https://padlet.com/123561/harryentner This is my economics scrap book featuring all of the topics and chapters we have learned throughout the semester. en-us 2017-06-20 09:06:22 UTC 2026-03-18 06:28:14 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Growing.png 123561 https://padlet.com/123561/harryentner/wish/176957772 Japanese potato chip brand, Calbee, halts 15 types of potato chip flavours as Hokkaido proves to have poor harvest due to typhoons. Because so many people want the some of the chip flavours such as the pizza flavoured chip, some of the Japanese auction websites for the chips for a higher price of 1250 yen rather than the normal under 200 yen price. This is the result of the economic term scarcity. Scarcity is when there is a limited supply of a product and there are a large amount of needs or wants. Wants are unlimited whereas resources that can be provided are limited. In this case, Calbee wants potatoes to produce for consumers and consumers want potato chips. However, the potatoes are in a limited supply supply which means they are scarce. ]]> 2017-06-20 09:07:53 UTC https://padlet.com/123561/harryentner/wish/176957772 123561 https://padlet.com/123561/harryentner/wish/176957811 North Korea runs as a command economy while South Korea runs as a market economy. A command economy is run by the government whereas a market economy offers more individuality for citizens. As it can be seen in the article provided, North Korea is compared side by side with South Korea on many terms such as GDP, imports, exports, Global Hunger Index, and so on. However, the biggest point which stands out is the GDP per capita. North Korea has a GDP Per Capita of $1,800. However, South Korea has a GDP Per Capita of $32,400 meaning that South Korea has earned a significant amount more than North Korea has considering that South Korea has twice the population of North Korea. This point is evidence for the lack of motivation which can be seen due to the fact that North Korea sets jobs for people and gives them all the same amount of money. As a result, there will barely be any incentive to work despite having everyone work a job since they do not gain more. However, with South Korea as a command economy, people have opportunity to gain more than they already have causing them to work harder and produce more. In addition, this adds onto the global hunger as farmers and food producers are not supplying enough for the North Korean nation most likely due to the fact that there is a lack of incentive and motivation to collect produce. ]]> 2017-06-20 09:08:22 UTC https://padlet.com/123561/harryentner/wish/176957811 123561 https://padlet.com/123561/harryentner/wish/176958088 The article points out how google, a massive technological browsing monopoly,  has created its own ad blocker in attempts to compete with other ad blockers on their own platform. This ad block has become the most popular in america. It is hypothesized that they are doing this in order to push out competition and stay on the top of the internet browsing industry. In addition, google’s ad block is suspected to only block advertisements that do not pay google and charge people who want the ad to be blocked. In contrast, this act from google displays the three characteristics of a monopoly. The first characteristic is the “only one seller” characteristic. As it can be seen, google is trying to push out competitors by constructing their own ad block. Since google or Alphabet is revered around the world as the top internet browsing most people will turn to google adblock. The second characteristic is “a restricted, regulated market”. Google is capable of altering and and controlling who is on their platform. As a result, this restricts the actions their competitors can take as their platform is the largest on the internet. Moreover, competitors do not have much to turn to as a majority of internet surfers are on chrome. Finally, the third characteristic is the “control of prices”. Google is controlling the prices of ad blocks as some websites are whitelisted or have a fee in which the consumer can pay to use the adblock. Most people will see google as a trusted company and will pay the following instead of turn to another adblock service. ]]> 2017-06-20 09:10:48 UTC https://padlet.com/123561/harryentner/wish/176958088 123561 https://padlet.com/123561/harryentner/wish/176960950 The article and video provided by Al Jazeera mention labour day or may day which was symbolic to the labour difficulties faced by violation of worker’s rights. Labour day was brought into effect because workers endured long 16 work days and weeks with poor conditions. Moreover, child labour was present during this time. As a result workers from all over the United states on strike with 300,000 to 500,000 people who halted their work. The labour unionist which is comprised of workers seeking to improve wages, working conditions, and benefits for their families determine they would do this on the date of May 1, 1886. It was only when the Haymarket incident occurred where 2 workers were killed on strike did it really strike a huge movement in the working class. Eventually, they were able to make 8 hour jobs recognizable in the United States. As a result, the United States and Canada are now able to work shorter 8 hour work days in comfortable and optimal condition. This is why May 1st is celebrated as a holiday in present time.. To remember the day that workers fought for their rights. 

]]> 2017-06-20 09:37:00 UTC https://padlet.com/123561/harryentner/wish/176960950 123561 https://padlet.com/123561/harryentner/wish/176961716 China’s economy and GDP growth has taken a positive turn in 2015 and is said to have been understated. This is because China’s GDP growth was represented using real GDP. Real GDP takes into account the potential deflation and inflation of China’s GDP. As a result, the GDP growth is smoothed out and adjusted to predicted more realistic numbers of the country. Although usually a more accurate approach, China’s growth is not fully seen unless you look at it through a nominal GDP standpoint which is unaltered for price changes. Furthermore, after looking at the nominal growth rather than real growth, there can be seen an approximate 1.2 positive percent difference which is taken away with real GDP. ]]> 2017-06-20 09:45:23 UTC https://padlet.com/123561/harryentner/wish/176961716 123561 https://padlet.com/123561/harryentner/wish/176972016 CNBC news article states that the unemployment rate is not actually at the 4.3 percent which is acclaimed by the United States as they are referring to the U-3 rate. The reason for this claim is due to the fact that U-3 only takes into account the people which are fully unemployed. However, there are several other types of unemployment statuses which include underemployed in which a person is working a half time job but wants to work a full time job and people working below their skill level and the discouraged. The discouraged are not actively looking for work and must undergo therapy in order to feel the need to work again. ]]> 2017-06-20 11:54:41 UTC https://padlet.com/123561/harryentner/wish/176972016 123561 https://padlet.com/123561/harryentner/wish/177048213 The Chancellor of UK, Exchequer Philip Hammond, states that he will be ready to implement fiscal policy if the disruption caused by the “Brexit” is immense. As Britain is leaving the European union, most business see this as a loss of potential or perhaps business not worth going into as they do not have as many connections. However, if the British government implements the Expansionary Fiscal Policy and increases aggregate demand, then prices will go up and will give more incentives for business to invest. As a result, GDP will expand and Britain will begin to cut back on some of the losses which will be experienced from Brexit.

]]> 2017-06-21 02:09:49 UTC https://padlet.com/123561/harryentner/wish/177048213 123561 https://padlet.com/123561/harryentner/wish/177048284 China’s central bank has raised the interest rates which are charged in open-market operations and on provided funds. This will allow them to strengthen their grip on monetary policy. It is important for China to keep strict control on the money supply as the main reason people trade with them is due to cheaper trading. As a result, if the Chinese currency does inflate, which it very easily has the potential to, They will lost business and not get the maximum profit that is potentially there. ]]> 2017-06-21 02:10:30 UTC https://padlet.com/123561/harryentner/wish/177048284 123561 https://padlet.com/123561/harryentner/wish/177048355 The UN wants to implement industrialization in poor countries known to be subjected to poverty by the year 2030. The reason for this is because industrialization leads to infrastructure. In this way, infrastructure allows ease of transportation and flow of a country. Therefore, these poor nations must stray away from mainly agricultural based produce and transition to industry and factories if they want to become more developed. However, relating back to the article, UN aims to recognize the importance of infrastructure, industrialization, and innovation in order to diminish poverty.]]> 2017-06-21 02:11:28 UTC https://padlet.com/123561/harryentner/wish/177048355 123561 https://padlet.com/123561/harryentner/wish/177048469 Daily Nation talks about how with financing there will be a cost for whatever you want to do. Decisions must be made accordingly as everything that is to be financed has a cost. The cost is not only money but time, skills, activities, and experience. In addition, a proper decision must be formed for budgeting purposes of these costs. The budgeting will way out the positives and negatives to see if it is worth the time to invest. In contrast, people can invest in things with value. However, the costs will be the time to monitor the invested the product and the money spent. But, if done correctly, there will be profit in the end for risk and reward. ]]> 2017-06-21 02:13:09 UTC https://padlet.com/123561/harryentner/wish/177048469 123561 https://padlet.com/123561/harryentner/wish/177048516 This population pyramid displays India’s age groups as of the year of 2014. It can be seen that the structure of the pyramid goes from large to smaller and smaller as the age increases. This means that India will have a strong work force in the next few decades as a majority of the population is at the age of upcoming employee. As a result, India’s economy will most likely flourish due to the vast amount of upcoming workers. In addition, it appears that the population of India will be more male dominant as there are 20 million less females at the ages of 0-4. In addition, the mortality age seems to begin at 65-69 years of age. Since India has a large population, it is difficult to cater to everyone which is probably why the mortality age is not very high. However, it is at a moderate position where it is not terrible. 

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