Weekly Blog 05/16/2014

Weekly Reflective Blog

This week we learned about credit and banking through our notes, videos, and modules on everfi. There are benefits and costs of using credit cards and one should be aware of the risks of using credit. Using credit is very convenient but you risk yourself to identity theft, risk of spending money you don't have and to fees and interests included in your credit card payments. We also learned about financing purchases and how we should go about financing things we buy. Credit and financing are very important for our future and we should know how to manage ourselves.

Weekly Blog 05/8/2014

The Budget Week

This week we learned a lot about savings and budgets and how important they are our whole life. A budget is an estimate of income and expenditure for a set period of time, having a budget is ideal to have a successful economic future because having a budget means to have a control over expenses and income. Savings are also important for a bright economic future, having savings is very useful and it is important that we as teens start to invest and have savings for the future.

Weekly Blog 05/2/2014

This week we learned about charitable savings, we learned a lot about banking and money spending, we also learned how to control our money, we watched videos on the red paperclip and the process of how money is made and the differences between real and fake money.

Weekly Blog 04/3/2014

    Weekly Reflective Blog

This week we learned a lot, just today we learned about partnerships, what they do, and what they are. We learned that there are three different types of partnerships; General Partnership both partners share responsibility for managing the business and each is liable for all the business debts and losses (Easiest to set up but most risky) Limited Partnership is when at least one partner is not involved in the daily operations of the business (Silent Partner) and Limited Liability Partnership which is when all partners are limited partners and are not responsible for the debts and other liabilities of the other partners. Partnerships have advantages as well as disadvantages, the advantages of a partnership are that partnerships are easy to open or close, there are few regulations, the owners keep profits, partners have more access to resources, there is joint decision making, and specialization, and the disadvantages are that there is joint decision making, a limited life, and unlimited liability (RISKY) Overall this week was very informative and full of new things to learn.

03/21/2014 Weekly Reflective Blog

Supply and more supply

This week we mostly learned about supply and supply curves.A Supply curve, in economics, graphic representation of the relationship between product price and quantity of product that a seller is willing and able to supply. Product price is measured on the vertical axis of the graph and quantity of product supplied on the horizontal axis. In most cases, the supply curve is drawn as a slope rising upward from left to right, since product price and quantity supplied are directly related (i.e., as the price of a commodity increases in the market, the amount supplied increases). This relationship is dependent on certain other things equal conditions remaining constant. Such conditions include the number of sellers in the market, the state of technology, the level of production costs, the seller’s price expectations, and the prices of related products. A change in any of these conditions will cause a shift in the supply curve. A shifting of the curve to the left corresponds to a decrease in the quantity of product supplied, whereas a shift to the right reflects an increase. We also had a quiz that tested our knowledge of supply and supply curve.

Weekly Blog 03/14/2014

This was a long week in my opinion. There were a lot of things we had to learn. We learned even more about demand, elasticity and stuff like that. Elasticity of demand describes how responsive consumers are to price changes in the marketplace, we also learned what elastic and inelastic means; Elastic is a change in the price that equals to a relatively LARGE change in quantity demanded and Inelastic is the change in price that equals a relatively SMALLER change in quantity demanded. We also learned how to calculate the elasticity of demand percentages with the formula % ᐃ Q / % ᐃ P. We had a group project that advertised our city Weserville in order to increase it popularity, in these ads we included the six factors that affect demand (personal taste, income, income distribution, etc.) This week was very interesting and full of new things to learn.

02/27/2014 Reflection Blog!

The Government Week!

This week we learned a lot about the different moves a government has to make.
We learned about public transfer payments which is a way to distribute income, public safety nets that are for those who can't provide for themselves, and Public transfer payments that is when government transfers income from taxpayers to recipients who do not provide anything in return towards society. We learned about the different spendings and how difficult it is for our government to chose whatever is most beneficial towards us. We learned about mandatory and discretionary spending and what they offer. We also learned about the different entitlement programs like; social security, medicare, and medicaid and how they are aimed to help the people with less income in society. Our government does a lot to help its people and I think that is amazing.