Post 10: Macroeconomics

I 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. 

Here are three things I wish to learn about in the Macroeconomics chapter:

1.  How do you categorize something as macro or micro economics?

2.  Can a single person really make that much of an impact on macroeconomics in America?

3.  How does macroeconomic activity affect average people?

Post 9: How Does Technology Make the World a Better Place?

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.

Post 8: Malcolm Gladwell Reaction

After 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.




 Malcolm Gladwell on Spaghetti Sauce

Post 6

Govrnment takes action all the time to break up monopolies and fair business practices. Here is a link to my review game. Joe P's Review Game

Post 7: 4 Types of Monopolies

Natural Monopoly

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.

Geographic Monopoly

A geographic monopoly would be the Jersey Shore. There is only one Jersey Shore and there is no way another one could be made.

Technological Monopoly

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.

Government Monopoly

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.

Post 5: Monopoly I do not want broken up

Adobe 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.

Post 4: 8 things learned

8 Things I've Learned

1.      The main goal of product differentiation and non price competition is to increase profit margins.

 

2.      Many producers spend massive amouts of money of advertising to persuade buyers to purchase a particular product or brand.

 

3.      If sellers compete on factors other than price, they are engaging in non price competition.

 

4.      Sellers in monopolistic competition try to differentiate, or point out differences, between their products and those of their competitors.

 

5.      If there are any barriers to enter in a market, sellers cannot compete easily and fully.

 

6.      In perfect competition, the many buyers and sellers must act independently.

 

7.      Collusion is illegal and carries heavy fines and prison sentences for those involved.

 

8.      Another word for the huge monopolies that dominated the era of "big business" is a trust.

Post 3: 5 Purchases

1.  Nike Hoodie

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.

2.  Chineese Food

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.

3.  Honda Civic

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.

4.  Chrome Rims

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.

5. iPhone 4

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.

Visual Aid - Market Structures

INTRODUCTION TO ME

My 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.