Reflection Blog (15 May 2014)

This week, the class focused primarily on credit. We learned the benefit and cost of having a credit card and we learned what determines our credit. Some benefits for using a credit card is that it establish a credit for you, it can help you in some emergencies, you don't have to carry a lot of money with you, and etc. But some disadvantages are risk of paying fees and interest. It also lessens your future buying power, since you are basically borrowing someone else's money. Anyway, businesses and loaners check your credit report and score to see how reliable you are to pay back. The score range from three hundred to eight hundred and fifty. You want to get the higher score of course, which is eight hundred and fifty, and you want to avoid three hundred, which is really bad. It is best that you do not reach near the maximum amount of your credit card, since it will lower your credit score. It is also good for you to keep it for a long time (while making a few purchases, so that it won't go inactive), so that you can get a better credit score. Also there are three major credit bureaus. They are Experian, TransUnion, and Equifax. The class also watched videos on these and we also search up some credit cards. We have our paycheck this week too and we been introduced to the online store, which the items there are expensive. I believe that we did not have any bills too, which is great! Also our class is finally ahead of second block, so hip-hip hooray!

Reflection Blog (9 May 2014)

In this week, we got our second paycheck, but we also got a bill after that. I got one hundred and thirty-three dollars and thirty-three cents. My bill though was twenty-one dollars and thirty-four cents, which brought my amount to one hundred and fifty-two dollars and twenty cents. It was for using the computer lab, since our classroom was being used for AP testing. I also created a savings account with everyone else and I put only twenty-five dollars into it, since I thought we were going to have pay for another bill. This left me with only one hundred and twenty-seven and twenty cents dollars in my checking account. Also we got a mail box thingy now, so we could send our mail/bill more realistically! The class got put into few separate families too. I was in with Mean Yanez, Fefe, Danielle, and Sayaka. Nick was later adopted into the family though. We had to answer some questions based on our expenses and our income. The class did activity where we get a random piece of paper with a scenario on it and you have to fill out this chart base on the information you got (first column only). We still haven't finish it and I do not know when we will continue with it.

2 May 2014

For this week, everyone created a bank account and learn to write a check. So far I got two bills, which were the WiFi bill and the electric bill, and now I am only left with about thirty-nine dollars. Man, I am so poor. Anyway, the class also watch a video about the Feds (we didn't have popcorn this time) and took notes on it too. Also we watch about printing money... they go hardcore. Having to draw every detail without a single mistake for every new dollar bill, making the "paper," water image, tiny codes, and etc. It seems impossible to counterfeit it! The class worked on creating an island too and deciding five things that they have (banana tree has to be one of them). The group that I was in decided that our currency would be gold coins and we have banana trees (cause we have to), mineral/ores, dragons, wood, and fresh water. Also we have a dictatorship where our great and kind leader is Michael! All shall praise him! Oh yea, we watched the paper clip video and now we are doing something similar. My class started with a green note card, while the other class stated with a paper clip, I think. 

P.S. - Apparently I won twenty dollars from getting second place in a beauty contest... that is not strange at all. Also Nick give me ten dollars cause he owe me money. 

Reflection Blog (11 March 2014)

For this week, we learned about deflation, inflation, and stagnation. Deflation is when the prices of goods/services decreases across the board, which is not all ways good since business is making less money, they will have to lay off some workers and lower production. Also it could be worst than inflation, sometimes. Inflation is when the prices for goods/services increase across the board and this cause less buying power. Than the worst one is stagnation. It is when price basically remain the same, but income decreases or when prices decreases, but income decreases faster or when price for goods/services rises, while the money value goes down. We also learn about the three types of categories countries are labeled in. They are Developed Nations, Transitions Economics, and Less Developed Countries (Middle Income and Low Income). The class also watch a video about living with only one dollar per day, and we kind of review for the test on Thursday. We also review some possibilities of what cause the Great Depression. 

P.S. -- I am now the sheriff!  

Reflective Blog (21 March 2014) 

For this week, we learned from the suppliers point-of-view. Instead of doing demand curve and schedule, we learned about supply curve and schedule. The supply curve goes from bottom left to top right, unlike a demand curve, which should go from top left to bottom right. We also did a fun activities like drawing a scooter with unique features, which we got to estimate the cost to build it and our profit. We watch a video too that help us understand fixed cost and variable cost (it has puppies!). We also have to fill in the tables for supply schedules. We learned the six factors of that affects supply which are government actions, technology, number of producers, labor, input cost, and producer expectations. On Thursday, we sadly did not finish our quiz or test (don't remember which one it was) and have to finish it on Friday. This is related to economics because this can help you determine how to use your resource the most efficiently and how to get the most profit out of the product. 

P.S., Weserville has been flooded! Someone send help! I am trap with Jean Yanez, and I am sick and tired of hearing Colin and his ex-wife arguing! I also never knew that they live on my property (actually my aunt's). The back road for Walmart has collapse too, so this might take a long while for Walmart to come. Also, how in the world are we going to pay for all these damages. We are already poor and we still need to finish building Walmart. Mayor please save my children! I lost my son, well actually he is on Yanez's house, but you know what I mean. 

Reflective Blog (14 March 2014)

For this week's class, we learned more about elasticity. We also learn a formula to help us solve the change percentage which is percentage change of quantity / percentage change of price. We did some examples to help us understand when it is better to lower or raise your good/service's price. We learned the six factors that could affect demand which is consumer tastes, complementary good, substitute good, consumer expectations,  market size, and income. On Thursday, we did an activity which we see the change percentage in snickers when its price change from fifty cent to one dollar. The class did a project, which was to create an ad to promote Weserville since it was growing. We presented it on Wednesday and we have to create a radio, video, and a ad. We define revenue (how much money you earn before expenses) and income (how much money you earn after expenses) too. This is related to economics because this is what business would do. They would see if lowering or raising the price would earn them more profit or less. 

Weserville Reflection Blog (7 March 2014)

For this weeks class, we missed school on Monday and Tuesday because of unexpected snow. Wednesday, we learned about demand and how it works. We focus mostly on the demand curve and demand schedule, which we took a quiz or test on Thursday. We also learned to plot graphs from the information the table give us and learned how to move the graphs position. We took notes on demand too at Thursday and learned six things that could affect demand (income, taste, supplementary goods, complementary goods, market size, and expectations). Also we will be working on advertisement (radio, commercial, and adds) to help people notice about Weserville since no one knows about it and Weserville is growing (hope Dushore does not notice. I heard they have a drug problem). 

The law of demand states that if prices goes up, then quantity goes down. If prices goes down, quantity does up. The demand schedule (table) and demand curve (graph) helps us see this. For it to be a demand though, you must have the desire to have it and the ability to pay for it. It is not a demand if you are missing one of them. We learned that quantity changes because of a change in price while demand changes because of something prompts us (Examples: celebrities using it, think it is uncool since parents use it, friends using it, if it is "real" or "fake," etc.).

This could be tied in economics because it can help business balance the demand. Like the movies for example. Most people do not go to the movies from Monday to Thursday since they have work or school, so the theater would lower the ticket price to encourage people that are not at school or work to come. On Fridays to Saturdays though, they would raise the price because now people are not at work and school and have a lot of free time (many people are willing to see movies on weekends).