LoganMullins                                                                                                                                    P2                                                                                                                                            4/15/12

Community Service

    For this project I had to go and do community service at the Maxfund no kill animal shelter.  Here they take in animals that are stray or unwanted and they train them and put them up for adoption.  My job there was to fold laundry, clean dishes, clean windows, sort dog toys, file adoption contracts and dog files.  This type of Community service is valuable to society because these dogs and cats are homeless and the staff at the shelter gives them a place to stay and spay and neuter and prevent disease to make them suitable to live in a society and a house hold.

Community service is valuable to the economy because it provides labor without pay.   Leaving room to focus money on more important things like medical care for the sick animals or the animals that just need nurturing back to health, animals that need to be trained to be a little more acceptable before they are adopted off, and they can focus their money to bring in more cats and dogs to find them homes.

To me this project meant that I was making the lives of these animals a tiny bit better, but better non-the-less. I got to spend a little one on one time with some of the animals and it gave me a chance to connect with them and teach them how to trust people and be more social.  With the help of the volunteers these animals will eventually be able to be sent off to homes where they will be sheltered, fed, and loved.

GDP

1. GDP: Gross domestic product,  refers to the market value of all officially recognized final goods and services produced within a country in a given period.

2. GDP wouldn’t be counted for with a used car because the given period of the car would have expired.

3. Illegal drugs aren’t counted in the GDP because when someone sells drugs they dont report it to the government so it cant be included

4. when your mom pays you to cut grass it doesn’t count for GDP because it isn’t a huge good distributed in the economy.

5.  Ipads are not counted in GDP because they are not produced in the United States borders

6. Nominal GDP is unadjusted for inflation while real  GDP is adjusted for inflation

7.  GDP per capita is important because it indicates the standard of living and it compares one country to another country and the performance of that country. So it determines how well of a country is doing

Equilibrium Emp 10

Equilibrium:  the condition of a system in which competing influences are balanced. this on the graph is where the supply and demand curves intersect. its the point where they intersect where they are balanced.

Equilibrium price: The market  price at which the supply of an item  equals the quantity  demanded. This on the graph Is the equilibrium, where the price of the supply is equal to the quantity.

Equilibrium Quantity: The quantity demanded and supplied at the equilibrium price, where demand equals supply.

Surplus: Surplus means when there is more supply than demand, as in extra resources. this on the graph is where the supply on the left of the line and below the equilibrium is more than demand.

Shortage: a disparity between the amount demanded for a product or service and the amount supplied in a market. Specifically, a shortage occurs when there is excess demand; therefore, it is the opposite of a surplus.

Supply Emp 9

Supply is The quantities of a particular good or service producers are willing and able to supply at all possible prices at a particular time.

the difference between supply and quantity supplied with supply the producers supply more of a good at a higher price than they do at lower price, and the higher the price the higher the quantity supplied.

the 6 determinates of supply are

1.Resource prices:  Resource prices affect the cost of production. As resource prices increase, cost of production increases and producers are less willing to make goods at a higher cost unless they recieve higher prices.

2.Technological changes:  Improved technology usually means a lower cost of production.

3.Number of producers:  If more producers enter a market, the supply will increase, shifting the supply curve to the right.

4.Prices of other products in the firm:  If a firm produces more than one product, a change in the price of one product can change supply of another.

5.Producer expectations: Changes in producer’s future expectations can cause a change in supply.

6.Government

-Subsidies: Government payment that supports a business or market.

-Excise Tax: Gov’t tax on production/ sale of goods.

-Regulation: Gov’t intervention in a market affecting the production of a good.

I am a skate shop owner and board shaper. To gain the materials and resources to make a board i would need to find out what wood is best to make a board ,and if i wanted, try different combinations of different woods to increase the strength of the board. If I buy a machine that will shape and crave my boards into the right form then the need for workers would be low, i wouldnt have to spend as much money to make them as i would with a dozen workers. I would also end up with competition, other skate board shops and companies that want to make a better board than me or copy the board that i make to make a profit for them selves.  i can also come out with a clothing line to increase income so i can pay to make better boards, i can also sell trucks and wheels fot the board and add the cost of those onto the price of the deck its self. as a producer i expect my boards to be the best because i made them the way they are for a reason, if my income decreases a little because the number of consumers i get dropped then the expectation of my product is that its not good. and last the gvernment, i think the only thing the government affects with my business is the regulation of wood because theres a environmental factor somewhere in there.

Elasticity Emp 8

4 things that determine elasticity are:

1.necessities Vs. Luxuries

2.Availability of substitutes

3.How much of our income a good takes

4.The passage of time

Inelastic Demand: Quantity doesnt change with a change in price.

Elastic Demand: Quantity changes by a greater percentage than the percentage change in price.

What is more elastic, A BMW or a gallon of milk? A BMW is based on both necessities Vs. luxuries, and how much of income a good takes. Milk is based on Availability of substitutes and necessities Vs. Luxuries. So the more elastic of the two is the milk because as the price goes down the larger the quantity. This doesnt apply to the bmw I think because as the price goes down the quantity goes up but by very little and the quality isnt as good.

T.R.I.B.E.S Emp 7

what makes me want more or less of  my favorite food is based on how much I want it.

1. If I want to have my favorite food really bad then the demand increases.

2. If i cant get my favorite food from one place, then I go and look somewhere else that will have it, or I buy it along with an added little side.

3. If I have the money I can get the best, if I am a little short on money then I could settle for mediocre.

4. If i suggest my favorite food to other people then the demand goes up because more people will want it.

5. If  people expect their food to be awesome but it turns out gross then their expectations will determine their demand for the product.

6. If the food has ingredience that are grown and the growing process is interupted by bad weather then the demand for the product will increase because the unavailability will cause comsumers to want it even more.

 

 

Regarding community service i have a location, i have not gone in to talk to them yet, its called max fund its a no kill animal shelter in denver and they even have a volunteer program for students in high school who are doing a project. i plan on seeing them either this week or next.

Economic Freedom

For the compared countries we chose the U.S. , Barbados, and Iran.  Iran’s economy, once one of the Middle East’s most advanced, has been crippled by the 1979 Islamic revolution.  Iran’s economy remains bur­dened by high inflation, corruption, costly subsidies, and an increasingly bloated public sector, and educated Iranians continue to seek better opportunities overseas. Corruption pervades all branches of government. Resorting to a court system infected by bribery and cronyism. people living in iran have to live with terrorism, and corruption in the courts because the government doesnt do anything about it. Employment regulations are restrictive, and the labor market remains stagnant. Monetary stability is weak, and tight government controls distort price levels. Barbados, a member of the british commonwealth. The Democratic Labor Party won the 2008 elections, ousting the business-friendly Barbados Labor Party after 14 years in power.  Barbados has transformed itself from a low-income, agri­cultural economy producing sugar and rum into a middle-income economy built on tourism and offshore banking. The state manages de facto monopolies for some products. The investment climate has improved, but much investment activity is subject to government approval, and certain activities are prohibited to foreigners. it seems the economy of barbados is the strongest next to Iran, and the U.S.’s economy is the strongest of the three.

Marginal Analysis

Marginal Analysis is An analytical technique that examines the extra costs and outcomes caused by producing and providing one extra unit of a resource. You walk into a fast food restaurant and you are faced with the choice of buying as much as you can now or buying one thing and comeback another time for something else. where as buying everything at once seems like a good idea because you get everything you want at once, but it only increases utility a little bit, after like two items you get sick of it and now you have a bunch of things that you dont want to eat because youre sick of em already. if you buy only one thing  at a time you will want to come back and buy other things and increase utility slowly but surely.

Incentive

the definition of Incentive is A thing that motivates or encourages one to do something. something that gives people a reason to obey the law, get a job, and anything that involves living in a society.   At the moment the most important incentives in my life are,graduating from high school is a reason to stay on top of my work, getting a job so i can get paid so that i can use the money to do things on my own. A good incentive for students to come to class on time would be like chances for extra credit, the 95% attendance rate to go to school events,  just being able to understand what the class is doing by coming in on time and catching the beginning of class , and hall sweeps because no one wants to go to detention for not getting to class on time once. The unintended consequences of these are if students have an excellent grade in class and have no need for extra credit, if they think that school events arent worth their time and they could care less if they dont go, and ususally when there is a hall sweep students just leave the school so they cant get caught in it or they dont go to the detention assigned because they think hall sweeps are stupid and they arent going to give the administrators the satisfaction of  “hey the hall sweeps are working”.

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