Demand and Utility

1. Cobra X: The Cobra X is a lacrosse head which I will most likely be buying to replace my old one. This is a demand of mine because I am in need of a new one. The utility it will serve is improving my game making me a happy kid.
2. Gas: I'm running a little low on gas right now, so I'll probably have to fill up the tank this week. It will serve the utility of making my car go.
3. Loaded Grillers from Taco Bell: I get hungry, and Loaded Grillers are delicious. They serve the purpose of filling up my stomach.

Markets

The market economic system is one that revolves around the idea of personal freedom of choice. I am a supporter of this type of economic system. Supply and demand is the driving force behind the US economy and I believe that is the way to do it. Command economies are bad, just look at what happened to the Soviet Union, they collapsed. North Korea is another example, probably the best example of Communism gone wrong. Their society is in a horrible position, they can't even feed their citizens. The one case to be made in favor of a command style economy is that all citizens are equal, in theory at least. The problem with this; however, is that there are no incentives to succeed or invent something new, like in a market economy.
Market Economies do have their drawbacks. One serious drawback is that in a pure market economy, poor people have no help. However, the US has corrected this by instating welfare and other programs to help people who are struggling. By allowing the system to be mostly driven by consumers, it makes it quite simple to fulfill wants and needs.I fully support the concept of a market economy.

Opportunity Cost

Recently, I purchased a new snowboarding jacket from the Oakley outlet store for $80. It was a very worthy purchase. I do wear the jacket quite often at school and when I go to the mountain. It could definitely be considered an impulse buy because I wasn't exactly looking for a new jacket, I just saw it, liked it, and decided to buy it. Something else I could have spent the money on would have been a new pair of shoes, or a new pair of snowboarding goggles.
The opportunity cost of me deciding to buy the jacket would be not being able to get new goggles. I do not regret my decision, the jacket is something that I use regularly while goggles would be seldom used. I also did not need a new pair of goggles, the ones I have fit me well and still do their job. My old jacket was beginning to get small on me and wasn't very warm, so my new jacket is better when it comes to that. It's also much more stylish.

Scarcity

Something that is scarce in my life is the Western Bacon Six Dollar Burgers from Carl's Jr.

This is quite simply the best fast-food burger ever made by mankind, hands down. The reason for the scarcity of this item in my life is because it is incredibly unhealthy, like 1010 calories unhealthy. Not only that, but it is also pretty expensive for fast food. Regardless of it's artery-clogging and wallet emptying qualities, you could say I am just slightly obsessed with it.