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During holiday, I have bought complementary goods which are bread and butter.

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I realized that economic inequality is globally severe. To alleviate such problem, some experts have proposed that governments implement maximum wage in their respective countries.

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I read an article about alcohol tax increasing in Mexico due to over consumption of alcohols. Therefore, there was a burden in producers which lead to unemployment since there was less consumption due to higher prices.

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The UK Economic Growth Forecasts stated that the expected increase in the UK GDP has dropped from 1.9% to 1.7%.

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I ate chicken with my friends during the summer. Chicken is an inferior good, which enables people to buy it with their disposable income even though the price increases a lot.

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Minimum wage increased in the republic of Korea by president Moon from 6250 won to 7530 won --> Because of increasing minimum wage, there will be shift in demand curve.

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The supply for hagwon teachers increased during the break because more students had to come to hagwon and study

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The Korean Ministry of Employment and Labor is going to  increase the minimum rage 16.4% (7,530 won) in 2018. (employment will decrease)

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My mom tried to save money in the insurance, it was a leakage that money went out of the economic circulation.

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The plane fees for traveling overseas increased as per the travelers' demands. This was a response directed towards the increase in demand within the demand-price mechanism; following a parallel relationship.

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During the summer break I saw news that the cigarette price will decrease in S.Korea. In detail, the price will decrease 50%, 4500won to 2500won. As a result, the tax revenue and negative externality will decrease.

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During the summer, I watched a video about the economy of UK which will be affected by Brexit. Inflation is expected to rise, because imports in the UK became more expensive as the the pound drops. Inflation has hit a percentage of 2.9%.

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During the summer vacation, I had to go to hagwon everyday. - Positive impact because many students go to the hagwon during break and as the number of students increase, the more profit the hagwon teachers gain.

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News about the minimum rage increased by the government in Korea. My friends who got into university started their part-time jobs because the minimum rage was increased. This will relate to the increase in aggregate demand in Korea.

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During summer vacation, I had to work on my Economics Extended Essay which is doing surveys. Therefore, I was able to determine the negative externalities of demerit goods. Demerit goods have increased greatly during summer as many college students came to Korea for a visit.

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During the summer break, the prices of vegetables have increased due to the sweltering heat and heavy rains which made the supply for the vegetables decrease. Also government are planning to decrease the price of the cigarette.

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While investigating for my business IA, I saw an article that talked about Ford laying off labourers (unemployment increase -> less growth -> fall in consumer spending -> eventually GDP falls)