In the comment section below, find an article online and tell us how it illustrates an economic concept learned in class. When writing your post, write your first name and second initial. You'll see my example post below. Use the format below:
1. Name
2. Link
3. Summary of the article
4. Economic Analysis and Application
You will be graded on:
Correctly Summarizing the Economic Concept - 5 points
Correctly summarizing how the concept can be seen in the article - 4 points
Correct grammar and English conventions - 1 point
1. Joshua P.
ReplyDelete2. http://www.newsofbahrain.com/viewNews.php?ppId=38384&TYPE=Posts&pid=22&MNU=3&SUB=
3. This article is about the growth of using renewable energy throughout the world, particularly in the US, China, and India.
4. We see two economic concepts. First, if renewable energy is on the rise, we can infer that non-renewable energy is an economic good - it won't last forever. Because resources are scarce, countries are forced to look for alternative energy sources. Last, we can infer that renewable energy might be a "free" good, in that sunlight is not used up when consumed. Wind energy is also not used up when consumed.
1. Ali
ReplyDelete2. https://www.nytimes.com/2017/05/18/arts/jean-michel-basquiat-painting-is-sold-for-110-million-at-auction.html
3. 1982 Basquiat painting sold to Japanese billionaire, Yusaku Maezawa, for $110.5 million.
4. The art industry is known for being a huge scam, because at the end of the day, it's not about the artwork, it's about the value it's given and the profit made. The piece was previously purchased for $57.3 million, giving the seller $53.2 million in profit after selling it to Mr. Maezawa. But being a scarce product, one might argue that it really is worth spending hundreds of millions on a Basquiat painting.
1. Katherine H.
ReplyDelete2.http://www.gulfweekly.com/Articles/38056/Mix,-match-and-be-merry
3. This article describes in detail Michael Kors upcoming line of fashion for 2018.
4. Appearance is important in our society. For those of us who are are privileged enough to wear designer brands like Michael Kors know that the quantity of items are not unlimited and costs us money. His clothing is an example of an economic good; a scare good that costs you something in exchange for it. Many would argue that the cost is worth it though...even if your wallet is bare by the time you finish shopping.
1. Julie I.
ReplyDelete2. https://futurism.com/scientists-have-uncovered-a-way-to-regenerate-human-bone-and-tissue/
3.This article describes how scientists are working on methods to help regenerate both human bones and tissues.
4. As our human body tends to be fragile and susceptible to illnesses and/or harm, we can conclude that regenerating our bones and tissue in dire cases is an economic good. It will cost us money to regenerate our bone and tissue as they are scarce to us. Due to its scarcity, it is going to be a good a consumer would want, thus higher prices will be imposed and the companies with such goods will earn a higher profit.
1. Yasmeen O.
ReplyDelete2. https://www.theguardian.com/society/2017/may/18/swallowable-gastric-balloon-could-help-the-obese-lose-weight-without-surgery
3. A swallowable gastric balloon can eliminate the need of going through surgery to combat obesity.
4. Going through surgery while also being overweight takes a great physical toll on the patient. Not only is the gastric balloon extremely cheaper than surgery, But it also needs much less physical and psychological preparation. When you compare the benefits and the cost of getting the procedure done, these factors act as an incentive for obese people to loss their excess weight and lead a healthier lifestyle. Also, it is much more advantageous for hospitals or clinics to provide this balloon as an alternative to surgery since it takes far less resources and effort. And by using less resources and effort while still getting the same results, they would be making far more profit.
1. Maram W.
ReplyDelete2. http://news.nationalgeographic.com/2017/03/human-heart-spinach-leaf-medicine-science/
3. Transforming a spinach leaf into beating human heart, which could solve a lot of problems in the medical industry.
4. There are two main economic concepts that can be shown in this article. First, is incentives; the scientists' incentives behind making human hearts out of spinach leaf is to create an organ that is like the beating human heart, with all of it's delicate blood vessels; to help the people. Second term is opportunity cost; in this case time represents an opportunity cost in terms of the scientists, since they spend a lot of their time working on this. But it has a lower opportunity costs than any other way of making or trying to make a heart (like 3D printing), so it is totally worth the time and their efforts.
1. Sara Isa
ReplyDelete2. http://www.gdnonline.com/Details/267690/Saudi-Arabia-issues-2,000-mining-licences-worth-$66-billion--
3. This article that i read talks about Saudi Arabia issuing 2,000 mining licences worth $66 billion.
4.Saudi Arabia has no shortage of money and that's a glaring fact from this recent article saying how they spent $66 billion on a mining licence. the ever so expanding mining sector of Saudi Arabia is a massive aid in getting them money, we can say that the minerals they get are their goods, and for as much money they have it is a scarce good. With the scarcity of the money, it is a consumer good other countries will want and thus trading their goods to get the scarce money.
1. Yara A.
ReplyDelete2. https://www.nytimes.com/2017/10/07/world/middleeast/saudi-arabia-women-driving-ban.html?rref=collection%2Fsectioncollection%2Fmiddleeast
3. Saudi women who once fought for women's rights finally celebrate their right to drive.
4. In 1990, four dozen women faced an important trade off: to fight for the rights of women by trying to lift the driving ban, or to get arrested, suspended, and/or even shunned by their own families. Women in Saudi Arabia felt so powerless, and this feeling of vulnerability only motivated them to fight for their rights. To women, the ability to drive has provided them with an incentive to work, as they no longer have to pay for drivers or wait for a relative to drive them to work. It also provides them with many new possibilities; who knows what the future holds for women in Saudi Arabia?
1. Mousa M.
ReplyDelete2. https://www.nytimes.com/2017/09/28/science/elon-musk-mars.html?rref=collection%2Ftimestopic%2FMusk%2C%20Elon
3. Elon Musk's ambition to build a new rocket and a new spaceship called the B.F.R. to fulfill his dreams of colonizing Mars.
4. The B.F.R. would be able to take many satellites to orbit at once, as well as ferry cargo and astronauts to the International Space Station, and all the parts of the B.F.R. would be reusable, which means that the operating cost will be low, and the economic concept playing a role here is efficiency. And because all parts of the B.F.R. are reusable, which makes the operating cost low, this would mean that the B.F.R. has an absolute advantage.
Addition to point #4: Efficiency is an allocation of resources that maximizes total surplus. Absolute advantage is being able to produce a good using less input than another producer.
Delete1. Heba A.
ReplyDelete2. http://www.bbc.com/news/business-38954975
3. A technology entrepreneur created a phone app to decrease the amount of car deaths caused by phone distraction.
4. Many decisions that we take everyday are formed by what gives us the most benefits and the least costs. In this article, we can see the role of incentives, which is something that induces a person to act. This is shown through the use of the phone application versus texting on the phone and distracting/putting yourself in danger. Even though the application was designed for those who might likely find themselves in danger, it is mostly those targeted people who don't consider downloading the application in the first place.
1. Khalid.N
ReplyDelete2.https://www.nytimes.com/2017/09/21/science/glowing-cotton-study.html
3.a newly formed cotton that glows and has magnetic elements
4.Cotton is an everyday material that makes our clothes become soft and comfy, so seeing an organic way of glowing is great as it can open up a whole new clothing line with glow in the dark clothes that wont harm the person wearing it through radiation. The amount to make it happen is a little bit of sugar molecules, they would be a free good for as little that is needed and how easy it is to make it qualifies as a free good. The cotton seeds would be a scarce good as there isn't a full grantee that we will always get the same amount of seeds from the cotton plant.