Economics Is Universal by Mark Finck https://padlet.com/mfinck2/wv44oh8yjcslh0sw en-us 2020-04-16 02:40:50 UTC 2024-10-15 03:15:52 UTC hello@padlet.com Isolated mfinck2 https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/509772172 I feel like I'm stuck on a deserted island. A deserted island reminds me of Autarky where an economy is completely isolated. ]]> 2020-04-16 02:56:28 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/509772172 milanmirtaheri7 https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/509782024 Applying economics to our everyday lives will help us make choices!  

For example: People have to make a choice on whether they want their groceries delivered or if they want to go to the grocery store. Obviously, people in the high risk category are more likely to get their groceries delivered because they don't want to risk getting the virus. 

]]> 2020-04-16 03:07:23 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/509782024 milanmirtaheri7 https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/509785073 Instacart picture: https://images.app.goo.gl/kEHpubG7k4xMVAwu9

Forbes article:
https://www.forbes.com/sites/jackkelly/2020/03/19/the-coronavirus-effect-here-are-the-jobs-that-will-be-added-and-lost/#7e792d9a2a1c

Remotely working picture:
https://images.app.goo.gl/8u5iDo95WtM2MzEy9

Inelastic picture:
https://images.app.goo.gl/8v9cKiqffZsDC1qD7

Price discrimination picture:
https://images.app.goo.gl/u6VvFc35YVWPWzUp6]]> 2020-04-16 03:10:45 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/509785073 Making decisions mfinck2 https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/509786413 This article shows what Americans have been spending their stimulus checks on. It reminds me of the economic mantra which shows the choices we all must make in these hard times.  ]]> 2020-04-16 03:12:12 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/509786413 Column #1 link mfinck2 https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/511427892 Hart, P. (2016, February 5). How to survive on a desert island (by a former Royal Navy lieutenant commander). Retrieved from https://www.telegraph.co.uk/travel/news/How-to-survive-on-a-desert-island/                         

Column #2 link

Long, H. (2020, April 14). The $1,200 stimulus checks are arriving. People are mostly spending them on food. Retrieved from https://www.washingtonpost.com/business/2020/04/14/1200-relief-checks-have-begun-arriving-bank-accounts-people-are-mostly-spending-it-food/

Column #3 link

Johnson, M. (2020, April 17). Amazon has suspended more than 6,000 sellers for price gouging amid coronavirus crisis. Retrieved from https://thehill.com/policy/technology/493291-amazon-has-suspended-more-than-6000-sellers-for-price-gouging-amid


Column #4 link

Pettinger, T. (n.d.). Total utility. Retrieved from https://www.economicshelp.org/blog/glossary/total-utility/



Column #5 link
Ted. (n.d.). 9 TED Talks to help you understand world economics. Retrieved from https://www.ted.com/playlists/272/understanding_world_economics


]]> 2020-04-16 18:44:19 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/511427892 Utility mfinck2 https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/511674881 Maximizing utility is more important than ever. During the pandemic, buyers must focus harder on buying only products that will maximize their utility. ]]> 2020-04-16 21:23:57 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/511674881 Price gouging mfinck2 https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/511678610 In these stressful times many profiteers have attempted to price gouge by hoarding products such as PPE, hand sanitizer, and other disinfectant products in the hopes of making a profit due to panic. As stated in this article, Amazon has been leading the fight against price gouging during the pandemic. ]]> 2020-04-16 21:26:44 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/511678610 Concepts mfinck2 https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/511749691 Taking the concepts we have learned, finding real world examples and applying them to our lives helps us to fully understand just how important economics truly is.]]> 2020-04-16 22:35:28 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/511749691 How it will affect our future milanmirtaheri7 https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/512163988 This article does a really good job of explaining how many jobs will be changed from face-to-face to almost completely remotely. Especially after the unemployment rates tremendous increase.

]]> 2020-04-17 06:31:47 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/512163988 Inelastic milanmirtaheri7 https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/514857258 I feel like I'm inelastic. Although I'm not changing in price, I feel like I'm not changing at all. Everyday feels the same which causes me to do the same things everyday.]]> 2020-04-19 02:07:42 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/514857258 Price discrimination milanmirtaheri7 https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/514865158 During this hard time it is very noticeable that food chains are trying to price discriminate towards families with kids. For example, Many are offering two for one offers with kids meals to families in need. ]]> 2020-04-19 02:30:02 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/514865158 Trade-offs milanmirtaheri7 https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/514866631 With some products being scarce, many families have to make choices. Because of this, each choice will have an opportunity cost causing families to decide whether one product is in greater need than another.]]> 2020-04-19 02:34:48 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/514866631 Price discrimination milanmirtaheri7 https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/528770050 Many fast food chains are including kids meals with the purchase of $10 or more. This is to sell the surplus product that they have due to the decrease in quantity demanded.

]]> 2020-04-24 16:09:03 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/528770050 Jobs Lost dwalsworth2 https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/528936447 This article shows how the virus has impacted about 26 million Americans and their jobs. It also tells of the Paycheck Protection Plan the Senate passed that ran out of money in just two weeks. Our economy has suffered greatly because of this pandemic.]]> 2020-04-24 17:19:21 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/528936447 Food and Groceries 3bks5z4a2i https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/528937737 At this difficult time, the restaurants and groceries instead of shutting down them delivering food still keeps them in business and get supplies or food to people. Some are even offering free delivery. ]]> 2020-04-24 17:19:56 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/528937737 Inefficient dwalsworth2 https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/528950236 Just like how some companies are running their businesses inefficiently, I to feel as if I'm being inefficient. With the lock down there is not much to do, so a lot of businesses are struggling to be efficient and I am too.]]> 2020-04-24 17:25:31 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/528950236 The economics behind why toilet paper is sold out 3bks5z4a2i https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/528963753 Price discrimination looks a little different in coronavirus. On eBay, right now, people are still selling packs of toilet paper at inflated prices given the bare shelves in some stores. Many sellers are presumably profit-seeking scalpers, who grabbed the TP early.]]> 2020-04-24 17:31:39 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/528963753 Recession dwalsworth2 https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/528964243 A recession is a period of economic decline usually signaled by a decrease in unemployment, reduced trade, and reduced industrial activity. This pandemic is very likely to leave a recession in its wake. Here is an article from bloomberg.com.]]> 2020-04-24 17:31:54 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/528964243 Real World Application dwalsworth2 https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/528989946 Kind of piggybacking off of Milan and Mark, if we take what we've learned and apply it to what we see in the economy daily we can definitely broaden our knowledge of economics in every aspect.]]> 2020-04-24 17:43:29 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/528989946 Supply/Demand dwalsworth2 https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/529014936 With this pandemic going on there has been a large amount of business that have an increase in supply and that is because of the demand going down for their products. There are a few exceptions though like toilet paper, hand sanitizer, and personal protective equipment like masks.]]> 2020-04-24 17:55:37 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/529014936 Waiting 3bks5z4a2i https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/529015053 Everybody including me watching the economy going down, but yet none of us cannot do anything to stop until someone finds the cure. Until then all we can do is the play waiting game. ]]> 2020-04-24 17:55:41 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/529015053 dwalsworth2 https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/529034247 Econ in the news: https://www.npr.org/sections/coronavirus-live-updates/2020/04/23/841876464/26-million-jobs-lost-in-just-5-weeks
What does it mean: https://www.bloomberg.com/graphics/us-economic-recession-tracker/
Relevant Graph: provided by Padlet's picture search.]]> 2020-04-24 18:05:09 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/529034247 Positive GarrettJohnson73 https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/529053795 I'm trying to be positive through the situation that was thrown our way. We may be going through some rough times, just like the economy, but we need to look at positives. Just like in this picture we that shows pollution, a negative externality, and how it has decreased a whole lot. We need to be like the picture on the right and be in the season we are in and not wait for it to be over, but enjoy the moment.]]> 2020-04-24 18:15:14 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/529053795 Paying Bills GarrettJohnson73 https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/529111218 People are out of jobs and are struggling to pay bills. The stimulus check can only take a family so far and if they don't have a regular income they won't be able to pay bills. A lot of families live from paycheck to paycheck and with not money coming in, how can people pay bills with no opportunity to get a job.]]> 2020-04-24 18:44:42 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/529111218 Transfer Payments GarrettJohnson73 https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/529135206 As a result of this whole situation families have little income coming in. Unfortunately some peoples bills are more than there income they can bring in. In order to solve this problem there will have to be some transfer payments so that families can be able to afford necessities.]]> 2020-04-24 18:58:01 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/529135206 Oil Prices GarrettJohnson73 https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/529196572 The prices of barrels of oil have dropped to something that I never though would happen. Seeing this graph makes me wonder when we will recover from the price drop.]]> 2020-04-24 19:33:10 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/529196572 Real world 3bks5z4a2i https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/529197046 We can put what we learnt so far in life such as buying goods at the right prices , opportunity costs, and more makes us understand our future .]]> 2020-04-24 19:33:27 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/529197046 Helpful GarrettJohnson73 https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/529206330 Understanding all of the points we made can help us for the future understand what is really going on in the world and not just jump to conclusion.]]> 2020-04-24 19:39:28 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/529206330 Sources GarrettJohnson73 https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/529212409 Column 1:
https://www.cbsnews.com/news/coronavirus-photos-decline-air-pollution-lockdown/

Column 2:
https://www.usnews.com/news/economy/articles/2020-04-21/1-in-3-americans-cant-pay-their-bills-this-month-amid-coronavirus-pandemic

Column 4:
https://www.marketwatch.com/story/about-150-years-of-oil-price-history-in-one-chart-illustrates-crudes-spectacular-plunge-below-0-a-barrel-2020-04-22?mod=article_inline

]]> 2020-04-24 19:43:22 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/529212409 Demand 3bks5z4a2i https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/529225242 Most of the economic disruptions affect the demand side. People can no longer go to work and often lose their jobs and incomes as businesses shutter their operations. Businesses will fail as they lack customers and cash to sustain them for extended periods of time.]]> 2020-04-24 19:51:29 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/529225242 Sources 3bks5z4a2i https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/529238018 How are you doing? :
https://www.google.com/url?sa=i&url=https%3A%2F%2Fdepositphotos.com%2F167486036%2Fstock-video-the-kid-is-sitting-on.html&psig=AOvVaw1CPrUM0lrPfLpsb1aSqMEr&ust=1587837190442000&source=images&cd=vfe&ved=0CAIQjRxqFwoTCJiS8ubQgekCFQAAAAAdAAAAABAE

Econ in the news:
https://www.washingtonpost.com/news/voraciously/wp/2020/04/03/what-to-know-about-the-risks-of-restaurant-takeout-and-delivery-and-how-to-minimize-them/

What does it means?
https://www.marketplace.org/2020/03/19/covid-19-panic-buying-price-gouging-price-discrimination/

Heres a relevant graph: 
https://www.google.com/url?sa=i&url=https%3A%2F%2Fwww.statista.com%2Fchart%2F22%2Fus-job-market---unemployment-rate-and-nonfarm-employment%2F&psig=AOvVaw0xvfJcA5AAyNWL6m_lzWxY&ust=1587844505959000&source=images&cd=vfe&ved=0CAIQjRxqFwoTCOCCgvHrgekCFQAAAAAdAAAAABAD


]]> 2020-04-24 19:59:59 UTC https://padlet.com/mfinck2/wv44oh8yjcslh0sw/wish/529238018