This week in Economics, we covered the new topics of characteristics of public goods, market failures, free riders, and subsidy.  We even had a waffle party and a movie, but the main thing we focused  on was the decision on whether or not to let Walmart into Weserville, which in the end, was approved, despite violent protests and many scathing letters sent to the public officials. Those opposing the decision to let Walmart into Weserville made many good arguments, ad so did those who welcomed Walmart. Those opposing argued that it was ridiculous to pay to accommodate Wal-mart's outrageous demands when there could be a Wal-mart 10 miles away and not on Weserville's dollar. Personally, I was completely against Walmart coming to Weserville, mostly because of the ridiculous demands Walmart was making, when we really don't even want or need Walmart that much. And no matter how much we had against Walmart, our officials still let Walmart come to town, kind of says something about our government representative system.

This week in Economics was busy,  we covered a new concept of the US Free Enterprise system, Profit incentives, which is pretty much any factor (financial or non-financial) that enables or motivates a particular course of action. And due to some technological errors, we got to watch a documentary on the history and growth of McDonald's, which was very interesting and covered the economic side to its success. But probably the biggest thing we did was go into detail about the circular flow model, which is a diagram that shows the process of goods, services, and exchange of money through businesses and individuals. We then applied this to our own little town of Weserville. We got into groups and proposed business ideas to the class about what we think this town needs to gain economic success, we haven't chosen a course of action yet, but it the end 3 proposed businesses will be approved to start up in our town. My groups opinion was that we should go big, and rent out warehouses to big businesses to make their product, with our town as a labor force. We thought this would be a great idea because it is completely realistic, and would solve many of the people's problems. It would create jobs, the jobs don't require a lot of experience, and little training would be needed. Actually practicing will all these concepts that are being thrown our way is probably the best way to learn them, learn it by doing it. Anyway, further updates will be provided in the future, enjoy the rest of the week.

U.S Economy Gearing Up
http://online.wsj.com/news/articles/SB10001424052702304428004579352472437635350

Written by Neil Shah and Sarah Portlock, Jan. 30, 2014, The Wall Street Journal, titled "U.S Economy Shows Signs of Gearing Up". The article states the idea that businesses and consumers are doing everything they can to do their part to boost the economy and helped end 2013 with hope of redemption, but recovery still remains lower than ever before due to government spending and inactivity. Very recently, polls, statistics, and studies have been showing proof of President Obama's further damage to the U.S economy, with loss of jobs, further debt, and failing health care.  Personally, I think Obama is to blame, U.S debt went up trillions of dollars after his first term, and even more after that. No other president in history even came a little close to these numbers even the ones directly before him. Plus, he is to blame for the problems of most Americans, and seems to not be a part of any solutions, except for those that promote a socialist government for the U.S. His part in the economy has cost the jobs of millions of Americans, the loss/decline of health care for millions, and general unhappiness for pretty much every one. The artical describes that people are doing, their part and because of that they are growing optimistic, and they have reason to, but without the rational acting of government spending and further introduction of problems, whatever the people do will be useless unless its firing officials.

Today is the fourth of January, in this fine new year of 2014, meaning humans have been recording history/events/time for 2,014 years. How long would it have been before you or one of your buddies said, "hey, do you think we should probably write this stuff down? You think it might be important to future societies to understand how we lived and survived?", "No..."
Makes you think doesn't it.