LIFE

This week in the fine class of economics, we learned many things about how to decide which credit to buy, and how to just make good decisions that will affect our life. We played Life, which is a great game to help you decide how you might want to live your life. You make decisions like whether to go to college, what house you want, and the decisions you must make if you lose your job or don't have enough money to pay the fees needed. Involving credit, we learned the different types of credit and sources of financing to make the best economic decision when we need to buy something. We even got to look at the differences between real life credit cards to find the best match for us! I think this is interesting because it helps me realize that I need to be prepared and know how to make good decisions

The Weekly Overview

This week we learned all about investing. Investing is so interesting to me because you can get money for just putting your money in  a bank! I personally don't see why anyone would choose simple interest when there is compound interest, where you get SO much more money in about the same amount of time.This makes me want to start putting my money in a bank with compound interest because I just received my first job. We watched a video on smart financial planning, and saving was a major idea in this movie. I want to save now before later, so I'll have money to spend when I need it. This week we received another paycheck, but also paid more bills. We played an online game called Spent, which showed me how hard the reality of life really is, and how sometimes you need to make sacrifices to just survive a month.

Banking!

This week in econ we learned all about banking in a very creative way! I've never felt like more of an adult by writing a check and putting deposits in a checking account. It was really cool to buy things with our own money and watch how much we spend with our budget and receiving paychecks.We also watched a movie on how money is made. This is very fascinating because we could see all of the safety features added to create the perfect almost uncounterfeitable bill. I learned about life, and how you have bills and you sometimes lose money but you have to keep a balance. All in all this was a very great week!

In the world of Business.....

In a business organization there are 3 main types of business- sole propriety, partnerships, and corporations. This week in economics, we learned about the different types of businesses and how to decide the best business to choose if you were to start one. They all have disadvantages and advantages. We also learned about GDP and business cycles. We saw how there is always a curve where there will be a trough and peak at each cycle. An example of a trough is the Great Depression. We also compared countries around the world, and the differences in their debt, GDP, and interest rates. All in all its been a very successful week and has helped us see what kind of business one would make if they ever wanted to start one. What country did you pick?

Competition Competition Competition!

All this week we learned about competition and competing! We learned about competing by monopolies, perfect competition, monopolistic competition and oligopoly. All of these tie in together to create the division between different businesses to make the best possible product. As kids we learned about monopoly in none other than...monopoly! Tearing families apart at a young age this can also tear young businesses apart as they are overcome by bigger businesses.  Perfect competition is the exact opposite with many people selling the same product. I would give an example of this but...there are no places with perfect competition. We learned about the partnerships businesses can have together or working alone being called sole proprietorship. All in all, all the different ways businesses communicate with each other create the perfect types of businesses aand products for the consumers

How much supply should a supplier supply if a supplier could supply cookies?

This week in Economics, we learned all about supply, supply curves, factors of supply and more! We made supply curves, had a flood in Weserville, and made many charts showing how to find the perfect price for an object. Supply is the ability and willingness to sell an item, almost like demand but the opposite. Unlike demand, price and supply have a direct relationship instead of indirect, like demand. To me, supply seems like a very important part in economics. It affects what consumers buy and how much, plus how the suppliers will produce and at the rate with enough profit. It creates a good balance which amazes me. I know that consumers want low prices and producers want high prices, so the balance is truly remarkable. They can both compromise and settle on an okay price for each of them. After all the factors of supply to create the perfect price, they still depend on consumers to make them a profit. It's like a big circle. Do you know the factors of supply?

Ahhh Elasticity

This week we learned all about rubber bands, i mean elasticity. But the two really aren't so different. They both show the stretchiness, or in the case of economics, the sensitivity to which consumers or producers change their demand in response to price or income changes.  One can calculate it, and decide whether they should raise or lower their price depending on how they think the reaction will affect their sales. To me this seems pretty incredible, the power to change a price to get the most amount of money you can. We also were in groups to make an advertising ad for Weserville. We had to try to find the best factor that can change the demand for a product, and in this case it was Weserville. There were many exciting tv, radio and newspaper ads that all showed some of the factors. If you  were a producer of a product how would you change your price to make the best choice for the company?