Chapter 1 of Undercover Economist

In Chapter One of Tim Harford’s book, “The Undercover Economist,” the idea of strength of scarcity and why retailers have the ability to over charger consumers is explored in the chapter. Hartford goes into detail in this chapter by beginning to discuss the daily lives of a commuter and how they're all exposed to retailers along the way. For example, Hartford discusses the step by step process of being a consumer, saying how commuters will get off the train and will go to the local Starbucks because it's right next to the stop. Location is key in this situation, and Hartford goes into detail about why location plays such a pivotal role in making a profit as a retailer. Hartford stated, "Yet commutes also produce common patterns—bottlenecks and rush hours—that are exploited by entrepreneurs the world over (page 5)." Hartford also talks about the role that competition plays when you're a retailer and also the role it plays in over charging consumers. He says how when a resource is tougher to come by, then the competition to get that item will be much tougher. This ultimately allows retailers to overcharge for items and it's tough for the consumers because of the hole it burns in their pockets.  When looking at this idea when it relates to a college degree, I believe that just because you have a college degree, doesn't necessarily mean you'll be able to get a job. For me personally, my goal is to become a sports anchor/reporter for television and the job market is extremely tough. Just because you may have a degree, doesn't mean you'll get a job right out of college.