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Photo Essay: Thinking Like an Economist Economics Spring 2016 Lina Gu

Photo Essay- Lina Gu

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Page 1: Photo Essay- Lina Gu

Photo Essay: Thinking Like an EconomistEconomics Spring 2016Lina Gu

Page 2: Photo Essay- Lina Gu

Walmart Supercenter For its consumers, Walmart

produces a variety of goods such as groceries, home décor, cleaning supplies, clothing, and toys. Walmart also provides pharmaceutical and photo-developing services.

Walmart’s factors of production include cash registers, employees, natural resources such as cotton, machines, and buildings.

Instead of going to Walmart, one could have been studying for a test or applying for a job opening.

One trade-off of establishing this business is that the managers could have been reading books or relaxing instead.

Page 3: Photo Essay- Lina Gu

Publix Publix provides goods such as groceries, gift

cards, greeting cards, sandwiches, and toys for pets.

Publix’s factors of production include cashiers, vegetables, eggs, factories, buildings, and land.

An opportunity cost of going to Publix is missing the chance to go to Walmart or catching up on sleep.

Instead of starting this Publix, the manager could have been focusing on building his or her family.

Page 4: Photo Essay- Lina Gu

Zaxby’s Zaxby’s provides foods, such as

chicken tenders, salads, and sandwiches, and drinks for its consumers.

The factors of production for Zaxby’s include cashiers, cash registers, land, buildings, tables, chicken, and fryers.

One opportunity cost of eating at Zaxby’s is missing the chance to cook a meal and eat at home.

A trade-off the manager made to start this business is losing time he or she could have spent with his friends or family.

Page 5: Photo Essay- Lina Gu

Top Notch Express Car Wash Top Notch Express Car Wash offers its consumers car

washes, oil changes, gift cards, interior vacuuming, and wax treatments.

Top Notch Car Wash’s factors of production include water, soap, automated car wash machines, workers, vacuums, and oil.

Instead of going to Top Notch Car Wash, one could have saved money and washed his or her car by hand at home.

One trade-off the manager made in establishing this business is losing or delaying the chance to pursue a undergraduate or graduate degree.

Page 6: Photo Essay- Lina Gu

Great Clips Great Clips provides for its consumers

hair cutting, beard trimming, hair dyeing, and hair washing services. Great Clips also sells hair products, shampoos, and conditioners.

The factors of production for Great Clips include the chemicals needed for shampoos, dyes, and conditioners, hair stylists, cash registers, chairs, mirrors, combs, scissors, and razors.

Instead of going to Great Clips, one could have gotten a family member or friend to cut his or her hair free of charge.

A trade-off the manager of this business made is losing or delaying the chance to start a restaurant or movie theater instead.

Page 7: Photo Essay- Lina Gu

Kay’s Jewelers Kay’s Jewelers produces rings,

earrings, necklaces, bracelets, watches, and personalized gifts for its consumers. This business will also fix broken jewelry for its customers.

The factors of production for Kay’s Jewelers include salespeople, managers, cash registers, glass displays, gemstones, gold, silver, and buildings.

The opportunity cost of going to Kay’s Jewelers for a gift is losing the chance to make a homemade gift by hand and save money.

Instead of establishing this business, the manager of Kay’s Jewelers could have been pursuing a career in medicine or travelling the world.

Page 8: Photo Essay- Lina Gu

Furniture Mart Furniture Mart provides for its consumers home

decorations, couches, beds, dining sets, lamps, pillows, chairs, and fireplaces.

Furniture Mart’s factors of production include employees, managers, wood, cotton, cash registers, land, and buildings.

Instead of going to Furniture Mart, one could be at work or catching up on sleep.

When the manager established this business, he or she traded the opportunity to relax at home or play sports.

Page 9: Photo Essay- Lina Gu

Peachwave Frozen Yogurt Peachwave provides its costumers with

bubble teas, smoothies, slushes, frozen yogurts, and an assortment of topping including peanuts and gummy worms.

Peachwave’s factors of production include a manager, cashiers, tables, chairs, cups, spoons, milk, yogurt machines, blenders, land, and building space.

Instead of going to Peachwave, one could have gone to get ice cream or chosen a healthier snack such as an apple.

By starting this business, the manager lost or delayed his or her chance of starting a family or continuing his education.

Page 10: Photo Essay- Lina Gu

Shell Gas Station Shell Gas Station provides

costumers with an opportunity to refill their gas. Also, this gas station sells goods such as snacks and coffees.

The gas station’s factors of production include gasoline, gas pumps, cashiers, managers, buildings, and land.

Instead of getting gas at Shell, one could have taken public transportation or walked.

By starting this business, the manager traded time that he or she could have spent pursuing a college degree or starting a family.

Page 11: Photo Essay- Lina Gu

Sources http://clickforkesem.org/quantum-economics-philosophy-of-the-economy/ http://www.myaugustadowntown.com/properties.shtml https://www.tilt.com/tilts/walmart-5d8d3a0f http://

collegecouncil.emorycampuslife.org/experience_shuttles/walmart-dekalb-farmers-market-shuttles

http://salvationarmyorlando.org/publix-super-markets-charities-awards-the-salvation-army-of-orlando-with-20000/

https://www.zaxbys.com/ http://

descargargratis.download/car/car-wash-building-design-design-of-the-car-wash.html

http://www.entrepreneur.com/business-opportunities/32896 http://

www.brides.com/engagement-rings/photos/kayjewelers?primaryfacet=designer

http://www.shopgreenhills.com/directory/kay_jewelers http://www.thesofastoreusa.com/ http://

froyogirl.blogspot.com/2011/08/inside-swirl-peachwave-frozen-yogurt.html

http://www.foothillsbuilders.com/retailRestGallery.html http://www.nj.com/hudson/index.ssf/2010/08/jersey_city_police_say_thug

s_h.html