Monday, September 28, 2009
Wednesday, September 23, 2009
Reflection On Demand
Part one: 5 Purchases that I've made is a Gatorade at the soccer game because I was thirsty, A shirt from the mall because i liked it, A necklace because I like hello kitty, a taco from taco bell because I was hungry, and a dress for homecoming because I need one for the dance.
Part two: 10 goods or services that are in great demand is An ipod, touch mobile phones, skinny jeans, high top shoes, hand sanitizer, polo style shirts, the doctors office, social networks, music downloads, wireless PCs. These are all common because they're all very popular and people are excessively buying them right now, or they need the service right now.
Part three:A time in my life where i used the substitution effect was when I was using this stuff called Shine in my hair for when i wear ponytails and it cost $3.75 and it worked just as well as this stuff called Jam but it cost like $2.07 and the jars had the same volume so since the jam was cheaper that's what I started buying.
Part two: 10 goods or services that are in great demand is An ipod, touch mobile phones, skinny jeans, high top shoes, hand sanitizer, polo style shirts, the doctors office, social networks, music downloads, wireless PCs. These are all common because they're all very popular and people are excessively buying them right now, or they need the service right now.
Part three:A time in my life where i used the substitution effect was when I was using this stuff called Shine in my hair for when i wear ponytails and it cost $3.75 and it worked just as well as this stuff called Jam but it cost like $2.07 and the jars had the same volume so since the jam was cheaper that's what I started buying.
Thursday, September 17, 2009
Friday, September 11, 2009
Lemonade Stand Game
In the Lemonade Stand Game I had a net profit of $6.29 the reason why its was so low was because i kept buying too much ice to where it would melt and i bought too many lemons to were the would spoil.
Tuesday, September 1, 2009
What is the difference between a good and a service?
The difference between goods and service is goods are physical objects and services are actions or activities thatone person performs for another.
Why is the idea of scarcity a starting point for economic thinking?
Scarcity is a starting point for economic thinking because all items produced are scarce and it implies limited quantities or resources to meet unlimited wants.
How is scarcity different from shortages?
A shortage occurs when producers will not or cannot offer goods or services
Describe the three factors of production.
The three factors of productions is Land which refers to all natural resources used to produce goods and services. Labor which is the effort that a person devotes to a task for which that person is paid.
What role do entrepreneurs play in the economy?
The entrepenuer is the person who assembles the factors of production to create new goods and services.
The difference between goods and service is goods are physical objects and services are actions or activities thatone person performs for another.
Why is the idea of scarcity a starting point for economic thinking?
Scarcity is a starting point for economic thinking because all items produced are scarce and it implies limited quantities or resources to meet unlimited wants.
How is scarcity different from shortages?
A shortage occurs when producers will not or cannot offer goods or services
Describe the three factors of production.
The three factors of productions is Land which refers to all natural resources used to produce goods and services. Labor which is the effort that a person devotes to a task for which that person is paid.
What role do entrepreneurs play in the economy?
The entrepenuer is the person who assembles the factors of production to create new goods and services.
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