Based on this' post, describe 2-3 ideas of examples of sharing economy businesses and rental companies in your community and online that might serve the needs of your classmates in a more cost-effective way.

150 words response

For starters, the difference between renting and owning is that renting is the right to use, while owning is the right to own. Renting a car is essentially the same thing as borrowing your friend's car for a few days, but with the added difficulty of having to pay the rental company anywhere from a monthly to daily fee to use the car, or have to worry about when you are going to return the car and avoid late fees. However, the main benefit of renting over buying is that if you plan to use something for less time, its cheaper to rent it than to buy it in full. For example, if you want to watch a movie but you only intend to watch it once, its cheaper to just rent the movie, watch it, and save money, as it is typically three times more expensive to buy it. However, if you plan to watch the movie multiple times in the future, like Home Alone (my family watch it every Christmas), the cost to rent it every time you want to watch it would outweigh the cost to buy. Finally, the main benefit of renting over buying is that most rentals come in increments instead of a flat amount. If you want to get a new house, you can either buy it in full, take out a lone to buy it in full and pay off the loan, or rent the house out and just pay the landlord a fixed rate every few months. When doing the math, buying the house by itself is the better choice, but unless you stockpile all the money before hand, it is easier to get the house now and then save up money to buy it fully if possible. I just think that buying it in full is better as companies and landlords love it when you pay them rent and minimum fees for everything, so that they can eventually make profit on you.