I thought that the "My Humps" video and Business Cycle Rap were both funny. The "My Humps" video in my opinion was the funnier of the two, but they were both good. I thought that the most helpful video was the Business Cycle Rap because it went into more detail and explaination about the business cycle than the "My Humps" video. In all I would say that the video was more helpful than silly, they just presented the information in a creative and silly way. I would say that the website link was more helpful because you can actually read the facts and retain the information faster, in my opinion.
Website Link: http://useconomy.about.com/od/glossary/g/business_cycle.htm
Thursday, December 23, 2010
Post 13: Quiz Information
10 Things That I learned from the Quizes:
1. The most widely used NIPA is gross domestic product or GDP
2. Gross investment 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
3. A price index is a set of statistics that allows economists to compare price over time
4. Indirect taxes are taxes included in the final price of goods and services
1. The most widely used NIPA is gross domestic product or GDP
2. Gross investment 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
3. A price index is a set of statistics that allows economists to compare price over time
4. Indirect taxes are taxes included in the final price of goods and services
5. Per capita measures take into account changes in population
6. Without long-term economic growth, a nation's standard of living declines
7. Technology, capital goods, and education all influence productivity growth
8. The capital-to-labor ratio is the amount of capital stock available per worker
9. Capital deepening is an increase in the amount of capital goods available per worker
10. The contraction phase is a period of business slowdown
Post 11: GDP Letter
Dear Editor,
In my opinion the GDP is not as effective and efficient as some of the other indicators used in today's society. The difference between GNP and GDP is in income from foreign sources. GNP includes the value of goods and services made by U.S., however the GDP measures the value of goods and services produced only within the boundaries of the U.S. GDP includes only goods and services produced within the geographic boundaries of the U.S., so this is not as effective as other tools such as GNP. GNP includes goods and services produced by U.S. bussinesses operating in outside countries. The GDP has both pros and cons, but the GDP can be looked at as a faulty indicator in several ways. The GDP does not take domestic household prouducts or the black market into consideration. It also is not an accurate measure of the change in productivity. GDP does not consider the distribution of wealth of nations. Therefore, the GDP has faults and can be seen as a faulty indicator and I would suggest GNP.
In my opinion the GDP is not as effective and efficient as some of the other indicators used in today's society. The difference between GNP and GDP is in income from foreign sources. GNP includes the value of goods and services made by U.S., however the GDP measures the value of goods and services produced only within the boundaries of the U.S. GDP includes only goods and services produced within the geographic boundaries of the U.S., so this is not as effective as other tools such as GNP. GNP includes goods and services produced by U.S. bussinesses operating in outside countries. The GDP has both pros and cons, but the GDP can be looked at as a faulty indicator in several ways. The GDP does not take domestic household prouducts or the black market into consideration. It also is not an accurate measure of the change in productivity. GDP does not consider the distribution of wealth of nations. Therefore, the GDP has faults and can be seen as a faulty indicator and I would suggest GNP.
Wednesday, December 22, 2010
Post 11: GDP Calculation
GDP can be determined by three major factors which includes the product input, product output, and the expenditure.
GDP = private consumption + gross investment + government spending + (exports − imports)
GDP = C + Inv + GS + (eX - iM)
GDP = private consumption + gross investment + government spending + (exports − imports)
GDP = C + Inv + GS + (eX - iM)
Post 10: React to Reading
I think that macroeconomics will be all about the economy outside the United States and deal with the whole world as a whole. The thing that interests me most about this topic is...
Tuesday, December 21, 2010
Post 9: 100 Word Essay
Technology is very important in our everyday life and is rapidly rising as the years go on. The technology has had a great influence on our class and will continue to better the education of all students. For example, computers have now offered an endless supply of information which in turn sets higher goals and makes students perform better. Technology has provided easily accessible information to any student and makes classes more diverse with the option of using various tools to incorporate into the class curriculum. Therefore, students are able to succeed more in class with the help of technology.
Monday, December 20, 2010
Malcom, My Hero Video Response
After watching the video of Malcolm Gladwell, I thought that the video was very interesting and intriguing. This video was very cool in looking at things at a different way as Howard did with the Campbells chicken noodle soup. He saw not just one perfect soup but a group of perfects soups. Many other companies operate this way by having a test done, review the data, and use that data to find a correlation and make a better product. If the prices are close, you select between two products based on variety/diversity and the quality of the product. This would be an example of a perfect competition market structure because the companies compete over something other than price.
Thursday, December 9, 2010
Four Varieties of Monopoly
The 4 Varieties of Monopoly
Geographical- For example, if there is only one small shop in a low populated area, then this business has a monopoly over the small amount of people in the area. They can set their own prices as they please because of no other competing businesses. It would not be financially efficient for a new business to open up. So, the small shop has all the power making it a monopoly.
Technological- For example, if a business finds a cure for cancer, then the business has complete monopoly over that cure and product, therefore creating a monopoly of that product.
Natural- For example, if you had multiply businesses trying to offer a sewer service, then this would require multiply sewer lines going to the same home which is impractical and implausable. Therefore, making the sewer business a natural monopoly.
Governmental- For example, if the government owned and dictated all the water supply, then this prevents other businesses from competing with the government creating a monopoly.
Geographical- For example, if there is only one small shop in a low populated area, then this business has a monopoly over the small amount of people in the area. They can set their own prices as they please because of no other competing businesses. It would not be financially efficient for a new business to open up. So, the small shop has all the power making it a monopoly.
Technological- For example, if a business finds a cure for cancer, then the business has complete monopoly over that cure and product, therefore creating a monopoly of that product.
Natural- For example, if you had multiply businesses trying to offer a sewer service, then this would require multiply sewer lines going to the same home which is impractical and implausable. Therefore, making the sewer business a natural monopoly.
Governmental- For example, if the government owned and dictated all the water supply, then this prevents other businesses from competing with the government creating a monopoly.
Wednesday, December 8, 2010
Review Game
Game Links
Game I Found:
1. http://www.proprofs.com/flashcards/cardshow.php?title=economics-chapter-7-market-structures&otherside=y&quesnum=1
My Own Game:
2. http://www.studystack.com/studystack-521023
Game I Found:
1. http://www.proprofs.com/flashcards/cardshow.php?title=economics-chapter-7-market-structures&otherside=y&quesnum=1
My Own Game:
2. http://www.studystack.com/studystack-521023
Monopoly
If I were able to break up a monopoly, it would have to be Comcast. Now I think that Comcast is a monopoly because it is the only cable television provider in my area. So, Comcast can therefore set any price that I might not agree with. If they wanted to, they could set ridiculous prices and have them sky high. No one in the area would be able to do anything about it and would have to bow down to Comcast. So, I would want that company broken up to provide equal competition and fair prices. This would therefore benefit my family, friends, and me by having lower prices. However, I do not think that Comcast is a true monopoly but more of an oligopoly with few competing firms.
Tuesday, December 7, 2010
Eight Things That I Learned...
What I learned from the Quizes:
1. I learned that sellers also engage in nonprice competition
2. I learned that in competitive market places, the consumer benefits most.
3. I learned that price wars often lead to the result of a failed pricing policy
4. I learned that cartels are illegal in the United States
5. I learned that collusions are illegal in the United States and follows with heavy fines and even prison sentences.
6. I also learned that price war sellers try to undercut each other's prices to gain market share.
7. I learned that the United States never returned to laissez-faire and end antitrust investigations.
8. I learned that the antitrust legislation was designed to monitor and regulate the big businesses.
1. I learned that sellers also engage in nonprice competition
2. I learned that in competitive market places, the consumer benefits most.
3. I learned that price wars often lead to the result of a failed pricing policy
4. I learned that cartels are illegal in the United States
5. I learned that collusions are illegal in the United States and follows with heavy fines and even prison sentences.
6. I also learned that price war sellers try to undercut each other's prices to gain market share.
7. I learned that the United States never returned to laissez-faire and end antitrust investigations.
8. I learned that the antitrust legislation was designed to monitor and regulate the big businesses.
Friday, December 3, 2010
Five Purchases of the Market Structure
The first item I bought or thinking of buying is a cell phone. The cell phone is exists in an Oligopoly market structure. Cell phones are an Oligopoly becuase if I wanted to start up my own cell phone company, it would be relatively hard. Also the number of firms in the cell phone field are limited and few. The cell phone products are also differentiated products, so this fits the definition of an Oligopoly.
The second item is a microsoft computer. This exists in a monopoly because there are few to none opposing businesses. I have never heard any other business that does the same thing as Microsoft. Therefore, there is no competition and making the business a monopoly.
The third item is a soda can. This exists in a Perfect Competition because there are many soda businesses and all have equal competition with one another. I think that the soda all depends on the peoples' likes and different sodas may appeal to different people. Therefore, I wouldn't buy Pepsi but instead buy a bottle or can of Fanta.
The fourth item I would choose to buy would be a jetski. This item would exist in an Oligopoly because the number of firms or businesses are few. Trying to open my own business selling jetskis would be fairly hard and would be very competitive with the few top businesses. Therefore, the jetski would be in an Oligopoly.
The fifth item that I bought was a watch. This item exists in a Perfect Competition because there are many companies that sell watches and at various prices. There are many firms and businesses that make watches, therefore making the watch existant in a Perfect Competition.
The second item is a microsoft computer. This exists in a monopoly because there are few to none opposing businesses. I have never heard any other business that does the same thing as Microsoft. Therefore, there is no competition and making the business a monopoly.
The third item is a soda can. This exists in a Perfect Competition because there are many soda businesses and all have equal competition with one another. I think that the soda all depends on the peoples' likes and different sodas may appeal to different people. Therefore, I wouldn't buy Pepsi but instead buy a bottle or can of Fanta.
The fourth item I would choose to buy would be a jetski. This item would exist in an Oligopoly because the number of firms or businesses are few. Trying to open my own business selling jetskis would be fairly hard and would be very competitive with the few top businesses. Therefore, the jetski would be in an Oligopoly.
The fifth item that I bought was a watch. This item exists in a Perfect Competition because there are many companies that sell watches and at various prices. There are many firms and businesses that make watches, therefore making the watch existant in a Perfect Competition.
Thursday, December 2, 2010
Intro
My name is Corey, I play basketball with my NH Boyz. NH Boyz is going global and I wanna make a shoutout to ESPN for some air time. I play any sport and am good at it. I am dedicated and determined to my work and strive to do better. I have a likeable personalitiy and i have have a lot of friends.
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