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Task 4:

This article relates to multiple topics of economics such as unemployment, circular flow and. inequality related to wages. First, it talks about unemployment rates dropping and employers adding jobs. In October of 2009 the unemployment rate was ten point two percent and in April of this year it dropped to five point four percent, this is almost half. The unemployment rate drop is due to the adding of jobs by employers. In April there were two hundred and twenty three thousand jobs added, this was in addition to the eighty five thousand jobs that were added one month earlier. The average wage income is about fifty two thousand dollars and has been at a stand still for about twenty five years and although job positions are opening up and unemployment is going down, this does not mean that the income people are making from these jobs is enough. This relates to the circular flow. circular flow is the relationship between businesses and households. The businesses provide jobs and goods and services for people in the household and in return the household buys from the business or provides workers for them. Prices continue to increase and people have to deal with paying these expenses, they are spending money yet do not have the same amount of money coming in. This is where we begin to see inequality when it comes to wages. The middle class’ wages are for the most part at a standstill, while people who make more money have seen their income increase by at least forty percent. The man mentioned in this article, De’Juan DJ Jackson works at Walgreens and makes ten fifty an hour yet has the expenses of two children. He is also at a disadvantage because he is African American and their median household income is about thirty four thousand dollars which is about twenty four thousand dollars less than the average median income. He also is actively looking for a better paying job.

http://america.aljazeera.com/watch/shows/ajam-presents-hard-earned/articles/2015/5/8/income-stagnation-sours-positive-jobs-report.html

10.9

Task 1: Opportunity Cost

Everyday we make choices and each choice we make is based off something called opportunity cost. Opportunity cost sounds complicated, but in fact, it is a very simple concept. opportunity cost is defined as the value of whatever you decide to give up when you make a decision. When making a decision you place more value on one thing over the other. When people make an economic decision they tend to base it off of two things, what they are going to benefit from the most and what has the lowest cost. For example, imagine you went to Best Buy and someone told you to choose between getting a PS4 or getting an Iphone 6 and you decided that you want to get the PS4 because you really enjoy video games and you do not really use your phone a whole lot, you made an economic decision. This decision was based on what was cheaper and would benefit you the most. You made an economic decision because the PS4 is cheaper than the IPhone and it is the choice that you would benefit from. The opportunity cost of this decision would be the Iphone 6. You lost the opportunity to have the Iphone.

This meme is saying that when you choose to take an 8am class you lose the opportunity to sleep in during the semester. Your decision to take the class at 8am may not be the cheapest, because sleep does not cost, but it is the decision that will benefit you the most. The opportunity cost is sleep because you lose the opportunity to sleep in because you have to go to class.

10.0

the-nikkiriz-blog

Task 2: Someone please turn the captions on 😂

andreashallbeblogging

THIS IS PERFECT

Task 3: Keynes vs. Hayek

John Maynard Keynes and Friedrich Hayek were both economists that lived during the Great Depression in the 1930’s. They had different views of economics which lead to the debate that would help define modern day economics.Keynes was well known and his view was well liked, but as for Hayek, no one knew who he was. Hayek had a classical view of economics and Keynes developed his own view, the Keynesian view. The classical view of economics is rooted in the concept of a free market. A free market involves little to none government intervention. This means that people have room to make their own economic decisions. Because of this, government spending is not a big part of the classical view. Classical economists believe that the economy is driven by the consumers, not the government. They also believe the economy is a system that can fix itself. This view focuses on spending for stability and freedom and finding long-term solutions to economic problems. Keynes on the other hand developed his own view. Unlike Hayek, Keynes believed in steered markets and that government spending is needed to jumpstart the economy and keep it going. Like Hayek, he acknowledged that the economy is made up of consumers and producers, but instead believed that the government could not only help but could take the place of consumer spending or business investment if needed. The Keynesian view focuses on spending for a speedy recovery and finding short-term solutions to economic problems.

10.8

https://mises.org/library/brilliance-hayek-vs-keynes-rap

Hayek vs. Keynes

Hayek and Keynes are both economists with different views on economics. Hayek has a classical view and Keynes developed his own view called the Keynesian view. The classical view of economics refers to economists’s pre-depression notions of the economy but can also refer to economists who favor market based solutions. Hayek believed in free markets and letting people make their own decisions without the government having to get involved. This is because he believed that the government over emphasized the problem and he also believed that the economy will eventually fix itself. Keynes on the other hand came up with his own view in contrast to the classical view. He believes the only way to fix a slow market is to involve the government by adding government spending to the circular flow. Keynes believed in a speedy recovery and Hayek believed in spending for stability.

Draft back

Looking at the draft backs of my writings for this class I learned that I am a procrastinator and I get very side tracked when writing. I often wait until the night before to get things done and I rush through them. I sat and stared at the screen and saw that I spent 5 minutes on the same word. Another thing that I noticed is that I am a terrible speller and it really shows in my writing. I go back a lot and edit my paragraphs and i also make a list of my thoughts before I begin. I think that these are good things and really help my writing. I know that if I did not wait until the last minute to write things and actually tried to stay focused, my writing would be a lot better

ssteutisnew

This is only a test

Unemployment profiles

U1: My name is Dominic and I am a 55 year old African American. When I was younger I did not finish high school. I moved to New Mexico and found work in a factory. I cut carpet until one day I cut off my finger and now I am unable to work.

U2: My name is Brenda and I am 22 years old. I live in Nevada and I am currently attending college and am unemployed. I have worked at the Las Vegas Motor Speedway for 4 years. I am only employed during the season, but I am guaranteed a job.

U3: My name is Jenn and I am 32 years old. I was laid off of my job and am currently unemployed. I have been for the past 7 years. I have looked for jobs but have had no luck. At this rate, I do not see myself working anytime soon.

U4: My name is Phill and I am 45 years old. A couple years back I was laid off my job as a grocery store manager. This was during the recession when the economy began to decline. I have not yet began looking for a job. I have been putting it off because I am unsure if it is the right time to reenter the labor force. I am waiting to do so when I feel like the economy has gotten better. Until then I think I will stay unemployed. U5: My name is Joseph and I am currently 18 years old. I am graduating high school and making a tradition into college. I have been applying for jobs since I turned 16 and was legally allowed to work. It is not that I don't want to work, in fact I am very willing to work. I have just not had any luck finding a job.

U6: My name is Justin and I am 31 years old. I am a college graduate who has not been able to find a job. Even though I would rather wait for the economy to get better, I am actively looking for a job in my field. I am willing to work wherever in the mean time. I work part time at Sonic and have been for about 3 years. It is just to earn enough money to support myself.

Economics and the wilderness

The economy and nature are similar but also very different. Both are systems. They both rely on things to keep it going. The earth relies on itself. The earth does not need us to keep going, however the economy does. The economy a system that shapes the way we live. It is made up on consumers ad producers that work together to keep it going. The economy is only able to exist because people make it exist. Over the years earth day has become a day to bring awareness to “saving the planet,” or “saving animals.” Although this is a good thing, this is not what Earth day is about. Earth day is about perspective. Its about realizing how small we are compared to the earth as a whole. Its about realizing that the earth does not need us to keep going, it can take care of itself. The earth has been around so much longer than we have and will be here way after we are gone. The economy on the other hand needs us. Without us it cannot continue.

Circular Flow

The class of 2008 graduated during the recession. When a recession happens everything and everyone is affected. The unemployment began to increase causing people to compete for jobs. Employers were more likely to hire someone who had no college degree but had a lot of experience over someone who had a college degree, but no experience. The class of 2008 were banking on being able to find a job right out of college and quickly realized this was not the case. The unemployment was high. These graduates had college degrees but there were no jobs available. Many of these students were in debt and had no way of paying it. When someone is unemployed and in debt they tend to keep their money instead of spending it which means that the demand for goods and services goes down. When the demands for goods and services decrease the amount of jobs decrease as well. The recession had a huge impact on the circular flow, it basically brought it to an abrupt stop. The circular flow is how money is moved from households to businesses. During the recession the circular flow stopped.

Investment Reflection

During this semester we played the virtual stock market game. Before we began the game I knew absolutely nothing about the market. I had no idea what a stock was or what it meant to own shares and I was not really interested in learning anything, but after playing the stock market game, it has taught me a lot about how the market works as a whole. I not only learned the basic vocabulary that goes along with the market, but also some strategies that lead to success in your investments. A stock is a share of a company's equity and equity is the difference in current value minus debt owed. Along with stocks, you can also purchase bonds, mutual funds and commodities. A bond is a share in a company’s debt. Bonds are low risk. A mutual fund is a share of someone’s portfolio. These too are also low risk. Lastly, a commodity is something realistic, something that you are able to touch such as cars, art, and gold. When you purchase these things you can hold them and you can also sell them. When you purchase a stock or mutual fund or any of the other things and you hold onto it, you can earn money. You can also earn money buy selling your shares when you know you are going to get more money for them than you paid. On the other hand you can sell short, meaning you sell your shares with the intention of buying it back. Either way you decide to go about it, you need to understand that the stock market is not a way to get rich quick. The one thing that I will remember about the stock market is that it is constantly changing day to day, sometimes even hour to hour.It is unpredictable and this is why it is to be looked at as a long term way to make a profit. Because the market is constantly changing, it is to be looked at as a whole. There is no need to get excited or angry or make decisions based on the small changes. The market goes through multiple small changes all the time. When comparing your individual success you must look at the market as a whole. If you went down three percent and the market went down four, you did not do so bad, you did average. Something that goes along with this is decision making. I learned very quickly while playing this game that our decisions are usually driven by emotion but that when it comes to the market we should not let our emotions get in the way. I know when we first played the game I was basing my decision on emotion. Like I previously stated, I knew nothing about the market. I based everything off of the green arrows and green number and when they turned red I would sell my stocks and buy a stock that was green. When we let our emotions get in the way we make bad decisions. I had no idea that each trade cost money. I was making seven to ten trades every time and then I would buy different stocks. I learned after the game that I was losing so much money by doing this. Overall I learned the importance of investing and taking the time to learn about how the market works in order to make a profit.

One of the very first things that Raul had at a young age that had an impact on his life was him and his family coming to America. His family was welcomed into the country and were told that they were on their own. This is a significant event in his life that really set him up for the other opportunities he received later on in life. In the article it talked about Raul and his family living in poverty, so poor that the children would be sent to the desert to look for food because his mother did not know where their next meal would come from. One day Raul and his friends were going to a park because there was free food and it was there that he witnessed a speech given by the very first governor of Arizona, George W. P. Hunt. In his speech he said that one of the kids could one day become governor. It was also the very first time Raul Castro heard the word "governor." Raul Castro also had other people along the way who motivated him. In the article it talks about one of his teachers who took interest in him and saw that he was capable of much more that what he was showing. This motivated him to do better in school. Another long time supporter was his mother, she motivated him to go to college. Raul Castro speaks about not only the problem of poverty but racism as well. He recalls that when he would walk to school the bus would pass right by him and he also recalls being one of five Mexican students in college and being ignored by others. He says that when he began to travel and see other groups of people being discriminated against he realized he was not the only one being picked on. This is something that I feel helped him, he had people motivating him and he did not let the racism get to him. In the second video Raul Castro talk about his run for governor. He speaks about how the first time he ran he lost by 5,000 votes. He then talks about his decision to run again and how this time he went to the reservations and met with a lot of Native American’s and they told him they were going to vote for him because he took the time out to go see them and talk to them. He goes on to say that once again he was down 5000 votes and that is when the people from the reservations went and voted and he was elected governor of Arizona. I do not believe that Raul Castro’s story today would be possible. First, it is not that easy to come to America, there are not many people who cross the boarder that are welcomed with open arms. Second, I think that it take a special person to really look past their living situation and say, “Hey I am going to do better, I’m going to do something with my life” and actually do it. There are people who actually do it, but there are a lot of people who are accustom to poverty and do not take the steps to get out of it. Another reason why I do not think it would be possible is because of how expensive college is. I think that Raul Castro’s story was possible because he was in the right place at the right time and just took advantage of the opportunities that were in front of him. He was very lucky to get all the opportunities he did.

TED Talk Reflection

GDP is the total value of goods services provided and produced in a particular country over the course of a year. GDP was first introduced by Simon Kuznets to help measure economic performance, but today these measurements are used to determine the success of each individual country as a whole. But these measurements are not always based off of positive things. In a report, Kuznets himself puts emphasis on the fact that GDP is a tool that can be used to measure economic performance and is not a measure of well being and should not be what all decisions are based off of, but despite his warning the world is based off of GDP. Though GDP is a useful too, it is flawed. Michael Green makes an important point when he says that GDP is not always based off of all positive things such as community, safety, justice, rights and basic needs. Instead GDP goes up based on things such as bombs and prisons and pays no attention to environmental progress. In efforts to measure these things The social progress index was created and is based off of three things. First, basic human needs which includes nutrition and basic medical care, water and sanitation, personal safety and shelter. Second, the foundation of well being which includes access to basic knowledge, access to information and communications, health and wellness, and ecosystem sustainability. Lastly, opportunity which includes personal rights, personal freedom and choice, tolerance and inclusion and access to advanced education. SPI is based off of he country's well being as a whole. GDP is based on twentieth century problems, it worked then but there are now different problems and now new tools are needed to measure these new problems. I believe that social progress should be what determines the success of counties not just the country's GDP.

11.8

Goals

My goals for the next game is to ultimately do better than I did the first time. In class we talked a lot about letting our emotions get in the way of our investments decisions and I know for a fact that this is what I did during the first game. The last game I had one goal in mind and that was simply to do better than Adan because he was in first place. I realize now that that was or a very good strategy. I knew absolutely nothing about the stock market which led me not to know how to play the game. I began basing my success based on the red and green arrows which I know now really do not mean anything. I also made the decision to get rid of stocks based on how they were doing that day instead of looking at how that stock was going over all and how it would be in the future. During this next round of marketwatch I am going to take my time and actually look at the number and interpret what they mean before I make any decisions.

The goals that I have for my life are fairly simple. I want to go to college, have a family and travel. The goal that I am most focused on at the moment is going to college because it is so close. I want to graduate from college and after college I want to find a job and hopefully begin my career so that way I can begin to pay off any debt that I have. Another big goal of mine is to get married and be mother to two children. I want to have my kids and a stable income before the age of thirty. I say that my goals in life are fairly simple and they really are. I do not want multiple cars, or the biggest house, I simply want to be able to raise my children in a nice neighborhood and have then go to a nice school. One reason that I am very determined to go to college and start a career is because I want to provide my children with a comfortable life style full of things that they need and want. I say that this is one of the most important goals in my life because I know what it is like to live in a home that is not financially stable and I know that that is not something I want my kids to grow up with. My last goal in life is to travel. I have fallen in love with traveling and I want to continue to travel in college and throughout my life. I want to teach my children that there are so many other beautiful places, cultures and people in the world and that the world is so much bigger than what they see on an everyday basis.Like I previously mentioned these goals are simple but they are going to require a lot of my time, money and planning. This means that in order to reach these goals I am going to have to take the time and work hard in order to have a career and get that stable job and income.

While we play the next round of the marketwatch game I am going to take steps to ensure that each investment is in line with my faith and values. In class we were shown how to check the holdings, I am going to use this to direct my purchases. I am not going to invest in any company that do things that are disrespectful, harmful or could be possibly be deadly to their workers. I am also going to make sure that the companies that I invest in do not support things such as abortion or contraception because these are things that go against my faith.

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Andrea 🎀