Entry 15: What is a Monopoly?

The video is mainly providing a definition of monopoly will only produce at quantity when marginal revenue equals marginal cost. The three main characteristic of a monopoly is basically when there is only one seller with one special or unique product and have barriers to entry. Monopoly has the power to change the supply and the demand, which the video mentioned how economists do not like monopoly mainly because of that. 

Yet one kind of monopoly is created because that firm is willing to dedicate their great effort into it

and it is good because it will encourage other firms to become more efficient and try to compete with other firm and make the economic better as a whole.  I do agree with the entire concept of how economists' view of efficient monopolies. Monopoly can be a good thing when it comes to the advantage in mass production and manufacturing. If a monopoly spends its entire surplus in order to maintain the position, then it is neither worth it nor a good choice to attain a monopoly. Since it ends up creating huge amount of opportunity cost it is not a good choice. 

Topic 13: The Return of the Zeppelin

Both demand and supply for Zeppelin dramatically decreases after the explosion of Hindenburg around the 1930s. People chose not to ride on the Zeppelin because they are too afraid to do so and they are afraid that history is going to repeat and similar incidents are going to happen again. Yet, through the advancements and improvements of technology, the service of Zeppelin riding has become more secure and safe. The Zeppelin rising service are now being improved with decent quality and better materials. For instance one great example of an improvement would be how they replace the gas in the Zeppelin with hellion and instead of hydrogen, so the possibility of a Zeppelin explodes decreases. Airship Ventures is an example of an oligopoly, because there are only three airship companies that actually own a Zeppelin and there is actually only one in the United States. Three crucial determinants that lead to Airship Ventures’ success are preference, expected future prices, and the prices of related goods. Lastly, for me, I would not really risk to go on a Zeppelin, because I have my own personal preferences, furthermore, it is not cheap to go those. 

Journal 12: Pizza for Pesos

The video is basically illustrating a controversy of how pizza stores are gradually accepting Mexicans pesos for its costumer. This concept is basically controversial because some say that this simple action encourage illegal immigrants from Mexico and also claim that it is an insult to the United States and its culture. Utility is basically the idea of how much you are satisfied upon one specific good or service. Furthermore, utility is determined by one’s individual’s self-preferences, and how much one likes it or no. This simple concept is relating utility is because some Mexicans are actually willing to pay more in order to exchange a pizza that is actually caring about their people and they might be willing to consume more pizzas. Through out the United States, Mexican and Latino costumers are gradually become one of the crucial group among the entire population of the United States. For example, the business of mobile phones started to address their slogan in Mexican with will obviously gain attention from the Mexicans and they will find out about this specific firm and will increase the likelihood of them consuming specific goods and services. I think is it good to accept pesos, but also the firms also need to evaluate the consequences upon the negative sides. Perhaps some patriotic Americans will boycott such firms and will also decrease income of the firm, which is not profiting and benefiting the entire business as a whole. 

Topic 10: Consumer Preference and Utility - Skechers‏

Skechers is basically a shoe company that targets younger group of people from 12 to 24. The video is basically about how they find ideas through seeking it in various places in various ways. For instant, through seeking fashion senses from nightclubs or fashion magazines and also from television commercials. They would also conduct surveys and get responds from the younger people, which are their target and so they will just use it as a reference and product products. They located their offices at those geographically extreme places, in mountains and deserts, which are places you need the most for those shoes. Their shoes are the most suitable for outdoor activities, such as hiking and walking in deserts. For myself, I really hated skechers because the design is just very ugly and old-fashioned. In addition, skechers are usually expensive, why would I pay such price and get durable shoes with very ugly look. I usually go for converse or vans for shoes, because they are relatively cheaper and their design never get old. I personally do not like shoes that are too sporty because if i have shoes that are really sporty it would just be a little weird if I wear it too school. Basically I just like to but shoes that I can wear in all kinds of situations. 

Topic 10: Consumer Preference and Utility - Skechers‏

Skechers is basically a shoe company that targets younger group of people from 12 to 24. The video is basically about how they find ideas through seeking it in various places in various ways. For instant, through seeking fashion senses from nightclubs or fashion magazines and also from television commercials. They would also conduct surveys and get responds from the younger people, which are their target and so they will just use it as a reference and product products. They located their offices at those geographically extreme places, in mountains and deserts, which are places you need the most for those shoes. Their shoes are the most suitable for outdoor activities, such as hiking and walking in deserts. For myself, I really hated skechers because the design is just very ugly and old-fashioned. In addition, skechers are usually expensive, why would I pay such price and get durable shoes with very ugly look. I usually go for converse or vans for shoes, because they are relatively cheaper and their design never get old. I personally do not like shoes that are too sporty because if i have shoes that are really sporty it would just be a little weird if I wear it too school. Basically I just like to but shoes that I can wear in all kinds of situations. 

Topic 10: Consumer Preference and Utility - Skechers‏

Skechers is basically a shoe company that targets younger group of people from 12 to 24. The video is basically about how they find ideas through seeking it in various places in various ways. For instant, through seeking fashion senses from nightclubs or fashion magazines and also from television commercials. They would also conduct surveys and get responds from the younger people, which are their target and so they will just use it as a reference and product products. They located their offices at those geographically extreme places, in mountains and deserts, which are places you need the most for those shoes. Their shoes are the most suitable for outdoor activities, such as hiking and walking in deserts. For myself, I really hated skechers because the design is just very ugly and old-fashioned. In addition, skechers are usually expensive, why would I pay such price and get durable shoes with very ugly look. I usually go for converse or vans for shoes, because they are relatively cheaper and their design never get old. I personally do not like shoes that are too sporty because if i have shoes that are really sporty it would just be a little weird if I wear it too school. Basically I just like to but shoes that I can wear in all kinds of situations. 

Topic 10: Consumer Preference and Utility - Skechers‏

Skechers is basically a shoe company that targets younger group of people from 12 to 24. The video is basically about how they find ideas through seeking it in various places in various ways. For instant, through seeking fashion senses from nightclubs or fashion magazines and also from television commercials. They would also conduct surveys and get responds from the younger people, which are their target and so they will just use it as a reference and product products. They located their offices at those geographically extreme places, in mountains and deserts, which are places you need the most for those shoes. Their shoes are the most suitable for outdoor activities, such as hiking and walking in deserts. For myself, I really hated skechers because the design is just very ugly and old-fashioned. In addition, skechers are usually expensive, why would I pay such price and get durable shoes with very ugly look. I usually go for converse or vans for shoes, because they are relatively cheaper and their design never get old. I personally do not like shoes that are too sporty because if i have shoes that are really sporty it would just be a little weird if I wear it too school. Basically I just like to but shoes that I can wear in all kinds of situations. 

Topic 9: The Myth of Outsourcing's Effect

To define outsourcing is basically when a company or firm decided to use or import the resources and labors from other countries instead of their own country, and that mainly happens because of cheaper labors and cheaper price to produce goods and services in general. For instance, the society today, we can barely find cheap toys or clothes that are not made in China, meaning the majority of the firms or companies are manufacturing and producing their products in China instead of their own countries, and mainly this occurs due to the cheaper labor in China. But if we try and go back to track what is the main cause of outsourcing, it would be “globalization“. Without globalization, countries do not even interact with other countries; without interaction how are they even going to trade or even do tradeoffs. Some may criticize outsourcing saying that the opportunity cost of outsourcing is the relatively high unemployment rate in their own country, because no all jobs that should be done by those workers in their home country are know transferring to get done by other countries with cheaper labor. But the thing is, outsourcing is very efficient especially with lowering prices. Once the price of goods or services decrease, it significantly increases the demand of goods and services. 

Topic 8: Debate on Globalization

Convergence is basically the idea that poorer economies will grow at faster rates than richer economies. A lot of those western developed countries constructed a lot of factories ere which boosted those poorer countries economics somehow. According to China and India’s economic status they have worse their lifestyle and quality of lives. The developed countries actually go hire workers from those least developed countries in order to get lower paid workers and to lessen those undeveloped countries economic pressure.

Globalization is basically the process of increasing the connections and interactions among nations and to develop to a more “global” world and not one single nation in the world has never experience globalization. Overall, the huge concept of globalization actually do influence Taiwanese society by bringing in Media, technology, and languages; which is certainly a positive effect due to those advantages Taiwan possess after globalization. The term globalization implies transformation and Taiwan is now only consider as part of the whole process of globalization catching up with other trends and countries, but soon Taiwan will be on the top there and set a fairly good example for others to catch up with. Hence, globalization is basically a synonym of blended culture, which Taiwan is pretty much a society with blended races of people and opinions with a decent variety of culture all because of globalization.

Topic 7: Government Farm Subsidies‏

To define farm subsidies are basically how government provide money are given to farmers in order to lessen their farming stress and economic pressure. According to the video, the video is basically describing the relationship upon government, subsidies, and farmers. Yet, the money usually goes to those wealthier farmers, which does not really help anything. Because those poorer farmers, who actually needs money, did not get any of those subsidies. Although some of the poorer farmers get paid, but its only a small amount of money, which is not enough to sustain the whole family, especially when the price of other necessities and needs are rising rapidly.

Moreover, in terms of college subsidies, I think it actually does help college students and actually motivates them to go to college. College subsidies does not only lessen economic pressures it also motivate students to achieve a higher level of education. If I got college subsidies, it will definitely motivate me to go to school, even though I do not really like to study. 

Topic 6: Opportunity Cost of a College Education

Mrginal analysis is basically when consumers make decisions and they consider about the next unit of something, which is basically thinking about the next unit, or next period of time while comparing benefits and costs.

According to the video, the video illustrates two opposing argument of how one side believe graduating college should be getting a free ticket of better future and the other side opposes it.

In terms of marginal cost, some students leave college after one year because even with financial aid, some students cannot afford the tuition. Moreover, they probably chose work over getting education. Because after comparing and further analysis of one’s own future, going to college is basically spending money and getting education, but if you work you are actually earning money.

Some might say you need to invest in yourself, but is college really worth it or is it a good life?

To be honest, I actually did think about not going to college, because if going to college is to get me a better job in order to get me a better future. Isn’t it more effective if I actually start working and gain experience after graduated from high school and with that four years experiences, I think I will actually get a decent job. But my mom told me that my options will be limited by then. Because I basically not know how to do a lot of thinks what other people know how to do.

Hence, I think I might still go to college. 

Topic 3: Incentives to Attend School

In terms of incentive, it is basically the motivations toward certain acts. Huge amount of students decide to work and support their family instead of going to school and be all educated. According to the video, school attempt to get students by providing them laptops and cars in order to get those students to go to school.

           

In my opinion, when I was little, I basically just go to school because all my friends do so too. I am basically just following the trend of the whole world. Yet, I realize what I want to do and achieve in the future. I would like to major in business and to travel around the world. In order to accomplish my dream I will have to come to school and do an okay job in terms of academic performances.

I think for PAS, students come to school more because of they are afraid of the punishments instead of being all a diligent student and wanted to be all educated. I chose to come to PAS everyday because I do not want to be isolated and to be disconnected with my friend and the whole world. Yet, the reason that encourage me to do better in school are the rewards, such as having a better future, or compliments from other people.

Topic 5: Ripple Effects and Elasticity

Ripple effect is basically when a single incident influence and adjust other events then will eventually turns into a pattern-like cycle. According to the clip, it mentions about how oil is a great example of a ripple effect because when the cost of oil rises, huge amounts of unpredicted goods also rise their prices.The increasing price of oil actually does affect me. Despite the fact the we use oil itself for like minor things, but we also do use huge amount of oil in terms of transportation and those goods made out of oil.

Corn would be another great example of ripple effects that affect my life. In spite of the fact that I actually do really like to eat corn as a food there are actually a lot of goods that are made of corn. Corn has been transform into a lot of goods such as, fuels, oil, crayons and even pillows.

In terms of elasticity and inelasticity, I will consider needs such as things that will affect my life will definitely be an inelastic case for me. In addition, entertainments and electronic devices are relatively elastic, because if those things’ price rise, I will have a big likelihood of me not buying it. 

Topic 4: Where Choices Lead

            To come to pacific American school is actually a choice completely made by my parents. When I was in the states during my freshman year, I told my mom that I want to go back to Ming Dao high school, which is a local school when all my friends are, she said yes. But then, she changed her mom by just one article on the newspaper, saying that how many students got in to the top 50s.  So then she decided to give it a try. I will consider it as a quite rational choice, because we actually did make out the pros and cons list in order to make the whole process more legit.

            The opportunity cost for me coming to this school would be I basically started all over again. I have to start out with a brand new environment and study with unfamiliar friends.  Of course, the opportunity benefit would be a better curriculum compare to my local school and indeed a better future in terms of academic performances. I would say the benefit is actully greater then the cost, because I can still contact my old friends even though we go to different schools but my future is like a one time thing. If I screw up then that’s its. Hence I would say coming to PAS is actually quite a rational choice and if I am the one making the decision I would probably do the same.

Topic 2: Scarcity at School?

In terms of scarcity, I believe PAS does encounter scarcity as a whole. For example, as a student’s experience, I might face a situation of me having a dentist appointment tonight yet a three ap tests tomorrow, I am facing a time scarcity. As a student, without the ability to earn money, we are always facing a circumstance of needing more money, which is also count as a kind of scarcity. I might need to make choices between an actual breakfast or a cup of starbucks coffee. Then I do usually prefer actual breakfast, so then when I am facing a scarcity of money I usually give up my coffee.I will Teachers also face scarcity too. They might have too much material but only limited time to cover them. So then they will have to choose materials and information that are relatively important and to educate us with those. Another scarcity teacher might face is how they have limited books with whole bunch of students, or probably limited printed test paper with the whole class of students. Office staffs might face scarcity too. They might have new staff coming in but only limited seats are available; So then as a result, some people might need to combine their seats. 

Topic 1: The Big Questions

 If we consider PAS economically, and everyone at PAS as a producer and consumer; what goods and services are produced? Who produces and how are those goods and services? For whom exactly are those goods and services produced? Who is the one that determines the what, how and for whom question? I think if everyone at PAS is consider as both a producer and consumer then I will say the goods and services are education that teachers provide and the tuition fee we pay in return. Since both teachers and students give up something in order to exchange something more important, I will say the goods and services are produce for both. Teachers sacrifice time and educate us and get paid, we sacrifice our money in order to pay for our education and hope to be intelligent somehow. I think the one that determines those questions are basically everyone who chose to be involve in PAS. Both teachers and students basically have the choices of either coming or not coming to PAS, so I will say everyone chooses to be in PAS and determines what they think are more important then they do tradeoffs with other people.

 Students come to PAS basically hoping for a better future and somehow become intelligent upon the education PAS provides. Teachers come to PAS to educate people and to gain money out of it. These two self-interest examples and combine together and form a social interest and benefit the world as a whole by educating students and provide job opportunities for teachers; these decreases the rate of unemployment and increases the intellectual level of the entire world and also better the world as a whole.

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