tag:blogger.com,1999:blog-26365316996210330692024-02-20T19:51:02.479-08:00Joe P Campbell EconJoseph Phttp://www.blogger.com/profile/03360318567123363318noreply@blogger.comBlogger24125tag:blogger.com,1999:blog-2636531699621033069.post-44398347790184792072011-01-23T20:14:00.000-08:002011-01-23T20:14:17.657-08:00Post 25<span class="Apple-style-span" style="font-size: large;"><u>Part 1</u></span><br />
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One group of Americans that would love inflation would be fast food restaurant owners and workers. When there is a period of increased inflation, the average American's purchasing power is less than what it was before inflation. When your purchasing power is not as strong, you can not splurge on things as much such as expensive dinners or luxurious activities. Fast food is a cheeper alternative than going to an expensive restaurant. These owners will actually be more profitable in a time of inflation.<br />
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<span class="Apple-style-span" style="font-size: large;"><u>Part 2 (EXTRA CREDIT)</u></span><br />
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3 Groups of Americans Facing Poverty:<br />
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1. Native Americans<br />
2. Mentally Ill<br />
3. Inner City Minorities<br />
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The best group of Americans to donate money to would be the Native Americans. For us to have built the great and powerful nation that is now the United States of America, we had to relocate the native Americans. Since being relocated, the native Americans have always lived in impoverished conditions. They are some of the poorest people in the country and could no doubt use aid. Northern Students should donate money to one of the many native American reservations to help them live a more enjoyable life. Either direct aid or money to help send some of their children to college would help them greatly.Joseph Phttp://www.blogger.com/profile/03360318567123363318noreply@blogger.com0tag:blogger.com,1999:blog-2636531699621033069.post-42348559203312134162011-01-23T19:56:00.000-08:002011-01-24T06:39:00.558-08:00Post 24: Unemployment Scenarios<u><span class="Apple-style-span" style="font-size: large;">Frictional Unemployment</span></u><span class="Apple-style-span" style="font-size: large;">:</span><br />
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My name is Joe. I have been working for a major corporation in Philadelphia for a year. I recently resigned because I was offered a higher and more satisfying job in NYC. I am currently frictionally unemployed.<br />
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<u><span class="Apple-style-span" style="font-size: large;">Structural Unemployment</span></u><span class="Apple-style-span" style="font-size: large;">:</span><br />
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My name is Joe. I went to college for a four year degree and ended up with a masters after 6 years. My degree was an MBA in business administration. Since there is not a high enough demand for high level business administrators, I am structurally unemployed.<br />
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<u><span class="Apple-style-span" style="font-size: large;">Cyclical Unemployment</span></u><span class="Apple-style-span" style="font-size: large;">:</span><br />
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My name is Joe. I have worked for an electric company for the past 10 years. I was recently laid off because the economy is going through a recession and the need for electric workers has decreased. I am cyclically unemployed.<br />
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<u><span class="Apple-style-span" style="font-size: large;">Seasonal Unemployment</span></u><span class="Apple-style-span" style="font-size: large;">:</span><br />
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My name is Joe. I have worked on a farm with my friends every summer for the past 5 years. I pick grapes from vines and apples from trees. Since it is now the winter time there are no apples or grapes to be picked so I am seasonally unemployed.Joseph Phttp://www.blogger.com/profile/03360318567123363318noreply@blogger.com0tag:blogger.com,1999:blog-2636531699621033069.post-46200900015962083312011-01-23T17:07:00.001-08:002011-01-23T17:07:55.515-08:00Post 23: Wanted Poster<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQng66zCWmzxOUTsb07B4EEO46Q636j1rH8ZGov7t41uoNChjq1epR0RwCbRiyTOvqeuCDpOdKJQ9F1Do6Sew8OcJdOcdYoLKR9wSGoad5Ea8XmfLY3eq3LhRDwnpCa1RBuqVh6rM3YEDT/s1600/Slide1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQng66zCWmzxOUTsb07B4EEO46Q636j1rH8ZGov7t41uoNChjq1epR0RwCbRiyTOvqeuCDpOdKJQ9F1Do6Sew8OcJdOcdYoLKR9wSGoad5Ea8XmfLY3eq3LhRDwnpCa1RBuqVh6rM3YEDT/s320/Slide1.jpg" width="320" /></a></div>Joseph Phttp://www.blogger.com/profile/03360318567123363318noreply@blogger.com0tag:blogger.com,1999:blog-2636531699621033069.post-37069556375981856022011-01-23T16:06:00.000-08:002011-01-23T16:09:41.107-08:00Post 22: Quiz Facts<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><u><span class="Apple-style-span" style="color: white;">Quiz 1</span></u><span class="Apple-style-span" style="color: white;">:</span></span><br />
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</span> </span><br />
<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="color: white;">1. The ideal percentage of the population to be part of the labor force is 95%.</span></span><br />
<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="color: white;">2. If you are not employed or unemployed, you are not in the labor force.</span></span><br />
<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="color: white;">3. If you are working in a job which is below your skill level, you are underemployed.</span></span><br />
<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="color: white;">4. Agricultural workers are affected by seasonal unemployment.</span></span><br />
<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="color: white;">5. The unemployment rate is the most closely watched and highly publicized labor force statistic.</span></span><br />
<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><br />
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<div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><u><span class="Apple-style-span" style="color: white;">Quiz 2</span></u><span class="Apple-style-span" style="color: white;">:</span></span></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="color: white;">1. </span></span><span class="Apple-style-span" style="line-height: 20px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="color: white;">As the value of the dollar decreases, so does the purchasing power of people on fixed incomes.</span></span></span></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="color: white;">2. </span></span><span class="Apple-style-span" style="line-height: 20px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="color: white;">A supply shock is an event that increases the cost of production for all or many firms.</span></span></span></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="color: white;">3. </span></span><span class="Apple-style-span" style="line-height: 20px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="color: white;">The worst degree of inflation is called hyperinflation.</span></span></span></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="color: white;"><span class="Apple-style-span" style="line-height: 20px;"></span>4. </span></span><span class="Apple-style-span" style="line-height: 20px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="color: white;">High interest rates leads to less consumer spending.</span></span></span></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="color: white;">5. </span></span><span class="Apple-style-span" style="line-height: 20px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="color: white;">Aggregate supply is the total amount is the total amount of goods and services produced through the economy.</span></span></span></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><u><span class="Apple-style-span" style="color: white;">Quiz 3</span></u><span class="Apple-style-span" style="color: white;">:</span></span></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="color: white;">1. </span></span><span class="Apple-style-span" style="line-height: 20px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="color: white;">A way to improve the income equality is by raising the minimum wage.</span></span></span></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="color: white;">2. </span></span><span class="Apple-style-span" style="line-height: 20px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="color: white;">The income gap between Americans was more diverse in the 1990's than at any other time since World War II.</span></span></span></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="color: white;">3. </span></span><span class="Apple-style-span" style="line-height: 20px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="color: white;">The poverty theshold is the lowest income level that a family needs to maintain a basic standard of living.</span></span></span></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="color: white;">4. </span></span><span class="Apple-style-span" style="line-height: 20px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="color: white;">Poverty thresholds are adjusted annually based on changes in the consumer price index.</span></span></span></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="color: white;">5. </span></span><span class="Apple-style-span" style="line-height: 20px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><span class="Apple-style-span" style="color: white;">The data used to ploy a Lorenz Curve can also be used to compute the Gini index.</span></span></span></div>Joseph Phttp://www.blogger.com/profile/03360318567123363318noreply@blogger.com0tag:blogger.com,1999:blog-2636531699621033069.post-62665663384428926672011-01-23T15:41:00.000-08:002011-01-23T16:09:15.318-08:00Post 21: Vocab<span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;">Gross Domestic Product- Total value of all final goods and services produced within a country in a given year.</span></span><br />
<span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><br />
<span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;">Output Expenditure Model- A method of computing the GDP by adding the total value of consumer and government spending.</span></span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><br />
<span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;">Personal Consumption Expenditure- Total spending by consumers for durable goods, nondurable goods, and services during a specified period of time.</span></span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"> </span></span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><br />
<span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;">National Income Accounting- Process used for tracking production, income, and consumption in a nations economy.</span></span><br />
<span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><br />
<span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;">Gross Investment- Total value of private spending in the economy for capital assets.</span></span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><br />
<span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;">Nominal GDP- The value of a nations GDP at the current prices of the period being measured.</span></span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"> </span></span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><br />
<span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;">Real GDP- The value of a nations GDP after it has been adjusted for inflation.</span></span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><br />
<span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;">Price Index- A set of statistics that allows economists to compare prices over time.</span></span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><br />
<span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;">Underground Economy- Illegal economic activities or unreported legal activities that are not accounted for in national income measures.</span></span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><br />
<span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;">Gross National Product- Total value of all final goods and services produced with factors of production owned by citizens of a different country.</span></span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"> </span></span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><br />
<span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;">Business Cycle- A recurring pattern in economic activity that is characterized by alternating periods of expansion and contraction.</span></span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><br />
<span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;">Expansion- A period of the business cycle during which economic activity is increasing toward a peak.</span></span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;">Peak-The point of the business cycle during which employment production and wages are at their highest.</span></span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"> </span></span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><br />
<span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;">Contraction- A period in the business cycle during which business activity slows down and overall economic indicators decline.</span></span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><br />
<span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;">Recession- Substantial and general decline in over all business activity over a signifigant period of time.</span></span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><br />
<span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;">Depression- A prolonged and severe recession.</span></span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;">Trough-The lowest point of the business cycle.</span></span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><br />
<span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;">Leading Indicators- Set of economic factors that anticipate the expansions and contractions of the business cycle from one month up to two years before similar changes in overall economic activity occur.</span></span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"> </span></span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><br />
<span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;">Coincident Indicators- Set of economic factors that move up or down with the economy.</span></span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><br />
<span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;">Lagging Indicators- Set of economic factors that help economicts predict the duration of economic up or downturns.</span></span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"> </span></span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><br />
<span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;">Real GDP Per Capita-The monetary value adjusted for inflation of all final goods and services produced per person in an economy in a given year.</span></span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><br />
<span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;">Labor Productivity- Measure of how much each worker produces in a given period of time.</span></span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><br />
<span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;">Productivity Growth- Increase in output per worker per hour worked.</span></span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"> </span></span><br />
<span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><br />
<span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;">Capitol-to-labor- ratio- Amount of capital resources available per worker.</span></span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;"><br />
</span> </span><br />
<span class="Apple-style-span" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 14px; line-height: 20px;"><span class="Apple-style-span" style="color: white;">Capital Deepening- The increasing of capital resources at a faster rate than the increasing of the labor force.</span></span>Joseph Phttp://www.blogger.com/profile/03360318567123363318noreply@blogger.com0tag:blogger.com,1999:blog-2636531699621033069.post-69368268444773458652011-01-20T20:52:00.000-08:002011-01-20T20:52:04.728-08:00Post 17: Business Cycle Charts<u>Graph 1</u>:<br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgkmDQJdjp5lgTvxPedxdKrFp6WxQ-u5SYgjx1finOfbqC0UZaEx0JWZI-dPEgkb3sFqmvu_lbTXHLEYP29KDUbfyyT-QfMJ9o3rcMe2_7beV_Um3ztDMAKNHAwinj5PgmohmCmPzoZPW62/s1600/business-cycle-graph-better.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="241" n4="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgkmDQJdjp5lgTvxPedxdKrFp6WxQ-u5SYgjx1finOfbqC0UZaEx0JWZI-dPEgkb3sFqmvu_lbTXHLEYP29KDUbfyyT-QfMJ9o3rcMe2_7beV_Um3ztDMAKNHAwinj5PgmohmCmPzoZPW62/s320/business-cycle-graph-better.jpg" width="320" /></a></div>Strengths: Colors to represent different scenarios and arrows to represent patterns.<br />
<br />
Weakensses: No examples to relate to and very general terms.<br />
<br />
<br />
<br />
<u>Graph 2</u>:<br />
<div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEid9EvfSQ3CWjfkUlVWmebsWwtRF77wJ5BMIkTANcyeCAfT-4Dl9vKn1tP18cpkKEgVQ02rQvxGzdDq6gqEluwYdZxBA03KR2iOrt1gFXHPslVrw-Tfk9KOIW_aloKOpgIVg0gsG5KVwUze/s1600/emotion2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="254" n4="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEid9EvfSQ3CWjfkUlVWmebsWwtRF77wJ5BMIkTANcyeCAfT-4Dl9vKn1tP18cpkKEgVQ02rQvxGzdDq6gqEluwYdZxBA03KR2iOrt1gFXHPslVrw-Tfk9KOIW_aloKOpgIVg0gsG5KVwUze/s320/emotion2.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: left;">Strengths: Pictures to show examples of situations and many terms to show the flow of the cycle.</div><div class="separator" style="clear: both; text-align: left;"><br />
</div><div class="separator" style="clear: both; text-align: left;">Weaknesses: Not in depth and does leave out some possible terms that could be useful.</div><div class="separator" style="clear: both; text-align: left;"><br />
</div><div class="separator" style="clear: both; text-align: left;"><u>Chart 3</u>:</div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgmnzaCwLQzgzuF1H7vfnh5WacuysvhPk0QRQIJpAnY5tSzfZY4Fs0Il6lZag9Iy72yNknYu4AsQJR1WQkHfbQpUVBNsVev7YE6KLMJS28OT2Q1YsMOu25VFQEEaTQ7Oaio5gbMX3Yy42Kk/s1600/cyc_bus.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" n4="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgmnzaCwLQzgzuF1H7vfnh5WacuysvhPk0QRQIJpAnY5tSzfZY4Fs0Il6lZag9Iy72yNknYu4AsQJR1WQkHfbQpUVBNsVev7YE6KLMJS28OT2Q1YsMOu25VFQEEaTQ7Oaio5gbMX3Yy42Kk/s320/cyc_bus.jpg" width="317" /></a></div>Strengths: Color coated with terms and important points to show trends in the business cycle. The key is numbered and very easy to navigate. Also an unrelated strength is that it includes the colors of the Minnesota Vikings which is a big strength.<br />
<br />
Weaknesses: May be confusing between the two flows, some information could be mixed up if read incorrectly.<br />
<br />
<span style="font-family: Verdana, sans-serif; font-size: large;"><u>And the winner is.......</u></span><br />
<br />
<span style="font-family: inherit; font-size: x-large;"><u>CHART 3!</u></span><br />
<br />
<span style="font-size: large;"><span style="font-size: small;">This chart is by far the best representation of the business cycle. Its color coding and easily accessible key make it both comprehensible and visually appealing. All major points along with other helpful information is included, yet not jumbled together. Yet the other charts have their own value, this one sets itself apart from the rest. This would be extremely helpful to use on the economics midterm. </span></span><br />
<div class="separator" style="clear: both; text-align: left;"><br />
</div><u><span style="font-family: Verdana, sans-serif;"></span></u>Joseph Phttp://www.blogger.com/profile/03360318567123363318noreply@blogger.com0tag:blogger.com,1999:blog-2636531699621033069.post-61140490447375667862011-01-17T19:52:00.000-08:002011-01-17T19:52:06.798-08:00Post 18: Twitter Man<div style="text-align: center;"><span class="Apple-style-span" style="font-size: x-large;">INVESTIGATOR</span></div><div style="text-align: center;"><span class="Apple-style-span" style="font-size: x-large;"><br />
</span></div><div style="text-align: left;">Site 1: <a href="http://ecedweb.unomaha.edu/">EcEdWeb: Economic Education Web</a></div><div style="text-align: left;"><br />
</div><div style="text-align: left;">This resource has a very large supply of terms and concepts that we have been using over the course of semester. Not only is this site easy to use but also very informing and has terms that give you the information you need without excess useless information; it is to the point.</div><div style="text-align: left;"><br />
</div><div style="text-align: left;">Stie 2: <a href="http://www.economy.com/freelunch/default.asp">Free Economic Data Economic, Financial, and Demographic</a></div><div style="text-align: left;"><br />
</div><div style="text-align: left;">This resource is particularly helpful because of its search feature. On the midterm especially, where there is a time limit for how long you have to take the exam, this search bar is extremely efficient and effective. These terms are just as useful as the terms in the first site, but the search feature makes them easier to access. They can both be used hand in hand.</div><div style="text-align: left;"><br />
</div><div style="text-align: left;">Site 3: <a href="http://www.shmoop.com/economics/">Economics Guides</a></div><div style="text-align: left;"><br />
</div><div style="text-align: left;">Shmoop is an extremely effective and student friendly tool. It features all of the major topics we have learned about in the economics course and also covers some topics even further. The topics are separated into easy to navigate sections and labeled along with pictures, making it as simple as can be. </div>Joseph Phttp://www.blogger.com/profile/03360318567123363318noreply@blogger.com0tag:blogger.com,1999:blog-2636531699621033069.post-79147149726890986302011-01-11T06:42:00.000-08:002011-01-13T06:34:25.952-08:00Post 19: GDP Thermometer<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhiF6Yxi20c6I7q33rB298SGNbSnfeQ12I9aGhbSj-jLsQZTlpEFOLikI37l7sV9IEvOaGZg42XDzQCE7CPkYnHN_RZeuxIqdcnUwO_eTbJlnkIkuoLNiM3TUHWZ0ZoQkios0nnoPJy5X5R/s1600/GDP+thermometer.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" n4="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhiF6Yxi20c6I7q33rB298SGNbSnfeQ12I9aGhbSj-jLsQZTlpEFOLikI37l7sV9IEvOaGZg42XDzQCE7CPkYnHN_RZeuxIqdcnUwO_eTbJlnkIkuoLNiM3TUHWZ0ZoQkios0nnoPJy5X5R/s320/GDP+thermometer.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"></div>Joseph Phttp://www.blogger.com/profile/03360318567123363318noreply@blogger.com0tag:blogger.com,1999:blog-2636531699621033069.post-1092759696589592442011-01-05T06:39:00.000-08:002011-01-05T06:39:05.230-08:00Post 16: Macroeconomics Visual Aid<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3fyKxilb9QPRAbNypilbheU59DuEKvi6yEpP9goTicICnZzR-ag_Mr8V-Vj03hok02rWXoW1YfSfaz992lqntCsrgwSx0HxHPUhEy9dl6ZiQztjVxAI1aR1W1rW3WakMboR8BsyfhP1Bb/s1600/MACROECONOMICS.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" n4="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3fyKxilb9QPRAbNypilbheU59DuEKvi6yEpP9goTicICnZzR-ag_Mr8V-Vj03hok02rWXoW1YfSfaz992lqntCsrgwSx0HxHPUhEy9dl6ZiQztjVxAI1aR1W1rW3WakMboR8BsyfhP1Bb/s320/MACROECONOMICS.jpg" width="320" /></a></div>Joseph Phttp://www.blogger.com/profile/03360318567123363318noreply@blogger.com0tag:blogger.com,1999:blog-2636531699621033069.post-44867902789852781132011-01-04T06:46:00.000-08:002011-01-04T06:47:39.342-08:00Post 15: Economic Indicators<u>Leading Indicators</u>:<br />
<br />
1. Building Permits<br />
2. Unemployment Insurance Claims<br />
3. Stock Prices<br />
<br />
These indicators forshadow what is going to happen to the overall economy. For example if stock prices are falling, the economy usually goes throught a downturn or even a recession like today. <br />
<br />
<u>Coincident Indicators</u>:<br />
<br />
1. Non-Agricultural Employment<br />
2. Personal Income<br />
3. Industrial Production<br />
<br />
These indicators show how the economy is doing in its current state. For example, if personal income is higher overall, the economy is in a stronger state.<br />
<br />
<u>Lagging Indicators</u>:<br />
<br />
1. Average Duration of Unemployment<br />
2. Average Prime Rate charged by banks<br />
3. The value of outstanding commercial and industrial loans<br />
<br />
These indicators show patterns in the economy and can predict how and economy will do. For example, if the value of outstanding loans is lessening, the economy will most likely get better because businesses are making more profit to pay off loans.Joseph Phttp://www.blogger.com/profile/03360318567123363318noreply@blogger.com0tag:blogger.com,1999:blog-2636531699621033069.post-28321853557291300362011-01-03T06:44:00.000-08:002011-01-03T06:44:51.363-08:00Post 14: Reaction to Video"My Humps" was an interesting video to say the least. The same goes for the business cycle rap. They both took humorous approaches in order to teach about the topic of business cycles. The quicki on the other hand took a more serious and direct approach which caught my attention more. I feel like I got the most out of the quicki even though it was so short. Another video that I found helpful was called Business Cycle on youtube. It is a lot more serious and includes a lot of facts that are essential to a business cycle.<br />
<br />
<a href="http://www.youtube.com/watch?v=njR7Jxp8Tnw">Business Cycle Part 1</a>Joseph Phttp://www.blogger.com/profile/03360318567123363318noreply@blogger.com0tag:blogger.com,1999:blog-2636531699621033069.post-80006532709521019502011-01-02T20:31:00.000-08:002011-01-02T20:31:40.292-08:00Post 13: 10 Things I Learned1. <span style="font-family: Arial; font-style: normal; font-weight: normal;">The process macroeconomists use to track production, income, and consumption is known as national income</span> <span class="Apple-style-span" style="font-family: arial;">accounting</span> <span style="font-family: Arial; font-style: normal; font-weight: normal;">and provides information about a country's economic activities.</span><br />
<br />
2. <span style="font-family: Arial; font-style: normal; font-weight: normal;">The most widely used NIPA is gross</span> <span class="Apple-style-span" style="font-family: arial;">domestic</span> <span style="font-family: Arial; font-style: normal; font-weight: normal;">product.</span><br />
<br />
3. <span style="font-family: Arial; font-style: normal; font-weight: normal;">To actually compute GDP, economists use the output-expenditure</span> <span style="font-family: Arial; font-style: normal; font-weight: normal;">model.</span><br />
<br />
4. <span style="font-family: Arial; font-style: normal; font-weight: normal;">Personal</span> <span class="Apple-style-span" style="font-family: arial;">consumption</span> <span style="font-family: Arial; font-style: normal; font-weight: normal;">expenditures include durable goods, nondurable goods, and services.</span><br />
<br />
5. <span style="font-family: Arial; font-style: normal; font-weight: normal;">Gross</span> <span class="Apple-style-span" style="font-family: arial;">investment</span> <span style="font-family: Arial; font-style: normal; font-weight: normal;">is the total value of all capital goods produced in a given country in one year as well as changes in the dollar value of business inventories.</span><br />
<br />
6. <span style="font-family: Arial; font-style: normal; font-weight: normal;">Government</span> <span class="Apple-style-span" style="font-family: arial;">transfer</span> <span style="font-family: Arial; font-style: normal; font-weight: normal;">payments are not included when calculating government purchases.</span><br />
<br />
7. <span style="font-family: Arial; font-style: normal; font-weight: normal;">A price</span> <span class="Apple-style-span" style="font-family: arial;">index</span> <span style="font-family: Arial; font-style: normal; font-weight: normal;">is a set of statistics that allows economists to compare price over time.</span><br />
<br />
8. <span style="font-family: Arial; font-style: normal; font-weight: normal;">Illegal activities and unreported legal activities are part of the</span> <span class="Apple-style-span" style="font-family: arial;">underground</span> <span style="font-family: Arial; font-style: normal; font-weight: normal;">economy.</span><br />
<br />
9. <span style="font-family: Arial; font-style: normal; font-weight: normal;">Barter transactions, housework, and do-it-yourself home repairs are examples of</span> <span class="Apple-style-span" style="font-family: arial;">non-market</span> <span style="font-family: Arial; font-style: normal; font-weight: normal;">activities.</span><br />
<br />
10. Indirect <span class="Apple-style-span" style="font-family: Arial;">taxes are taxes included in the final price of goods and services.</span>Joseph Phttp://www.blogger.com/profile/03360318567123363318noreply@blogger.com0tag:blogger.com,1999:blog-2636531699621033069.post-34415263729480603112011-01-02T18:45:00.000-08:002011-01-02T18:45:06.363-08:00Post 12: Letter to EditorDear Editor, <br />
<br />
GDP is not an accurate way to measure a country's success. It includes everything a country produces and the wealth of the nation but not every aspect of the country. For example it does not include aspects about other countries that may help another country and territories and other things. A much more accurate measure would be GNP. GNP measures a countries wealth plus it's expenditures which makes it more accurate.Joseph Phttp://www.blogger.com/profile/03360318567123363318noreply@blogger.com0tag:blogger.com,1999:blog-2636531699621033069.post-15204587794729927822011-01-02T17:51:00.000-08:002011-01-02T17:51:55.980-08:00Post 11: 4x3 techniqueRules:<br />
1. Add spending of private money. <br />
2. Add government Spending. <br />
3. Add the difference between imports and exports. <br />
<br />
Ingredients:<br />
1. Citizen Spending<br />
2. Government Spending<br />
3. Import Spending<br />
4. Export ProfitsJoseph Phttp://www.blogger.com/profile/03360318567123363318noreply@blogger.com0tag:blogger.com,1999:blog-2636531699621033069.post-86865936150121473852010-12-27T10:58:00.000-08:002010-12-27T10:58:06.991-08:00Post 10: MacroeconomicsI think macroeconomics will be all about large scale and government spending. It mostly has to do with imports and exports along with production costs and public goods. This has a lot of interest to me because I plan on entering the business world after college and hope to invest in the stock market. The stock market would categorize as macroeconomics. <div><br />
</div><div><br />
</div><div>Here are three things I wish to learn about in the Macroeconomics chapter:</div><div><br />
</div><div><br />
</div><div>1. How do you categorize something as macro or micro economics?</div><div><br />
</div><div>2. Can a single person really make that much of an impact on macroeconomics in America?</div><div><br />
</div><div>3. How does macroeconomic activity affect average people?</div>Joseph Phttp://www.blogger.com/profile/03360318567123363318noreply@blogger.com1tag:blogger.com,1999:blog-2636531699621033069.post-29477254844326323772010-12-23T05:58:00.000-08:002010-12-23T05:58:28.015-08:00Post 9: How Does Technology Make the World a Better Place?<div style="text-indent: 0.5in;">Technology is something that affects everyone in the world. It has affected every aspect of life. Some of the obvious examples of making the world a better place are cell phones and computers. Cell phones revolutionized communication throughout the planet. Befroe cell phones you would have to use a landline or pay phone to contact someone. Not only for everyday use, but this is especially helpful in the case of emergencies. Computers allow us to share information like never before and get work done in a fraction of the time it took years ago. Without technology, we would all still be running around like cavemne. </div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><br />
</div>Joseph Phttp://www.blogger.com/profile/03360318567123363318noreply@blogger.com0tag:blogger.com,1999:blog-2636531699621033069.post-72413655827486451852010-12-21T06:41:00.000-08:002010-12-21T06:41:11.239-08:00Post 8: Malcolm Gladwell ReactionAfter watching Malcolm Gladwell's lecture on spaghetti sauce, I understand much more about the market structure and how companies opperate. He talks about the different ways of using surveying to see how to find out what people really want, in this case, which spaghetti sauces people want. Many tactics are used including mass surveying and questioning about spaghetti sauces to a large sample population to get these results. The spaghetti sauce industry relates to the work we have been doing in class because it is an oligopoly. There are a limited number of large spaghetti sauce companies out there such as Ragu and Prego. Since the products and prices tend to be similar, they have to differentiate their products in a different way, like Ragu did when it introduced a line of chunky sauces. Gladwell is a genius at what he does and makes it very simple for others to understand the patterns that he sees. I will no doubtedly be watching any of his work that will come in the future. <br />
<br />
<br />
<br />
<br />
<a href="http://www.ted.com/talks/malcolm_gladwell_on_spaghetti_sauce.html">Malcolm Gladwell on Spaghetti Sauce</a>Joseph Phttp://www.blogger.com/profile/03360318567123363318noreply@blogger.com0tag:blogger.com,1999:blog-2636531699621033069.post-50590524302998808572010-12-10T06:34:00.000-08:002010-12-10T06:34:09.321-08:00Post 6Govrnment takes action all the time to break up monopolies and fair business practices. Here is a link to my review game. <a href="http://quizlet.com/3719769/chapter-6-terms-flash-cards/">Joe P's Review Game</a>Joseph Phttp://www.blogger.com/profile/03360318567123363318noreply@blogger.com0tag:blogger.com,1999:blog-2636531699621033069.post-44340765439403744332010-12-09T06:47:00.000-08:002010-12-09T06:47:36.797-08:00Post 7: 4 Types of Monopolies<u>Natural Monopoly</u><br />
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A natural monopoly would be the Stock Market. If another one was to emurge, it would cause too much confusion to make it worth it.<br />
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<u>Geographic Monopoly</u><br />
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A geographic monopoly would be the Jersey Shore. There is only one Jersey Shore and there is no way another one could be made.<br />
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<u>Technological Monopoly</u><br />
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A technological monopoly would be drug that cured any type of cancer. It would most likely be very hard to copy and would only be made by one company.<br />
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<u>Government Monopoly</u><br />
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A government monopoly would be the NJ Turnpike. It is controled by the government, there is only one, and it would not make sense to have another one.Joseph Phttp://www.blogger.com/profile/03360318567123363318noreply@blogger.com0tag:blogger.com,1999:blog-2636531699621033069.post-61028027600484883922010-12-09T06:29:00.000-08:002010-12-09T06:29:32.112-08:00Post 5: Monopoly I do not want broken upAdobe is a monopoly being broken up by the U.S. government that I feel should not be. It was leading the way in computer engineering with its flash and webreading software. Some government interference, however, could be taken to avoid outragous prices. Even with little interference, I believe in America we have the free enterprise system and if a company is successful it should not be able to be broken up. Adobe is no doubt a great American company and made the best of their product with millions of users and supporters, it would be completely un-American for it to be broken up.Joseph Phttp://www.blogger.com/profile/03360318567123363318noreply@blogger.com0tag:blogger.com,1999:blog-2636531699621033069.post-41434920910089977322010-12-07T06:27:00.000-08:002010-12-07T06:27:54.175-08:00Post 4: 8 things learned<h3 class="post-title entry-title"><span style="font-family: "Courier New", Courier, monospace;">8 Things I've Learned</span></h3><div class="post-header"><div class="post-header-line-1"></div></div><div class="post-body entry-content"><div class="MsoListParagraphCxSpFirst" style="line-height: 150%; margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: 'Cambria', 'serif'; font-size: 12pt; line-height: 150%; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Cambria; mso-bidi-theme-font: major-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: major-latin; mso-hansi-theme-font: major-latin;"><span style="mso-list: Ignore;">1.<span style="font: 7pt 'Times New Roman';"> </span></span></span><span style="font-family: 'Cambria', 'serif'; font-size: 12pt; line-height: 150%; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: major-latin;">The main goal of product differentiation and non price competition is to increase profit margins.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: 'Cambria', 'serif'; font-size: 12pt; line-height: 150%; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Cambria; mso-bidi-theme-font: major-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: major-latin; mso-hansi-theme-font: major-latin;"><span style="mso-list: Ignore;"></span></span> </div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: 'Cambria', 'serif'; font-size: 12pt; line-height: 150%; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Cambria; mso-bidi-theme-font: major-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: major-latin; mso-hansi-theme-font: major-latin;"><span style="mso-list: Ignore;">2.<span style="font: 7pt 'Times New Roman';"> </span></span></span><span style="font-family: 'Cambria', 'serif'; font-size: 12pt; line-height: 150%; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: major-latin;">Many producers spend massive amouts of money of advertising to persuade buyers to purchase a particular product or brand.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: 'Cambria', 'serif'; font-size: 12pt; line-height: 150%; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Cambria; mso-bidi-theme-font: major-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: major-latin; mso-hansi-theme-font: major-latin;"><span style="mso-list: Ignore;"></span></span> </div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: 'Cambria', 'serif'; font-size: 12pt; line-height: 150%; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Cambria; mso-bidi-theme-font: major-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: major-latin; mso-hansi-theme-font: major-latin;"><span style="mso-list: Ignore;">3.<span style="font: 7pt 'Times New Roman';"> </span></span></span><span style="font-family: 'Cambria', 'serif'; font-size: 12pt; line-height: 150%; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: major-latin;">If sellers compete on factors other than price, they are engaging in non price competition.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: 'Cambria', 'serif'; font-size: 12pt; line-height: 150%; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Cambria; mso-bidi-theme-font: major-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: major-latin; mso-hansi-theme-font: major-latin;"><span style="mso-list: Ignore;"></span></span> </div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: 'Cambria', 'serif'; font-size: 12pt; line-height: 150%; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Cambria; mso-bidi-theme-font: major-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: major-latin; mso-hansi-theme-font: major-latin;"><span style="mso-list: Ignore;">4.<span style="font: 7pt 'Times New Roman';"> </span></span></span><span style="font-family: 'Cambria', 'serif'; font-size: 12pt; line-height: 150%; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: major-latin;">Sellers in monopolistic competition try to differentiate, or point out differences, between their products and those of their competitors.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: 'Cambria', 'serif'; font-size: 12pt; line-height: 150%; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Cambria; mso-bidi-theme-font: major-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: major-latin; mso-hansi-theme-font: major-latin;"><span style="mso-list: Ignore;"></span></span> </div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: 'Cambria', 'serif'; font-size: 12pt; line-height: 150%; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Cambria; mso-bidi-theme-font: major-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: major-latin; mso-hansi-theme-font: major-latin;"><span style="mso-list: Ignore;">5.<span style="font: 7pt 'Times New Roman';"> </span></span></span><span style="font-family: 'Cambria', 'serif'; font-size: 12pt; line-height: 150%; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: major-latin;">If there are any barriers to enter in a market, sellers cannot compete easily and fully.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: 'Cambria', 'serif'; font-size: 12pt; line-height: 150%; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Cambria; mso-bidi-theme-font: major-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: major-latin; mso-hansi-theme-font: major-latin;"><span style="mso-list: Ignore;"></span></span> </div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: 'Cambria', 'serif'; font-size: 12pt; line-height: 150%; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Cambria; mso-bidi-theme-font: major-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: major-latin; mso-hansi-theme-font: major-latin;"><span style="mso-list: Ignore;">6.<span style="font: 7pt 'Times New Roman';"> </span></span></span><span style="font-family: 'Cambria', 'serif'; font-size: 12pt; line-height: 150%; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: major-latin;">In perfect competition, the many buyers and sellers must act independently.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: 'Cambria', 'serif'; font-size: 12pt; line-height: 150%; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Cambria; mso-bidi-theme-font: major-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: major-latin; mso-hansi-theme-font: major-latin;"><span style="mso-list: Ignore;"></span></span> </div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: 'Cambria', 'serif'; font-size: 12pt; line-height: 150%; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Cambria; mso-bidi-theme-font: major-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: major-latin; mso-hansi-theme-font: major-latin;"><span style="mso-list: Ignore;">7.<span style="font: 7pt 'Times New Roman';"> </span></span></span><span style="font-family: 'Cambria', 'serif'; font-size: 12pt; line-height: 150%; mso-ascii-theme-font: major-latin; mso-hansi-theme-font: major-latin;">Collusion is illegal and carries heavy fines and prison sentences for those involved.</span><span style="font-family: 'Cambria', 'serif'; font-size: 12pt; line-height: 150%; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: major-latin;"></span></div><div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin: 0in 0in 10pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: 'Cambria', 'serif'; font-size: 12pt; line-height: 150%; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Cambria; mso-bidi-theme-font: major-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: major-latin; mso-hansi-theme-font: major-latin;"><span style="mso-list: Ignore;"></span></span> </div><div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin: 0in 0in 10pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="font-family: 'Cambria', 'serif'; font-size: 12pt; line-height: 150%; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Cambria; mso-bidi-theme-font: major-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: major-latin; mso-hansi-theme-font: major-latin;"><span style="mso-list: Ignore;">8.<span style="font: 7pt 'Times New Roman';"> </span></span></span><span style="font-family: 'Cambria', 'serif'; font-size: 12pt; line-height: 150%; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: major-latin;">Another word for the huge monopolies that dominated the era of "big business" is a trust.</span></div></div>Joseph Phttp://www.blogger.com/profile/03360318567123363318noreply@blogger.com0tag:blogger.com,1999:blog-2636531699621033069.post-70338268274346853062010-12-03T06:29:00.000-08:002010-12-07T06:20:41.053-08:00Post 3: 5 Purchases1. Nike Hoodie<br />
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This product can either be put in the Oligopoly or Monopolistic competition category. If you only include it among the top brands such as nike, adidas, and reebok, it is an oligopoly. If you include all the cheaper brands with it such as the ones found in walmart and k-mart, there are far more options making it monopolistic competition.<br />
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2. Chineese Food<br />
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This product should be placed in the monopolistic competition cagegory. There are so many different restaurants, and even chineese restaurants around, especially in NJ to compete. I could have chose another place to eat very easily. Consumers have great amounts of power in this market because they have so many choices and options. <br />
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3. Honda Civic<br />
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This vehicle would be placed in the oligopoly category. There are only a handful of car companies to choose from but there are still various options. I used my right of free will to buy the car I wanted but only had a few companies to choose from. <br />
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4. Chrome Rims<br />
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For Christmas my parents bought me chrome rims for my car. This would be an example of monopolistic competiton. I found the ones I wanted, but there were 20+ companies I could have chose from, and there are more I do not even know about.<br />
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5. iPhone 4<br />
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The iPhone 4 would definitely be in the category of oligopoly. There are very few smartphones with this level of performance in the market today. Even with other competitors in the marketplace, many including me, believe it to be far superior in capability and performance. Consumers do not have as much power in this market because there are a limited number of choices for them to make.Joseph Phttp://www.blogger.com/profile/03360318567123363318noreply@blogger.com1tag:blogger.com,1999:blog-2636531699621033069.post-46050440561498547532010-11-30T06:44:00.000-08:002010-11-30T06:44:37.528-08:00Visual Aid - Market Structures<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDqEBr0DYIPb1TTdvWkAkjl5Pax9O4GX5hLXkFPq5drQYC_DbMhfWrPRkFcTn1Psw-ClYMMCZc5X-VB2rH314yUpplXb9BljeyWc20l2Ojt5WZyGA-RAzG4TUL6Atn8i36Pvj5SG2Ot85a/s1600/Market+Structure.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" ox="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDqEBr0DYIPb1TTdvWkAkjl5Pax9O4GX5hLXkFPq5drQYC_DbMhfWrPRkFcTn1Psw-ClYMMCZc5X-VB2rH314yUpplXb9BljeyWc20l2Ojt5WZyGA-RAzG4TUL6Atn8i36Pvj5SG2Ot85a/s320/Market+Structure.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDqEBr0DYIPb1TTdvWkAkjl5Pax9O4GX5hLXkFPq5drQYC_DbMhfWrPRkFcTn1Psw-ClYMMCZc5X-VB2rH314yUpplXb9BljeyWc20l2Ojt5WZyGA-RAzG4TUL6Atn8i36Pvj5SG2Ot85a/s1600/Market+Structure.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" ox="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDqEBr0DYIPb1TTdvWkAkjl5Pax9O4GX5hLXkFPq5drQYC_DbMhfWrPRkFcTn1Psw-ClYMMCZc5X-VB2rH314yUpplXb9BljeyWc20l2Ojt5WZyGA-RAzG4TUL6Atn8i36Pvj5SG2Ot85a/s320/Market+Structure.jpg" width="320" /></a></div>Joseph Phttp://www.blogger.com/profile/03360318567123363318noreply@blogger.com0tag:blogger.com,1999:blog-2636531699621033069.post-70047979021100343112010-11-29T06:33:00.000-08:002010-11-30T06:30:53.069-08:00INTRODUCTION TO MEMy name is Joe. I am currently enrolled in Northern Burlington Regional High School in New Jersey. First I would like to give a shout out to the one and only Mr. Campbell for reserving the computer lab for a ridiculous amount of time. Econ class is very interesting everyday and we do a lot of thought provoking activities. It is by far one of my favorite classes. I have a strong interest in economics and business. I plan on majoring in business in college with interest in the economy. Hopefully I will be attending TCNJ in the fall, which is one of the top business colleges in the nation.Joseph Phttp://www.blogger.com/profile/03360318567123363318noreply@blogger.com1