/2022

Essay

How did wants, choices, scarcity, opportunity cost, and tradeoffs affect you during this
activity? What would you cut if you had $200 less than you stated amount? Why? What
would you add if you had $200 more than your stated amount? Why?

Our basic requirements can be satisfied through the purchase of food, shelter, and

healthcare thanks to money. It is imperative that we meet these requirements to our individual

well being. Money gives people the freedom to purchase and live a life they are able to afford.

I had to think about all the little things while looking for a place to live, such as the size

of the apartment and the price per square foot. The average price per square foot for apartment

buildings in zip code 77077 was between $1.4 and $1.5. So, while considering the cost of that

apartment, I wanted to make sure I picked a location that was spacious enough for me to live in.

The majority of apartments are within the $1024–$1450 price range per square foot. I had to

make do with an apartment that was exactly the right size, neither too huge nor too small. I

ultimately settled on this luxurious apartment, which is 711 square feet in size and costs $1,139,

or 1.5 dollars per square foot. My apartment comes with a clubhouse, fitness facility, and

swimming pool. The washer, dryer, and flooring in the apartment, as well as the fact that it is

fully furnished, were factors that strongly influenced my decision to choose it. Since I'm renting,

I don't have to worry about spending more money on redecorating my home, and I also don't

want to start accumulating junk. When the time comes, I hope to be able to own my own home

and then decide how I want to decorate it.

Eunice De la Torre Rueda
Mr.Maguire
Economics
10/26/2022

Owning a BMW was one of my top priorities. I had hoped that my budget would allow

me to purchase a BMW because I adore them. I decided to buy a 2011 White BMW. Even

though this specific BMW model isn't brand new and is rather somewhat antiquated, I appreciate

the model and interior style of it. The vehicle is approximately 11 years old and has logged

60,223 miles. My monthly auto payment with average credit would be $317 for a car with a

down payment of $1,000 and a price tag of $15,992. The pricing was regarded to be a "fair"

offer, which is acceptable to me given that the automobile cost far less than $20,000. My auto

insurance with Elephant Insurance would cost $344 per month. The car I chose had a fuel

capacity of roughly 18.5 gallons and an estimated 35 mpg. A full tank would last me about a

week and a half, and my monthly gas costs would be roughly $250. This price range allowed me

to have my BMW without having to worry about being over my budget since I can afford it.

I had to be very specific about what I bought and how much of it when it came to

groceries. I had no idea how expensive groceries were or how much items I needed for a single

person. I had to exchange some snacks for better or healthier alternatives, such as when I

swapped a $5.89 bag of chips for a $5.50 tray of ground beef. At first, creating a grocery budget

wasn't simple, so I needed some guidance.In addition, I had to think about the idea of stocking

up on over-the-counter medications in case of an emergency. Whether I was ill or had allergies, I

wanted to be sure that I was ready for anything. I also went ahead and purchased vitamins and

supplements, which I would have taken for granted but are so helpful that I couldn't pass them

up, which also limited how much money i had for my groceries so most of the junk food i

wanted, i had to leave behind.

Eunice De la Torre Rueda
Mr.Maguire
Economics
10/26/2022

I probably wouldn't just cut out one thing from my budget if I had $200 less than my

stated amount of money. I wouldn't sacrifice my happiness for the cost of living without it, even

though I would still need to budget for that particular sum of $200 less. My "going out with

friends" budget would undoubtedly be reduced by $60, leaving me with $90 to spend. My "going

out to eat" budget would likewise be reduced by $15, leaving me with $65 to still treat myself. I

could still shop freely with some clear constraints if I took $35 off of what I would have spent on

clothes, leaving me with $85; my necessities and wants would still be satisfied. I would deduct

the remaining $90 from my long-term funds, which will pay for my trip to South Korea. In this

manner, I can save a total of $200 from my budget while still being able to enjoy a little bit of

everything without having to make any trade-offs.

Now, if I had $200 extra than what my budget allows, I would also prefer it to be split up

across several areas rather than just one. I adore the home and vehicle I chose, so those things

wouldn't change and would continue to be the same. The only things that would definitely alter

are my planned South Korean visit, my planned rise in clothing spending, and my planned solo

outings. If I were to eat out alone, I would increase the cost by $10. I would visit Starbucks a

little more frequently and be able to eat there at least one more day than I had planned.

Additionally, I would contribute an additional $80. Most of the stores I frequent, like H&M and

Forever 21, are pricey, so I want to ensure that I have enough money for any purchases I make

that month, including clothing and accessories. Now, if I add the remaining $130 to my vacation,

I will be able to save for that trip a little sooner than anticipated, allowing me to go in 10 months

rather than 14. This may not sound like much, but these vacations are something I want and they
Eunice De la Torre Rueda
Mr.Maguire
Economics
10/26/2022

would arrive sooner, with everything paid and covered so I wouldn't have to worry about

expenses, and I would still have $3,022.5 left over to cover any emergencies such as flight

delayed or any problems i might have such as getting sick.