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?

The Week Overview

Since the snow days made less class time, this week, the Econ class focused all about demand. We learned about what we could DEMAND from other people, and how we must have the ability and willingness to buy this good or service. The law of demand helps tell us about the relationship between quantity and price. It can be shown on a demand curve or demand schedule. The curve always slopes downward, but can also move when the relationship between quantity and price is changed. They can be changed by income, complementary goods, market size, consumer tastes, consumer expectations, supplementary goods and substitute goods. I think this is an important topic because it helps people in business know what price to sell and the factors they have to work around to make the "perfect product" for the consumers. Do you think it is important?

Another Week Gone By

This week in Economics we learned all about the government and spending. We learned that we pay taxes to the government so they can provide services not only to us but to the people in need. It helps create a balance. We also talked about the different types of taxing on the people. They are proportional, progressive, and regressive. A Proportional tax is where the rate is constant to everyone; each person pays the same percentage of their income. A progressive tax is when the people with higher income pay more than the poorer people. And finally a regressive tax is when the low income people pay more taxes than high income! A regressive tax seems crazy to me! In my opinion I think a proportional tax is the best because it is fairest to all. They all pay the same amount of their own income, none more percent than others. What do you think?

WEEK REFLECTION

This week was all about Walmart. The people of Weserville were deciding if it was time for a Walmart to come to town. All week we prepared for the Town Hall Meeting to decide if Walmart was going to come. I was on the pro Walmart side, and decided that a Walmart was needed because of the cheap but good products. But the anti- Walmart group also made good points about maintaining the small town goals and mood. After watching a video on the effects of a Walmart on Ashland, it brought uncertainty to the people of Weserville. They wanted a Walmart, but also wanted to keep a small town. In the end, a Walmart was decided with negotiations from the Walmart Company. Now Weserville will add a lane in each direction and two stoplights, plus paving a road behind Walmart. The total cost will be about 3 million dollars. Also, Dandi Mini Mart will be going out of business so Walmart can also sell gas.
In my opinion, I am against Walmart. The idea of a superstore is good, but not at the expense of all small businesses in the area. I prefer Target because of the food and quality. Even though a Walmart is coming to town, I will still go to it because I need to get my needed items. I will support Walmart because the rest of Weserville wants to make a change to the community.

Breaking News from a found castaway!!

http://news.yahoo.com/salvadoran-castaway-undergoes-psychological-tests-173712161.html

I read the article entitled Salvadoran castaway now terrified of the sea by Laurent Thomet. It was written on February 13, 2014. It was about a man named Jose Salvador Alvarenga,  who was trapped out in the Pacific Ocean for 13 months and had traveled over 8,000 miles on the ocean. After he was rescued in the Marshall Islands and hospitalized, Jose told reporters that he was now petrified of the sea. He also mentioned to officials that a few ships even his call for help, with one even coming close to hitting him. This survivor has a remarkable story, including a diet of urine, raw fish and bird flesh. His partner even died out at sea, so no wonder Jose seems to have post traumatic stress disorder.

In my opinion, I think the media has taken a bad turn on America. They are almost hustling this man, not just to see if his story is credible, but to find out information he has said he didn't want to enclose. Jose obviously has psychological issues after this life altering event, but yet the media still wants to know about his family and everything they can.  This relates to the economy and business for the reason Jose set off to the shore in the first place. He went on a fishing expedition because he was a fisherman. This would've brought in money for him, his family, and his company, if he hadn't been lost at sea. In conclusion, Jose's experience was not only a lesson to fisherman, but to the rest of the world about a remarkable journey.

Adam Smith vs. Karl Marx

The Week Overview

This week we learned about the main types of economies and the history behind the ideas. I learned about traditional, command, and market economies and their viewpoints. We especially focused on the men Karl Marx and Adam Smith. Karl Marx was big on communism and Adam Smith was a supporter of capitalism. After learning a little about their history and ideas for economies, we made skits about if they came to Weserville and had dinner together. In my opinion, I believe in what Adam Smith says more than Karl Marx. I feel we should have a freedom of choice in where our money goes and how we earn it, instead of our lives being run by the government. In the skit, I was Karl Max, but found it difficult to defend my views when i believed in what Adam Smith was saying. This may relate to current events with North Korea. North Korea has more of a communist economy, which is shown when the government closed the gates to North Korea. This topic can relate to later discussions with what type of economy Weserville should use. 

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