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| We experience the Tragedy of the Commons on a daily basis. |
Please respond to the following prompt. Briefly describe one of the concepts that we have learned about this year in economics, and
discuss how you have been able to relate this concept to the real world. Reference events that have occurred in your own life, and/or current events.
48 comments:
One thing i leaned this year is that a stock is a share in a company. It is good to invest in stocks when the market is down because then you have a larger potential for profit. I used what i learned in the stock market game and if i ever want to invest i will use this knowledge in those situations as well.
I have been able to understand the market structures really well. I see them in every business in existence. An example of a monopoly would be a cable company or a water supplier. They would be considered monopolies because there is only 1 of those types of companies within the area. Basically, you'd have to buy it. In a monopoly, they can charge anything they want within a rational price range.
One concept we have briefly described was monopolistic competition, which is like clothing stores and food places. Sometimes people see a difference in two similar items, others see no difference. It retaliates to me because sometimes I buy things.
We have learned about the tragedy of the the commons in economics this year. That is when a resource is available to everyone. This is bad because everyone will abuse it. They abuse it because they want to get the most out of it before someone else does. Some examples of this are public roads, community farm land, and fishing in the ocean.
Choudek pd5
I have learned of the term of monopoly. I have applied this term to the real world by comparing this term to the crisis of the National bank in the early 1800's. President Jackson was afraid of the formation of a monopoly because the National Bank will become to strong and will soon become the main bank in the United States. He instead gave species to lower state banks to rid the idea of a monopoly in the National Bank. I can also tie this term into the game of monopoly. You try to control all the resources, the houses, until you have all the money and houses.
In economics this year, we have surely learned a lot. The concept I have related to my life the most would be the tragedy of the commons. Many people take advantage of public land and resources. For example, rivers and lakes, public parks, roads, and other communal items. The Big Sioux River has had waste dumped into it in recent years. This causes many problems for many people and animals.
Katie E. Period 5
One thing I learned this year is that a bear market is on the downward path, and a bull market is on an upward path. This relates to the real world since this was one of the questions on a quiz bowl tournament that I just went to. I got it right away and got the correct answer, as usual.
I have learned that the S&P 500 is one of the most important stock market indicator as it shows the value of 500 large stock companies. It is a better indicator than that of the NASDAQ because the NASDAQ only shows newer more electronically orientated stocks. The Dow Jones stock indicator is also not as accurate because it only shows 30 of the largest companies in the world, nothing about the smaller companies.
~Logan Hawkins period 5.
I have learned to identify the supply and demand of the economy. I can use this in my life when I need to buy something. I know that at specific times there will be a greater amount of people searching for the same item. If say I am looking for a Christmas gift for my sister I will look for one a while before the month of December so there will be less people.
I experienced the tragedy of the commons during volleyball practice. Everyone has to put the nets up and put the nets down before and after practice. The tragedy was that it was the same people putting the net away even though many more people used the net than the ones which put it away. Everyone is trying not to have to put the nets away and to get a head of the others to the locker room and this leaves only a few people putting the nets away rather than the whole group. If it were the whole group putting the nets away, the task would be accomplished much quicker.
I have really started noticing the stock market. I never really noticed it much but now I take some time to stop and check. I always knew it was there but never really cared. Now I watch the DOW and see where certain companies are at. I think it is interesting how many there are and how it changes so much. It has also interested me into thinking about getting some stocks in the future. I am curious of who I know and who has some. It has opened my eyes to something I thought was boring and not something to pay attention to but now I do.
What we have were taught that helped me was at work. Supply and demand of why we charged 14$ for a large at our store but 20$ for a large at husets and it was because at the store people can just go to pizza hut but at husets people are already there and dont want to miss the races and we are the only pizza place there so we can set the price to what we want
I thought the concept of Supply and Demand related the most to my life. We learned about the certain factors that can affect either supply or demand. I applied this to how it can affect gas prices. I learned the price has doesn't affect the demand just the equilibrium. When I need to get gas I actually think about the price of it and how that became. I think about some of the things we discussed like if there is a limited supply then the demand will go up.
In Econ this semester, we have learned about the different types of stocks and what you can do to invest wisely. I have related this to my life and how to wisely buy stocks in the real world and even in the stock market game. I hope to be able to invest wisely in real life.
One of the real world applicable concepts we have learned would be about the stock market. The stock market allows people to trade parts of ownership of the company throughout the world. This can give a chance to strike it rich, with the higher the risk typically meaning higher the reward. When a company does well, your share price goes up, and the opposite applies too; when the price drops you lose money as well.
-Colton Wehking, Period 5
I have found myself more intreged with the stock market and I've been checking the stock market to see if its up or down. I'm actually surprised that I can understand information given. With the information I've learned, I now have a broader knowledge in the stock market.
One thing that I've learned is globalization and it is part of the real world because it helps other countries with on how they can get resources from other countries that could supply them and help them out. It deals with my life because other people are always help with things like how other countries are helping out each other with help.
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Kjerstin Williams Period 5
A few weeks ago we learned about the stock market and how it works and how it affects everyday life/ the economy. I have used the information about the stock market that we learned in class quite a few times since we learned it a few weeks ago. This knowledge has allowed me to partake in conversations with adults about the stock market and has given me the tools and information to know what I am talking about. Also, this has given a broader knowledge about big company's due to the research I had to do for the Stock Market Game.
one concept that we have learned is that if there is public property and private property, people will treat public property worse and it will look disgusting. The people who attend a private property such as a private owned park or what not will treat it with respect because that is someones personal property and they could get banned from the property. one example in my life is public restrooms in big cities. They are always nasty , they have words and profanities carved into the stall doors and most of the facilities are out of order
We have learned a lot this year in Economics. One thing that we learned was about Monopolistic Competition where the products are slightly different, but can be similar. This relates to me, because I go shopping, and I never realized that companies and stores can have the same type of things and can be based off the same thing, but can also have different things. I obviously can tell by looking in the store, but when you actually research the store, you can see where it was founded, what is different, and etc.
Sammie Peterson- Period 6
One thing I learned and had interest in was the stock market. It was interesting to see how it worked. I liked learning about the stock exchanges and especially my favorite the NYSE. Another thing that was interesting was the way the ticker symbols work. As in, the NASDAQ has 4 letters and the NYSE, has 1 2 or 3 letters. It was my favorite unit even though I didn't do well on the test!(:
Lilli Jasper
One thing in Economics I have learned is the stock market. I never really had a good idea of what stocks were or what the New York Stock Exchange was. Now that I'm aware of stocks, in the future I may invest some of my money into the stock market. Stocks are something everyone should be aware of and atleast think about.
Nate Unzen - Period 6
This year in economics, the subject that has impacted me most is the tragedy of the commons. I always knew how selfish people were, but it didn't really click with me until we studied it, that it is a big issue even with myself. I always blamed others for ruining our enviroment, and i never thought that it was me, every time i threw a small piece of garbage out of my window. It is disgusting to see garbage in lakes and oceans, but you never seem to see garbage in personal ponds, or pools. The tragedy of the commons is a serious problem, and i feel like after learning more about it, i realized that it is an actual problem, and i can use my own ability to help change it.
Eric Flanigan Period 6
I have learned a lot this year so far. The most being the network of the stock market. I love the intensity of the market to our daily living and how it changes life as we see it daily as it changes. It has also allowed me to enter the stock market game which is really fun and teaches me more on how to invest and make more money.
McGee 6
I have learned a lot about the different types of market structures that are out there. Learning about the four major market structures has made me pay more attention to what type of market structure certain stores or places fall under. I also have taken away a better understanding of stocks and how they work. Playing the stock similator game has been entertaining, and it has made me realize just how unreliable the stocks are.
Riley Petersen Period 6
In this class I have learned how to invest in stock. It will hopefully help me in the future in investing for retirement or in attempt to gain a profit from it. It also helped me figure out why people invest in which companies. Weather it is a good investment, risky, or just a bad idea in general.
Learning about Tragedy of the Commons is one of the many concept I learned this year. Tragedy of the Commons in my own words is when people use up too much of their resources in a certain area. An example of this is littering. When people litter it pollutes and damages the ecosystem. One persons wrong doings does not produce a Tragedy of the Commons most of the time, its normally many people.
Alex Hillestad Period 6
Well, the only things I've learned about in econ here are market structures. Every once in a while i think about how all the water everyone is using is coming from one company and their monopoly... Thats really all I've got!
One thing that we have learned are the differences between capitalism and socialism. We learned how other countries used to embrace socialism and then discovered that its a good idea on paper, but not when put into use. We learned about the capitalist revolution lead by Margret Thatcher and Ronald Reagan. Now the majority of the world is moving towards a more free market as a whole.
~ Sean McEachran, period 6
I have learned about the Stock Market this year in class. I had never understood how the Stock Market works until recently. Now,I find it interesting to check stocks and see how different companies are doing. When the stocks are on the TV, I am able to understand what it means. Once I am able to own my own stocks, I will know how to buy them and have some idea about what is a good type of company to invest in.
One concept that i have learned about this year would be the stock market. I learned that this has a huge influence on the economy and the way some people make money. If a company does better the stock rises and if the company does worse the stock decreases. This doesn't really have an effect on my life but it could really have an effect on someone who has invested a good deal of money on the market and is dependent on their stock. I also learned about how and when to invest or at least to an extent and that it is unwise to invest in a company that is risky or hasn't really established themselves.
One very important concept that I have learned this year is that of the Law of Demand. This law states that the price charged for a good or service is linearly proportional to the quantity demanded. That means that if there are a lot of people looking to fill a service and few companies that provide that service, a company may charge more for a good, knowing that they will not lose customers to competitors. This was demonstrated this year when I went to the Sioux Empire Fair, also referred to Sioux Falls city dump. As I was there, products were being sold for ridiculously high prices because the fair knows that people will still buy the goods. This is good for sellers, but bad for consumers who would like better quality products.
Amanda Berberich
I would have to say the tragedy in the commons is one of the most accurate concepts that have happened to me.(in economic terms)I went buy a pair of shoes one day, specifically black friday, that were on sale. When I walked in the store it seemed as if everyone in the shoe department were surrounding those shoes. In the end the shoes in my size were out of stock. Therefore this implemented the rest of the people who were left without that pair of shoes. As well as leaving the row of shoes was destroyed.
One thing we learned about so far has been unintended consequences. I see people every day not have their homework finished. At the time, they may think they are saving time but an unintended consequence is that they don't know the material and then do poorly on the test. In the past I never thought anything of this, but now I notice it as an unintended consequence.
Over the past few weeks we have been discussing stock markets. Stocks share owenership in the assets and earnings of a company. Stock market is a term describing all transactions involoving the buying and selling of stock shares issued by a company. We've learn other differences between common stock and prefered stock. Common stock is the most typical stock; perferred stock has less risk than a common stock.
The main thing I have taken from econ this year is the idea of supply and demand. This concept shows that when there is more of a good the price of the good goes down. This is shown with oil prices. If winter is coming, the demand for coats goes up and the price will follow. This concept changes the costs of nearly all products and affects what I choose to buy in my life such as candy.
This year in economics the stock market relates to my life the most. It relates to me with my dad being a financial advisor. The stock market is where corporations come together and allow the public to invest in them. There are a few main stock markets, they include the New York Stock Exchange, the NASDAQ, and the American Stock Exchange. When people invest they then own a portion of the company and depending on the type of stock they can make decisions for the company. There is a lot of information about the stock market and it is all very interesting to me.
Levi McKercher PD 6
One thing I learned this year that I was unaware of was the Tradgedy of the Commons. Private property is cared for well, as it is yours. When property becomes Public, its status declines tragically. People care for things that are theirs, but if it is held commonly, people try to abuse this property for their own gain. I see this in public bathrooms. Most people do not care for public bathrooms, resulting in their disgusting status. People retain cleanliness in their own bathrooms, as it is their own property.
Things that I used to just ignore is the stock that appear on your phone I never understood what they were. Until we learned about the stock market game and how to invest into a stock. I learned about the New York Stock Exchange that is the largest and the highest stock there is.
Now that I am 18 and have had the opportunity to experiment with the stock market without consequences I am considering to invest in the real thing. I have learned what to do and what not to do thanks to this class and what to focus on investing in.
I have learned that the TRAGEDY of the Commons is an actual thing. Never heard the term before. But, it's real! I even know of some things that it applies to! Exciting! The cartoon on the blog page is an example of the Tragedy.
The most important I've learned in Economics class this year is the Tragedy of the Commons. I see this in practice all the time. Just yesterday I went to Falls Park and saw the one corner of the river near the mill that's always littered with...uh...litter. In fact, I think I remember reading somewhere that the Big Sioux River is one of the dirtiest rivers in the country. Pretty much every park I've been to through which the Big Sioux River runs has been very dirty.
The most important thing I have learned in Economics so far this year is the stock market. It is the stock market because I have learned that it is very unpredictable and money can be made or lost in a matter of seconds.
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