The Rock!

This week in the wonderful world known as Economics class, we split up into groups and created our very own motorized scooter!  My lovely partners and I came up with a very interesting scooter that will certainly make an impression on people.  We call it the Rock!  It has a rocket engine, parachute (just in case you go off a cliff or something), a snow plow so you do not have to just sit at home wishing someone would come and plow your street because now you can do it!  It can also carry your oxygen tank and even has a cup holder!  Who wouldn't want this?  I mean yes it is about $30,000 but it would be such a great investment!  You would not regret it!  I would highly recommend this product but for people over the age of 16, for safety reasons.  Kids should not use it!  Doing this project we learned about setting up all the different prices and profits that would work best for everyone.  We decided that it would cost about $20,000 to make and we could make a $10,000 profit if we charge it for $30,000.  Also, we learned how when creating a brand new product, all of the workers must agree on the various ideas and changes in order to create something that everyone would agree on and would sell well.  I really enjoyed this project and a big thank you to my wonderful partners!  These projects really teach us the lesson that we are learning in Economics that week and help everyone to understand the lesson in such an easy and fun way and also teaches the values of teamwork!  I think more classes should do projects such as these ones we are doing!  

Come on Down!

In the wonderful class of Economics, we did something unique and so much fun!  We were assigned into different groups and were asked to create a radio commercial, TV commercial, and newspaper ad of Weserville in order to attract tourism.  Also through doing this project, we were able to learn about demand and the 6 factors that can change it.  The factors are income, market size, consumer tastes, consumer expectation, substitute goods, and complementary goods.  I really believed everyone did a fantastic job with their campaigns.  My favorite was the commercial that we chose from Group 5.  I thought out of all the videos, it was the one that looked like an actual commercial.  The music was perfect, the voice over was great, overall it was just fantastic!  Congrats to the group for getting chosen!  I thought this was such a brilliant idea!  Weserville is such a tiny town that lives off of its small businesses.  Also, the population is incredibly small.  Bringing in more people will definitely improve the life style of the town.    Doing this activity I think really help understand the factors, demand and what it takes to make a great ad campaign.  Also, we really learned that in order to make the campaign come together, it is a group effort and each member must contribute.  I really think we should do more projects like this, as in making videos because it is fun, everyone must participate somehow, and learn economics in such a fun way!                          

Demand!

This week in the wonderful world of economics, we have been discussing a very interesting and important topic: demand!  Demand is the ability and desire to pay.  We went even further and talked about the law of demand, the demand curve and schedule.  Law of demand is when the price goes up, quantity of demand will go down and when the price goes down, the quantity of demand will go up.  This information is shown on the demand curve, which will always slope downward.  Our wonderful teacher showed us how to read and use the demand curve.  We used graph paper and drew the vertices that represented price (y) and quantity (x).  She had us use real world examples, such as purchasing video games or cats, to see how as the price decreases, the quantity of demand increases.  During the snow days as I watched the videos and read the notes, I did not understand what I was reading.  Using these real world examples were very helpful and helped me understand how to read and use the demand curve!  Using the demand curve is very beneficial for companies keeping track of their products and customer satisfaction.