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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