Tuesday, December 21, 2010

10 facts

The most widely used NIPA is gross domestic product.
To actually compute GDP, economists use the outpute expendinture model.
Government transfer payments are not included when calculating government purchases.
A price index is a set of statistics that allows economists to compare price over time.
Illegal activities and unreported illegal activities are part of the underground economy.
Economic indicators are collected by the U.S department of justice.
War is an external factor that can affect the business cycle.
Periods of expansion will eventually experience a trough.
The business cycle is divided into six phases and/or stages.
The contraction phase of a business cycle is a period of economic expansion and growth.


Dear Mr.Gdp,
   GDP is a false indicator, becuase it does not take into consideration the black market where any money that is spent is not registered. Or domestic and volunteer work either. And it also does not measure the amount of human happiness and/or quality of life. I suggest you use another indicator such as GNP- Gross National-Product.


Chandler B

Monday, December 20, 2010



C-services and goods consumed
G-government purchases
I-Total Investments


I think macroeconomics will be about the study of the entire economy in terms of the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the general behavior of prices.

What I find interesting about this topic is that it will have a general coverage of everything, for a basic understanding.

Interested in learning about economic relationships, the business cycle, and economic growth.

Malcom Gladwell

Malcom Gladwell is talking about what the American people want, and how things are decided, and how companies compete in the most simple way possible. He uses the example, Spaghetti Sauce. He basically explains that there is no good type, bad type, one type of spaghetti sauce, there is only one type of  spaghetti sauce for each person. It is someones preference. There is no good or bad, just someones preference. Items like that are on a horizontal plane. I personally liked the video, it was easy to follow and made things a little more simpler.


            Technology has tremendously helped our class, and has somewhat improved our learning. I never thought that I would be graded on blogs instead of by turning in a piece of paper with my name on it. Everything we do now is on the computer. I like how our teacher will give us assignments and a due date and we can work at our own pace and turn it in on the computer. It makes since if you think about it. I mean you type a paper on the computer, print it out, and then turn it in to the teacher. But it makes more since to type a paper on the computer and turn the assignment in on the computer, why waste all that paper?

Friday, December 3, 2010

Monopoly Types...

Natural- New Jersey Train Stations.

Geographic- In certain places in Kentucky there is only one place to get food. The next place is miles away.

Technological- Microsoft Windows OS.

Government- FDA.

Gas Cartel

If the Government broke up the large Gas Cartel and allowed more people to sell it, then gas would be a lot cheaper. Gas prices are through the roof. Making it hard to go out and do a lot of things because we have to save gas as much as possible. Because we can't afford to put gas in the truck every few days. A few big name gas companies are South West gas, Bahrain Oil and Gas industry, and Saudi Aramco.

Thursday, December 2, 2010


So on the first quiz everything was pretty much common since. I got a few of the questions wrong. But that was only because they were looking for a specific answer. I gave the answer that was pretty much the same thing but not the word they were looking for. For example, one questions answer was identical and I put matching.
A few things that I thought were important...

Diamonds is where a cartel exists.
A collusion is where a seller secretly agrees to set prices and/or product levels.
Oligopoly is the most non competitive market in the United States.
Breakfast Cereals is an example of an oligopoly in the United States.
Laissez Faire is the philosophy that states that economic systems prosper when the government does not interfere with the market in any way.
Interstate Commerce Act is the first anti trust law past.
The best known monopoly to be broken up as a result of the Sherman Anti Trust Act is the railroads.

Wednesday, December 1, 2010


Hi everyone my name is Chandler B. I am a proud member of the FFA and the FBLA. My favorite color is purple, i like to ride horses and four wheelers. My favorite type of music is country. I am writing this blog for my economics class.

5 Things...

1.) Plane Tickets- Oligopoly
       In my opinion, I think that plain tickets is an example of oligopoly. I say this, because a certain company has control to regulate the prices. And they are all competing for one thing, customers.

2.) Taco Bell- Monopolistic Competition
       I believe that Taco Bell is an example of monopolistic competition. I think this way, because Taco Bell could have a substitute. Many other industries or companies have the same service (fast food).

3.) Tooth Brush-Monopolistic Competition
      A tooth brush is a wonderful example of monopolistic competition. Because there are hundreds of different types of tooth brushes. But they are all competing.

4.) Gas- Oligopoly
      Gas is an oligopoly. I think this, because there are only a small group of sellers. There are not 100's of types of gas station, only a few. Examples being BP and Sunoco.

5.) Purse- Monopolistic Competition
       There are thousands of different types of purses. Each seller wants to sell the most, and they are different prices for every purse. Ranging from $10.00 to $1500.00.