Several students claim, they are not fond of school. They want to take as few classes as they can to finish as fast as they can. The most common question a teacher will hear is “How will we use this in real life?” In most instances, students will not use a majority of the information they learned in school, in the ‘real world’, but they will have the information if the need arises nonetheless. Not everyone will use the quadratic equation every day, nor will they need to know the electronic configuration chart from memory. Despite that fact, something students will certainly need knowledge of every day for the rest of their lives is the nation’s economy and how it operates. The purpose of school is to give students the information they
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If one is not in balance with the other, it would result in monetary loss. The student will also need to know about The Law of Diminishing Marginal Utility (Standard 2.0 Vocabulary). If used correctly, the student will find a way to increase their income for a certain period of time. For example, the student opens a specialty pizza restaurant. They want to host a special event to promote a new product, so they place the price and people will buy it. They may be satisfied after buying the one item, but let’s say the price drops during the intermission of the event by half, people may be persuaded to buy more, just because the price dropped. If it drops again by a certain percentage again before closing, again people will buy some more for the same reason.
There is more to owning a business than dealing with supply and demand, and its many parts, there are important aspects the student must consider when the student’s specialty pizza restaurant is still in the blue prints. Will they own it with their friend or another young business person? They also need to find funding, or find the right loan to use to kick start their plan. It would be less risky if the student used a limited liability company, so if his pizza restaurant was not as popular as his friend’s steak house, the monetary loss would not be as bad. However, if he was a sole proprietor, he would have a lot of liability in his company and he would have loans to pay off and no money (Standards 3.1-3.3).