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Making a major Purchase - Term Paper Example

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Summary
Before making any purchases, an individual has to evaluate the marginal benefits that could be derived from the said purchase compared to the marginal costs or the efficiency of cost in acquiring an additional unit. Opportunity cost has also to be considered or the value that…
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Making a major Purchase

Download file to see previous pages... The need for shelter is a necessity. Such, individual has to buy a house at some time or another. The bigger question would be when and will it be right time to buy it. The act of purchasing a house is relatively infrequent and generally constitutes an individual or a family’s “single most important investment and expenditure (Levy et al., 2008 pg. 253).
To make the analysis clearer in this case, let us assume that the buying decision to purchase will be made on cash. Buying on cash can also demonstrate clearly the economic principles behind making such decision or indecision. To illustrate further these economic principles, let us assume that the buyer is a typical middle class with a regular job and regular income that making a purchase would require a serious evaluation on his or her part.
A house is a need. It shelters us from the vicissitudes of the weather and the inclemencies of the storm. It provides a place for rest and recreation where we can grow our families and live as a person.
But before getting those benefits, we can consider what we have to give up. This consideration is very important because purchasing a house is the most expensive purchase that we will make. In addition, we have to be careful in letting go of our scarce resources especially that we are still in the process of recovery.
The economy has to be considered in making that purchase. There are two things that should be considered before making that purchase; first, is the economic condition of the economy as this will determine the price of the house whether it is the time to make the purchase and this will also determine the individual’s capacity to pay.
The economy is still in the process of recovering and it may be slow certainly not entering into a recession as observed by Fred Smith, the Chairman and Chief Executive Officer of FedEx Corp. (FDX) (Del Giudice, 2011). ...Download file to see next pagesRead More
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