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).