Tuesday, December 28, 2010

Dear Editor...,

The GDP is a faulty indicator for numerouos reasons.  One because different geographics have access to different materials  causeing an unfair imbalance in the world of industry and the market of certain countries.  Another reason is because GDP measures total output produced within a country's borders, whether produced by that country's own firms or not. A different method that could be used could possibly be GNP because that more accuratley measures a country's total profits.

4x3 Technique

(GDP=Private Consumption+Gross Investment+Government Spending+(Exports-Imports)

Macro Economics

I think macroeconomics will be about dealing with things bigger than we can imagine.  It will have to do with the vast majority of economics not just in select towns, cities, states, or even countries, but the entire world!!!!  If you ask  me, it is going to be a very interesting topic to study.  I am most looking forward to learning about different GDP's in comparison to eachother.

Tuesday, December 21, 2010

Essay Contest

Technology improves my life in many ways.  It makes things less complicated and more fun in most situations.  Without technology, many things that I do in my life would not be possible.  Such as using the computer, making phone calls and even simple things like heating and cooling a house.  Technology is a part of everything in this world basically.  You must use it to help the economy, agriculture, creativity and many other aspects of life.  Without technology, being able to sustain a natural balance in life would eventually die out fairly soon.  That is how technology effects my Life.

Monday, December 20, 2010

Malcolm Video Thoughts

I thought the video that Malcolm Gladwell spoke in was out right breath-taking.  He really knew what he was talking about he explained Economics in a way that many would never even think about unless you were to see his video. The main reason he was so effective in describing economics was because he related it to something that us as people can relate to.  He made it easy for us to understand  and thats what i think makes it the most effictive description of Economics out there.  I would highly and certainly recommend it.  This would be an example of Perfect Competition because not every aspect of competition is based solely on price.

Friday, December 10, 2010

Review Game

In some situations, government is forced to break up monopolies. Play this game and learn here are some laws they've used.


Thursday, December 9, 2010

Four Types Of Monopolies

Pure- An example of Pure Monopoly is PSE&G because they control their entire industry respectively.

Government- An example of Government Monopoly is the U.S. Postal Service because it is the sole provider of that specific good/service.

Technological- An example of Technological Monopoly is microsoft because of the product sold and the fact that they are the only producer of their product.

Geographic- An example of Geographic Monopoly is Florida Oranges because based on the climate, environment and available resources in that specific state, florida is the only place that can grow there respective fruit.

Wednesday, December 8, 2010

Monopoly Split

If there was one Cartel that i would want to get rid of, then it would be the industry of online soccer vendors.  There are only two maybe three of them, but it is the only place that you can get high quality and rare soccer gear in the world.  They don't always sell the best of soccer equipment in retail stores so i would want to break up that Cartel. I think my family, friends and myself would benefit from this because then the soccer gear that is sold on those websites would be dispersed throughout the different retail stores throughout the country.  It would help out because it would make it easier to find and retain goods related to soccer, because i could just run out to the nearest store and get it whenever i see fit.

Tuesday, December 7, 2010

Quizzes Information

Throughout the quizzes, i learned a lot. I learned that consumers benefit the most from a highly competitive market.  I learned that non-price competition is when sellers compete on factors other than price. I learned that the main goal of of product differentiation and nonprice competition is to increase profits.  I learned that breakfast cereals are a simple example of an oligopoly. I learned that the most common form of interdependent pricing is price leadership. I learned that a Cartel is group of companies openly organized to set prices. I learned that the Sherman Anti-Trust Act broke up the Standard Oil Company.  I also learned that Interstate Commerce Commission oversaw the railroad industry. That is what i learned throughout taking the quizzes.

Friday, December 3, 2010

5 Items To Purchase

-The five items i would want to or already have purchased are a new phone, clothes, fast-food, a television, and new cleats.

: The market structure that a Cell phone would exist in is an oligopoly.  There are only a few number of sellers.
: The market structure that clothes would exist in is a monopolistic competition which means that there are lots of buyers and sellers, but competition may be limited by specifci market conditions.
: The market structure that fast-food would exist in is a monopolistic competition.  This means that there are many independent buyers and sellers although, competition may be limited by specific market conditions
: The market structure that a television would exist in is a monopolistic competition.
: The market structure that new cleats would exist in is an oligopoly which means there are such few sellers that the slightest change would effect basically the entire industry.

Market Structure Graph

Thursday, December 2, 2010


My name is Reece Cooke, I play soccer and im in love with my baby kaelyn.  I love JC and Wiz. In my free time, i like to study, play soccer, hang with friends, hang with family, hang with my girlfriend and live life freely and smartly.  I am a hard worker and i am dedicated to what i stand for and believe in.  This project is for Mr. Campbells Economic Class.