Insights on Capitalism to Add To The Big Paper

For capitalism you can add to the big paper insights into how it affects what we do, what we think about, what we hope for, how our lives are shaped that draw from the auction and your early work on the Ebay assignment:

Capitalism is a big aspect of our lives whether we see it or not. As we saw at the capitalism simulation in class at the auction. When two people want the same limited item they compete for better prices and how much they are willing to pay for the item with the limited credits we earned from doing our homework or working in class. This is and example of scarcity, limited supply and limited price. Market price was another aspect of capitalism presented during the auction. The market price was he highest bidder. And the opportunity cost is the second best thing the consumer wanted. If a student did not win what they bidded on as their first choice, whatever they spent on what they wanted next would be their opportunity cost. The customers would demand the best price they could get and if others were willing to pay more they would continue to compete for the best price available. This is closely related to the American way of life because getting money is the main goal to sustain yourself in society which means fending for you and/or yourself depending on your situation.