Friday, October 24, 2014

week 10

this week in economics we learned about specialization, marginal product of labor, the golden rule, market structures and then we still spent time on demand and supply. Specialization is choosing one job and becoming good at it. Marginal product of labor is just how much more you can make from more workers. Increasing workers increases the total amount of total out put and that is called increasing marginal returns but if you have negative marginal returns it means you have to many workers and it is actually hurting you. The golden rule is when you have equal marginal cost and marginal revenue and that makes it guaranteed to make profit. Market structures are separated by three sub-categories: perfect competition, monopolistic competition, and oligopoly. Perfect competition is when you have tons of buyers and sellers, when sellers offer similar products, buyers and sellers are well informed about there product and sellers can enter the market freely. Monopolistic competition is when many buyers and sellers participate in the market. Oligopoly is when there few large firms, cooperation and collusion is common.

In the most recent unit the hardest part for me was the determinants and just remember them by heart but it is easier if they are in front of me.

Friday, October 17, 2014

week 9

this week in economics we leaned about how all prices are set by the market its self and not from the seller. The price is made by the willingness that the buyer is willing to spend and the willingness that the selling is willing to sell it for. If the the buyer wants to sell something for 50 dollars and the buyer wants to pay 30 they may meet at the middle and say 40. we learned about how these prices can be made with a graph.the last thing was we talked about how if supply i greater then demand then we will have surplus and if the demand is higher then the supply then we will have a shortage.

        In monopoly my strategy is to buy as many of the expensive houses as possible so that i can collect the most rent and people wont be able to charge me more then i charge them so that i will always make a profit.

week 8

This week in econ we went over the supply part of supply and demand. Just like in the demand part there are 6 determinants of supply. the 6 are technology, expectations, number of producers, other goods made by the company, resource costs, and government intervention.We also went over the elasticity of supply (the quicker it is to make something the more elastic it is. For example a normal Rockies jersey is very elastic because they can make more at any time but a vintage sighed Larry Walker jersey is non elastic because they cant make a vintage jersey and its even more elastic because of the signature.  the other big thing we went over was the supply curve.
   No i do not think we should increase minimum wage to 15 dollars because i feel that the cost of living would go up a lot and same with other items because people would be willing to pay more so the companies would raise prices so they could earn more.

Wednesday, October 8, 2014

week 7

This week in econ we learned about demand. Demand is the willingness and ability to purchase a specific good at all willing prices. Demand is based off of 5 main determinants: Tastes and preferences, related goods, consumer income, number of buyers, and consumer expectations. Trade off is pretty self explanatory it would be like Gatorade and Powerade if there the same price and you just choose the one that either tastes better or appeals to you more. Related goods is separated into 2 sub categories which are substitutes and complements. Substitutes are like Coke and Pepsi and so if coke is on sale you are most likely to buy the Coke because they are similar tasting but its cheaper. Complements are like peanut butter and jelly if the price of peanut butter goes up dramatically the sale of jelly will probably drop as well because if people don't buy as much peanut butter they don't need jelly as much. The next one is consumer income and that is the product priced based on income such as good will because they have normal products but at a cheaper price and also like mac n cheese because its cheap. Then we have number of buyers, and that could be like if the different language. Like if you translate a English magazine into Spanish and Japanese you could increase the sales into a larger amount because you increased the number of people who want to buy it. the last one is consumer expectations and that is when you can find stuff such as seasonal items like pumpkins during October and watermelon in summer and even jackets at target in the winter.

If I had a kid I would name him Juanito because it has always been my favorite name. If i ever had a daughter I would name her Navaeh because that's my nieces middle name and I think it is a very good name.

Thursday, September 18, 2014

week 5

   This week we have learned about economic systems and why they fail. We learned about mixed systems, command, free market,profit motive, and also slightly about traditional. On Tuesday we learned about incentives and the cycle of mixed systems. incentives are the reward that you want or the punishment you want to avoid. A command government is when the government is run out of attempt of equality such as historical USSR, Cuba, or even north Korea. In this establishment, the government owns the F.O.P and also answers the 3 economic questions (What to produce? How to produce it? And who are we making it for? ) . And then you have a free market and that is pretty much the opposite where the people answer the questions and ask ask them as well.Examples of this would be like Hong Kong and Singapore. And then we have a mixed system. This is where the people and government both participate in asking and answering the questions. this kind of system is made of 90%+ of the world. The united states would be a great and easily understandable example and same with japan and much others.the  One of the last things we learned was profit motive and perverse incentives. Profit motive is the idea that all businesses exist to make money. Even the non profit businesses have to make profit just to stay in business because they have to pay bills and such. Perverse incentive is a incentive created with good intentions that creates an alternative, usually with a less desirable outcome.

   Threw out the first unit the hardest lesson for me was the economic systems because i'm not very good with government. I don't do good with understanding things like this because to me they can be complex. I'm not blind to the subject but it  is just the most difficult out of this first unit.

Friday, September 12, 2014

    This week in econ we learned about cost and benefit analysis, marginal analysis, start factors of production, we also went over human capitol skills, economic goals, and the 3 factors of production. Cost and benefit analysis is the process of doing something that you like and comparing it to how much you dislike. in class we did a experiment of eating Reese's and analyzing how thirsty someone was until they had to stop eating the Reese's. The logical analysis of this theory  is to always do something until the cost out-ways the benefit. Marginal analysis is an examination of having something until you don't want it anymore or having to much that the thing you have is no good to you. The 3 factors of of production are land, being anything in the environment such as the meat at McDonald's the property the condiments.The second would be labor, being the workers and suppliers, and lastly would be capitol, which is anything with inherent value or as a better way to understand from a teenagers point of view would be anything with value in a zombie apocalypse. So money probably wouldn't have any value in that situation but knife would or  a weapon or a building.

     When you meet someone new, what incentive do you provide for them to like you? Essentially, what are your preferred methods of flirting? My methods are not being awkward and super shy but to be myself and be funny. I feel like being awkward is kinda weird cause it can show you don't have confidence in yourself. Another thing is to not try to hard or you look stupid and start making a fool of yourself.

Friday, September 5, 2014

this week in economics we learned about opportunity cost, trade offs and how the PPF curve (production possibilities frontier) are related. To me opportunity cost would mean giving something up to do something like going to college and the opportunity cost would be spending time with friends or working. Trade-off is the choice between alternatives before you actually make the decision such as choosing a restaurant and thinking about the reasons of choosing one restaurant over the other. The PPF curve shows a spectrum of possible productions of two items.
    Bill Gates, the founder of Microsoft is so rich because he was a big part of the creation of Microsoft. Microsoft is the biggest personal computer company that sells personal computers, they are the hardware of Xbox and much more.