blog 7

Part 1:
    This week
Part 2:
    Demand and supply curves and schedules relate to chapter one in one major way. In freemarket if people like your product then you will be successfull and can produce more and sell more for higher prices. If buyer don't like your product or the price of your product you have to produce less to cover costs.
Part 3:
   Sorry I apparently didn't have permission to view the article so I couldn't read it, therefore could not answer the designated questions

Blog 6

                              Part 1:
This week we focused mainly on what Cuase demand curves to shift. On that subject that when something in demand's price changes doesn't Cuase shifts but things like popularity does. We also were introduced to supply and how it relates to demand but is slightly different.
                              Part 2:
My favorite pizza is Totinos pizza. There isn't much that makes me want less of it ... but if they ever added something like mushrooms to all of their kinds ... that would do it

T: totinos puts mushrooms on every variety of their pizza. That would shift the demand down because all the people like me who don't like mushrooms wouldn't buy it.
Rs: burger king's prices go up so more people might go to McDonalds or Wendy's instead.
Rc: milk's prices go up so people might buy less cereal or oreos
I: people's wages are raised and they can now afford better pizza. They (except me) would buy less totinos pizza
B: there was another baby boom and all of them now have minimum wages while going through college. The cheap filling pizzas will be bought more most likely.
E: Totino pizza's prices will rise next year. More people will buy them right now so they won't have to when the prices go up.
                           Part 3
Demand for hot cheetos is high
Because they are great
Except the truth
 :)

Blog 5

Part 1:
    This week I learned about the definition of Demand, which is the quantities of a good and service people are able and willing to buy. As prices fall quantities demanded rise. Diminishing marginal returns is for each additional unit there is less satisfaction. And the income effect is when we seem to have more money as prices go down because it goes further.
PART 2:
   So the airlines have elasticity because there aren't very many alternatives for those who need to get places fast. So they can fluctuate their prices based on the person's absolute need to get to a place asap. Vacationers that planned way ahead will be able to pay less than the buisness people who get last minute tickets. Last minute tickets are allowed to be higher priced because there is a limited supply of tickets AND the buisness folk are willing to pay way more than the people who had pre-planned their trip.
PART 3:
   The jobs I chose to look at:
        •occupational The ropy assist
        •physician assist
&
        •secretaries & admin assist
1. The growth and demand for these jobs are high because there are so many of the higher level people and not so many that want to help them be successfully.
2. Maybe offer free or cheap training lessons or offer them a gaurenteed job after the training is over so they don't have to worry about going through the long process of training but not having a job to go to afterwards.
3. Well assuming they are married to a person with equal pay the first and third one I chose have a pretty good lead to millionaredome but the second one puts the family above and beyond $120,000 a year it would be over $180,000 a year if they both had then same income.

Blog 4

Part 1;

     So, for the most part we learned a lot about the three economic questions. What? How? and Who consumes? We also learned about the types of economies: Traditional, Centrally Planned, Free Market and Mixed. And that the united states is a mixed government where for the most part the citizens are free to do what they wish and have to be efficient to survive well but the Government does intervene on somethings so it's not a total free market society. And we also learned about the 6 basic goals, Economic: Freedom, Efficiency, Equity, Security, Stability, and Growth.

Part 2.

     1. One of the many goals he addressed was the jobs status in America. He's supposedly trying to create more jobs for those without jobs.

     2. Apparently there is a budget compromise that will allow more money for creating more jobs.

     3. The benefits are the possibilities of making more jobs and making our country more of the first class country it's supposed to be.

     4. The costs would be in the margin of even though creating more jobs is good for the people more of the budget we supposedly have should be going towards the substantial debt they we have dug ourselves into as a country over the last few centuries. I know that a lot would say there isn't much to do about that much debt and we have to worry about our current needs. Well ... what if the countries we owe money join together and say; HEY! America hasn't paid us anything in forever! Let's Take em down! What would we do? Another war means most likely another debt. Our every day money goes down in value due to inflation and a Crazy amount of Debt.

Blog 3

Part 1;
This week we learned about marginal analysis and production possibilities. Marginal analysis is what is used to explain why Swy, doctors are paid more than a Mc. Donalds cook. Because doctors have higher capabilities and are more in demand as a necessity. And production possibilities are the most products that can be made based on opportunity costs and the workers are working to their best abilities and no less.

Part 2;
In the fast food industry, unless you are a CEO or manager, you will get paid minimum wage because you need less skills to flip burgers or take peoples orders. Whereas you need many more skills to be a doctor or even an athlete and those pay more for those particular skills.
Part 3;
1. For a future job I want to become a police officer, even though it doesn't pay loads it still pays more because you have to acquire certain skills for the job; as chapter six would agree because police force training is much more scare than asking "would you like fries with that?"
2. The start off salary for it is 56,980 and the required education is a highschool diploma or g.e.d (but it's good to go to college in law enforcement)
3. I plan on going to college and learn all I can and graduate with a bachelors degree in Law Enforcement. The costs is the money and time I will have put into college to get a job that doesn't really need it, but it will most likely make me more desirable based on my knowledge of the law. Plus if the police force doesn't want me there are plenty of fall back jobs that I would be more equipped for like lawyer, judge, detective or even FBI.
4. Chapter 6 clearly states that they can be and are paid so low because the job requires very little from them and they don't need any specific, hard skill to do the job and even do it well. So they are paid minimum wage because the skills required are not scarce and if they don't like the pay and they quit then someone else will be happy to step in and take that job.

Blog #2

Part 1:
  I learned a lot about incentives and opportunity cost, which are connected because opportunity cost is when you choose something that is going to turn out best for you but you give up the next best thing unless you have incentive to pick the second option.

Part 2:


1. The prisoner's dilemma and the fishers relate to the black rhinos because there is far more incentive to do what will be best for you now and even in the long run. There is no trust even if there are laws they think that if they don't get them or confess than the others will and leave them worse off. Related to that cops will actually say to two criminals that their buddy is currently confessing (even if he's not) just to get one or both to confess something.
2. Some irrational looking decisions can also be rational because there may be incentive like helping a person in need that may maximize your utility; like the guy in the subway, it was rather irrational for him to jump in front of a train to save a complete stranger but it maximized his utility; or an irrational decision could be just for maximizing utilizes for yourself like getting paid more, that only you can see happening in the future while others see it as irrational.
3. Incentives can lead to going to jail (to go off the prisoner's dilemma) for 25 years but there are also unwritten rules that no one tells on another, it else. So that is also an incentive against telling. In return we behave how we think we should or what we think we HAVE to do even though we don't really have to do anything. So what ever happens there is always some kind of consequence even though they aren't always foreseen.

Part 3:


1. I want to graduate college in 5 or 5 years with the help of maybe some family or my own job but also mainly as many scholar ships as I can get and NO LOANS. I don't want to go through life in Debt.
2. I want a small home like an apartment house or a cheap but nice house to live in that is not too expensive, soon after I get out of College.
3. I will never in my life gamble. It is a waste if money and even though winning can happen, you get addicted and put all your money in on the bets and if you loose, you got nothing left to live one. It's in no way worth it.
4. I will also never smoke or do drugs because it's very bad for your health and a HUGE waste of money. One pack of cigarettes cost around $5 and if you smoke one pack a day it costs more money per year than average car insurance.

Practice Blog

Part 1
     This week so far i have learned that the Economics class and Economy have almost nothing to do with; money, businesses,  taxes and other things that one might think Economy. No, but it's about the less specific subject of making choices. And that even though things like money can be included with making choices, it's not the purpose of Economics. I also learned about scarcity and that something must be wanted in order for something to be classified as Scarce. And that scarcity is when there is something that more is wanted than is available.
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Part 2
     November 15, 2013 there was a rumor that said salt is scarce in West Bengal. This rumor, whether it was true or not, caused the prices of salt in the market to sky-rocket and everyone rushed to buy some before the prices got too high and before it "ran out" so they could have salt. However the government sent out a letter saying that the rumors were false and there is plenty of salt left so the prices will go back down again
IANS, "Salt selling at Rs.100/kg in Bengal after rumours", The Economic Times, November 15, 2013,
<http://articles.economictimes.indiatimes.com/2013-11-15/news/44113563_1_rumours-common-salt-scarcity>
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Part 3
List of 10 of my future goals:

1. I want to go to college and get scholarships and help without loans so i don't start life on my own in debt.
2. I want to become one of three things mostly I want to become a police Officer, i know they don't get paid a whole lot but it's enough. Second would be an Artist maybe do portraits of people for money. and thirdly since I would have the correct schooling in it i could be a lawyer or detective or something around there.
3. I want a small home, nothing too expensive.
4. I may work secondary jobs like I could write or do the artist part as a second.
5. I hope to hopefully one day have a husband with a decent job.
6. I if don't get a husband i will most likely try to get a roommate, maybe and old friend
7. I won't gamble
8. I won't play the lottery as I have more of a chance getting struck by lightning than winning and it's therefore a waste of money
9. I will not spend money on any unnecessary drugs
10. And lastly, I will never EVER smoke, they are a huge waste of money, they smell and taste gross, are bad for health AND there are other ways to cure depression