For this unit in Economics: Risking Value, the senior class explored the world of economics; we learned about the market, stocks, supply and demand, opportunity cost, interest rates and much more! or an FE, we went to Capital One Cafe near our school. I really liked the cafe ambiance of the bank; it made banks seem less intimidating. The purpose of this AP is to choose a career that you plan to do in the future and have two options of how you will get there. I really liked this AP because it is relevant to my situation as a senior about to graduate. It made me realize what options are realistic and which are not.
Below is my Project:
Introduction to Economics AP, LD,2017,Soundcloud
Script:
Hi, I’m LD and a senior at GCE Lab School currently taking a class called Economics: Risking Value. I’ll be graduating this year and after high school, I’d like to become an entrepreneur in New York City. After New York, I would like to expand my business in Japan. I want to build my own film production business as an outlet for young teens to produce their own work. It will become a means for young teens to voice their opinion on mainstream media. In order to do this, I must attend college.
I chose my top 2 college choices: NYU Stern and Parsons School of Design.
They are both in the heart of New York City, which is where I’d like to be. Both schools have entrepreneurship majors as well as film programs. The main difference between the two colleges is that NYU is a pretty large school that cost a lot of money while Parsons is smaller and cost almost a third less NYU. Throughout this AP, I am weighing options to decide which college is better for me.
During the process of this AP, I wanted to interview my dad who has created his own IT business with his close friends. I look up to my dad because he has been through a lot during his life while trying to build his own business. While interviewing him about college and how I should go about my own business he said,”You should go to a college that best fits your interests, get in where you fit in, you will be amazed as to where life gets you, so never give up on what you want to do, even if you have to make some sacrifices for it.”
Total Cost of Parsons School of Design,LD,Google Sheets.2017
Total Cost of NYU,LD, Google Sheets, 2017
Looking at the calculations, the total cost of NYU is $911,702 and the total cost of Parsons is $347,303. The annualized increase rate is 5%, causing the price to increase every year. This shows that money today is worth more than money tomorrow because I didn’t have enough money to pay the full amount, every year I would have to pay an interest. Going to NYU would take 20 years if I paid 58% of my salary going toward the loans and 25% of every check going to my loan for Parsons School of Design for 19 years.
By referring to my Current vs. Future Market that shows the current market for being a film producer/director, you can tell that the supply and demand for the job are increasing. A market is when both parties are selling and buying. The seller's objective is to sell goods and services at the best price. The buyers objective is to acquire goods and services at the best price possible. Supply is the total amount of goods or services while demand is the consumers want to buy a good or service for a certain price. The number of people in the field in 2014 is 122,600 and n 2026, the number of people in this field is predicted to increase by 11,100. My salary as a director/producer as well as a small business owner will increase also.
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| Current vs. Future Market, LD, Google Drawings,2017 |
Throughout the project, I made a few assumptions to predict the future.These assumptions allow me to create a model; if assumptions are done incorrectly they can lead you down a wrong path of false numbers and calculations. A few assumptions I made were: the tuition cost of both colleges assuming that I didn’t receive any financial aid or scholarships, how much money I would be making as an entrepreneur for the first few years and the annual salary raise( how much my salary raise would increase every year). If I did receive a scholarship, then this calculation would differ and I wouldn’t end up paying the full amount. Assumptions are important because they allow us to accurately predict the future.
So, is NYU and Parsons a better for me? My final decision is Parsons School of Design. I think it is an overall better choice financially and realistically. I would only have to pay 28% of my salary of $171000 for 19 years, if I decided to go to NYU I would have to pay much more and for a longer time. Although the programs may not be as great as NYU, I can still work toward my business. I will spend 4 years at Parsons and after graduate with a BBA.
Sources:
“College.” Flickr, Yahoo!, www.flickr.com/photos/76657755@N04/7027599019//?rb=1.
“Entrepreneur.” Sokanu, www.sokanu.com/careers/entrepreneur/salary/New York/.
“Future Success.” NYU Stern, www.stern.nyu.edu/programs-admissions/undergraduate/future-success.
“Registrar.” Tuition and Fees 2016-2017 | The New School in New York City, www.newschool.edu/registrar/tuition-and-fees-2016-2017/.
“Registrar.” Tuition and Fees 2017-2018 | The New School in New York City, www.newschool.edu/registrar/tuition-and-fees/.
Summary.” U.S. Bureau of Labor Statistics, U.S. Bureau of Labor Statistics, www.bls.gov/ooh/entertainment-and-sports/producers-and-directors.htm
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