Wednesday, December 22, 2010

Post 14 - Reaction to a youtube video – “My Humps” and the Business Cycle Rap Then watch this Qwiki Find a link to a better video or website for Business cycles. Was the video helpful or silly? Which source was more useful why?

The video "My humps" was a bad idea at first. I think we were more focused on a bunch of high school kids making a bad rap at first. But after we started to listen to the lyrics we could see that the students knew what they were talking about. After we got past the looks and actually listened the video was pretty helpful.

Post 13 - Practice quizzes! Explain the 10 things you learned or things that got "cleared up for you"

1. Economists track things using "National Income Accounting"
2. To calculate GDP economists use output-expenditure model
3. Indirect Taxes are included in final tax price
4. There is a seperate economy called the underground economy
5. A business cycle is just a market fluctuation
6. The great depression was the most severe contraction in the American Economy
7. War is considered an external factor
8. Economic Growth is essential to prosperity
9. US does not have to import lumber or coal, only oil
10. American productivity growth has slowed down since the 60's

Monday, December 20, 2010

Post 12 - write a letter to the editor why the GDP is a faulty indicator – suggest other indicators (GNP, NNP etc)

To whom it may concern:

After researching the Gross Domestic Product, it seems that a few problems have come up. It seems that some certain areas used to calculate the GDP are not safe, or correct. Things such as divorce, natural disasters, and crime are all counted as economic gain? I dont believe this is a morally right way to calculate the GDP. Not only does the GDP promote these things but it also ignores the non-market economy of household and community. I believe if there was some way to switch these situations than we would be much better off.

Post 11 - Using the 4x3technique. 3 rules and 4 ingredients create a recipe or math formula that explains how GDP is calculated!



Wealth distribution–GDP does not take disparity in incomes between the rich and poor into account.

Post 10 - React to reading: What do you think macroeconomics will be all about? What interests you about this topic? List three things you hope to learn!

Ive learned prior that macroeconomics has to do with business on a larger scale, much like how microeconomics has to do with business on a smaller scale. I think we will take a look at big business in the United States, as well as across the world. I hope to learn about some of these specific businesses, and how they function. I would also like to find out if they had started on a smaller scale than expanded. A neat thing would be to see how other nations economic well being is handled, I would like to know if they are similar to that of the United States, or completely different.

Post 9 - Tween Tribune 100 word essay

Technology has helped us in our lives in many ways. We now are able to produce products better and faster. Instead of companies having shortages of their products they can now easily produce their products to the demand of the people. Technology has also helped the expansion of companies because they can communicate with each other from anywhere in the country that the company is located, or to other countries as well. Companies can now receive information/reviews about their products, which could lead to a decision to increase production or lower it. This new technology has help companies become more successful everyday.

Post 8 - Malcolm Gladwell

1. Companies compete with one another by creating products for individual groups of people, rather than making one product for everyone to satisfy a wider range of needs.

2. If prices are close to one another, a customer will choose which product tastes better to them.

3. Oligopoly requires companies to compete with one another with something besides price.

Thursday, December 9, 2010

Post 7 - Name the 4 varieties of monopoly and give a real or fake sample of each.

1. Natural Monopoly- Public utilities such as water service

2. Geographical Monopoly - Bait Shop Near water

3. Technology Monopoly - Wind Mills

4. Government Monopoly - Postal Service

Post 6 - Please find a flip card or review card game for the laws (and their purpouse) mentioned at the end of Chapter 6. Make sure you provide a link to your game!


Post 5 - Please write a blog entry on one monopoly or cartel (oligopolies that cooperate) that you want broken up and how that change would benefit you, your friends, and family.

An Oligopoly that I would like to see broken up is the gas industry. If this oligopoly were to expand and allow more companies this would allow for more competition. If there is more competition in the gas industry this will drive the price down which would in turn not only help me, but help everyone else driving an automobile.

Post 4 - Please follow this link and take the three practice quizzes and write a blog about the 8 things you learned from these quizzes.

1. Oligopoly is the most common non competitive market in the US

2. Price wars only occur when the price policy fails

3. A cartel doesnt have to just deal with drugs

4. Something such as diamonds can be part of a cartel

5. Another word for monopoly is a trust

6. One of the best known monopolies was Sherman Oil

7. In the 1940's the US passed many laws to break up monopolies

8. Laissez-faire means "Hands Off"

Tuesday, December 7, 2010

Post 3 - Pick 5 things you wanted to purchase/actually did purchase recently and identify the market structures the product exists in. After each item - write 3-4 sentences explaining your opinion.

1) Oligopoly - Cereal - there are a wide range of similiar cereals that available for everyone to purchase. Since there is no one company creating cereals, these area is an oligopoly.

2) Monopoly - PSEG - PSEG is an example of a monopoly since in this area, this is the only company we are able to recieve electric from. Since there are no other companies competing PSEG is a monopolistic Company.

3) Oligopoly - Phone Companies - since there are multiple phone companies to choose from such as Verizon, Sprint, T-Mobile, AT & T, there is no one phone company controlling the market, which allows each company to take part in the competition which is an Oligopoly, they are all different companies doing the same thing

4) Monopolistic Competition - Kinect - Since Kinect is the only gaming camera capable of making you the controller without actually using a remote, it doesn't allow consumers to pick another product. The only other products out are motion sensor gaming which is the same concept as Kinect but different allowing Kinect to be a Monopolisic gaming add-on

5) Oligopoly - Lacrosse Sticks - Companies that make lacrosse sticks such as brine, stx, reebok, maverick, nike, warrior all make lacrosse sticks that are similiar, this allows consumers to pick which company they would like to purchase from, making these companies an Oligopoly.

Tuesday, November 30, 2010

Post 1 - Intro

Im Nick. This blog is for Campbell. I am the #1 fan of Mr. Dwighty a.k.a Ryan. I like to sleep. Have a nice day.