Posts tagged economics

Reflection on the Seminar

Seminar Question: Is capitalism so deeply flawed that all attempts to ensure the public good are doomed to failure?

I personally thought that I was not ready enough to be able to participate in the discussion. I was prepared with the health care system, however, I found out that the discussion did not carry out as I wanted it to be. So I was speechless for 10 minutes. I barely said some few words when the discussion was somewhat close to what I have been preparing for. I thought that the discussion would surely include health care issue because I thought it was one of the great example for public good (closer to merit good however). But, the discussion went to how capitalism created disparity between poor and rich. So I was completely unprepared.

I think that I should have been prepared for any subject that might be discussed in the seminar. I felt that I was not efficiently participating in the seminar.

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Reflection on the 2nd Data Response

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I was quite surprised at my 2nd Data Response grade. Last time I did it, I got below 80% so I had to take a re-test. However, I did really great on this time.

I think that I improved on this Data Response because I managed to spread time well. Last time, I did not have a time to do the 2nd question. So I got a really bad score. However, on  this one, I have managed well in order to save time for the 2nd question.

Another big improvement I think I made is that ‘I have answered all the questions.’ On the first Data Response, I have not been able to complete the answer that they have asked for. For example, I forgot to draw a diagram for some questions. However, on this test, I have been able to draw diagrams and give appropriate explanations for each.

I think I know what to do in Data Response now.

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What I have Learned about myself as an IB Economics Student

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Through out the first quarter of IB Economics, there were many hardships in understanding what economics really mean. However, now I feel like I am taking off to a journey for enriched science of economics.

I had confusions and complaints throughout the quarter about the laptop program. I thought that it was burdensome and bothering to carry a laptop to school. Also, I thought that I was struggling with the computer school gave to us. However, I now understand the benefits of using laptops in an economics class. By using laptops, not only we were efficient, but we were more involved in the subject called economics. Also, I understood the benefits of laptops for interacting with economic articles. I think that Internet economics articles are key in understanding economics nowadays.

I found myself actually being involved and getting interested in this subject. It was mainly because of the fact that economics is very related to our daily lives. If you look at chemistry or physics, I really did not find relevance in my everyday life, however, I understood the high relevance of economics in my everyday life.

I wish to be a better economics student next quarter.

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Naked Economics

While reading the book Naked Economics by Charles Wheelan in the pages from 17 to 22, there were several points made.

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1. The market economy is a powerful force for making our lives better.

  • Competition in business firms lowers the price and the cost of a product or a service, thus making the lives of costumers better.

2. Market is amoral.

  • Market system does not protect the poor.
  • Market system lacks moral in a process of rewarding scarcity and pricing any valuable product.

3. Price is the means of allocating scarce resources.

  • Since there is a limited amount of resources, prices act as a medium of allocating the resources. The one pays more than another gets to be an owner of that resource.

4. Through pricing, most market are self-correcting itself.

5. If a government fixes price in a market system, private firms will find

some other ways to compete.

  • When OPEC decides to cut off the production of oil, the price goes up. However, as the price goes up, some of its members start to opt out and cheat on that promise in order to sell their oil at best price.

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Glossary

I have wrote down the economics terms that I know:

  • Economics – is a social science of how humans make choice with limited amount of resources.
  • Micro-economics – looks at individual economic relationships. The scale is usually small.
  • Macro-economics – looks at overall economic structure of the society. It looks at the big picture.
  • Economic growth – is a potential productive growth. The increase in real GDP indicates this growth well.
  • Economic development – does not concerns much with the growth in potential productive strength, however, looks at the improvement of human standard of living.
  • Ceteris paribus – is a concept that everything affect another. So this concept is very important in economics because even minor factor could effect economic assumptions.
  • Scarcity – is the key reason why there is a study called economics. Due to the lack of resources, humans have to make choices.
  • Different rationing systems – societies have various kinds of economic structures such as free market system, socialistic system, and mixed system.

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1:1 Computing

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My parents thought that 1:1 Computing was an exciting way to interact fully with the subject Economics. However, my parents were concerned with distraction you might get from laptops just like any other parents.

I think that if you reach Junior year, I think that most of the students get responsible of their academics. So there will be less of distraction. If we only set our laptops fully optimized for studying economcs, there would be no worrys. For example, you can register the class blog, moodle, and other economcis websites to bookmark to prevent going to irrelevant websites. Also, I think that our teacher is having full control of what students are doing on their laptops.

In short, I think that the distraction you get from laptops are neglegible.

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Why I enrolled for Economics

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I have always thought of economics as a great study of how the world works. There is one and the most important reason why I chose this class.

The  reason is that economics is easy compared to other social studies subjects such as history and geography. When some subject is ‘easy’ to study, it should not be recognized as bad or inferior  subject. In fact, economics is comparably easy to study because of its feature of relevance to everyday life unlike history or geography.

In short, because economics is an easy and relevant study of our daily life, I enrolled for economics.

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