5-23-14 week

This week we learned about insurance. The choices were renters, auto, health, and life. We formed groups working on the different kinds of insurance. Our group worked on doing renters insurance. We learned that prices can vary on different insurance agencies. It can cover for fires or theft. We did an everfi module this week on learning about taxes and insurance, and consumer fraud.

5-16-14 weekly

This week we learned more about banking and credit. We learned that there are three important major credit bureaus. The three are Transonian, Equifax, and Experian. Some types of credit are secured loans, open end credits, and service credits.We also learned about the pros and cons of having a credit card. Credit cards can help with paying things on time but a risk of having a credit card is that there is the risk of having identity theft. Using a credit card can can reduce the purchasing later on. They will ave less money to spend because they will have to repay it back some other time.

week

We learned more things about money. We talked about the same subject. The best way to save money is to pay yourself first and pay less on things you don't need. Compounding growth is how much your money grows over time. It's based on how much money you invest in and how long you set your money aside.

week blog

We earned about money and banking. Money are goods that can be accepted for exchanges and to pay off debts. Money has three functions. It's a standard of value, store of value, and the medium of exchange. Money also has many characteristics. It has to be difficult to be counterfeited and it has to be scarce. Banks make money by charging interests. The Fed can clear checks and supervises banks.
We watched a video called The Red Paperclip.

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Midterms are now over and it's a relief. We learned about competition and monopolies this week. Competition is about which can give us the best product at a good price. Monopoly is the least competitive of all markets. Characteristics of a monopoly is that there is only one seller  and they control the prices. There are four different monopolies which are natural, governmental, geographical, and technological monopolies. Market Structures are perfect competition, monopolistic competition, oligopoly, and monopoly. We also learned about people who protect consumers such as the FDA and the EPA.

this week

Slow week. We learned about supply curves and factors that can move the curve. Those factors are input costs, labor productivity, technology, government actions, producer expectations, and number of producers. Another thing we learned is supply. Supply is when people are willing and have the ability of producers to offer goods and services for sale. The law of supply are when producers can sell more goods or service at a higher price than at a lower price. Price and supply have a direct relationship.

this week

A slow week. We learned about change and the different types of elasticity. We learned that there are six different types of factors that can change demand. They are income, consumer taste, market size, consumer expectations, substitute goods, and complementary goods. We learned about two different graphs. One graph shows a change in the quantity demanded and the other is a change in demand. To tell the difference from the both of them would be the change in quantity would be shown as a move along the demand curve. The other is a shift. Elasticity is a change in price. Elastic is when there is a large change in the quantity. An example would be simple things such as clothes. Inelastic is when there is a smaller change in quantity. Example for this would be insulin.
Learning wasn't the only thing we did this week. We did an advertising campaign for Weserville. We did a radio broadcast, a television commercial, and a newspaper article. That's about it.

another week

We didn't learn much this week because of canceled school days. But that didn't stop us from learning a few new things. We learned about what demand means, what a demand schedule is and a demand curve. Demand is the desire to have some good or service and the ability to pay for it. A demand schedule is a table that shows how much of a good or service an individual consumer is willing and able to purchase at each price in a market. Demand curve is a graph that shows how much of a good or service an individual will buy at each price. Yesterday we learned about change. There are six factors that can cause a change in demand. They are income, complementary goods, substitute goods, market size, consumer expectations, and consumer taste. Normal goods is a good that is when consumers demand for more when an income increases. An inferior good is when consumers demand less of when an income increases. That's about it.

week

Another week has gone by and again we learned some new things. We learned about mostly the government.  Taxes are mandatory payments to the government. We learned about different spending's. We learned about mandatory and discretionary spending. Mandatory spending's are required by the law and they have entitlement programs such as medicare and medicaid. Discretionary associates with education and the justice administration. The largest discretionary spending is the national defense. Congress and the president work together to establish the federal budget which lasts from the first day of October till September the 30th.

Post of the week of what we did

2-20-14
We had watched a video based on WalMart this past week. It was based on a small town who had people who had arguments of whether to have it or not. With a group of people who were known as the Pink Flamingos, they fought against having WalMart but lost. We then talked about our small town of Weserville of whether we should also have a WalMart or a Bass Pro. The town had voted for having it so now we have one which in my opinion is a bad idea for it may begin to shut down other businesses of what we already have.
The only thing I am looking forward to this week is the Waffle Party we are having on Friday.

things we learned this week

We had a busy week. We had learned some new things. We learned that there are three different economies. They are command, traditional, and free market economies. Traditional economy is when the people do their own thing such as hunting for themselves. Command economy is based on the government making the choices. Market economy is everyone who makes individual choices. We learned about two famous economic analysts who are known as Karl Marx and Adam Smith. Adam Smith was a "fan" of capitalism while Marx disliked it because he saw it as a way that can lead to peoples greediness. Marx believed that we should all "share" our resources while Smith saw it as to not share resources. Marx believed everyone should work to what they can do and get what they need. Marx also believed that their is a limited supply of resources and that we should share all our resources.

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