Thursday, December 23, 2010

"My Humps" Video

I thought the "My Humps" economics video was really funny.  Not only was it funny but it presented accurate information on the business cycle and how it works.  I learned a lot from the video, and it helped to reinforce information we learned about the business cycle in class.

Tuesday, December 21, 2010

100 Word Essay

Technology has had a major impact and influence on our class.  It has helped to improve our class and has made learning more efficient and beneficial.  An example of the impact technology had in this class would be with the use of “Zoo burst” which is a digital storytelling tool that allows anyone to easily create his or her own 3D Pop-up book.  Zooburst allowed our class to better understand and interpret the five determinants of demand.  The Use of online and other technological resources such as Edmodo and blogger has helped to increase and improve class learning and productivity.

Friday, December 10, 2010

Review Card Game

Sometimes the government has to break up monopolies;  Here is a game of laws that the government has done it with.

Thursday, December 9, 2010

"The 8 things"

1. Another word for monopoly is "trust".
2. In a monopoly, one seller controlls all production of good or service.
3, Cartels are a group of companies openly organized to control prices.  Cartels are illegal in the United States
4.The federal trade commision act was passed to investigate charges of unfair methods of compeition and commerce.
5. The term "laissez-faire" refers to the government not intervening in business at all in any way.
6. The intersetate commerce act was the first aint-trust law to be passed.
7. Oligopoly is the most common noncompetitive market in the United States
8. An example of a market where cartels exist is the diamond industry. 

Wednesday, December 8, 2010

4 varieties of Monopoly

-- Geographic: Tobacco in the middle colonies
-- Technological: Microsoft
-- Government: US Army
-- Pure:-PSE&G

-- Oligopoly: Cell Phone Service Providers

-- Monopolistic Competition: Fast-Food restaurants

-- Perfect Monopoly: Stock Exchange


A monopoly that exists in the market today that i would like to be broken up would be PSE&G .  PSE&G is a hone electricity & gas provider in New Jersey.  It is the only home gas & electricity provider in the state of New Jersey, therefore making it a monopoly.  If this monopoly were to be broken up, it would allow for other businesses to be started within this market.  This would benefit my family, friends, and I because by allowing other businesses into this market, we could possibly have a lower gas & electric bill to pay depending on the provider.

5 items

1. Hair Cut
-- Market Structure: Oligopoly
-- Opinion: This item falls under an oligopoly because although there are some, there aren't many barber shops in the area to begin with.  Therefore, there are less options to pick from.

2. Hollywood Beauty Hair Brush
-- Market Structure: Monopoly:
-- Opinion: This item falls under a monopoly because this specific brush that i bought can only be found/bought in one store within this area. 

3. Ear piercing
-- Market Structure: Perfect Competition
-- Opinion: This item falls under perfect competition because there are numerous amounts of stores where this type of item can be purchased. 

4. McDonald's
--market Structure: Monopolistic Competition
-- Opinion: This item falls under monopolistic competition because there are many similar businesses that i can select from if i want to eat out.  For example, rather than choosing to eat out at McDonald's, i could have eaten out at Burger King, Wendy's, Taco bell, White castle, etc.

5. Talent Show Tickets
-- Market Structure: Monopolistic Competition
-- Opinion: This item falls under monopolistic competition as well because instead of attending the talent show Friday night i could have done a few other things.  For example i could have went to a friend's party, a teen club, went out to eat, or stayed home.

Friday, December 3, 2010

Introductory Paragraph

Hi, my name is Uchenna Ibeka.  I am a senior at Northern Burlington County Regional High School.  In my spare time i like to hang out with my friends and play Xbox 360.  In Economics class i sit next to Reece Cooke.  He harasses me 24/7.  For some odd reason, Mr. Campbell believes it is the other way around...