Category Archives: Uncategorized

1.  How much can someone change the rate of inflation they face by changing what they purchase? Is this a serious overestimation problem with the CPI? Do you time your purchases around sales? Do you change your purchases because of sales? I think someone can change the rate of inflation by purchasing items that haveContinue reading “Chapter 11- Measuring Cost of Living”

1.  What is the difference between an intermediate good and a final good?  Why do we care? The difference between an intermediate good and a final good is that an intermediate good is the raw material held in inventory waiting to be made into a final good. When a nation is counting its GDP, itContinue reading “Chapter 10- Measuring a Nation’s Income”

Reading the New York Times article, “With Venezuelan Food Shortages, Some Blame Price Controls,” written by William Neuman, I saw that when there are strict price controls in place, it can lead to people hoarding the staple grocery items. It also led to suppliers making and offering less product because their profitability has gone soContinue reading “Chapter 6- Supply, Demand, and Government Policies”

In many large cities you can now use your cell phone to call Uber or Lyft instead of hailing a taxi.  Would you expect this to affect the prices of taxi medallions (that is really the supply of taxis)?  Why or why not?  Talk about supply and demand curves in your answer. Make sure youContinue reading “Chapter 4- The Market Forces of Supply and Demand”

What are two weaknesses in the buy local argument? When buying is kept local, the prices will be higher and there will be less variety. Without trade outside of local markets, the specialized trades do not increase in size which in turn lowers productivity. The money doesn’t usually stay local after the purchase and theContinue reading “Chapter 3- Interdependence and the Gains from Trade”

I found that the model introduced in chapter two helped me understand how the economy works in a simple way. I found it very useful in showing me how not only do consumers give money to markets in exchange for goods and services, but also the households also receive money from the market by providingContinue reading “Chapter 2”

Be yourself; Everyone else is already taken. — Oscar Wilde. This is the first post on my new blog. I’m just getting this new blog going, so stay tuned for more. Subscribe below to get notified when I post new updates.

This is an example post, originally published as part of Blogging University. Enroll in one of our ten programs, and start your blog right. You’re going to publish a post today. Don’t worry about how your blog looks. Don’t worry if you haven’t given it a name yet, or you’re feeling overwhelmed. Just click theContinue reading “Introduce Yourself (Example Post)”