Thermostat is a good marketing device of knowledge. Centralized knowledge is good but uncentralized knowledge can be useful as well depending on how it is used. How prices can be signals to adjust to clear the market, depending if the price rices or falls depending on how people actually get it.
There is more than just things on the shelves;
Expectations are rapidly changing knowing in my life that these things shall always be on the shelves.
Titanium market;
20 million pounds of titanium, process if the prices were higher from 20 dollars per ton to 30 dollars a ton, then customers that use titanium would want to buy less, but how much less? It depends on how easy it is to do without titanium. Are there any good substitutes?
Wood or thin headed clubs that work wells, but it all depends on how etiquette it would be for all of it. What about digging tons of titanium? Depends on how expensive it will be to get the titanium from the ground. The shape of the supply curve changes from how it is being dug from the ground.
Demand curve will be flat if there is a change in the supply curve. If a price is at 25, then it would not be sustained because there would be a surplus and it would be brought down to 20. Suppose, Titanium can allow them to run on higher speed with a less frequency noise from passengers. Instead of it being 10 it would change to 20 millions.
Economic problem; there is not enough titanium to go around. Quantity demand would go from 16 and 10, which is a shortage. Identity the potential parties and work some type of solution. How do these things get solved? Higher a titanium Zared? What would they ahve to know to solve the type of problems?
LOTS OF STUFF THEY DID NOT KNOW IN A MILLION LIFETIMES. To solve this problem, answer the question, how much is the extra cost to get titanium? how to fill the paperwork? Labor costs? Environmental damage? First ton would happen, how would it change for the second ton? How do you store it all? It's very difficult.
Cut back as the demand curve when someone else changes in the market. New entrances come into the market, the demand curve is still the same for the consumer. The market price changes from 20 to 25, the quantity demand will be reduced by 8, so the change in quantity is equal to 2. The price is higher, so would allow others to find more units of titanium and how many producers respond to the change.How do engineers respond to it? At the intial price, they wanted 6, but they don't get it all, so they know that they will get 4 units. So the quantity change from 2 to 4, is then 2. Adding them up will be 6. 6 billion pounds are fitted away. Both came about when the prices changes. At 6 and 20, now 5 at 25 when it changes. (review video from Nov. 24th, 2011 for further information).
Saturday, November 26, 2011
Euvolutionary Exchange (November 25th, 2011)
The Duke should have never allowed the lottery system to pass if they would have gotten angry by students exchanging money. They should have just kept the monetary system in the beginning since it has been working for student dorming since they couldn't allow the system to work. The Duke should have also allowed for it to continue to happen because they know that people are subjective to where they would like to live on campus sometimes. Then and there, that is when the students worked together in order to fix on their goals to where they would like to live on campus.
EWOT - "The Bank Account Merchant"
Today as I was buying a winter coat, I noticed something very odd. When the website I purchased my item from, it gave me an error. Not only did it inform me of this error, it proceeded to take money from my bank account as if the purchase was completed. I proceeded to talk to customer service and my bank account and both can agree that the "merchant" has yet to review the transaction and remove it from the history of my bank account. But this as many things in life, take a couple of business days for it to happen. By waiting however, one loses the flavor of even trying to buying online because they end up losing the money from their bank account to use for other things such as buy groceries. I could understand that without this transaction, the store can easily take more from my bank account than I permit them to get however the way they allow the card transaction first without completely knowing if it would give shoppers an error. Will I continue to buy online however? Yes I will because moving from my buzzem to get to a store is much more of a cost than having my order sent to my door with just a click away.
Surplus and Shortage; Supply and Demand (November 21st, 2011)
Supply and Demand curve in the market of acoustics:
Quantity of demand = Quantity of supply
Demand captures willingness and ability to pay.
This is where it is coordinated and how people's behaviors will to change when the prices changes.
Two questions:
How does each half of the market respond?
They want the price to be high, they can try to slowly meet the demand. Given the price, they would not change the behavior.
At p= $900, quantity supply > quantity demand, by 400 sales.
When quantity supply exceeds the quantity demand does not expect the surplus, it only does at a specific price.
Quantity demand is higher, quantity price is lowered. Sellers benefit from it and buyers do not.
At $300, quantity demand > quantity supply by 400 guitars. The equilibrium point is the middle point of supply and demand.
When prices are increasing, shortages are being eliminated. Low prices can be relatively unscarse. Scarcity is the relative abundance of a good.
Two types of equilibrium:
If wood falls, supply will shift.
If electric guitars increase, demand will shift.
Quantity of demand = Quantity of supply
Demand captures willingness and ability to pay.
This is where it is coordinated and how people's behaviors will to change when the prices changes.
Two questions:
How does each half of the market respond?
- Buyers and Sellers
- Buyers and Sellers
They want the price to be high, they can try to slowly meet the demand. Given the price, they would not change the behavior.
At p= $900, quantity supply > quantity demand, by 400 sales.
When quantity supply exceeds the quantity demand does not expect the surplus, it only does at a specific price.
Quantity demand is higher, quantity price is lowered. Sellers benefit from it and buyers do not.
At $300, quantity demand > quantity supply by 400 guitars. The equilibrium point is the middle point of supply and demand.
When prices are increasing, shortages are being eliminated. Low prices can be relatively unscarse. Scarcity is the relative abundance of a good.
Two types of equilibrium:
If wood falls, supply will shift.
If electric guitars increase, demand will shift.
Sunday, November 20, 2011
Pictures and their Significant meaning (November 18th, 2011)
The first image could be described as a way for Americans to not spend products if they are going to be wasteful. This is actually something that I disagree with because whatever it bought in the market will always benefit the economy. But in the poster it is almost saying that if you run with buying items to be wasteful than your only helping the enemy because they're are being less wasteful and using that to benefit their production and economy. The enemy perhaps was discussing the Soviet Union.
The second image describes a poster demonstrating to society should not buy cars because they would be riding with Hitler. It decreases the demand for cars and demonstrates that they would rather not have so many people using cars at the money where they could all share passenger seats. This could also be due to the supply of the cars in the United States.
The last one is pretty simple. It basically tells others to be honest to one another and try to depend themselves as reliable sources.
The second image describes a poster demonstrating to society should not buy cars because they would be riding with Hitler. It decreases the demand for cars and demonstrates that they would rather not have so many people using cars at the money where they could all share passenger seats. This could also be due to the supply of the cars in the United States.
The last one is pretty simple. It basically tells others to be honest to one another and try to depend themselves as reliable sources.
Rationizing under the Price System ( November 18th, 2011)
- How does it channel competition?
- Destructive
- Market economy to give goods to people. There would have been no advantage from the producers to the apples.
- Rights cannot because duties and strive as someone you don't want to be.
- Once a universal bureaucracy, you cannot understand how it will impact providers. If people want more, how will you bring "more" to everyone.
- Provide the care? No, the opposite. No investments on diagnostics and medical beds based upon that. Figured out to find the supply as there is an increase ind demand.
- Right on ration, you allow people to do what they would possibly do to obtain a good.
- You don't have to ask in order for people to run on incentives.
- There is no vaccine policeman; we can allocate our resources ourselves.
- Moral succession does not work in society. Cheating on his exam to take the exam earlier to give it to another is to have the opportunity to get an A. Big mistake.
- Reallocation of the resources; without the price system, there is no way (signal) to demonstrate how to know who needs the water more than anyone else.
- Low demand where Ive live, high demand elsewhere to get them to gain from transaction.
- Somebody else values it more than now than before, morally bankrupt idea.
- Banning kidneys, black market is 100,000 more.
- What should determine who gets that is the safety net institutions.
- Rich and poor are no alike
- Inequality is greater today than WW1
- Is it possible to make health care independent?
- Is it always desirable?
- Why do people insit on talking about it?
- Rationalizing mechanisms and the advantages people retain when done to a price system?
Exchanges the transaction
Leizure and the time lost
The double coincidence of wants
1/10th of a Guitar for a concert ticket.
Supply Rationing Criteria (November 16th, 2011)
Supply Rationing Criteria is what businesses can chargewhat other people value. Five fishes for 12 people.
The Higher the line, the higher the price
Evaluating the Rationing Mechanisms:
1) Where competition came from = scarcity. The compeititon is not in capitalism or communism.
2) Nature of competition and the destructive effort hasn't improved society from zero-sum
The constructive effort of price to produce and improve society. Still having the money if you lose and it is at a lot richer place.
What are incentives for producers to make delivery more valuable?
- Needs- Appeals instinctively but very vague because it has a who and a why.
- Queue - first come first served. Still costly with lines.
- The Lottery- Is it fair? It is easy to rig and may or may not get it.
- Equal Shoves - Pure communism at a low cost or straight forward
- Might makes Right - Fight and medical costs and planning is hard
- Merit- deserves them for beauty, smart, and difficulty on accident.
The Higher the line, the higher the price
Evaluating the Rationing Mechanisms:
1) Where competition came from = scarcity. The compeititon is not in capitalism or communism.
2) Nature of competition and the destructive effort hasn't improved society from zero-sum
The constructive effort of price to produce and improve society. Still having the money if you lose and it is at a lot richer place.
What are incentives for producers to make delivery more valuable?
Supply (November 14th, 2011)
Supply Schedule depends on
Marginal Cost vs. Average Cost
Supply vs. Quantity Supplied (Drawn Graphs)
Why is it curved up? It cost more to make more, which is the Law of Supply. The law of supply is not true since it has diminishing return production and spending resources.
Markets increase, capital prices increases to produce burritos.
Supply is a relationship, not a number. Particular part on the curve and it has a marginal oppurtunity cost.
Total cost is Marginal Cost 1 + Marginal Cost 2, which equals the total cost.
The total revenue is price times quantity.
Producer surplus is total revenue minus total cost, which makes profit!
Diminishing returns production
Second one counts more than the first one.
Impacts on the supply shift.
Any change in factor prices. (rent falls and it is cheaper to produce.)
Expectations matters more for the producers than consumers.
Any improvement in technology will increase the prices for producers but decrease them for consumers. If everyone is selling Pizza, instead of selling burritos. Sell pizza since it's compositional. The supply curve shifts.
n is equal to percent change in quantity supplied over the percent change of price on the good.
Market demand and market supply
Flatter or elastic
Easier to aggro supply curve. Sellers they always ask the average cost versus marginal cost to calculator price for burritos.
Prices are how we ration goods in the economy.
- Marginnal Cost
- Total Cost
- Total Revenues
- Producer Surplus (Profits)
Marginal Cost vs. Average Cost
Supply vs. Quantity Supplied (Drawn Graphs)
Why is it curved up? It cost more to make more, which is the Law of Supply. The law of supply is not true since it has diminishing return production and spending resources.
Markets increase, capital prices increases to produce burritos.
Supply is a relationship, not a number. Particular part on the curve and it has a marginal oppurtunity cost.
Total cost is Marginal Cost 1 + Marginal Cost 2, which equals the total cost.
The total revenue is price times quantity.
Producer surplus is total revenue minus total cost, which makes profit!
Diminishing returns production
Second one counts more than the first one.
Impacts on the supply shift.
Any change in factor prices. (rent falls and it is cheaper to produce.)
Expectations matters more for the producers than consumers.
Any improvement in technology will increase the prices for producers but decrease them for consumers. If everyone is selling Pizza, instead of selling burritos. Sell pizza since it's compositional. The supply curve shifts.
n is equal to percent change in quantity supplied over the percent change of price on the good.
Market demand and market supply
Flatter or elastic
Easier to aggro supply curve. Sellers they always ask the average cost versus marginal cost to calculator price for burritos.
Prices are how we ration goods in the economy.
Monday, November 14, 2011
EWOT: A Deconstruction of Communication and Dishonesty
Ever since I entered this school, I knew that it would be in my interest to make as many friends as possible. From there on, it evolved to meeting many of my colleagues as possible. And now, it's an improved filter by meeting acquaintances who are trying to reach the common goal; get an outstanding GPA for Graduate School. These transitions did not morph overnight. Universities have becomes the students deconstruction of reality. What I'm trying to mention is that subtly, I believe people do not notice how much of an impact each one of us has on each other by communication.
Without communication, the goal of approaching an A in economics would be discrete. I don't want to beat a dead horse by saying this but the dishonesty for the exams is a prime example that has not escaped my mind. By cheating on the exam, one disrupts his communication with everyone and takes it upon himself to anchor the class into a pile driver. Not only do we miss a class of recitation but we all placed under suspicion for cheating which can be counter intuitive with learning Economics 108. Just as Professor Rizzo said in one of his earlier lectures," self sufficiency shall only be your prime downfall to poverty." Except in this case there would be a sticky note on top of that quote saying, "unless you are a group of students who are pursuing the common goal of acing Rizzo's Economics class."
Without communication, the goal of approaching an A in economics would be discrete. I don't want to beat a dead horse by saying this but the dishonesty for the exams is a prime example that has not escaped my mind. By cheating on the exam, one disrupts his communication with everyone and takes it upon himself to anchor the class into a pile driver. Not only do we miss a class of recitation but we all placed under suspicion for cheating which can be counter intuitive with learning Economics 108. Just as Professor Rizzo said in one of his earlier lectures," self sufficiency shall only be your prime downfall to poverty." Except in this case there would be a sticky note on top of that quote saying, "unless you are a group of students who are pursuing the common goal of acing Rizzo's Economics class."
Friday, November 11, 2011
The Perfectly Inelastic Unicorn ( November 11, 2011)
Are there any substitutes at all for diabetes? For certain cases, better diet and better workout is the perfect substitution or prayer. Regardless of the price, you are going to buy it. The ability to want and get it is demand.
Are you going to stock up if you have the chance to be getting diabetes? At one point, yes, so demand curves will not go up and down. The inelastic curve is the same as the unicorn, if it is a myth. People are willing to spend on the market for health care.
The method of distribution and splitting the check, we would spend more on health care and have less on it in the USA. We do everything and everything for health care. Well no, if we are desperate then we would go on a high diet. There is a substitute for everything.
Income elasticity of demand:
% change in Quality Demand/ Change in Income
Normal when >0 and inferior when <0, how much my consumption changes when my income changes.
Income and Consumption vs. Prices and Consumption
Cross-Price Elasticity of Burritos and Pizza
When prices goes up, burritos goes up, pizza goes up
Subsitutes vs. complements
A small change in supply. Supply of Japanese swords increase after advertisement. If you are going to make something, then others will want it. So supply is part of the price. More likely to ride the bus than airplanes. Rizzo values his time more so the time cost is the oppurtunity cost of planes vs. the buses.
Whare are costs?
They are actions; they are tired to an action, not a thing.
To whom; Who is hearing the tradeoff?
Why does it cost more for a bicycle thana a picnic table?
Prices going to the bicycle is due to the employee is highly valued to the one that makes the picnic table.
Cutting grass by hand might be cheaper than using sheers or a lawn mower. To manufacturing the bike is cheap but the metal can be built somewhere else.
The people will have augmentations since they can be talented in such jobs.
Concepts for Supply Curves: Cost + Supply
Quantity Supplied: Amount of a good firms are willing to produce at a particular price.
Law of Supply: When the prices of a good rises, the seller of a good will make more.
Are you going to stock up if you have the chance to be getting diabetes? At one point, yes, so demand curves will not go up and down. The inelastic curve is the same as the unicorn, if it is a myth. People are willing to spend on the market for health care.
The method of distribution and splitting the check, we would spend more on health care and have less on it in the USA. We do everything and everything for health care. Well no, if we are desperate then we would go on a high diet. There is a substitute for everything.
Income elasticity of demand:
% change in Quality Demand/ Change in Income
Normal when >0 and inferior when <0, how much my consumption changes when my income changes.
Income and Consumption vs. Prices and Consumption
Cross-Price Elasticity of Burritos and Pizza
When prices goes up, burritos goes up, pizza goes up
Subsitutes vs. complements
A small change in supply. Supply of Japanese swords increase after advertisement. If you are going to make something, then others will want it. So supply is part of the price. More likely to ride the bus than airplanes. Rizzo values his time more so the time cost is the oppurtunity cost of planes vs. the buses.
Whare are costs?
They are actions; they are tired to an action, not a thing.
To whom; Who is hearing the tradeoff?
Why does it cost more for a bicycle thana a picnic table?
Prices going to the bicycle is due to the employee is highly valued to the one that makes the picnic table.
Cutting grass by hand might be cheaper than using sheers or a lawn mower. To manufacturing the bike is cheap but the metal can be built somewhere else.
The people will have augmentations since they can be talented in such jobs.
Concepts for Supply Curves: Cost + Supply
Quantity Supplied: Amount of a good firms are willing to produce at a particular price.
Law of Supply: When the prices of a good rises, the seller of a good will make more.
The Theory in Leizure Class ( November 8th, 2011)
The reading discussed the perspectives of two different types of classes, one that was superior and the other was inferior. The inferior class saw the opportunity to work as a way to be happy to have an income come to his family and a privilege to be doing something with his life rather than being a wasted life entity. The other one sees that if you work under someone, it almost seems like your almost being a slave to them. They have to act to everything that they ask for without a sense of an option because it is the only way they could retain money from working there. It is almost as if they have no freedom in the work that they are stationed. But I mean that can also be a good thing. As mentioned in the book, it can also be that if you work under someone and something happens where you were defective when checking products or doing your job in general, the company suffers from it not you specifically.
The other part of the article discussed how you have a lot of money you are not seen as a rich person because your not spending the money or using it at any expenditure. Unless you buy things with the money that you gain there is no reason to call anyone rich because they are only saving their money, not displaying it or flaunting it.
The other part of the article discussed how you have a lot of money you are not seen as a rich person because your not spending the money or using it at any expenditure. Unless you buy things with the money that you gain there is no reason to call anyone rich because they are only saving their money, not displaying it or flaunting it.
EWOT: MLG and the Middle Man (November 8th, 2011)
MLG is an abbreviation for Major League Gaming, (yes I know, "very geeky"). Aside from the obvious, it has become a strong phenomena around the world, most including China, Japan, Korea, and the United States. People all around the world come to play together for a prize pool. MLG in general is a advertisement for people to come and participate in events that would allow sellers, or gaming companies to sponsor for events such as these. MLG and it's location is the middleman throughout all transactions since it brings buyers or gamers with specialized desires or talents for these games and brings them together with sellers. This phenomena as I said before is growing and until today did I realize how well it is for the Economy. This is their job so their amount of labor is actually put into playing a video game that can be mind blowing boring but it will earn them money for winning or even participating in the events. This is a innovation with technology since before there wasn't anything of this sort until MLG got introduced in 2002 by having players play a combat shooting game among one another to see who would come on top as the better fighter. Anyways, I know this was a probably a geeky EWOT but none the less it is a EWOT. I just realized how amazing it is to the economy right now and not a couple of years ago when I participated in one of the events.
Thursday, November 10, 2011
Elasticity (November 9th, 2011)
Elasticity is the slope of demand. What impacts elasticity is:
Law of Demand says that over the entire range of prices, it works.
This is a too high price eventually.
Who are all the interested parties? People or businesses.
then why don't we produce changes in the large amounts? Well, because they know that some people will stop. Which has a higher elasticity?
From Minivan to the Red Form Minivan, there are more substitutes. The more narrow the product, the substitutes increases. Demand elasticity in the highest because there are more substitutes.
|n| < 1 is inelastic, people are not sensitive to price.
|n| = 1 unit elastic
|n| > 1 elastic peopel are sensitive to price
Total recipients= P x Q:
if P goes up, Q goes down and vise versa.
In the situation where A has $500 dollars and B has $320 dollars, the consumers are elastic because they are sensitive to price. Expenditures are not the same as costs.
- Time
- Budget
- Substitution
Law of Demand says that over the entire range of prices, it works.
This is a too high price eventually.
Who are all the interested parties? People or businesses.
then why don't we produce changes in the large amounts? Well, because they know that some people will stop. Which has a higher elasticity?
From Minivan to the Red Form Minivan, there are more substitutes. The more narrow the product, the substitutes increases. Demand elasticity in the highest because there are more substitutes.
|n| < 1 is inelastic, people are not sensitive to price.
|n| = 1 unit elastic
|n| > 1 elastic peopel are sensitive to price
Total recipients= P x Q:
if P goes up, Q goes down and vise versa.
In the situation where A has $500 dollars and B has $320 dollars, the consumers are elastic because they are sensitive to price. Expenditures are not the same as costs.
From Individuals to Market Demand (November 7th, 2011)
Horizontal submation of total quantity demand. They will be more "elastic" when they are bought together. Change from macro demand to aggro-demand when asking the public.
Comparative Statics
Quality demand and what things impact how much we buy?
Changes the way people think about prices:
[Ability]
Normal Goods
When income increases, quality demand increases.
"Inferior" then quantity demand will fall. Prefrences are subjective. More of the things you like.
Substitutions (Replacement):
When the price of substitution good increases, price of burritos increases.
There is no natural paring of goods. We only substitute when viewed on the relationship of the two.
Complements (Go together):
Prices of hot sauce goes up, the decrease in consumption of burritos because f the relationship. Goods are tied together.
(% Change in Quantity Demand)/ % (Change in Price of Burritos)
Comparative Statics
Quality demand and what things impact how much we buy?
- Prices of the good in question
- "Other Stuff"
Changes the way people think about prices:
[Ability]
- Income
- Prices of Other Things
- Expectations
- Taste Might Change
- Number of Participants
Normal Goods
When income increases, quality demand increases.
"Inferior" then quantity demand will fall. Prefrences are subjective. More of the things you like.
Substitutions (Replacement):
When the price of substitution good increases, price of burritos increases.
There is no natural paring of goods. We only substitute when viewed on the relationship of the two.
Complements (Go together):
Prices of hot sauce goes up, the decrease in consumption of burritos because f the relationship. Goods are tied together.
- Tastes and how you view things will impact the demand curves.
- If a storm occurs, the expectations is that since everyone will be getting wood and such, you may respond today to buy it.
- Expectations of the prices of substitutes may have also changed.
- Demand for pencils are inelastic.
- Demand for euro vacations are elastic.
- We can measure elasticity with anything. We can also discuss elasticity through that.
(% Change in Quantity Demand)/ % (Change in Price of Burritos)
Friday, November 4, 2011
EWOT: Rebuilding Pyramids, Mount Rushmore, The Colosseum (November 4th, 2011)
As I was walking, I started to think about the Roman Colosseum and how it a very strong structure although made by simple things such as rocks and other types of solids that were easily or creatively discovered in the past. I was thinking again about how much of a landmark it is now and how it would be rude for the present time to modernize the Colosseum. But how will that effect the general public and for that matter the economy? Well first society would obviously be angered that national landmarks are being taken down from historical times to be renovated, yet it is only to help preserve it. More so, if it were to be renovated, the economy would probably benefit from it because the attraction of tourist will not only pay for the amount used in viewing the monuments but pay others for visiting it over again with the family. It will not only update what looks like bad location where plays were demonstrated in Italy to a nice and stronger landmark that will have no possibility of decaying throughout time and diminishing from it's strong concrete structure to a pile of rubble.
Demand (November 4th, 2011)
What can be obtained from the simple chart?
Marginal values
Total Expenditures
Total Value
Buyers Net Gains which counts as the consumer surplus.
Why do we have to behave this way?
Wealth Effects
Substitution Availability
Diminishing Marginal Utility
When burritos are zero, they would be used for other ideas. You would get less of a trade off if you play baseball with a burrito.
Better to the environment to feed it to your dogs
Markets force you to consider the values of everyone else. Demand curves never go up, they act as peaks at a slope downward. Price comes at some determination and behavior of the curve.
Wealth Effects, as price goes up, you become poorer.
Less income on anything else. Increasing everything will be worst for the poor since they have no money.
Substitution Availability is buying coal or oil is bad since they increase prices. Now they will increase in your incentives for that. The prices for traffic cops since they take an advantage on our choices.
Diminishing marginal Utility
Each unit that you purchase will give you less satisfaction. I wouldn't be paying enough to get the 5th slice of pizza. You would have to go out of your way to get that type of luxury that is unneeded.
Marginal values
Total Expenditures
Total Value
Buyers Net Gains which counts as the consumer surplus.
Why do we have to behave this way?
Wealth Effects
Substitution Availability
Diminishing Marginal Utility
When burritos are zero, they would be used for other ideas. You would get less of a trade off if you play baseball with a burrito.
Better to the environment to feed it to your dogs
Markets force you to consider the values of everyone else. Demand curves never go up, they act as peaks at a slope downward. Price comes at some determination and behavior of the curve.
Wealth Effects, as price goes up, you become poorer.
Less income on anything else. Increasing everything will be worst for the poor since they have no money.
Substitution Availability is buying coal or oil is bad since they increase prices. Now they will increase in your incentives for that. The prices for traffic cops since they take an advantage on our choices.
Diminishing marginal Utility
Each unit that you purchase will give you less satisfaction. I wouldn't be paying enough to get the 5th slice of pizza. You would have to go out of your way to get that type of luxury that is unneeded.
POW Camp ( November 4th, 2011 )
The article discussed how the economies are starting by selling products like cigarettes and small goods in order to make a transaction at the POW camps. Goods were being traded but there was no amount for that money to be accounted for. It was based on products and what others viewed with as their value of it.The development of the economy was very different from other emerging economies. Since there were normal markets that had developed around the use of money, it was not as necessary in order to become a strong economy. The example was used in the POW camps to explain how there were small materials used in a market economy and build a economy all around it.
The Middleman and Demand (November 2nd, 2011)
The middle man that has a comparative advantage over something. Unique ability to bring buyers and sellers together. Wegmans is the middleman. Wegmans is going on their transactions a lot less and cheaper. They bridge the people together. Exchanges of porperty rights to things.
Demand
Exchange can occur in small groups and specific information have at that place and time.
Where does price come from? Price is information. Signals to buyers and sellers to what is scarce. This is what society values.
Markets are any group of buyers and sellers. There is also potential. Any decentralized, unorganized interaction between buyers and sellers. When you have a market, there is a production of money prices and non money prices that produce order. Order just means that stuff is on the shelves. The 2006 football crisis and it did not happen because of order.
Free health care is not free. In the United Kingdom, the 85% have to wait 3 months but for us we don't, we have 0%.
Buyers have "demanders" who have goods as households. They factor firms. Well the seller are the goods of the firms, and the factor is the households.
Demand is a relationship of the amount you wish to obtain and the sacrifices you make to get there. The quantitative demand is the amount of the good that buyers are willing to be able to consume at a particular price.
Demand
Exchange can occur in small groups and specific information have at that place and time.
Where does price come from? Price is information. Signals to buyers and sellers to what is scarce. This is what society values.
Markets are any group of buyers and sellers. There is also potential. Any decentralized, unorganized interaction between buyers and sellers. When you have a market, there is a production of money prices and non money prices that produce order. Order just means that stuff is on the shelves. The 2006 football crisis and it did not happen because of order.
Free health care is not free. In the United Kingdom, the 85% have to wait 3 months but for us we don't, we have 0%.
Buyers have "demanders" who have goods as households. They factor firms. Well the seller are the goods of the firms, and the factor is the households.
Demand is a relationship of the amount you wish to obtain and the sacrifices you make to get there. The quantitative demand is the amount of the good that buyers are willing to be able to consume at a particular price.
Trade Offs and the Trasactional Cost ( October 31st, 2011 )
There is a lot of people out there that can deliver that good and there is a lot of people that can have that good.
This is placed on trade offs and the bases that others have items or a use that can be viewed beneficial to others through subjective thoughts or opinions.
This is also based on the kidneys idea from Recitation. If the trade off can also value that of organs for others to use to survive at a longer time, would it be acceptable to trade a kidney for something of that of the same value.
People work for others to get their needs. For example, if others are willing to spend money on something of that of the predicted value, there is a profit that must be gained from the buyer and the seller, which is in between or bias. That is what a transnational cost does to the economy, in which it benefits the price of items sold.
This is placed on trade offs and the bases that others have items or a use that can be viewed beneficial to others through subjective thoughts or opinions.
This is also based on the kidneys idea from Recitation. If the trade off can also value that of organs for others to use to survive at a longer time, would it be acceptable to trade a kidney for something of that of the same value.
People work for others to get their needs. For example, if others are willing to spend money on something of that of the predicted value, there is a profit that must be gained from the buyer and the seller, which is in between or bias. That is what a transnational cost does to the economy, in which it benefits the price of items sold.
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