Nicholas Byrd
August 13, 2010
World Issue/ Economics
*How does scarcity influence the choices you make about how you spend your money? Give a specific example of a trade-off that you had to make. What was the opportunity cost of your decision? Afterwards how did you feel about your choice? Scarcity influences me because I only have very small amount money to try to buy something expensive. I can see if I had a job that pays a good amount off money then I will be able to buy stuff that is limited up to the cost. A trade-off I had to make was going to a fancy restaurant or the mall I choose the mall because I can walk out with more merchandise. My opportunity cost was that I didn’t get to eat at Houston which is one of the best restaurants. I felt good and proud of myself because instead of going to the restaurant I went the mall and got what I wanted and more.
*How do your business owners influence each of these factors of production? What is a risk and reward that business owner might incur with each of the four factor productions? Well a Business owner Influence their land by improving opportunities to enable the business with the people you want to do business with. Labor are in short supply, which increases the costs by requiring either more pay to acquire the labor that is available, the recruiting of labor from other areas, or the usage of the less productive labor that is available locally. My Capital goods are t-shirts, shorts; pants, socks, sweaters, and shoes. Entrepreneurship this is the input to production may be thought of as good management and showing the customer’s respect.
*Do you see yourself more as an individuals that will supply labor or as an entrepreneur who make decision about the use of labor? Explain how you reached this conclusion? I see myself as an entrepreneur who makes decision about the use of labor because if my business is going the right way then there will be enough money to pay my labors.
*How do you feel about your knowledge of this standard? What are two questions that you have about this standard? I feel comfortable about this standard because I paid attention and study my vocabulary words and it helps a lot. One of my question is what is the difference between Scarcity and Opportunity cost and is there a way i can remember the four factors of productions.
Saturday, August 28, 2010
Blog Assignment #3
1. What are the three basic economic questions that every society (economic system) must answer?
*What goods and services should be produced?
*How should the goods and services be produced?
* For whom should the goods and services be produced
2. What is an economic system? What are the four types of economic systems and how does each answer the three basic economic questions? Give one example of each. Set of principles and techniques by which a society decides and organizes the ownership and allocation of economic resources. At one extreme, usually called a free-enterprise system, all resources are privately owned. Market Economy, Command Economy, Mixed Economy, and Traditional Economy.In Traditional economy, the three economic questions are decided mainly by the social customs.Market economy is like capitalism in U.S and the economic questions are decided by individuals in the marketplace. Command economy, the questions are decided by the government. In Mixed economy,
3. Write a detailed explanation of how each of the four economic system answer the three basic question.
4. While the United States is largely a market economy, how does it also reflect a combination of economic systems. The US reflects a combination of economic systems because buyers/sellers do not make all the economic decisions. The government also plays a major role in making economic decisions. Because of the government involvement in the economy this would beb a characteristic of a command.
5. The Inuit tribe in Alaska teach their children that they must always do their best at every task. The child begins by observing the adults working on a task. When the time comes for the child to do the task, the task is first divided into smaller tasks. The adults praise the child at each stage the child successfully completes. When all stages have been complete, the child is ready takes full responsibility for the task. What economic system is used by the Inuit? Explain. Because the example describes how the Inuit tribe in Alaska teach children how to do specific tasks they are passing along customs and traditions of the tribe which are characteristic of a traditional economy.
6. How do market, command and traditional economics systems compare and contrast with each other in terms of profit motive, private ownership, consumer sovereignty, competition and government regulation? Market and Command economies focus on profit while Traditional economies focus on providing for their people. In a Market economy there is alot of private ownership while in the Command economy the government owns everything and in a Traditional economy everyone owns the businesses. In a Market economy the consumer sovereignty regulates the supply and demand. Competition is a another factor that helps regulate a the Market economy.
7.Explain why Adam Smith would oppose government intervention in a market economy. Give a specific example of why you support Adam Smith’s theories of laissez faire and the ‘invisible hand’ in a market economy and one example of why you would oppose his theory? Explain. Adam Smith opposed monopolies in the market economy . He believed that the law of supply and demand and the law of competition would regulate a free market. Adam Smith’s theories of laissez-faire described economics in terms of an "invisible hand" that regulates market economy. This means that producers will supply what consumer need most.
*What goods and services should be produced?
*How should the goods and services be produced?
* For whom should the goods and services be produced
2. What is an economic system? What are the four types of economic systems and how does each answer the three basic economic questions? Give one example of each. Set of principles and techniques by which a society decides and organizes the ownership and allocation of economic resources. At one extreme, usually called a free-enterprise system, all resources are privately owned. Market Economy, Command Economy, Mixed Economy, and Traditional Economy.In Traditional economy, the three economic questions are decided mainly by the social customs.Market economy is like capitalism in U.S and the economic questions are decided by individuals in the marketplace. Command economy, the questions are decided by the government. In Mixed economy,
3. Write a detailed explanation of how each of the four economic system answer the three basic question.
4. While the United States is largely a market economy, how does it also reflect a combination of economic systems. The US reflects a combination of economic systems because buyers/sellers do not make all the economic decisions. The government also plays a major role in making economic decisions. Because of the government involvement in the economy this would beb a characteristic of a command.
5. The Inuit tribe in Alaska teach their children that they must always do their best at every task. The child begins by observing the adults working on a task. When the time comes for the child to do the task, the task is first divided into smaller tasks. The adults praise the child at each stage the child successfully completes. When all stages have been complete, the child is ready takes full responsibility for the task. What economic system is used by the Inuit? Explain. Because the example describes how the Inuit tribe in Alaska teach children how to do specific tasks they are passing along customs and traditions of the tribe which are characteristic of a traditional economy.
6. How do market, command and traditional economics systems compare and contrast with each other in terms of profit motive, private ownership, consumer sovereignty, competition and government regulation? Market and Command economies focus on profit while Traditional economies focus on providing for their people. In a Market economy there is alot of private ownership while in the Command economy the government owns everything and in a Traditional economy everyone owns the businesses. In a Market economy the consumer sovereignty regulates the supply and demand. Competition is a another factor that helps regulate a the Market economy.
7.Explain why Adam Smith would oppose government intervention in a market economy. Give a specific example of why you support Adam Smith’s theories of laissez faire and the ‘invisible hand’ in a market economy and one example of why you would oppose his theory? Explain. Adam Smith opposed monopolies in the market economy . He believed that the law of supply and demand and the law of competition would regulate a free market. Adam Smith’s theories of laissez-faire described economics in terms of an "invisible hand" that regulates market economy. This means that producers will supply what consumer need most.
Thursday, August 26, 2010
Standards EF2 and EF3 Production Possibilities Curve;Rational Decision Making; and Specialization
Nicholas Byrd
August 26, 2010
Ms.McCray
*If you owned a business, what would a production possibilities curve tell you? Be specific. What are two factors that could cause your production possibilities curve to shift outward? It will tell me the combination of two commodities(goods, products) that can be produced efficiently with a society's available resources.
*If I was to own a business and I use the Production Possibilities Curve it would help me see which one of my products sells the most and which one sells the least.Two factors that could casue the curve to go outward is rational decisions and specialization.A PPC only shows the maximum production for two products using current resources. Also, your answer to the cause of PPC shifting outward is incorrect.
*What is the best way to determine whether or not we are making a rational economic decision? To set up a production possibilities curve and see what products are profitable.
*Why do companies choose to specialize and trade? What would happen if companies did not specialize? If a company did not specialize it would not be able to maximize production capabilities and would not be able to exploit is comparative advantage.
August 26, 2010
Ms.McCray
*If you owned a business, what would a production possibilities curve tell you? Be specific. What are two factors that could cause your production possibilities curve to shift outward? It will tell me the combination of two commodities(goods, products) that can be produced efficiently with a society's available resources.
*If I was to own a business and I use the Production Possibilities Curve it would help me see which one of my products sells the most and which one sells the least.Two factors that could casue the curve to go outward is rational decisions and specialization.A PPC only shows the maximum production for two products using current resources. Also, your answer to the cause of PPC shifting outward is incorrect.
*What is the best way to determine whether or not we are making a rational economic decision? To set up a production possibilities curve and see what products are profitable.
*Why do companies choose to specialize and trade? What would happen if companies did not specialize? If a company did not specialize it would not be able to maximize production capabilities and would not be able to exploit is comparative advantage.
*How do you feel about your knowledge of this standard?What are two questions that you have about this standard? I feel like i understand the standard I would like to Kno more about the PPC chart and want to know more about the rational decision making.
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