Journal Topic 13: Supply or Demand?

I think it is more effective in keeping the economy healthy by using supply-side economy, because it focuses on  stimulating production (supply) to increase business output, create incentives for business investment, makes people work, save, and invest more, and it also causes businesses to increase output. I think it is good to invest into those businesses than people have more money. Demand-side fiscal policy is a plan to stimulate aggregate demand, and supply-side fiscal policy provides incentives to producers to increase aggregate supply. Because supply-side fiscal policy provides the producers to increase the aggregate supply in the economy, and use the money to build the infrastructures, such as new highway road system, national parks, and other public services. Most governments believe that improved supply-side performance is the key to achieving sustained growth without causing a rise in inflation. Because the supply-side fiscal policies can increase the productivity in the county, the government can create more jobs for people to apply, which then encourages the start-up and expansion of new businesses. There must also be a high enough level of AD so that the productive capacity of an economy can actually be brought into play. I think that supply-side fiscal policy is still best for the economic growth.

Journal Topic 12: Role of the Government

I think that our government should keep their hands off our country's economy, because some people believe that our government is very corrupted. People that had paid taxes have complained about how they did not see their money being used as the operating budget or the capital budget.  I think would be the best for people to pay less tax to the government, but pay back more to the producer company.  Then government can collect more tax money from the companies rather than directly charge huge amount of money on each individual.  I do not think that Federal Reserve Bank should manipulate interest rates to try to achieve the same goals. The goal of the government should keep people safe and defend the country instead of helping the economy system. Our country should be like the United States government, charging citizen taxes and also keeping them safe and having Medicare programs that help people later o in their life.  Although I think that, our government is doing a great job in the national medical insurance programs, I still think that government should keep their hands off the economy

Journal Topic 11: Unemployment

I think jobs like doctors, lawyers, architects, and designers are more resistant to unemployment. On the other hand, jobs like electricians, convenient store cashiers, and cleaners are less resistant.  Because professions like doctors, lawyers, and architectures, they only have limited amount of people who study in them, they are more unlikely to be unemployed and lose their jobs. For those who work as electricians, convenient store cashiers, and cleaners, they only need some knowledge to apply for the job, therefor, there can be easily substituted by any other workers who have better knowledge and educational level. The difference between those two categories of professions is that the former professions are more educated and the latter professions are less educated. My potential career could be an interior designer.  I think because there are so many people who work as designers, the job is less resistant to unemployment. I do not think that there is any influence on why I choose my future career.  I think if have more and better skills than some other interior designer, I will have less chance to get unemployed by any other company.  If I am good, enough this I can also be my own boss, and work for myself instead of working for other companies.

Topic 10: How to Boost My "GDP"

As a student I think besides schoolwork and school materials, I can also increase learning by utilize my technologies such as computer, media player, and cellphone.  I can also increase my productivity by learning in school, which is required in the United States. Sometimes, I think the media can also help to increase my productivity because they often tells us something that we do not normally know about, such as the traveling channels, discovery channel, national geographic channel, and news channels. For every second we live on Earth I will always be learning and getting new information from the outside world. Most of the materials I learned and experienced so far are from teachers and family members. Anything else seemed to me as entertainments. On other time such as bed time I can also increase my productivity by listening to my iPod because I have all the language learning podcasts and audiobooks on my iPod that way I can get it when every I want. Parents who let their children attend such expansive private school such as Pacific American School are putting their investments (children) at risk. After the children graduated from the school, their contributions back to their parents are minimal, who was not expected from parents’ point of view. I do not think the cost, which is invested in to the education, will equal to the profit and result. 

Topic 9: Financial Markets

I might want to invest in pension accounts.  In terms of investing in financial business, the more time and money one has will be better.  The downside of pension accounts is to gain less money every time I get my salary. I do not think that there is any risk involved in pension account. The more money I save in to my pension account, the more I will get back when I retire from a job. The early I get involved into my pension account, the more I can gain back when I retire.
The first is to earn dividend payments, which are a share of the corporation’s profits that are paid back to the corporation’s stockholders. The second reason is to earn capital gains by selling the stock at a price greater than the purchase price. In my current life stage, I probably do not have enough money to buy a stock and I also cannot take the risk of losing the money. Bonds that are backed by the U.S. government are also considered to be almost risk-free because it is highly unlikely that the government would not pay back its loans. Almost all other investments carry some risk.
 I find it to be very attractive because I do not have to risk anything in order to make my investment. I think sometimes it is better to save all the money, and use it later when I retire so that I do not have to worry about my expanse and income.  The earlier I can start to gain money in the pension account the better. Rather than choosing other types of investment like CDs and mutual funds, which I have to take the risk of losing my money, I can just save all the money and use it later in my life. This not only will benefit myself, I also can use the money from pension account to educate my children and grandchildren.

Topic 8: Money

Money means something that I can exchange with what I want legally. In fact, money is anything that people will accept as payment for goods and services. Whatever it is that people choose to use as money, it should perform three important functions. It can be exchanged through goods and services. Money also serves as a standard of value, the yardstick of economic worth in the exchange process. It allows people to measure the relative costs of goods and services. Money acts as a store of value, that is, something that holds its value overtime. People, therefore, do not need to spend all their money at once or in one place; they can put it aside for later use. They know that it will be accepted wherever and whenever it is presented to purchase goods and services.  I always get my money from my dad and my mom, and during the Chinese New year I get money from the closer relatives and my parents. The total amount is about $3000 NTD, I think money is really important to my life, because without them I cannot do anything. (ex. I need money to go to school, and to buy food to eat order to survive) I think I need more that I have now, because by the time I need to go to college I will need much more money then now. But when it all comes to money I have to be intellect and sensible of what I do for to get it. 

Journal Topic 6: Who is Running the Show?

I think PAS is a sole proprietorship business organization.  The reason why I think PAS is a sole proprietorship business organization is that the owner of the organization has the full control and access of the organization.  In addition, the Sole proprietor has satisfaction of running business his or her own way, this character of the advantage of sole proprietorship determined that PAS is a sole proprietorship business organization.

I think Mrs. Pamela created PAS.  The to-start funding of the school came from people who actually wanted to be involved in the education of American school students, which are people who have experience in applying American universities and colleges.  The decision maker of the organization is also Mrs. Pamela, because she is the person that controls the school and makes the decision.  In terms of sole proprietorship business organization, PAS have limited life but unlimited liability.  From what I know so far about PAS, any other various parties do not share the debts and costs, it is one party of its own.  After all the costs and debts are paid, the profit usually goes to the owner, which is Mrs. Pamela.

The reason why sole proprietorship was chosen was that the owner of Pacific American School controls every regulation, rule, student, and staff. The advantages could be there will be no conflict between the partners (which there is no partner) and the stockholders are not controlling the organization. The disadvantage could be that PAS is short in funds.

If I were going to start a school, I would choose sole proprietorship business organization, because it would be easy to start up and close down a business.

Journal topic #5

The reason might be that the industry in producing mobile cellphone is being taken by other companies like HTC, Samsung, Apple, and Sony. 

The reason why those cellphone companies included so many features in their cellphones is that they want to attract customers to buy their products. As the modern technology develops, most of the consumers have more expectations on cellphone related products. The companies will have to compete with each other in order to stand up in the industry.

Most manufactures are more likely to offer differentiated products in new markets.  Because technology is one of the factors that can increase the differentiation in products in new market.

After I answered all the questions above, I find camera, sound recording, calendar, dictionary, and unit converter are helpful tools that make my life easier.  Some of the features that are one the computers are not on the phone.  For example, I cannot use my Photoshop and other adobe software on the phone, because the phone does not have enough compatibility like computer.  Cellphone technology has not yet accomplished the Nano technology that can supply all the consumers in the world.  If there is such a technology on cellphones, then not everyone can possess such expensive equipment at this stage (time).  The perfect cellphone for me would be like a mini-laptop-cellphone that I can easily carry throughout any trip I go.  My ideal mini-laptop-cellphone is just like a laptop but in the size of a cellphone, and it can be expanded to whatever size of screen the user wants.  The features on my mini-laptop-cellphone can appeal to users just because it is portable and easy to carry like a laptop.

Journal Topic 4 Ripple Effects and Elasticity

The ripple effect of a change in the price of oil affects the various markets that make up the economy.  The oil can really affect everyday life for each person, because oil can be used for production of our daily needs. 

There is also such an example in education system. The education system provides children a change of getting a good job in society.  The education system is one of the services that can affect very person during their lifetime. If the education system stops, there is a great chance of all the adults in the future have limited knowledge.

Another service that can affect everyone greatly can be the fast food industries.  The fast food industries seem to become one of the needs for people in their life.  Because people now have less time for cooking and eating at home, they always tend to go to convenient stores and fast food restaurants for their regular meals.

The Health services in Taiwan are quite important to the majority of the citizens; it provides a fine healthcare plan for low-income families.  If the health services are not available to anyone, people who are injured might have to take care of themselves.   This proves that health care services are necessities to people.

Journal topic #3

In my opinion, the opportunity cost of getting me in into PAS was the time that I can spend with my parents. For the opportunity cost of this particular class is to give up an easy class that can raise my grade point up.  The class that I gave up to study was Stage Art class. In the class, student do not required taking any exams and they do not have to do any assignment after the class ends. This way class makes the students easier to get good grades.  If I consider that I have very little control over many of the decisions that got me in to PAS, I would thought that the decision was made very rationally.  The reason why I think that the decision was made very rationally was because I do not have any other Chinese public school that will accept me as their student.  I spent the past two years studying in America, and I have not gained the credit that local schools wants, so they would not accept me as one of their student.

If I analyze the costs and benefits, I do not think that the benefits would outweigh the cost. I still cannot be sure about the benefit outweighing the cost, in other words, I have to really work hard so that I can be able to determine whether it can be balanced out or not.  If I had been in total control of my own life, I would not have made the same decision that I made earlier last summer.  Although students in PAS will eventually get into good American colleges or universities, I still doubt that if all the time and money is worth to spend on a single goal of life—higher education and wealth.

Journal Topic 2: Scarcity at School?

Q: As we have learned, scarcity is an economic fact. We always want more than we can get with our given resources. This forces us to make trade-offs; we give up one thing in order to get another. This is true in every type of society, including that of our school. Write about some examples of scarcity that the different entities at PAS encounter (students, teachers, office staff, and so on), then write about what those entities have to give up in order to get what they want. Finally, write about your own experiences with scarcity at PAS. What are the resources that you want more of? What keeps you from getting all that you want? What are some examples of some trade-offs that you have had to make?

A: An example of the scarcity at school are the school facilities.  The school campus only has one floor, and all of the teachers, staffs, and the students might need more space for teaching and learning.  For art teachers and art students, it is necessary for them to have enough art supplies.  Because our school is a private school, and the government does not have financial support for us.  School then have to buy for the students, but in certain conditions, students have to buy for their own.  As an art student myself, I required to buy most of my own art supplies.  I wish that school can provide the art students for their supplies, but the head of school board have the decision to decide whether to support or not.  I might need a higher grade on art to prove that the supplies are necessities. 

Journal Topic 1: Big Questions

In PAS, if students and staffs both producers and consumers, the goods or services are being produced maybe are the education itself and the classed that students are going to.  If the classes that students are going to are the goods and services made by the staff and teachers, students will be the consumers in PAS.  In terms of students being the producers, they are being seen as teachers and the staff's income resources. Without the students, teachers cannot really teach anything.  In order to create income, teachers have to take students, and education them.  The person that is makes all the choices of what goods and services get to produced is Pamela.  She also the administrator of the school, so she have the control over the entire school.
The consumers, students, are people who can reflect the social interests when the majority of the people decided to follow other people's interest instead of their own, that is probably when the social interests are being reflected.

Chapter 1 Questions

Section 1, page 11, #5

Q: Describe how the owners of a computer repair store might use the four factors of production to run their business.
A:The four factors of production are land, labor, capital, and entrepreneurship. The factor land which provides the natural resources that production needs.  The factor labor which would be the human resources that put into the production of the business, like the time and effort that will be put into the production. The factor capital which is is all the resources made and used by people to produce and distribute goods and services. And then there is the least factor entrepreneurship is the risk that takes to invest into the business. These factors might be used during the run of the business.

Section 2, page 17, #3
Q:Think of some of the options you have for spending time after school—sports practice, hobby clubs, work, or extra study, for example. Which option would you choose? What is the opportunity cost of your choice?
A:I would choice to go to a sports practice, and if I do so, I maybe lose the time for studying.

Section 3, page 23, #3
Q:What economic data does a PPC bring together?
A: PPC(production possibilities curve) illustrates the impact of scarcity on an economy by showing the maximum number of goods or services that can be produced using limited resources.

Section 4, page 21, #7
Q:How do you think politicians might use normative economics statements?
A:Politicians probably would listen to economists who favor favor freer international trade, but tariff barriers are standard responses.