This assignment is for Economics, P3 and P6.
1) Find a credible source on the internet that connects to last week's reading from Freakonomics or to terms or concepts from this week's classes.
2) After you read the source that you find, answer the following questions as a blog entry below:
- How does the text connect to that week’s topic or to the other text you have read? (relevant)
- What evidence do you have that the text you found is credible? (credible)
- Create a clear, specific argument based on the text. (argument)
- Support the argument with thoughtful analysis, using cause/effect, compare/contrast, problem/solution, part/whole, or other methods of analysis. (analysis)
Keep in mind that everyone else will see what you write below, so please keep it professional. This post is due Thursday, 2/14, by 12:00am.
3) Come to class on Friday ready to discuss the reading and the text you found!
If you need support or have questions, my office hours are Monday and Wednesday from 3:15-4:15 in Room 229.
http://www.businessweek.com/investor/content/jan2011/pi20110127_382340.htm
ReplyDeleteThis week I chose to read the text Conspicuous Consumption Is Back by Ben Steverman from Bloomberg Businessweek . The text connects the term conspicuous consumption that we learned last week. It is the spending of money on luxurious products to publicly show economic power. The article is about how during the depression like period in 2008 many people suffered economically and they couldn't really afford things that they didn't need and just had to show of. Now that the economy is getting restored, people want to make it known that they were not hurt badly and can still afford luxuries so they are buying handbags and large screen tv’s so people know they are still economically stable and even more, or consuming conspicuously.
Businessweek is a weekly business magazine that covers national political issues that directly impacts the business world. It is based in New York and was founded in 1929. It is published by Bloomberg LP a multinational mass media corporation founded by Michael R. Bloomberg which is the current mayor of New York. it is a credible source for business news and though owned by independent mayor Bloomberg, reports unbiased news and if they were to print anything false or biased, it could ruin their prestigious reputation and would be bad for its politician owner.
People are taking advantage of the bettering economy and buying things to make people think that they have all the economic freedom in the world and that they were not affected by the bad economy. 36 percent of luxury spending is now done by shoppers who were not buying high-end brands before the recession. The companies that sell the luxurious products are helping the consumers do this. A good example of this is designer handbags. Handbags are the quintessential luxury good for women and are a key way to flaunt her status everywhere she goes. A study by Joseph Nunes, marketing professor at the University of Southern California Marshall School of Business studied shifts “in the styles of Louis Vuitton and Gucci handbags marketed in the U.S. before and during the recession.” The study rated purses on the prominence of the logos that advertise the bag's pricey brands. The studies showed that
both companies Gucci And Louis Vuitton "turned up" the prominence of their brands from January 2008 to May 2009, the researchers concluded.
The logos on the purses go bigger, brighter and more recognizable and easier to associate the logos with rich and luxurious people. This was perfect for the women who want to flaunt what they want other women to think. Overall, as long as there are expensive products, judgemental people and people that want to see rich, conspicuous consumption will not cease.
http://bits.blogs.nytimes.com/2012/01/08/disruptions-taxi-supply-and-demand-priced-by-the-mile/
ReplyDeleteThis week’s concept is supply and demand, which plays an important role in the economy. Price changes are relative to the week’s concept, supply and demand, since wage rates are affected by such as price changes. The article I found this week, “Disruptions: Taxi Supply and Demand Priced by the Mile”, demonstrates the idea of an inelastic good, meaning the change in price can be flexible. This text is credible because I found it in the NY Times, which is well known for it’s reputation, the NY Times is one of the most successful newspapers in New York. According to the text, the idea of dynamic pricing negatively affects those who ride on taxi cabs, Travis Kalanick chief executive of Uber, a service that allows people to order livery cabs through a smartphone application, states that “Because it’s so new, it’s going to take some time for folks to accept it.” Prices shouldn’t change dramatically and should remain the consistent. If prices for the rides in taxicabs continue to change, consumers will have many complaints and won’t be satisfied. For example, if someone who can’t afford the fares after dynamic prices whos needs to reach a certain destination for an emergency, it’ll be difficult for them to get around the fare situation. It’s not fair for the consumers, but since the demand is high for riding in taxicabs, the idea of dynamic pricing is able to set any price range because there’s no alternative.
The New York Times article that I have read is about how the gas prices in South California rose overnight, 20 cents higher per gallon. This was due to a shortage in gasoline that lead to the price going up. The connection between this article and the class lectures are that price is set on how scarce is the good. In addition, to how much people are willing and able to pay it. In this case since there was less of this scarces good (gasoline) then other days but the demand stayed the same, the gasoline business had to raise the price to try and lower the demand for their goods. The New York Times is a world wide news organization that will lose supporters if it gives out false information. A price hike is a justifiable way in giving out goods that has/have become even more limited.The people are mainly the ones who put the prices on goods by how much demand there is for a limited supply. If there's more gasoline than people that are willing and able to pay it then the price of gasoline will decrease. But if there's less gasoline and a lot of people want to buy it the price will go higher in order for the people that are willing and able to bay it will buy gasoline. “gasoline prices had spiked by nearly 20 cents a gallon overnight as a result of fuel shortages...” (1).The gasoline businesses found an equilibrium on how to distribute their, now even more limited, goods by putting up their prices. But this did not change anything because “Drivers formed long lines at stations that did have gas,” (1). This item is an inelastic good that is used every day, even if people can use different forms of transportation they still stick on using cars. Price hike for a supply that has increased in demand or has become more limited, is a way to deal with the market system of supply and demand.
ReplyDelete“Into the Abyss: A personal journey into the world of street gangs” is a personal journal by Mike Carlie talking about why low- income neighborhood tend to have more gangs. In the article Carlie states that gangs are formed due to economic deprivation thus gangs providing a means to earn money making it the reason why the youth joins. This relates to economic because the reason why these youths are residing with gangs is that there is no place for them in the work force. Mike Carlie says that the reason for why there is no place for them in the workforce is because “millions of American are denies access to a good education and meaningful job opportunities, racial and ethnic minority being the most recognizable among them.” This leads to them not having the specialized skills in order to be successful in this economy.
ReplyDeleteThis article is a legitimate because it is written by Dr. Mike Carlie an Emeritus Professor of sociology and criminology at Missouri State University, making him a credible source because he very knowledgeable on the way society and why crime is done. Also Dr. Carlie conducted research, provided consulting services and published in the field of criminal justice from 1970 until his retirement in 2010. Dr. Mike Carlie has dealt directly with problems associated with delinquency and crime. And has previously thought at 3 different university prior to MSU, he taught at the University of Missouri in St. Louis (1970-1972), Ball State University (1972-1986) and at Missouri State University (1986-2010).
The reason why people in low-income neighborhoods tend to join gangs is because they need economic security, they need economic security because they don’t have a job, they don’t have a job because there is no place for them in the work force, there’s no place for them in the workforce because they don’t have any specialized skills and the reason why they don’t have specialized skills is because they are “denied access to a good education and meaningful job opportunities.” Gangs are formed because of the economic safety in it. A drug addict is always willing and able to get high making your job secure because you know there is an infinite amount of demand for the supply. It is and inelastic good no matter what the situation is people are going to buy it might not best quality of the product but they will still buy it.
Last week we were studying supply and demand. We learned that supply and demand depend on each other. They depend on each other because if there is a high supply than the demand for a product is going to be low but if there is a high demand for a product the the supply has to be limited so prices could be higher which means more profits for the producer.One article I found that relates to this weeks topic is in the New York times an article named nobody believe in supply and demand. This article talks about the real meaning of supply and demand and it refers to how people think supply and demand is which is money and products but this text explain that supply and demand is more broad."What we’re seeing, after all, is a rise in the relative price of raw materials compared with other goods and services. This is what normally happens during a cyclical recovery, and there’s no obvious reason to see it as a sign of ominous inflation (unless you’re determined to see such signs)". This was one example the author used to explain that supply and demand could be more than just what its normally refer too. The author also used this example to show how one factor could affect the other.
ReplyDeleteTeachers income varies from one another, the higher degree that one owns determines their specialized skills, the higher the salary they receive.
ReplyDelete“Salary and Benefits” was published from the New York City Department of Education, a reliable source that updates current news of what happens in the education system. This government agency, consented by Chancellor Dennis M. Walcott (appointed by Mayor Michael Bloomberg), provides accurate information on the city’s current events that revolve around education.
Teachers who are willing and able (supply) to teach during summer school break, after-school, or weekends will receive a higher income, with an increase of $41.98 per hour. Competitiveness and incentives will take over teachers state of mind for the wanting of more money in their wages, the opening spots are limited for the specialized skills. The employer-principal (demand) who are willing and able to hire a teacher at a specific wage . “Salaries are based on prior teaching experience as well as your [college] education. As of May 2008, starting teacher salaries range from $45,530 (bachelor’s degree, no prior teaching experience) to $74,796 (master’s degree. 8 years teaching experience). Teachers who already have a master’s degree but no teaching experience will start at $51,425 [while]...teachers with the maximum combination of experience and coursework on the salary schedule can earn up to $100,049 per year.” For that reason the teachers deserve their protection to be available and offered to them, the economic security is their protection and safety net to their rights as a teacher. They have the right to be protected as a union and their benefit plans. Teachers have multiple economic security and freedom that benefit themselves and their families. They have the right and choice to choose their medical benefits. Teachers are a union that have a variety of specialized skills who have a reasonable balanced economic security and freedom.
This week I read the article “ Are Professional Football Players Overpaid?” Written by Chad Squitieri a senior staff writer. Chad Squitieri compared football players salary to firefighters and ask how come firefighters are being paid less if they are the one putting their life on the line. Even football player them self needs the aid of a firefighter in case their house caught on fire.The simple idea of this scenario is that football players and other sports players don't just make money for themself but to the team or company that has giving them a contract. Examples can be consumers buying gears of the players, watching the game on t.v. This example connects to the assignment we did with comparing Kobe Bryant to our Econ teacher Mr Rock , Kobe Bryant is a very special person because of his specialize skill not that many people can do what he does on the court. The Lakers pays him that much money because they know they are going to get money of him, there using his specialize skills as a way to make money. Yes our Civics teacher Mr Rock is a very special person in which he cares deeply about his students future and making sure they will have a successful future , their a high quantity of teachers that can replace other teachers while Kobe is a unique person to the Lakers and a value player to them. Mr Rock wouldnt benefit other companies or consumers because theres a lack of popularity which will cause a lack of demand if Mr Rock somehow had bobble-heads or Mr Rock T-shirts.Athletes should be paid more than a firefighter , because a Athletes could bring money to other people rather than themself , the money that the firefighters make will go directly to them instead of other endorsement.You can get money off athletes by purchasing their jerseys , bobbleheads , tickets , watching them on t.v and even thought is illegal you can gamble and win money on the down low , you can't do that with a firefighter I mean what are we going to bet on which firefighter can put out the most fire ?
ReplyDeleteBrian Chen's article “Apple Sells 5 Million New i phones” connects to this week’s topic because it is about supply and demand and how businesses deal with scarcity. This article is about apple selling 5 million iphones in just 3 days of the release date. The article we read was about the Black Disciples gang in Chicago and how they ran the business.There was a demand of people willing and able to work. The finite resource was the job. Since many people were willing to take the job they got low wages. In Apple there are many people willing and able to buy the product at the given price which benefits the company because even if the price is high the demand stays the same.This text is credible because it is form a well known news source which is the New York Times. The New York Times was founded and published since 1851 and it won 108 pulitzer prizes, more than any other news organization has won. Brian X. Chen wrote a book called Always On and is a Technology Reporter at the New York Times. There are other phones that are as good as the iPhone but people prefer apple. Even though the products are expensive the demand stays the same. “Apple on Monday said it had sold five million new i Phones just three days after the phone’s release, beating first-weekend sales of its predecessor, the iPhone 4S, by about one million.” Since there are infinite wants and finite resources Apple decided to produce this new iphone. Since they had a high demand for the iphone 4s they knew that there would be a high demand on this new iphone. It is an inelastic good because people buy the product even if the price is high. They used cost-benefit analysis to decide if they wanted to make this product based on the profit. There are other producers who have similar phones but they do not have much success with their products. For example “Nokia, HTC, Samsung and Motorola Mobility each unveiled new smartphones this month, but most of them failed to release their phones before the iPhone 5 went on sale.” These companies knew that they will not make as much money as apple because there was less demand on their products.People take opportunity costs in buying the iPhone because they can only get one phone even though they like something from the other phone. Apple is making a lot of money because people choose that brand instead of another brand.
ReplyDeletehttp://bits.blogs.nytimes.com/2012/09/24/apple-sells-5-million-new-iphones/
Lawrence Mishel article,”Robert Lawrence misleads the New York Times on manufacturing” is an example of how manufactured good have become inelastic goods no matter how high the price may be.This weeks’ topic we have been speaking about supply and demand and how entrepreneurs invest their money in order to make money using the method of scarcity ;infinite wants, and not enough sources to fulfill these needs as also supply and demand. Mishel describes how televisions all around the United States have a high demand because of the necessity if the good.He also argues that manufactured good are a good investment because there not only household consumption but also for commerce and business.The Economic Policy institute blog is a well known blog used by many people who study economics and take articles from the New York Times economics blog and responding to them.Many people depend on this website to get there accurate information about different issues in the city.Robert Lawrence argued that manufactured jobs are declining because we stop buying products that are made in china by american factories.But Mishel had a graph that demonstrates how all the prices of the good have fall because the supply people who are willing and able to produce and work at a given price; are mass producing and the demand;people willing and able to buy at a giving price keep on rising.Even though some “...deny that lowering the trade deficit would boost jobs”;others argue that without imports manufactured good would decrease.
ReplyDeleteThe article “Bleecker Street Drug Dealing on the Rise, Police Say” by Andrea Swalec discusses about how drug dealers are started to get caught and catching the head leaders which they are look for to reduce the abuse of illegal drugs. This relates to last week’s topic on supply and demand. Depending on how many consumers are willing and able to pay for the product and how much the supply will cost. The reading “why do drug dealers still live with their moms?” Relates to this article as well, the same lifestyles the foot soldiers had every day. This is a creditable source because it comes from a known website New York Times and from a very know author. Andrea Swalec was a news editor for NBC and a producer for WNYC Radio. Andrea also had a master's in multimedia journalism from CUNY's Graduate School of Journalism. I agree with both texts because the foot soldiers are mostly risking their lives each day to get paid less than 10 every day. Unless they are the head of the business. As shown in why do drug dealers still live with their moms? Stated “J.T’s hourly wage was $66……and the foot soldiers earned just $3.30 hour, less than minimum wage” Here it shows how even if you work hard you will still get paid less or not the amount of money you want because there’s a lot of people out there that are willing and able to hustle in the streets and get paid as low. On the other hand there’s not that many people willing and able being an accountant or a CEO which get paid more than foot soldiers. They also don’t have the specialized skills to deal with money and run a business like the one running them.
ReplyDeleteCollege athletes are constantly working and training themselves in something that they are good at but should they get paid for it?
ReplyDelete"Point/Counterpart: Paying College Athletes" by Dennis A. Johnson, who has Ed.D and John Acquaviva, who has a Ph.D, have worked with The Sport Journal for five years now, which was created by the United States Sports Academy that was founded in 1972 by Dr. Thomas P. Rosandich, the current President and Chief Executive Officer, in direct response to the ever increasing needs and demands in sport and society in America, write that the Demand for such athletes is high where the supply is low, shouldn't they get paid for it?
College Athletes (supply) are constantly in need (demand)yet the problem whether they should get paid has been debated over since "the first intercollegiate competition". The argument being that those of the college athletes that become stars in the NBA, NFL and MLB should get paid more. Being a superstar in either one of the major sports associations has incentives, high wages and with better performances, better results. However, is this fair? Connecting to this week Freakonomics, Not that many people can be like , for example, Rashad Lewis, one of the greatest known tacklers in the NFL, and as his performance excelled, so did his wage. He never gained any wage, however as college athlete, he didn't earn a dime. Yet he was still chosen to fill in a spot where others were declined or never notice. The chance of making it is like a snowball’s chance on the sun. So, to the co-author's counterpoints, it takes money to pay wages and the college athletes don't know the “real deal” when it comes to negotiating contracts and actually being signed and been “invested” in to make the team a profit.
The article that I read this week is called into the Abyss, written by Michael Carlie. The article talks about how gangs are formed as a way to make quick but illegal money. In class we have discuss how selling drugs is one of the quickest way to make money and to support your family also how gangs provide security and how certain skills decide your rank and how much money you get. Demand for dealers is somewhat high because it would then mean that more money would be coming in but will also mean that the job become more and more risky. Missouristate.edu is a credible source because it’s from it’s published from Missouri State University which provides information for people. This source is also credible because the author Michael Carlie has a phd and gained a scholarship to attend Washington University. Some people might say that people join gangs for no reason probably just to think that they look cool. Drug dealers are making their money by taking advantage of people and how they feel that drug is a necessity. For most of these dealers this is also a necessity for them to be able to support their family since most don’t have skills and that job does not really need any skills. Drug dealers face “A 1-in-4 chance of being killed!” everyday just to be able to something that needs no skills and they feel they're in no alternative.
ReplyDeleteThe article “Activists Blame Nike Shoes for Rising Crime, Demand Company Lower Prices to ‘Meet Customer Demand’” (Adams) discusses about the price of Nike shoes and how the demand for it in high and the supply for it in limited it also discusses on how they should lower the price to reduce violence and to meet the customers demand. This article in relevant to this week topic in class because the price of the product is determined by the demand from the customer. The higher the demand the higher the price for the product this shows scarcity in the market because there’s infinite wants but finite products which causes competition between people.
ReplyDeleteThe text that I found “Activists Blame Nike Shoes for Rising Crime, Demand Company Lower Prices to ‘Meet Customer Demand’” (Adams) is credible because it come from The Blaze a reliable source of news that have a dedicated team of writers and journalist. The author Becket Adams was an intern in The National Journalism Center and had an opportunity to work with Wall Street Journal’s Stephen Moore he also has certain of articles that he wrote for The Blaze.
Nike is known for popular shoes such as Jordan's which there's a high demand for these types of shoes which come out once every year. Due to a high demand on Jordan shoes the price increase, the company Nike is taking advantage of the high demand on their product that they increase the price which affects the customer and creates competitions between them. Also since the price increase some people can't afford the shoes which is creating violence. Nike should lower the price and meet the customers demand so it could create a type of equilibrium between the supplier and the buyer. Due to the high demand on the shoes Nike saw an advantage and decided to raise the price on their products. Retail price for Jordan were once $185 depending on the size of the shoe now the shoes have gone up to $200 which started creating violence if Nike meets the demand of the customer at a regular price it will set a equilibrium and would reduce the violence also.
1. The Article "The Age of Scarcity" by Charles Kenny connects to what we are learning about in class, the demand for corn is high because many of the food we consume has corn. Corn prices are already 90 percent higher. 73 percent rise in corn prices pushed 44 million people back below the $1.25 per day extreme poverty line. America has limited resources of corn so that means that some people are going to her affected by the high price of corn. Corn is a Inelastic good because a lot of food includes corn and even drinks have corn in them, so if the price goes up companies still going to buy it to make their products. If corn price are going up that also means that the products that use corn are also going to go up.
ReplyDelete2. The article "The Age of Scarcity" comes from a credible source. Bloomberg delivering data, news and analytics. With over 15,000 employees in 192 locations, Bloomberg deliver business and financial information, news and insight around the world. Last year alone our philanthropic efforts extended to more than 50 cities worldwide. Bloomberg philanthropy strives to make an effective impact on the surrounding neighborhood through a wide range of programs in the areas of health, sustainability, literacy, social welfare and the arts. Bloomberg's leadership is driving product and service value that meets and exceeds the customers' needs.
3. Do to the dry weather agricultural has been reduce that means that there's not enough corn so the price has to go up. If the price of the corn goes up that means that other products that have corn are going to rise as well. "World Bank researchers estimate that food-price changes between June and December 2010". Growing demand for crops from more people, more farm animals, and more use of biofuels has also raised pressure on prices. If food price are going to up that means that many people are not going to be able to afford some products are made and/or include corn. The hot weather has cause many farmers lose many crops, nine of the 10 hottest years on record for the planet have occurred since 2000.
4. The demand of corn is so high because many products have corn. More people are demanding more food. Biofuels and farm animals are consuming a larger proportion of crops. The climate change is lowering yields and increasing the risk of crop failure. Since corn supply is so and their is a high demand for it the price has gone up high, up to 90 percent and it would continue to rise. Corn is Inelastic good because no matter how high the price goes up people and companies need it for their products. Most everything we eat is made with corn, even animals eat corn before they are sold as a piece of meet in the super market.
The article I found is from New York Times "Service Cuts May Follow Merger of Airlines". This article connects to last weeks reading because we are talking about scarce, infinite or finite , which is unlimited goods and/or having limits. Its how many people are willing and able to pay it. This article didn't show scarce that much just their trying to, delta airlines and United airline too able to other extensive domestic and international service, a sharp contraction over the last decade. This article is credible because its from New York Times which is a nation wide and very trusted with their news and updates. Mergers should be good for costumer on airline is profit of scarce. "But while airline executives argue that mergers are good for passengers because they bring more service to more destinations, some economists, and consumers advocates warn that all this consolidations comes at a price for travelers". Airlines believe that if they combine their airlines that it would be more convenient for the consumer. Although it could be more expensive. "Those extra fees now account for a growing share of airline revenue and are a big reason behind the industries renewed profitability". These changes are what is making the airline more profitable. This all connects back to scarce because it's insufficient to satisfy the need or demand of the market and what's best for costumers.
ReplyDeleteIn the article of NY1 '' the raise of wages and creations of jobs'' the president barack obama want to raise the minimum wage for the workers because many people are working long hours only for $7.25 an hour. NY1 is a trusted news source. this wesbsite is part of a larger news and cable television channel. the president Barack Obama travel to support Asheville, N.C to support the idea of job- creation and economic proposals and also the raise of minimum wages from $7.25 to $ 9.Some people argue that their a low payments.The demand of workers is raising in a big amount each day , people work for $ 7.25 per hours which is not that much money to survive. President Barack Obama support the idea of new jobs - creation and the raise of wage for the minimum hourly wages from $ 7.25 to $ 9 by the end of 2015. This is a big effect to all workers in the U.S because now they could have more incone for themself.Due to this change more demand will grow by 2015 becauce the minimum wages are going to increase which means that more people are going to work more or might work extra hours.
ReplyDelete( Nadine Gomez 6 pd)
The article “Why We Should Care About America’s Fading Economic Freedom” by Antony Davies and James R. Harrigan relates to this week’s topic about economic justice. The article talks about the balance between America’s economic security, economic freedom, and why America is on the bottom of the list as the least freest country.
ReplyDeleteThis text is credible because it is published by the U.S News and World Report. The news magazine has been leading news and focuses on political, economic, health and education stores. It is also well known for its ranking system on American colleges, graduate schools, and hospitals.
According to the Fraser Institute’s Economic Freedom of the World Annual Report, America is ranked at 18th place as the least country. The institute measures the size of government, legal system, security of property rights, freedom of trade, and regulations of markets of nations around the world. America “now ranks below Hong Kong, Singapore, Canada, Chile…and 13 other nations.” based on economic freedom. America is not balancing economic justice when all the weights are on economic security. America is focused more on security than its promised liberty. Data shows that having more economic freedom benefits the nations. “Countries with more economic freedom have more gender equality and less income inequality.” Compared to the United States, one of the 50 least free nations, have a 42.5 percent of income inequality. While 50 of the most free states have a percentage of 35.8 income inequality. America is not going up to par with its economic justice when it’s focusing more on security than our freedom. “As strange as it may seem, the government that has been ‘protecting’ us has been the problem all along.”
This week we have discussed how supply and demand importantly depend and balance each other out. Depending on the demand the supply can either increase or decrease. Same as depending on the limited amount of supply the demand can either increase or decrease depending on how the consumers react to the goods. In the article "Water Scarcity a Bond Risk, Study Warns" Diana Henriquez discusses the risk the people are in because of the limited amount of water supply that has slowly been decreasing and at risk. As a result of the risk a limited water supply the investors may face a huge challenge which can cause their bonds to drop in value which means the supply is decreasing and that can affect the demand because more and more people will need water and will want more water if they know there is a limited supply left. Henriquez states "other parts of the southwest, dropped to its lowest point since it was first filled in the 1930s. And at one point during a drought in 2007, Atlanta’s main reservoir, Lake Lanier, held only a three-month supply of water". Here she discusses how the water supply has decreased and can affect the people because the supply of water. This connects to the reading we read in class because it discusses how in business supply and demand weigh each other out and depending on that can the individuals make money. In the reading we read in class Tj would use his men to deliver and risk themselves to sell and transport the drugs while he would stay home and yet still make most of the money. This is a great example of an inelastic good because water is an inelastic good we need it daily to get through our days in the reading the drugs are an inelastic good because those who are addicted to it crave it and have the urge to use them and they cant control it. This source is credible because it is from the New York Times it has quotes, dates and hyperlinks. Its always from a well known popular site which is depended on by many people. Water is an inelastic good in the article and it is at risk which is a great example of supply and demand. If the inelastic good is at risk then the demand will increase because the supply had decreased. Without water we wouldnt be able to live so the demand will get higher.
ReplyDeletehttp://bleacherreport.com/articles/1306580-new-york-yankees-nick-swisher-is-crazy-to-ask-for-jayson-werth-deal-in-fa
ReplyDeleteIn this article jump into the money world of sports to be specific, Major League Baseball. Many job workers complain that they are getting paid less than what they think they deserve such as in the class text in which JT's foot soldiers are upset because they aren't getting paid a lot while putting their own lives in danger. As we jump into the sports world of things this article states how a professional baseball that goes by the name of Nick Swisher believes that in his new 2013 Major League Contract, he should be paid $126 million for 7 years with the New York Yankees. This is ridiculous because he's not worth that much amount of money and years. Many believe and so do I that he's asking for too much when he's not worth that. Many players that have produced way more than him in the 2012 MLB season are getting paid under $1 million dollars such as Giancarlos Stanton & Mike Trout. Players that have also produced more than him in the 2012 MLB season were underpaid their whole career such as Josh Hamilton in which he was paid about $26 million in his 5-year stunt with the Texas Rangers. Also note Miguel Cabrera from the Detroit Tigers is making $152.3 million in just 8 years who has hit over .300 in 4 or 5 seasons wit the Tigers, hit over 30 home runs and driven over 100 rbis all in his career with the Tigers in which Nick Swisher wants a contract with a star like Cabrera when Swisher has never hit over .300, never hit over 100 rbis, and only hit over 30 home runs in one season, all in his 9-years of his MLB career. His demand for such money isn't right because teams would offer money when their demand for players such as Cabrera is very high. Just because someone "feels" like they should get more money, don't mean they deserve it because you have to work really hard and perform at your best. Whatever people are making wage wise is what it is and what they deserve for a reason.
The article “Average Drug Dealer Income: $24,000 A Year” by Knight-Ridder Newspapers explains how much money drug dealers earn a year. This data was taken from prisoners or drug dealers who have been asked. This article connects to our class reading “ Why Do Drug Dealers Still Live with Their Moms?” which demonstrated that drug dealers really don’t make enough money as the media makes it seem. The income earned is based on the job you do which is leaders or foot soldiers. The text I found is from The Chicago Tribune News is a major newspaper in Chicago, illinois The author the Knight-Ridder was an American media company, specializing in newspaper and Internet publishing. Until it was bought by The McClatchy Company on June 27, 2006, it was the second-largest newspaper publisher in the United States, with 32 daily newspapers sold. Its headquarters were located in San Jose, California.The Media portrays drug dealers as rich but in reality their making almost minimum wage salaries. According to Chicago Tribune “The researchers interviewed 186 adult men on probation and found two-thirds of them earned an average of $7 an hour on legitimate jobs and averaged $30 an hour as ``moonlighting`` drug dealers, working only when demand is highest.” Why would these people even risk their lives to sell drugs when they make under minimum wage pay. This job does not offer much incentives because you're not really moving up in position or earning more money than other foot soldiers. Yes, there are a lot of people willing and able to work for an specific wage rate which is an increase in supply. Similarly, according to “ Why Do Drug Dealers Still Live with Their Moms?” “... foot soldiers earned just about $3.30 an hour.” Why would a person risk their lives everyday, running from dangers just to get under minimum wage which would be illegal in the “real world”. If this is the wage that drug dealers are earning then why does the media make it seem like the only way to be rich is by selling drugs, but to sell drugs you need no specialized skills. A person with a degree and specialized skills would be earning more than that so why not promote going to college and becoming a professional instead of talking about how much money drug dealers have or they found in their homes.
ReplyDeleteRaymond Pina
ReplyDeleteIn Colorado with the recent approval of selling medical marijuana legally there is a huge growth of demand and not enough of an supply. Now there is entrepreneurs opening new shops selling medical marijuana and trying to meet the supply. In a CNN article called “ Colorado’s Green Rush: Medical marijuana” by Jim Spellman. In the article Spellman says that “ Every 49er in the country is making it for Denver to open a medical marijuana dispensary”. Referencing it to the gold rush in California they are calling it the green rush.
There is an instant connection between this and the terms we talk about in economics class.With a demand that is always been there, as well a new demand now that doctors can recommend to their patients if they have certain medical conditions such as spasms, migraines, epilepsy and Huntingtonís disease.This is a new market and many people are trying to get piece of the cake.Because a medical marijuana is a drug use for treatment and for some an addiction it makes it an inelastic good and some supporters saying it can become beneficial for local government in Denver because it can become taxable and improve revenue need in this bad economy.
This source is credible because it is coming from CNN. A well known well recognized and considered one of the leaders of news media.Unfortunately there is no bio about the author but I;ve check out other pieces he wrote about and i figured out he is a reporter for CNN and Turner broadcasting in Denver,CO.
http://articles.cnn.com/2009-12-14/us/colorado.medical.marijuana_1_medical-marijuana-dispensaries-supply-and-demand?_s=PM:US
The article “Saturday Mail Near End” by Eric Morath, emphasizes on the U.S Postal Office announcement that it would end Saturday mail delivery starting August 5. The Post office has recently lost about $ 16 billion in the recent year, therefore it goes with will cut Saturday service for letters to “achieve $2 billion in annual savings”(Morath). All this is a good example of a market because with newer inventions in technologies, for example emailing people for IM's there is suck a low demand in all postal services in the world. Over the years "50 billion pieces of stamped mail were delivered from the agency", where now in the present only about "21 billion pieces were delivered." This means that the percentage is high and a decreases in time. This is an example of scarcity because there is a infinite amount of wants to this, but there are so little amount of resources to make this happen. Therefore the post office is becoming much more elastic in the years and also have been being substituted with instant messaging devices.
ReplyDeleteEven though our computers and cellphones have email capabilities, they are recently a greater part of our social lives,this means that the use of the post office to get messages is not being known that well. This source is credible because it was published by the Wall Street Journal. This automatically means that this news letter organization has many finances that are recently specialized. Now in this recent year, the demand is currently low in all postal services, this means that all postal offices should have a decrease in their supply in order to make decent changes that would benefit the community and who are willing and able to pay it's price to send certified mail to other places. As stated in the text Donahoe states "when revenue drop you have to make the right changes, which means that you can't run away." This all means that there is a big change in the demand, which also means that the supply should change as well in order to make the equilibrium price more affordable. This makes the post offices make profit out of this. Therefore all post offices are generally being forced to make dramatic changes to make everything fit based on the newer demands on basic delivery.
The article I found which is relevant to this weeks focus on supply and demand was Julie Satow's artice "Reins Easing on New York Construction Loans". This article relates to supply and demand for various resaons. For instance in the aticle Satow writes, "With more lenders looking to make construction loans, the types of properties they are willing to finance have expanded. Hotel development, for example, is typically considered a riskier property type but is nonetheless being financed at a fast clip." What SAtow is trying to prove here is that, since the demand for consturction for new buildings is increasing, the supply for the materials such as resources have to be manufactored. However in Satow's article New York developers have to grant loans in order to produce these resources. Julie Satow's article is credible becuase it was published by the New York Times. The New York Times is a well known new print organization known worldwide. It dates back to the early 19th century. According to the aricle and some genral knowledge on this situation, if the demand for the construction of new building are increasing, than construction companies should manufacture their own materials in order to build the buildings and save more money. If these construction companies would manufacture their own equipment and materials than they would sace more money and have a safer budget on spending for other things. If this plan was to be sought out than production for the construction would go quicker, meaning that buildings would be created at a faster rate.
ReplyDeletehttp://www.nydailynews.com/life-style/eats/restaurant-review-old-homestead-steakhouse-article-1.1262150
ReplyDeleteThe Article that i found this week is called “Restaurant review: Old Homestead Steakhouse, where the e meat can be great, but the sides and service are lacking”. It talks about how The Old Homestead Steakhouse has been the best steak house so far in New York City. But their services have been really bad and they have exaggerated their prices of their steaks.
This Text connects to one of the topics in class called price in elasticity. which is when the price of the demand changes, but the demand remains the same. This is related to the topic because many residents of the city who have experience with steakhouse dining, feel that they many of them have become bad steakhouses and they have no other steak house to turn but Old Homestead Steakhouse.
“Somewhere along the line, meals at many of this city’s venerable steakhouses evolved into a Faustian bargain. Customers willingly subject themselves to gruff, often indifferent service and eye-popping bills, but in exchange for coma-inducing portions of mouth-watering beef and its heart-clogging accompaniments.” basically Since of the steakhouse in New York City started having bad service the only one with good service which was Old homestead remained , so the the demand for steak had increased, their could have been a huge possibility that there is a limited supply of Steak at Homestead which results for reasoning of increasing the price of the demand, but residents at the end of the day still pay the price to have a delicious steak dinner.
This text is credible because it started from a large Newspaper business that is the United States 4th most read news article. It ranges diverse topics on articles from crimes to food, to the scandals of most famous celebrities. It also informs in world crimes that are happening.
This week I read the article “Apple updates, drops price of MacBook Pro models” by Hayley Tsukayama. This article talks about apple products becoming less expensive. They are being cut down 200$ from the original price. A MacBook laptop and other Apple products are examples of natural good. A natural good is a product that’s more consume as the individuals income increases. The author also talks about how the apple company predicts that the laptops going down on price could “eat into each others’ sales” with other products. This shows a clear problem of scarcity in the same company. This shows scarcity because there are infinite wants and finite resources. The customers would have to choose from buying a new MacBook pro, an IPad or an Ipad mini. They won’t be able to buy all 3 of them. This text I found is credible because it was published from a well known news source. The Washington post has been publishing since 1933. The Washington post also publishes news from all over the world and from multiple fields such as economics, technology and sports. The author Hayley Tsukayama is credible because she’s been working with the Washington post since 2010; she also has master degree in journalism. In her job as a journalist she writes multiple articles in the section of technology for the Washington post. This production of the ipad mini and other apple products that have similar functions to the MacBook pro create a lower demand. Creating a lower demand is what obviously created the prices to go down, because apple still wants to sell their Macbook laptops even with all their other products being on the market. This is a clear example of cause and effect. This shows cause and effect because the demand for the Macbook pros has gone down because of the new release of the ipad and the ipad mini. In economics when the demand of a product decreases and the supply stays the same the value tends to drop. In other products different companies that produce similar products compete with their prices they put on their products because they want to attract customers to purchase their products instead of their competition. In this case apple could be creating competition within their own company because they want to bring the value of their Macbook pro down so the customers will still buy them.
ReplyDeletehttp://www.huffingtonpost.com/2013/02/14/obama-minimum-wage-republicans_n_2680397.html
ReplyDeleteThe following article named, “Why Obama’s Minimum Wage Plan Really Worried the GOP and Business Lobby” by Dave Jamieson is connecting to last week’s reading, which was “Why Do Drug Dealers Still Live with Their Moms?” because both pieces of literature describe the idea of having an offer that every individual would like, but there will be finite possibilities into giving these types of opportunities to them. This chosen article is credible because it’s from the Huffington Post and the article has its own hyperlink to the author’s information. Specifically, the author is Huffington Post’s workplace reporter and he has written a book called Mint Condition: How Baseball Cards Became an American Obsession. The author also has an e-mail which can be used for any questions or concerns that any individual may have and can feel free to contact him via e-mail. Based on this article, Jamieson is arguing how the proposal of increasing the minimum wage from $7.25 to $9.00 might affect the workers in a positive way, but more importantly, it will definitely affect the workers in various negative ways. In other words, the proposal made by Obama is not that much of a great idea because it will harshly affect the workers in an unhappy way.
Increasing the amount of the minimum wage can affect the employers negatively, especially the ones who would be looking for jobs. If Obama’s proposal would be considered as a law any time soon, workers’ paychecks will be increasing, but it wouldn't look too good for the businesses, especially the small ones. The more money employers receive, the less chance the managers will be able to pay the workers because usually there is a certain amount of money per hour that is need to be paid to employers. This leads to having fewer employers actually having a job and more of the unemployment occurring around the city. For example, John Boehner states the following, “At a time when Americans are still asking the question, ‘Where are the jobs?’ why would we want to make it harder for small employers to hire people?" In other words, Boehner emphasizes the idea that instead of benefiting families who have members that currently work, Obama’s proposal is actually affecting the individuals who currently doesn't have a job. Meaning that this is not what people are looking for, managers are looking to encourage more people in working. Although if this proposal turns into a law, it wouldn't look too good for the businesses, who are looking for employers that are willing and able to work.
The article I found was “When Cheap Foreign Labor Gets Less Cheap” by the New York Times and this article relates to conspicuous consumption because the companies are making in more profit by replacing workers with advanced technology. This source is credible because its from a well known news organization named The New York Times which was founded in 1841 and is one of Americas most popular newspaper. The author, Catherine Rampell has served as the founding editor of the Economix blog on the New York Times and has been awarded with an award from the society Editors and Writers. She is also a graduate from Princeton University. “As more robots are built, largely by other robots, “assembly can be done as well as anywhere else.” The company is spending more money on advanced technology and are cutting off workers that are needed from production anymore because the advanced technology produces the product quicker and faster. The effect of this will be that the companies are going to make more profit because they won't have to pay as many workers anymore. It will also have an impact on the present workers in the factory. The article also talks about how in other foreign countries like for example, Taiwan where American workers get paid 4 times as much and also get payed 20 times more than those in the Philippines. I also believe that cutting more workers for cheaper labor will bring in more profit because its less money that they are paying for a larget supply or workers.
ReplyDeleteThe text I found “Canada Post Lockout: Why the Need for Intervention” describes the most recent strikes of the Canada Post workers which lasted 14 days. The workers are only rallying in order to obtain the most money they can before the Canada Post is closed or it becomes private owned and they lose many of their benefits. They start at 18 dollars an hour with an increase of 26 dollars an hour down the line, 7 weeks of vacation time and a pension. Also since they get sick days that can be accumulated and get compensated for not using them, this is the reason the strikes have happened.
ReplyDeleteThe Canada Post workers have severely over estimated their value on the market. The only skills needed in order to perform the job are only basic literacy skills and understand the most basic of math concepts. These workers have only basic skills not any specialized skill that should be the reason they earn such high wages and rep such ludicrous benefits. There are many people with these skills providing an ample supply of workers that can work Canada Post. Not only this but there are competitors which are more successful such as FedEx and UPS which is decreasing the demand for Canada Post. With the digitization of date in the 21st century fewer things are mailed and are instead done electronically or emailed, such as checks which can be set up in such a way that they deposit directly into your bank account without the need of mail. Large supply of workers and a decreasing demand for the service should be enough reason to cut wages or benefits without the workers dissent. With a 7% unemployment rate in Canada reducing the benefits of the cashing in unused sick days versus the possibility of losing a job with an income of 37,440 a year protesting against this is preposterous. These workers have no specialized skills, there’s a large supply of workers willing and able to work for the company. By all logic these workers should be working for minimum wage not by almost double or for more than 7 dollars an hour that, Canada provinces choose how low minimum wage should be not the federal government so they differ. The market value of these workers is low but they are overly paid.
The text is credible since it the author Keith Beardsley has been active in the political aspects of Canada and since the Canada Post is government owned gives him credibility. He was a senior advisor to the Canadian Prime Minister for several years and focused on issues. He is often asked to guest in radio and television shows. Publishing incorrect information or using flawed reasoning would destroy his career.
http://www.huffingtonpost.ca/keith-beardsley/canada-post-strike_b_882862.html
The article “New Air Jordan Shoes Cause Shopping Frenzy In Seattle, Across U.S” by Doug Esser from the Edmonton Journal website is about the Air Jordan Sneaker and how the demand for the sneaker is so high that it is causing frenzies around the united states everytime a new Sneaker from the company Jordan drops. Recently in economics class we have gone over a lot of terms but the term Inelastic good interest me because it is a good that no matter the price that the company sets the good or product being sold the consumer will always buy it. It is clear that the Air Jordan sneakers are Inelastic goods to its consumers because not only will they pay almost any price for the product but are also willing to risk their lives in riots waiting on line. This is shown when it says “Around 3 (a.m.) there started to be some fighting and pushing among the customers” The article i found is from a credible source because Edmonton Journal has been around 1903 and for a company to survive as much in the industry , being a fraud would not be a option.
ReplyDelete-Garmandy Candelario
http://www.edmontonjournal.com/about-edmonton-journal/aboutus.html
Last week we learned about supply and demand , supply is the numbers of workers willing an able to work and demand is a finite amount of workers doing that job like they have a specialized skill. We also learned about the difference between elastic and inelastic, elastic is the change in demand to change in price and inelastic is consumers willing and able to pay for that product right there and is necessary to them. The article I picked is called “Consumers Watchdog to issue Mortgage Rules”. I picked this article because I feel that it shows the idea of supply and demand. I think it follows the idea of supply an demand because “New loans can be considered to be a “qualified loan” even if the borrower has a payment-to-income ratio of more than 43 percent as long as the loan is eligible for purchase or guaranteed” showing us that the demand for getting loans is going to increase because only some people are going to be able to get loans because they are able to pay it back later on. This text connects to the other text because is only some people that can have a job like J.T because he is special and the demand for him is high. This article is credible because is coming from the New York Times and they won’t lie because it is a well known company that produce many different articles and is coming from Edward Wyatt. Edward Wyatt is a credible source because he has his bachelor degree of art in english and attended Stanford University. This is the right thing to do if the demand for something is high it should only be for the people who have the specialized skills and are willing and able to afford something thats at a high price.For example is better than having somebody that doesn’t know what there doing with a finite job because is going to mess up everything. Most consumer know that if prices on products are going up then its going to be more finite to afford because they either have a low income or they not willing and able to buy it. The consumer for example in the article willing and able to pay the loans are the most likely to get what they want. evidence shown “making loans with balloon payments and from making loans that load a borrower with total payments exceeding 43 percent of income.” shows us that its increasing over time.
ReplyDeleteThis comment has been removed by the author.
ReplyDeletehttp://abcnews.go.com/Business/wireStory/oil-extends-gains-opec-lifts-demand-forecast-18486826
DeleteOil Rise Capped by Varying Demand Estimates by Pamela Sampson is related to what we been learning in Economics so far in past weeks topic which is supply and demand. Showing how high of a demand Oil is in our “modern” society this alone leads to the fluctuation in its prices around the world and due to its high demand it has nations with a tight grasp manipulating economies .
This article was published by ABC a trusted news source, founded in 1948 and provides Americans up to date news through major media platforms such as television, internet,radio and even portable devices.Pamela Sampson is an AP (Associated Press) Business Writer who works for a non profit organization. AP was founded in 1846 in New york city during the Mexican American war.
“The price of oil rose Thursday, but gains were limited by conflicting estimates for crude demand for 2013.” This is a troubling trend that has been accordingly in recent year. The oil industry is clearly and always been a monopoly. There are no other replacements, yes there is solar energy and wind energy but they aren't as efficient or cheap as crude oil. The only competition that the oil industry creates is competition within nations on, who is willing and able to pay the most for it. Making oil an inelastic good no matter how high a gallon of oil is individuals will always be willing to buy it due to its enormous necessity worldwide. The only way to lose dependency on oil is by making solar, wind technology more affordable by doing so this will also allow for a cleaner earth for our future.
The article I have found comes from the New York Times called, “Commander of Apps, except the one for guilt”. It relates to this weeks topic because it mentions a lot of examples using the key words of supply and demand. The main idea is mention at the beginning but after the first 5 paragraphs it changes to a different topic. It also mentions the factors of price elasticity. Like the degree of necessity and proportion of the purchase budget. The items she mentions aren’t all inelastic but as well elastic.
ReplyDeleteThis article is credible because comes from a nation wide news organization, New York Times. New York Times are known to have the best-updated news sources in the state. The author of the article name is Jenna Wortham and she is known to write an article that describes a person’s point of view using some sort of technology. Her strengths are in technology and culture reports. She describes people who are in business and what are their ideas or way of thinking by using some sort of technology. She has work with New York Times since 2008 and she maintains her position.
Apple is a great example of what the author, Jenna Wortham, is trying to say. She mentions two apps that she has mentioned in her article. She mentions those two apps has a necessity because she describes that the person who bought the apps was in need of a taxi and she bought an app called, Lyft. Since technology is evolving quickly people are stating to use it more than ever before. This is an advantage that many companies like apple is taking advantage. Since the demand is high for useful apps like Lift, it won’t only increase the number of demands but as well the number of supplies. The number of demand is coming for the people who are willing and able to pay for it. But the supply would increase because their would be other versions of the original but maybe it would contain better features and would lead to decrease of the original prices but if there’s a better app then that app would get rise the price because the demand would be high. The app is also a normal good because the author mentions that the user downloaded the app immediately because she need it. But it’s a normal good because the demand is high but for the people who have a high income.
http://topics.nytimes.com/top/news/business/energy-environment/oil-petroleum-and-gasoline/index.html
ReplyDeleteMy article on oil price change relates to this weeks topic of normal good. As described in the article a strong economy tends to increase the demand for oil while a weak one tends to drive it away. A normal good means that when income increases, demand increases and when income decreases, demand decreases. If a strong economic nation increases its demand for oil it also leads to an increase in the price of the product because due to its finite supply and increase in demand it will eliminate those who can't afford at the high price like an auction; where the lowest bidder doesn’t get anything.
My article is credible because it contains graphical information about oil price change and references specific events that I know have happen and are still ongoing like the United States and Iran conflict. The article is also taken from a well know news source the New York Times which is known for not only its credible articles but responsibility that the information is never tampered and only New York Times employees have access to it.
Based on this article and terms acquired this week in class, I would argue that due to and advancement in innovation which has led to new forms of energy and daily progression in this field, it will eventually lead to a dramatic decrease in the demand for oil. The finite resource will become more and more elastic due to the increase in substitutes, that demand will drop and also decreasing the price of oil due to the decrease in necessity. Looking at this in the labor market, if the price of oil drops the amount of workers willing able will also decrease since they don't want to work at such a low wage. Looking at the demand of the labor force, many employers will be wanting to hire workers at such a low wage given there is a high demand of the product, but since substitutes are available and demand for oil has dropped meaning they would have to lower their prices and wages it wouldn't be any different if the demand for oil was high and the employers had to pay a higher wage for the workers. The percent of profit earned would be the same but the scale of it would be different.
Last week we read " why do drug dealers live with there mothers" talking about how the demand of being a drug dealer is high because of how easy a person can be replace but with the drug lord it not that easy do to the skill set that the drug lord has so it really hard to replace a drug lord but for a drug dealer it's easy .it is also show in other types of businesses as well it harder to remove the CEO but easy to remove a average worker. I have found an article that can relate to this packet from the Washington times talking about why do CEO's get paid twice as more as a average worker and how much has it changed over the years . This article is credible because it's from the Washington post which is a powerful news company that a lot of people read everyday written buy Jena McGregor a column for the Washington Post’s On Leadership section. In this article it shows that the amount of money that the CEO gain is getting higher then the average worker, do to how low the demand of becoming CEO is getting Lower so they try to keep the CEO happy by raising his price but for the average work do to the high demands for the job so there price can go down because they can get another person to do there job for less which is a problem/solution because they can get rid of anyone to get a new worker
ReplyDeletehttp://washingtonpost.com/blogs/post-leadership/post/crazy-data-point-of-the-day-how-much-ceo-vs-worker-pay-has-grown/2012/05/11/gIQArUISIU_blog.html