Mangerial Ecomics and Goblization

The principal microeconomic issue at work is supply and demand. The author invokes a number of economic theorists (both liberal and conservative) who endorse price gouging out of a belief that it is simply the natural manifestation of a capitalist society that relies on supply and demand. There is a belief that preventing price gouging allows consumers to act with little consequence for their actions. According to this line of thinking, a business is well within its rights to raise prices because they should respond to public demand; at other times, there is little demand, so they are wise to take advantage when there is significant demand. Moreover, economic theorists have argued that price-gouging is positive because it makes people question whether the item they are considering purchasing

Personally, economics has never been my calling, the arts and crafts would be more fitting. After persuasion from my parents and siblings, I decided I would give it a shot. To my surprise, Naked Economics (2002), by Charles Wheelan, was an extremely interesting read which completely changed my understanding of what economics is. Wheelan made it easy for me to learn and stay entertained. At times, I even caught myself giggling. His book taught me that economics isn't about money and stocks, but much more.

I realized I had a calling for business after taking classes such as Intro to Business, Marketing, and Accounting, but it was only last year that I found my true calling in AP Economics. The class’s mix of history, mathematics, and psychology fascinated me and I was inspired to take AP Psychology and AP BC Calculus to better prepare for a future in the study. I soon started reading the Economist, became enthralled by Game Theory, and spent days researching current Economic situations around the world to better understand the application and effects of different policies. Eventually, I went even further beyond the scope of the class by reading the Wealth of Nations.

Chapter readings from the text: Students should read and be familiar with the chapter material and be prepared to discuss the material when called upon to do so, including Week 1.

As a consumer, we all get frustrated when we think a listed price is “too high” whether it is a necessity, and we have to buy it, or we just really want it. Some of the largest complaints by consumers today are directed towards the cost of goods. Marketing research has shown us that the costs of some items are being intentionally raised based on aspects of the individual who is making the purchase. The manipulation of prices can be broken down into three main issues: price fixing, price gouging, and price discrimination. Are there any positive or beneficial reasons to do this? Yes and no, the following paragraphs provide information about each practice individually.

Using computers in meteorology helps weather forecasters analyze the atmosphere by drawing weather maps separately for each of several atmospheric levels. Then the computer can put it all together and generate a prediction.

For the longest time, price gouging has been seen as a terrible thing, but what if it was helping people? John Stossel decided to take up this question in his video about price gouging after natural disasters. From interviews with economists and authorities in affected areas, he concluded that price gouging was actually helping the economy.

Many economist write and speak like economist. The Milton Friedman paper I feel was written for economist, while the text by Frank appears better suited for the Economic student who is just beginning the process of learning economics. Chapters #1 and 2 in the text provide the economic knowledge that students including myself will use to create well formed opinions, and possible one-liners needed today to win over the masses in visible debates like casinos.

The three chapters that we studied this week highlighted many important principles in the study of Economics. One of those concepts is the

Seeing as I have never taken an economics class in my life, nor have I held any particular interest in the subject, I did not expect to enjoy this book as much as I did. However, almost immediately I noticed that Wheelan addresses economics with an interesting perspective. Rather than just droning on tirelessly about topics like government and the economy, he offers a unique sense of humor and relatability that can be observed throughout the book.

Additionally, this topic is of particular interest primarily for the reason that it truly affects our lives on a daily basis in one way or another. For the average person, weather forecasting can be used as a resource for planning activities or even how we dress for the day. For others that may work in an industry dependent upon specific weather conditions, such as farmers or truck drivers, weather forecasting is extra critical to the planning process. The inaccuracy of the forecast

The economic discourse community can be loosely identified as a set of shared values and knowledge in the field of economics. Different from other writings, economic discourse community usually include some technical economic terms and visual information, i.e. diagrams, tables and charts, etc. Each writing piece has its intended audience, and economists’ writing is no exception. Economists’ writing is usually targeted at economic majors or practitioners in the field of economics. Economic discourse community helps its intended readers to pick up information efficiently and effectively.

I found this course to be highly valuable in its efforts to provide insight on the potential majors of the Belk Scholar’s program. While there remain many questions about the future path of the program, it did help to solidify both my understanding of the major options and my personal decision. I am more confident now that the M.S. in Economics is the option I will pursue. Throughout the course, with every new topic, I always found myself asking the economic questions of each issue. Furthermore, I continue to find the subject matter to be fascinating.

“One of the most powerful laws in the universe is the law of unintended consequences” (Levitt, S. 2009) This is one of the primarily premises that the book establishes, with an extraordinary sense of humor and interesting data, Steven and Stephen set us in the real economics world, in which the common factors that all the teachers show to their students are applied in such a way that the real job is getting done. The way the authors write all the interesting facts of today´s modern life, including correct and simple explanations, so that anyone can understand all the topics without having doubts of the concepts and of the more difficult topics of economy. The examples they give provide us a fun way of learning, and of

This book focuses a couple of crucial economics ideologies and puts them one after another in twelve alternate points of view. The books ' aim is to show that an idea, similar to an evolving word, must be utilized as a part of a few distinct connections before it turns out to be a piece of our operating knowledge in our daily tasks. Also, the book proves that as an economist or a person who thinks like one, you do not necessary require the exclusive mathematical abilities regularly figured economics to be unthinkable without. (Frank, 40) Among numerous different things, Frank even clarifies why economists may overstate the mathematical part of their profession.