A Summary On The Monopoly - 988 Words

Angelyca Taguba Mr. Denny World History 22 November 2015 Monopoly Economics Essay Everyone believes Monopoly is a simply a child’s game, but in fact, an adult has a hard time coping with the obstacles in the game. Financing properties is hard, however Monopoly consists of more players that are all trying to bring you down. I struggled more than fellow players at keeping myself upright. I had to mortgage and sell properties, paid enormous amounts of rent, and stood at the low hundreds for a while. In the end, Monopoly had a unique way of saying that managing fees are straining and isn’t easy. Opportunity cost plays a huge role in Monopoly. Opportunity cost, the loss of potential gain from other alternatives when one alternative is chosen, is the basis of property trading and and buying. During the game, you could wait for a better place to land or buy the property you are on at that moment. However, opportunity cost does not reveal itself until you gain or pay money. It’s a huge risk. You could lose the whole game if yo u kept turning down helpful opportunities. This is why opportunity cost is important. Mortgage, money lent to a person in exchange for a lien against a piece of property, can save a player from becoming bankrupt. A lien is the right to keep possession of a property owned by another until the rent is payed. I had an experience with this during the game. I had lost hundred of dollars to rent and did not have enough money to pay another. So to keep myself upShow MoreRelatedDifference Between A Monopoly And A Perfectly Competitive Firm1273 Words   |  6 Pagescapitalistic society, without any type of regulation at all, you will get one monopoly that will eat all of the smaller fish and own everything, and then you ll have zero capitalism, zero competition - it would just be one giant company† (Tankian, S. n.d.). The preceding quotation from Serj Tankian lays the groundwork for this case assignment. 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