Personal Economic Portfolio by

Tara Tackett- Business Major

tjtackett30 — 2025-03-24 21:11:00 UTC

Major Finacial/Life Decision: Attending College

tjtackett30 — 2025-03-24 23:51:11 UTC

I attend Arlington Baptist University and committed to play volleyball

Opportunity Cost

tjtackett30 — 2025-03-24 23:53:57 UTC

Opportunity cost is deciding between several investments and deciding which is best and the benefits you could have if you chose one over another.

Application of Opportunity Cost

tjtackett30 — 2025-03-25 03:10:46 UTC

The positives were that I liked the school, I was getting to play volleyball, further my relationship with God, and get a degree that would help me in the future. The alternatives that I gave up was staying home close to my friends and family and figure out my future with them.

Trade-Offs

tjtackett30 — 2025-03-25 03:23:30 UTC

I knew it was going to be out of my comfort zone to go somewhere with people I didn't know in an unfamiliar place, but I traded my comfort zone to find new opportunities, relationships, and further my education at a good school

Biblical Reference

tjtackett30 — 2025-03-25 03:28:06 UTC

Reflection

tjtackett30 — 2025-03-25 03:32:33 UTC

To make good economic choices I will ask the Lord for guidance and do what I feel He is calling me to do. I will weigh the good and bad to make sure what I am doing is right for my future.

K-Cups

tjtackett30 — 2025-04-05 04:06:47 UTC

I regularly buy K-Cups for my everyday morning coffee for my Keurig machine.

Economic Concept Application

tjtackett30 — 2025-04-05 04:12:22 UTC

Supply is how much of a product producers are willing to offer at different prices.
Demand is how much of a product consumers are willing to buy at different prices.

Supply and Demand With K-Cups

tjtackett30 — 2025-04-05 04:14:12 UTC

When more people started working from home during the Covid-19, demand for home coffee products like K-Cups increased—causing prices to rise. If there are disruptions in manufacturing or shipping the supply of K-Cups may decrease, which can also cause prices to increase.

Yes, I have noticed price fluctuations during the holiday seasons when supply issues come up.

Supply and Demand Graph

tjtackett30 — 2025-04-05 04:36:24 UTC

In this graph the K-Cup company's transportation and packaging delays make it harder for manufacturers to get K-Cups to store for their customers. As a result of this, the price of K-Cups increases and the quantity available on the market decreases.

Biblical & Ethical Connection: Fairness in Pricing

tjtackett30 — 2025-04-05 04:41:37 UTC

Leviticus 19:36

“Use honest scales and honest weights... I am the Lord your God.”

Conclusion

tjtackett30 — 2025-04-05 04:45:30 UTC

Understanding supply and demand helps me make better financial choices. Being aware of how the market works gives me more control over my spending and helps me shop smarter and more ethically.

My Budgeting Plan

tjtackett30 — 2025-05-08 14:02:11 UTC

My approach to budgeting is about planning ahead and being intentional with my money. I like to track what I earn and what I spend so I don’t run into surprises. Financial planning helps me set goals, avoid debt, save for the future, and gives me peace of mind.

Fixed vs Variable

tjtackett30 — 2025-05-08 14:02:48 UTC

Fixed costs- expenses that stay the same each month (ex. rent or a car payment.) Variable costs- change depending on how much I use or spend (ex. groceries, gas, or eating out.) Fixed costs take up a large portion of my budget, but it is predictable. Therefore, I have to manage variable costs carefully to avoid going over budget.

tjtackett30 — 2025-05-08 14:03:34 UTC

Biblical Connection

tjtackett30 — 2025-05-08 14:04:09 UTC

Luke 16:11 says, “So if you have not been trustworthy in handling worldly wealth, who will trust you with true riches?” This reminds me that managing money wisely is not just a personal skill but responsibility. Being ethical with money means being honest, generous, and not wasteful. Stewardship encourages me to use money in a way that honors God and helps others.

Conclusion

tjtackett30 — 2025-05-08 14:04:43 UTC

Better budgeting means better control over my finances. It helps me avoid unnecessary debt, prepare for emergencies, and reach long-term goals. With a solid budget, I feel more confident about my future and more responsible with the resources I have.

Esthetics

tjtackett30 — 2025-05-08 14:09:38 UTC

I chose to become an esthetician because I have a passion for skincare and helping people feel confident in their appearance. I enjoy learning about the latest beauty trends and techniques, and I believe the esthetician field offers both creativity and a chance to make a positive impact on others' lives.

Market Structure

tjtackett30 — 2025-05-08 14:10:18 UTC

In the esthetician field, the market structure could be classified as monopolistic. There are many beauty salons and spas offering similar services like facials, waxing, and skincare treatment, but they differentiate themselves through certain factors.

tjtackett30 — 2025-05-08 14:10:46 UTC

The longer you work and more experience you have, the more money you will make.

Biblical Connection

tjtackett30 — 2025-05-08 14:11:11 UTC

James 5:4 says "Look! The wages you failed to pay the workers who mowed your fields are crying out against you. The cries of the harvesters have reached the ears of the Lord Almighty."

This passage emphasizes the importance of fair wages. In the esthetics industry, ensuring fair compensation for estheticians, who often work long hours, is crucial. Ethical employers should value their employees' skills and efforts by offering competitive pay, especially when many estheticians work on commission or tips, which can fluctuate based on business volume.

Conclusion

tjtackett30 — 2025-05-08 14:11:41 UTC

In choosing to become an esthetician, I am pursuing a career that allows me to combine my love for skincare and helping others feel good about themselves. However, like many service-based industries, the esthetics field is influenced by economic factors like consumer spending power, salon competition, and seasonal fluctuations in demand. Despite these challenges, I believe there will always be a demand for skilled professionals, and with dedication, it’s possible to build a successful career in this field.

Introduction

tjtackett30 — 2025-05-08 14:12:37 UTC

Income distribution refers to how a country’s total income is spread among its population. Economic inequality happens when income is distributed unevenly, meaning some people earn much more than others.

Economic Concept Application

tjtackett30 — 2025-05-08 14:13:08 UTC

Income inequality is the unequal distribution of income and wealth among people or groups in a society. People with higher education levels tend to earn more because they qualify for higher-paying jobs.

Where you live also matters. Urban areas often have more job opportunities and higher wages compared to rural regions. And workers with more years of experience usually earn more due to their skills and expertise.

Graph

tjtackett30 — 2025-05-08 14:13:32 UTC

Biblical Connection

tjtackett30 — 2025-05-08 14:13:52 UTC

2 Corinthians 9:7 says, "Each of you should give what you have decided in your heart to give, not reluctantly or under compulsion, for God loves a cheerful giver." This scripture encourages individuals to act justly, show compassion, and be generous, highlighting the ethical imperative to address economic inequalities and support those in need.

Conclusion

tjtackett30 — 2025-05-08 14:14:15 UTC

I can contribute by budgeting wisely, supporting local initiatives, and advocating for fair policies. By embracing these practices, individuals can play a part in fostering a more just and compassionate community.

Introduction

tjtackett30 — 2025-05-08 21:13:36 UTC

One product I regularly purchase that has been affected by different pricing structures is gas. Over the past few years, I have seen gas prices rise and fall due to free market forces, international supply disruptions, and government action.

Economic Concept Application

tjtackett30 — 2025-05-08 21:14:47 UTC

Gasoline prices are mainly determined by free market pricing, where supply and demand dictate the price. When crude oil supply is disrupted and prices often rise. Conversely, when there is a surplus of oil or reduced demand, prices fall.

Graph

tjtackett30 — 2025-05-08 21:15:46 UTC

Biblical Connection

tjtackett30 — 2025-05-08 21:16:29 UTC

Leviticus 19:35–36 says, “Do not use dishonest standards when measuring length, weight or quantity. Use honest scales and honest weights...” This verse emphasizes fairness in trade and commerce. Applying this to price controls, it’s unethical when companies or governments set prices unfairly. Ethical pricing should balance the needs of both sellers and buyers, ensuring no one is exploited.

Conclusion

tjtackett30 — 2025-05-08 21:17:48 UTC

Understanding pricing structures helps me recognize why prices fluctuate and how to plan my purchases better like filling up my gas tank before predicted price spikes. It also helps me see when certain prices might be inflated and not worth paying. Being informed about how free market prices, price controls, and relative pricing work gives me the tools to make smarter financial decisions in everyday life.

Introduction

tjtackett30 — 2025-05-08 21:23:45 UTC

A product where I often adjust my buying habits based on price is coffee from Starbucks or other cafes. While I enjoy the convenience and taste, I cut back when prices rise or when I’m trying to save money. I might make coffee at home instead or switch to a cheaper brand.

Economic Concept Application

tjtackett30 — 2025-05-08 21:24:35 UTC

Price elasticity of demand shows how much consumer demand changes when the price of a product changes.

Elastic demand means consumers are sensitive to price changes—they’ll buy less if prices go up.
Inelastic demand means they keep buying even if prices rise.

Starbucks coffee is price elastic for many people. While it’s a popular luxury, it’s not a necessity, and there are many cheaper alternatives. If a $5 coffee rises to $6, many customers will cut back or switch to home-brewed coffee.

Graph

tjtackett30 — 2025-05-08 21:24:58 UTC

Biblical Connection

tjtackett30 — 2025-05-08 21:25:39 UTC

Proverbs 21:5 says, “The plans of the diligent lead to profit as surely as haste leads to poverty.” This verse encourages thoughtful financial decisions. Choosing whether or not to spend $5+ a day on coffee is a good example of budgeting wisely. It’s not wrong to enjoy Starbucks but understanding how prices affect your spending helps you manage money responsibly.

Conclusion

tjtackett30 — 2025-05-08 21:26:09 UTC

Knowing that Starbucks coffee is elastic helps me recognize when it’s smarter to cut back. When I understand how price changes impact demand, I can adjust my habits and plan better. This helps me save money and prioritize spending on more important needs.

tjtackett30 — 2025-05-08 21:32:16 UTC

The main goal of this is to go over different terms and how they relate to my everyday purchases and decision making when it comes to buying. Some main points are just to really watch what you are buying and notice when it is not worth your money and if you can save it. It is also good to see what your future profession will be affected by microeconomics. These findings are very significant for smart money spending.