Economics Chapter 4-6

Chapter 4

The Law of Demanaffects life in America in a few ways. One of the few way it affects america is because of the behavior patterns that are seen. These two effects are the subsitution effect and the income effect, which describe the changes of customer’s buying patterns. They also explain why prices increses or drop. To me, this means that families will be able to understand the effect of buying habits can affect a family’s income. The Law of Demand affects the nation through they way these effects affect the buyer's spending habits. Some of it’s implications are its ability to predict when the consumers will buy items and when they will not. What are some other effects of the subsitution effect? How does the income effect affect the subistution effect? Why does this happen?

Population affects life in America in many ways. This is because of how populations affect the demand of certain goods and levels of expecatation. This can be seen through the effects of value of certain goods. To me, this means that if there is a large target audience for a good the more worth it is. This can affect families or even citizens because it encourages people to create goods and help better their lifestyle by providing or creating said goods. Population affects the nation through they way it can affect the economy by determining the worth of a good. Some of it’s implications are that of British taxed items were valued less to those who were revolutionist as they would refuse to buy those taxed goods.

Elasticity affects life in America in a major way. This is because Elasticity is the measurement of how consumers respond to price changes. To me, this means that we are able to predict what consumers will do when there is a major price change.. This can affect families because of how policies reguarding this affects the cost of goods that they may need to survive. Elasticity affects the nation through they way it affects demand or the wanting of certain goods or items. Its impact is very important today because policies have been created to help understand the effects of elasticity on the economy.

Supply affects life in America in a few ways. It affects America because if an item’s need or quantity increases, so will its price. This is the same way vice versa, if supply goes down, so will the price. To me, this means that if the United States has no supply, then it will not have any economy. This can affect families because if there is no economy, families are unable to buy whatever they need to survive. Supply affects the nation through they way it determines economy. What are some ways to increase supply? Why does supply affect the economy so greatly?. Its impact is very important today because without supply there is no economy.

Production costs affects life in America in many ways It affects America through the way that if products cost more to produce than to sell, that product is costing money instead of gaining money. To me, this means that. This can affect families through the way that some goods will be more expensive than others, and those more expensive goods may be what the family may need to survive.. Production affects the nation through they way it affects the cost of certain goods. Some of it’s implications are that the more expense it takes to make an item, the more expensive it will be. If truffles (the mushrooom) is easier to make/find, will it be cheaper to make? Its impact is very important today because of how production affects cost and evutually affects the economy.

Input cotsts affects life in America in a few ways, like the effects of marginal costs affect the price of production input costs will evetually go down with the creation of better and more useful technology.. To me, this means that if the input costs go down the cheaper a good will be. This can affect families throughout America because of the way it provides cheaper and better products allowing families to survive in easier conditions and buy what they need to survive. Input costs affects the nation because if input costs are lower the prices will also be lower, this affects the economy because it supports spending which in turn make the economy healthy. What are some ways to help bring down input costs without the use of better technology? Is that even possible? Its impact and relevance today is very important today because the overall effects it has on the economy and spending.

Excess demand or when demand is more than the supply affects life in America in many ways. This is because it encourages buyers but will discourage people to sell the item, this will affect the economy either positively or negatively, This is because there needs to be an equilibrium in which you can make profit and encourages buyers and sellers to either buy or sell the item. To me, this means that excess demand can affect the availability of certain items.This can affect families because equilibrium is very hard to achieve and therefore, some items will be too expensive for some families to buy or too cheap that sellers won’t try to sell the items. Some of it’s implications are that of raising the price to encourage the sellers to sell the item which will in turn allow buyers to buy the item. Its impact and relevance is so important today because of the effect on prices.

Price Ceilings or the maximum set price for an item affects life in America in many ways. Price ceiling is a governmental step to control prices and to set an equilibrium. To me, this

means that if an item is not reaching equilibrium due to it being very expensive, equilibrium is not met and therefore no one will buy the item and this could drastically affect the economy. This can affect families through the way it allows families to expect a certain item to not be too expensive and could rely on that as a standard to buy the goods they would need to survive.Price ceilings affects the nation through the way it sets a maximum price for an item to ensure a well balanced economy. Its impact is very important today because it will eventually encourage buyers, which will help the economy.

Market problems affects life in America in negative ways., these market problems are competition, spill over costs, and imperfect information. All of these limit the economy and can keep the market from running smoothly. To me, this means that there are still problems in the economy. This can affect families through the way it limits the economy, as these market problems eventually can create problems within the economy itself. These problems affects the nation due to the problems it can cause in the market. What are some ways to get rid of these problems? How? Why do some of these problems exist? Its impact is very important today because these market problems will eventually affect the economey due to its effect on prices.

Partnerships affects life in America in positive ways. It does this through the way that partnerships help promote businesses working together and help each other out. To me, this means that if businesses are helping each other, they can promote more businesses . This can affect families through the way these businesses could help them by either providing services or goods. Partnerships affects the nation through they way it helps employers and their employees, this overall helps with the economy.

The advantages that corporations affects life in America in positive ways. One of the ways that corporation affects life in America is its potential growth. To me, this means that if corporations continue to grow it will have a drastic effect on the economy helping it greatly. This can affect families through the way corporations can help families get jobs or provide goods or services that they would need to survive. These advantages affects the nation through they way it can keep growing. Is it possible for corporations to die? Can corporations theoretically keep growing? Its impact is very important today because of its major effect on the economy and on America

Franchises affects life in America in both positive and negative ways.This is because Franchises helped inexperienced owners, have a standardized quality and even financial assistance, all of which affect America positively because of these help the Franchises grow. Franchises while overall positive do have limitations such as purchasing restrictions and limited production line, all of which limit the grow the franchise. To me, this means that if franchises grow they could end up helping the economy much more. This can affect families because franchises are usually a small buissness and most likely be owned by a family which will help them and the economy. Franchises affects the nation through its eventual build into corporations which will help the nation’s economy grow. Some of it’s implications are small business. What are some ways franchies can grow? Its impact is very important today because many of the corporations that are alive today started out as franchises. Its relevance today is that many people are now starting their own franchises, trying to make a better living for themselves.

Unemployment affects life in America in the ways it could have hindered the economy. This is because, people who are unemployed are not working, therefore not contributing to the economy. Although, much of the unemployed are in a temporary state of unemployment, others are stuck in the unemployment. To me, this means that unemployment can help hinder the economy because if unemployment rises too high, then there will be no economy. This can affect families because without an economy there can be no circulation of goods therefore limiting the economy which can also affect the nation greatly. What are some ways to decrease unemployment? How can we create jobs?

Wage Discrimination affects life in America in a negative way. Wage discrimination affects everybody in America because it hurts families. To me, this means that families are affected through the way that some members are paid less even while doing the same job, which could in turn not allow families to get the support that they need. Whether, it’s through buying products or getting services. Wage discrimination affects the nation through they way it allows people . Some of it’s implications are that the wage discrimination is justifed because of other means. Why is there still a wage gap? Isn’t not that the reason why women “earn less” than men on average is because of varying jobs that each gender chooses? Its impact is very important today because of the way that this discrimination hurts individuals and families all over the nation. It is still relavant today because many are still talking about the wage gap between men and women?

Collective bargaining affects life in America in major ways. This is because collective bargaining is a big part of the Labor Union, which is a big part in the consitiution. It affects life in America because it allows workers to argue that their Wages, Working Conditions, or Job security are unfair or a problem . To me, this means that the employers are unable to have all the power in the work force. This can affect families through the way it gives power to some working family members, as if their current working conditions are unfair they can fight against it. Collective bargaining affects the nation through they way it allows workers to fight against an unfair system. Is it possible for Unions to fail? What are the conditions that would lead them to failing? Its relevance today is that people are still fighting against an unfair system of labor .