Week 10 HW

Throughout the week, we learned about price floors (such as minimum wage, where the government sets a specific price and prices cannot go below that, though to be effective it must be placed above equilibrium, which creates surpluses) and price ceilings (such as Rent Control, placed below equilibrium in order to keep prices from rising to a point where they're affordable to most people, which creates shortages). We also expanded on the idea of how prices are created in any market, specifically the free market. On Friday, we worked on our Rockonomics project.

When adding UBER into the equation, the demand for taxis will decrease because the prices of UBER are lower, and the supply of taxis will stay the same, thereby lowering the equilibrium. This will affect taxi companies by forcing them to lower prices in order to compete with Uber, which results in less taxis going around.

Another FF topic I would like to cover what it costs to have children -- both opportunity costs and literal costs.

Week 9 HW

On Monday, we practiced with the determinants of supply and learned about the elasticity of supply. The price elasticity of supply is how much a change in price will affect the supply of a good. Elastic goods are relatively easy to make, and inelastic goods are more difficult to make. Time affects elasticity -- all goods are elastic in the long run. On Tuesday, we learned about how supply and demand affect how people name their children. The smaller supply of people with a certain name increases the demand for the name, as well as how the name of a very successful person (such as Thomas Eddison) suddenly comes into high demand after the person becomes successful. On Wednesday, we learned about our final major project of the year -- Rockonomics. The project is basically taking a song and rewriting the lyrics to teach a lesson learned from Economics, then recording somebody singing the song we wrote, and applying that song to a video. On Friday, we participated in an activity where half the class was selling wine and half the class was buying wine, and the activity explained how neither the consumers or producers can really control prices, but the free market can.

I plan on working alone, and I have several songs which I'm debating on doing, one of which being Welcome To The Show. The one question I have is if two units are closely related (EX: Scarcity and Incentives, or Cost and Benifits and Scarcity), can we include both of those units together and show how those two units are related?

My strategy for winning Monopoly was to get all of the section I landed on (EX: all the railroads, or all the dark blue ones), then move on to collecting all the other sections one at a time. That way, it would ensure that other people would land on something I owned at some point.

Week 8 HW

Over the course of the past week, we learned about the determinants of demand (Tastes and preferences, Related goods, Income of consumers, Buyers, Expectations of future availability/prices). We learned about the price elasticity of demand and how that affects the demand curve -- inelastic goods (goods we buy no matter what, like a phone) and elastic goods (goods where the amount we buy greatly depends on the price, like an airhead). We learned about supply (the willingness and ability to produce a specific good at all possible prices) through an example of flip flops and the law of supply (as prices increase, quantity supplied increases. As prices decrease, quantity supplied decreases). We learned about the determinants of supply (Tech, Expectations, Number of producers, Other goods by company, Recourse costs, Gov intervention). Finally, on Friday, we learned about resumes, how to fill one out, and how to make it look and sound better than all other resumes out there.

In today's world, I would argue that computers are an inelastic good only because if the price of a computer drops from $600 to $350, people are still only likely to buy one.

I think we should not increase minimum wage to $15 per hour only because that means that jobs are less likely to hire people, meaning less jobs available, which increases the unemployment rate.

Week 7 HW

Over the last week in Economics, we as a class learned about demand (the willingness and ability to purchase a specific good at all possible prices) through an activity involving how willing the class was to buy chicken nuggets at certain prices. We also learned about the law of demand, which states that as prices increase, the quantity demanded decreases, and vice versa. Then, we went on to create the demand curve, which shows the quantity demanded at every possible price. We talked about the determinants of demand and how they affect both demand and the demand curve. On Finance Friday, we leaned about stocks, how they work, why they work, and why companies invest in stocks.

One example of goods that are complementary are potatoes (A) and salt/butter (B. We'll use butter for this example). One example of goods that are substitutes are Fruity Pebbles (C) and Dyno Bites (D). If the price of Potatoes increases, the demand for both potatoes and butter would decrease. If the price of Fruity Pebbles increased, the demand of Dyno Bites would also increase.

If I had one child of my own, I'd name that child either Charlotte, Scarlet, or Gwendolyn for a girl, and either Tyler, Sean/Shaun/Shawn, or Elliot for a boy. Those are some of my favorite names. I love the longer classic type of names for girls and shorter names for guys. Also, I'm a bit of a writer, so I tend to look up names quite frequently, and those are ones I often resort to.