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Economics Homework Three - Model (view source)
Revision as of 00:47, September 30, 2009
, 00:47, September 30, 2009added more
:A substitute for french fries would be actually believe it or not be steamed broccoli! I just recently went out to eat with my family, and my brother-in-law ordered chicken tenders, but instead of ordering french fries with them he ordered steamed broccoli for a more nutritional choice. For as long as I can remember going that particular restaurant, broccoli has always been the substitute for french fries, and I find it very interesting that obviously since they have kept it on their menu for long they are making money off of it! A complement for french fries would be ketchup, or soda, or a hamburger. (Deborah)
:A substitute for french fries would be actually believe it or not be steamed broccoli! I just recently went out to eat with my family, and my brother-in-law ordered chicken tenders, but instead of ordering french fries with them he ordered steamed broccoli for a more nutritional choice. For as long as I can remember going that particular restaurant, broccoli has always been the substitute for french fries, and I find it very interesting that obviously since they have kept it on their menu for long they are making money off of it! A complement for french fries would be ketchup, or soda, or a hamburger. (Deborah)
:A good substitute for fries would be onion rings, and a the perfect complement to fries would be a quarter-pounder with cheese. (Will)
6. Give an example of a "normal" good, and an example of an "inferior" good.
6. Give an example of a "normal" good, and an example of an "inferior" good.
:An example of a “normal” good would be a laptop. When a income increases, there is more of a demand for newer electronics increases. An example of an “inferior” good would be used cars. An increase in income would allow people to have more money to spend on newer cars. The demand for used cars, which are generally cheaper, would decrease. (Allie)
:An example of a “normal” good would be a laptop. When a income increases, there is more of a demand for newer electronics increases. An example of an “inferior” good would be used cars. An increase in income would allow people to have more money to spend on newer cars. The demand for used cars, which are generally cheaper, would decrease. (Allie)
:An example of a normal good is a new car; an example of an inferior good would be a used car. (Matt)
7. A "price ceiling" is a type of price control that sets the maximum price allowed by law for something (like a real ceiling). A "price floor" is a type of price control that sets a minimum price allowed by law for something (like a real floor). Does a price ceiling that is set below the equilibrium (free market) price cause a surplus or a shortage? Using the graph in this lecture, explain why a surplus or a shortage is created by a price ceiling.
7. A "price ceiling" is a type of price control that sets the maximum price allowed by law for something (like a real ceiling). A "price floor" is a type of price control that sets a minimum price allowed by law for something (like a real floor). Does a price ceiling that is set below the equilibrium (free market) price cause a surplus or a shortage? Using the graph in this lecture, explain why a surplus or a shortage is created by a price ceiling.
11. What is your view of the minimum wage? Should it be increased?
11. What is your view of the minimum wage? Should it be increased?
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:Minimum wage slows the market and the people participating within it. Minimum wage pushes already working people out of their jobs. It also encourages children to quit school before finishing their education. Minimum wage is an all around poor option and should not be employed.
When minimum wage is employed it puts people who are already working out of a job. It does this because when paying a higher minimum wage is forced upon the employer they naturally want to pay less and therefore fires employees in order to conserve money. When this happens there are fewer jobs available. However, this does not seem to faze the school drop outs.
These school drop outs are searching for a job because the opportunity to make the set amount of money seems appealing. This appeal leads them to drop out of school where they could have formed a far better future for themselves. Now, they must stay in the same position with no hope of a real job.
Minimum wage only serves to hold back its participants. It puts employees out of work. It also attracts those who are not in a position to need to be employed, but are just looking for the easy way out. It encourages individuals to not do the best they can. For all of these reasons I affirm that minimum wage should not be increased and is a poor ideology to start. (Elizabeth)
12. Describe and discuss how wealth is created in society.
12. Describe and discuss how wealth is created in society.
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