Tuesday, January 25, 2011

Post 18, Twitter Man

Dear Jerry,
Economic Education Web is a very vaild resource and has a very large supply of terms and concepts that we have been using over the course of semester. 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. Also the Economics Guides help by telling about Shmoop, which 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. Finally Free Economic Data Economic, Financial, and Demographic is a resource that 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 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.
                                                                                                                                       Sincerly Seth.

Post 22, 15 Facts

1.       Economists consider an unemployment rate of about 5 percent to represent full employment.
2.       Unemployment that occurs as a result of changes in technology or the way the economy is structured is known as structural unemployment.
3.       The data from the survey is analyzed and published by the Bureau of Labor Statistics.
4.       Anyone who is not classified as either employed or unemployed is considered not a part of the labor force.
5.       The unemployment rate is the percentage of people in the civilian labor force who are unemployed.
6.       In 2000 some 1.1 million people were marginally attached workers.
7.       Discouraged workers are a subset of marginally attached workers.
8.       Underemployment represents wasted resources and lost output.
9.       This category includes people who have decided to leave one job to look for another, as well as new entrants and re-entrants into the labor force.
10.   Regular fluctuations in jobs due to regular occurrences such as holidays, school schedules, and industry production schedules are called seasonal unemployment.
11.   Income inequality in the U.S. had become greater than in any other large industrialized country.
12.   The consumer price index measures changes in price levels.
13.   Lorenz Curve illustrates the amount that a nation's distribution of income varies from a perfectly proportional distribution of income
14.   Single-parent and single-person households tend to have lower incomes than the households of married couples.
15.   Analysts cite changes in the labor market as one cause of the income gap.

Post 24, 4 tpe of unemployment

Frictional: A teacher who has been working in a elementary school who makes about 50,000 a year is gong to quit because he/she is going to get a job as a college professor for about 100,000 a year.

Structural: A student who graduated from medical school and is now a Medical Doctor but there are no doctor positions open around, so they have to now work at a construction company.

Cyclical: Since the economy is so bad there are no jobs for anyone so if you have a job your lucky to do so.

Seasonal:When you are a lifeguard in the summer you have a job,but since beaches are closed in the winter there s no need for a life guard.

Tuesday, January 11, 2011

Post 10, Reading on Maceroeconmoics

Macroeconomics studies national economies, concentrating on economic growth and how to prevent and ameliorate recessions. Also macroeconomics is the economy's wide issues such as unemployment, inflation, and economics growth/development. It is the study of economics from a broad perspective of the resources and factors of production in an economy. In this reading it described some of these factors very well, I feel as if i have grasped this concept.

Wednesday, December 22, 2010

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

Our quality of life has been increased greatly by the benefits of the technological tools we create. From a household blender to a cell phone, technology saves lives and decreases the amount of time we need to spend on mundane, difficult or dangerous activities. In fact its clear that technological development is the most important institution and the pursuit of socially helpful technology should be the highest priority of the culture.  One example of this is the advancement would be how we can connect with friends from around the world with Facebook.  Truthfully we have become too dependent on technology.

Post 8, Mr. Campbell's Hero

His speech on spaghetti sauce really shows how to interact with the American people.  One company Ragu was struggling to make a profit off of its product, so they hired a specialist to determine what was wrong.  So he made up 100s of different types of sauces for the American public to try, and in the end he fund the results showed there was 3 types of sauces people like, which are spicy, original, and chunky.  Since chunky was not out in the market yet it made Ragu's profits increase a lot.  It really shows how the American people's opinion matter, and with out research and polling your company probably wont succeeded.

Thursday, December 9, 2010

Post 7, 4 Types of Monopolies

The 4 Types of Monopolies
 Natural Monopoly-Natural monopoly is a monopoly that exists when it makes sense to only have one company running it. For example, in New Jersey we have the River Line, which is a train system that runs from Camden to Trenton. It really would make no sense to have more than one train system. So since there is only one train system it controls the whole market for people who need to use the train in that area.
Geographic Monopolies-when there is only one business in the area. In the tow of Columbus, there is a general store so it makes it easy to buy general merchandise. Since it is so close and convenient everyone shops at the general store instead of any other convenience store, plus it is the only one around.
Technological Monopolies-When a company has the legal right to a product. Like when Aspirin first came out there was only one company to produce and distribute the product.  It was that way because it was protected by a patent to be the only one to produce it.
Government Monopolies- the army is an example of a government monopoly.  It is provided for the people and paid for by the people, there is no other company out there that could make an army.