this week we did alot of modules and learned about credit. it was very interesting to learn about the differant types of credit cards and the pros and cons. the modules helped us learned about credit and about financing the future for school.

money

this week in econ we opened our bank account. We got our pay check and had bills to pay. i had to pay 3 bills and pay for shoes. One was for electricity,  wifi, and then one to Chairs R US. I also had to pay 52 for shoes. I got $5 from the bank for returning bananas. I withdrew $1 at the beginning of the week for food. I have leanred that bills will always be coming so i should not just spend all of my money right away and save some. I ended up having money leftover.

comparing the nations

This week in econ class we learned a lot about GDP and the economic health of different nations. We made a chart looking at all of the different GDPs and debts and poverty lines and unemployment rates of different countries. It was interesting to look at and compare the countries. You could also find a pattern in some counties GDPs and debts. Also we are learning about how 1 Billion people live on less than $1 a day. The videos we watched about the college kids who went to live in Guatemala really put everything in Perspective. Also the videos showed the idea of micro financing, which gives hope to people living in poverty.

The first day of the week for our thought question we had to solve a puzzle. It was really confusing at first but I ended up figuring it out. We finished learning about competition and took a quiz on it the next day. Most of it made sense to me and was easy. For the rest of the week we have been learning about types of businesses. It is interesting that most of them are different because of reliability.

demand

This week we learned about demand. We learned alot about how price and quantity affect demand. We learned a formula that can tell us if a product is elastic or inelastic based off price and quantity. We also made an ad for weserville that showed factors of demand. Ours were consumer tastes and complementary goods.

snow days and demand

This week was short because of the two snow days we had on Monday and Tuesday. Wednesday was ash Wednesday, so we didn't use any electronics. We learned about demand and drew graphs and curves. Thursday we had a quiz on what we learned Tuesday, which I though was easy. I really understand the whole demand thing.

Taxes

This week in Weserville we learned a lot about what happens when the government gets involved with the economy. One major thing that happens is taxes are set in place. There are three different kinds of tax: proportional tax, progressive tax, and regressive tax.  Regressive tax seems completely unfair. But turns out we have that tax in our own economy. We all got Weserville money and Sarah, our treasurer, took taxes from using the different types of tax. I found that progressive tax is the most fair. Wednesday for our thought question we had to distribute our budget to all of the city of Weserville in our thought question, which proved more difficult than it sounds. Later on Wednesday we played a game where we had to like balance out the the government budget, which was extremely hard.