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Use a graphic to visually demonstrate the standard equilibrium model's application to the policy or situation in the article.

Analyze whether the model’s predictions align with the article's content.

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Introduce the chosen news article and its source.

Provide a brief overview of the main points discussed in the article.

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Introduction to the Personal Economic Impact of Eating at Home vs Eating from Fast Food Chains 

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Introduction to the Personal Economic Impact of Eating at Home vs Eating from Fast Food Chains 

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The article that we have chosen is the US News article, "Is Fast Food Cheaper Than Cooking at Home." This article examines the financial differences between cooking at home and eating out, highlighting the fact that although cooking at home is typically more cost-effective, not everyone finds this to be the case. It draws attention to the fact that Americans spend on average $2,500 on eating out on average each year. According to the article, cooking at home might save money, especially when taking into account leftovers and buying in bulk. While in some cases this may be the case, the article adds that "fast food drive-through wins out on both time and money".

On one hand, cooking meals like pizza or chili in bulk at home is far less expensive than dining out. However if you are going to cook a full meal filled with nutritious ingredients, this will cost you more and take more time then say going through the McDonalds drive through. The article also provides a great example of trying to replicate what you would get at a fast food chain. The article uses a familiar anecdote of going to the grocery store, "you'll likely have to buy ingredients from the grocery store in larger amounts, as items like chicken breast, buns, veggies and sauces rarely come in single-serving sizes. In most cases, there's no way to come in at the $2 to $4 price range for a single sandwich in a single sitting."

This article provides great context into navigating eating out vs cooking at home. It allows the reader to contemplate their own priorities when eating a meal. If the reader prefers saving the time that it would take to get groceries and cook to save a few dollars they will side with eating out. However if the reader purely wants to save money they will side with cooking their own meals. This raises the question of the time value of money and if that time you spent cooking in worth the few dollars you might save. Throughout this presentation will we examine eating out vs cooking at home and the economic principals that are involved in this decision that affects every person.

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Identify and explain relevant economic concepts related to the article.

Describe how the article ties into class economic principles.

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The article highlights a number of economic concepts, concepts such as opportunity cost and time value money. It illustrates how individuals must weigh the opportunity cost of time when deciding between cooking at home and eating fast food, as preparing meals at home takes longer but will likely save money. The time value of money suggests that people might value the convenience of fast food over the savings from cooking, especially if time is a more pressing concern.

The article also talks about the economies of scale, specifically saying how cooking in bulk can lead to cost savings, but for single meals, fast food may be cheaper due to the larger quantities required when buying ingredients. Overall, the article encourages its readers to reflect on their own priorities when making these everyday economic decisions.

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- Present a comparative analysis of the current situation with a past policy or scenario.
- Use real-world examples or expert viewpoints to provide a broader perspective.

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The debate over whether it’s better to eat at home or grab fast food has been around for years. Back in the 1970s and 1980s, most families cooked meals at home because it was cheaper, healthier, and part of the daily routine. Eating out at fast food places was usually a rare treat not a regular habit like today. Today things are different. Many people have hectic schedules making fast food a popular option because it saves time, even though it can cost more in the long run. In the past there wasn’t as much awareness about the negative health effects of fast food. Now people know that fast food has way too many calories, fats, and unhealthy ingredients, which can lead to health problems if eaten too often.

Experts like chef Dennis Littley suggest in the article that cooking at home is still the better choice, as it’s usually healthier and cheaper. You can buy groceries in bulk, plan meals ahead, and use leftovers, which can make your food budget go a lot further. Even though fast food is convenient and fits into busy lives, cooking at home remains a solid way to save money and eat healthier.

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- Discuss any market failures, unintended consequences, or information imperfections affecting the situation in the article.
- Explain how these factors challenge or modify the predictions of the standard equilibrium model.
- Discuss potential unintended consequences, externalities, market power, or reasons the standard market equilibrium model may not be applicable.

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There can be unintended health consequences when consumers choose to eat out instead of making their meal at home. Foods prepared at restaurants tend to be less nutritional and are often made from less quality ingredients. This can cause the meals to be high in calories and ultimately less healthy.

An information imperfection discussed in the article highlights how eating out may seem cheaper at the moment, but cooking your own meals at home can save more money in the long term. While buying the groceries to make a meal may seem more expensive upfront, larger quantities can be consumed compared to buying just one meal at a restaurant. The groceries can also last longer and be used multiple times.

Consumers are paying more, both at home and at the grocery store, for food than they have before. Shrinkflation has caused the prices of grocery store items and food at restaurants to increase, while the actual quantity and size of the items have become smaller.  This trend can shift the demand curve because consumers may reduce their demand for certain items as food prices continue to rise.

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Comparative Analysis or Real-World Examples

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Comparative Analysis or Real-World Examples

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Using comparative analysis to describe the comparisons between fast food now vs back in the late 1900's. In the late 1900's food in general was a lot cheaper making it easier to buy groceries which increases the probability of cookie at home and making home cooked meals. That made is more common for families to have home cooked meals in compared to buying fast food. Nowadays people don't have as much time or money to be buying and cooking meals so fast food is a faster and cheaper alternative although not a healthier one. This was mentioned to a more specific sense in the application part. A policy such as minimum wage has not risen a bunch whereas inflation has, causing food to continually increase while you still may not be making as much money. This can drastically affect your decision making as getting fast food may be a much better alternative to buying and cooking food as it is much cheaper. For example buying meat and buns and making yourself a salad all from a grocery store is a lot more expensive than going to a fast food restaurant and ordering the exact same thing. It saves you time and money.

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Summarize the positive (descriptive) and normative (value-based) analysis of the policy or situation.

Present a reasoned conclusion on the policy's effectiveness, considering efficiency, equity, winners and losers, etc.

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The positive analysis of the situations and policies include cost comparisons between fast food and homemade food as buying fast food in the short term can save you money vs in the long term purchasing groceries in bulk can save more money. Additionally, the opportunity cost of making food vs getting food when comparing the price of food and the amount of time it takes to make or get the food. Based on normative analysis, the pros and cons of the situation are weighed. Such as deciding weather you care more about your health long-term, as making homemade food can be significantly healthier, or whether you would rather get fast food because it's easier but not as good for your health. It also depends on people's situations and what they value more, whether they value time spent eating over their health as they would rather prioritize eating in a short period rather than spending time to make good food for themselves which would be beneficial for their health.

The conclusion of eating out vs making food depends a lot on your personal priorities. In the short run buying fast food is effective whereas making and buying food isn't but, in the long run, its the opposite. Buying food in bulk saves you money and eating that food is healthier for yourself. If you have a busy schedule it may be more efficient to run out and get food rather than making food. People who win would be the ones who don't care about long-term health problems and focus on buying fast food saving themselves some time. Some people who lose are people who are forced into fast food purchasing as they cannot afford to purchase a surplus of groceries to make healthy food and must resort to buying cheap fast food items because of their financial situation. In all economic contexts, personal priorities, inflation, and much more determine a person's likeliness to consume fast food or homemade food.