My Life And Family Live Is Controlled By Economics

The article, Life at the Top in America Isn’t Just Better, It’s Longer, written by Janny Scott gives insight detail about three people from different socioeconomic backgrounds. It is the conscious truth that money can enhance a individuals way of life and this is what is happening in the readings. According to the author, “Upper-middle- class Americans live longer and in better health than middle- class Americans, who live longer and better than those at the bottom. And the gaps are widening, say people who have re- searched social factors in health (page 29)”. The highly educated are more indeed to learn about health information and take advantage of the latest health treatments available. It is revealed that factors such as stress, diet, family structure, and even class status can affect and individuals health over a period of time. It is surely a concrete fact that if someone is from a higher sociological status in society, then they have access to better healthcare options in difference to those in struggling class statuses.

Conclude your paper by summarizing how the state of the economy influences an individual’s personal financial choices.

The video shows the lives of four families with different economic status in Louisville, Kentucky. The life of a hospital CEO, a janitor, a lab supervisor and an unemployed mother during video showed the clear relationship between health and longevity. Families that social economic status is higher can maintain better health status; conversely, the family that socioeconomic status is lower has the worse health status. Poor Americans die almost six years earlier than the rich; American middle man died two years earlier than the rich. In addition, video states that education

The worlds countries are split up into three factions: developed countries, less economically developed countries, (LEDCs), and the countries in between these two extremes. The majority of the countries in the North Hemisphere of the world are developed countries. Developed countries have an average annual income of above $9000. An example of a developed country is Great Britain. The majority of countries in the Southern Hemisphere are LEDCs. The average annual income for these countries is below $750. The countries in between are developing countries. Their average annual income is between $750-9000.

Another significant factor is that in these rich and advanced nations, such as the United States, Canada, Australia and some Middle-Eastern

Each other country is running in a rat race to make its ration one of the most developed country in the world. China, Japan and Korea are seen to lead the other nations in Asia, where as England the united study and other European countries are leading the headline of the world’s most developed countries. At the meantime, some countries in South-East Asia, apart from Singapore and Malaysia, appear for less developed such as Cambodia, Laos and Myanmar. The uneven development exist between nations are mainly believed

Newman touches on how money can sometimes be an issue for families. In different areas of the world housing is very cheap and families can find jobs with great benefits. Compared to other areas, housing can become very expensive, and jobs are not giving good or any benefits at all, which

Saez presents his credible data through the use of ethos. Saez is a well-known economics professor who devotes time to publish reports about the income inequality in America. Although his reports are strictly opinion, he uses enough historical statistics and actual facts to make his writing credible. Many historical theories lay a foundation that helps prove income inequality is necessary. Social Darwinism is a collection of theories that explain why the rich get richer, while the poor become poorer. Social Darwinists generally claim that the strong and successful people should see their wealth and power increase while the weak and unmotivated should see their wealth and power decrease. This is an excellent explanation for the cause of income inequality and why it shouldn’t be stopped. Wealth can sometimes be a direct result of the hard work and dedication of a person that is motivated to become successful in life. While most people may work as hard as they can and only make an average income, there are the few exceptional cases where people can prosper and rise to great economic stability. For all other citizens, the reality is they may be motivated and driven to become successful just like everyone else, but can only manage a low or middle class job. This reality

The American family is shaped by the economic stratification of society and the opportunities afforded to each social class. Lareau and Cherlin discussed that the typical family encounters economic inequality that overtly affects individuals within households. Lareau has successfully conducted research and illustrated that different experiences vary among the middle class and lower class families by observing the daily life of children. The economy of the United States provides privilege for middle class families and constrains resources for those in the working-lower class.

People around the country are living in a very hard economic crisis that they have experienced since 2008. This difficult situation has created circumstances that cause people to lose their jobs and companies taking the options of laying off employees, creating a big impact in many families around the country. This situation has not improved at all in the last three years, which makes it very hard for anyone to find a job. The consequences for all these changes are affecting families’ lives in different ways emotionally, socially, and financially. According to the United States Department of

Economic way of looking at life helps individuals to know moral pathways and how to be ethical in economics. In chapter 7, social issues that are discussed, as labor supply in which you find household production, the family, and the life cycle can be well analyzed using economic way of looking at life. In making household decisions, certain factors have to be in mind, such as the economy, time, income and individuals involved.

Author Thomas L. Friedman analyses the technological advances that are creating a level economic playing field with previously disadvantaged countries rising in knowledge and wealth rivaling that of the United States and other world powers in the world. Telephone and computer technology, previously a stronghold only of developed countries, is now easily accessible and has been accessed and mastered by countries such as China and India, making these nations competitive. Friedman perceives the flattening effect as so insightful as to be compared in scope to the Industrial Revolution.

When I was first given this assignment I was extremely perplexed at how I would even begin to finish it. I had no idea how economics related to my life in anyway. I hadn’t thought about it critically and I struggling terribly. Thanks to some much needed help from a fellow classmate, he allowed me to get an idea of things from his own essay. After reading not one, but two other essays, I was so surprised at how oblivious I had been. I never realized that just about everything that goes on in my daily life is, in fact, economics. I never realized that from the things I buy to the money I earn from working is all economics. The things I miss out of while working or going to school is a complete opportunity cost. Or even

Economics is a study of how society manages its scarce resources. The literal translation for economy is “one who manages a household.” “In an increasingly complex world connected by social and economic interaction and interdependence, news of stock market fluctuations, consumer confidence scores, and various economic indicators fill the media” (Broome & Preston-Grimes, 2011). This means that economics is everywhere, even in a home. Every household makes decisions that follow the economic principles. There are tradeoffs, and incentives. Supply and demand regularly show up in a household setting, as do decisions regarding limits on price and time. I

In posing these questions to my family i saw what the study pointed out and that is that even know there is quite a big gap in earning some of the issues are the same the first question i asked What is your Greatest aspiration in life? the resounding answer was happy and healthy which is similar to the answer the study got. the next question what is your greatest aspiration for you children? and this too fielded about the same answer that the study got and that was that the children to have a sense of self reliance and to be happy and content but an addendum to that question is do you feel responsible for their successes and failures this was a resounding yes the responsibility of carrying the burden of success and failure was hard because of the simple fact is do you use your money to help or do you find another way to help the last question in the series was how does money help or hinder you life goals. the answers were different the median income parents said that the money neither help or hindered the situation at hand but more money would be nice to to other things but was unnecessary the family with the higher income said that money helps the situation because of the giving component the ability to give time and money to a worthy cause other that his own. during these conversations i saw the similarities in the answers even though there is a