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Old 06-06-2007, 01:05 AM   #31
poorlilrich
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Default Re: OT: Econ essay/test

Quote:
Originally Posted by The_Masterplan
dood...use your textbook if you have it.

Most of the questions are current event related, my opinion or scenarios so the textbook won't be much help.
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Old 06-06-2007, 01:11 AM   #32
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Default Re: OT: Econ essay/test

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Originally Posted by ALBballer
None, they stopped backing the dollar with Gold after The Great Depression (I believe.)

Seriously, check out a Macro Economics textbook.
wrong, look this **** up kid. With the Breton-Woods agreement(1946) lots of countries tied their currency to the US dollar (then back $ for $ by gold). IN 1971, we declared that the US currency was no longer specie backed, but simply a promise (fiat money). Heres the issue, promises and profits are infinite but the resources they equal arent. Try Breton-Woods

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Old 06-06-2007, 01:11 AM   #33
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Default Re: OT: Econ essay/test

I hated economics. Too many freaking variables involved. Math and science is just simple factual stuff.

Except for the science at some points...
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Old 06-06-2007, 01:17 AM   #34
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Default Re: OT: Econ essay/test

You seem to have no grasp of the most basic economic principles. Since this is an essay test, your ignorance will shine through any poor attempts at BS you may make. Your best bet is to pray your teacher gets a good long fu(king from her husband right before she grades your paper because nothing else will save you.
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Old 06-06-2007, 01:17 AM   #35
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Default Re: OT: Econ essay/test

seriously kid, have you tried about, google, wikipedia, yahoo answers? I bet you can get a ton of **** (with references you can lift if you are a scumbag) from those sites.
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Old 06-06-2007, 01:26 AM   #36
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Default Re: OT: Econ essay/test

Nah

I'm confident enough in my writing and BS skills that I guarantee a B or above on the essay/test.

I have tried wikipedia and google ...
but they don't go in details they just say basic/general stuff

Last edited by poorlilrich : 06-06-2007 at 01:28 AM.
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Old 06-06-2007, 01:27 AM   #37
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Default Re: OT: Econ essay/test

Quote:
Originally Posted by poorlilrich
Nah

I'm confident enough in my writing and BS skills that I guarantee a B or above on the essay/test.
have fun drifting through life

BTW, the info I gave you is either common knowledge or learned on the web in less than 1 minute.
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Old 06-06-2007, 01:30 AM   #38
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Default Re: OT: Econ essay/test

Quote:
Originally Posted by poorlilrich
Nah

I'm confident enough in my writing and BS skills that I guarantee a B or above on the essay/test.

There's no BS in econ. You either know the material, or you don't. You are clearly in the latter category. Sorry, but if the questions you have been asking are any indication of your knowledge of the subject, when the prof reads your answers she won't know whether to laugh or cry.
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Old 06-06-2007, 01:30 AM   #39
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Default Re: OT: Econ essay/test

Quote:
Originally Posted by poorlilrich
Nah

I'm confident enough in my writing and BS skills that I guarantee a B or above on the essay/test.
What kind of ****ty school do you go to? First your professors don't teach you anything, the book they recommend apparently doesn't teach either, and you still can get a B? Let me know so I can not respect the people that go there.
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Old 06-06-2007, 01:30 AM   #40
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Default Re: OT: Econ essay/test

Quote:
Originally Posted by boozehound
have fun drifting through life

BTW, the info I gave you is either common knowledge or learned on the web in less than 1 minute.

Economy isn't my calling

So if you meant "have fun drifting in the Stock market and through your taxes" ... then sure I will try to make the best of it.
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Old 06-06-2007, 01:31 AM   #41
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Default Re: OT: Econ essay/test

Quote:
Originally Posted by wang4three
What kind of ****ty school do you go to? First your professors don't teach you anything, the book they recommend apparently doesn't teach either, and you still can get a B? Let me know so I can not respect the people that go there.

Gunn High School

top 100 in the nation
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Old 06-06-2007, 01:34 AM   #42
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Default Re: OT: Econ essay/test

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Originally Posted by poorlilrich
Gunn High School

top 100 in the nation
I'll remember not to take anyone who went there seriously.
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Old 06-06-2007, 01:35 AM   #43
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Default Re: OT: Econ essay/test

just lift paragraphs from websites, and change them a little, read the question and change the wording of the paragraphs to align itself to the question. eco101 is essentially basically knowledge, and you must of done absolutely nothing to be in such a situation, however there is no time for passing the blame.

google google google. is your best bet wo any textbooks etc. also plagiarism isnt cool, you know maybe this will teach u a lesson, but if your not going down a eco route, guess u can bend the rules on this one.
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Old 06-06-2007, 01:35 AM   #44
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Default Re: OT: Econ essay/test

Part 1

Quote:
My stock portfolio went well, but I didnít invest in as many different stocks as I wanted to. I bought DaimlerChrysler, Google, Nike, Wal-Mart and Viacom stock. My capital gain amount was $612.04. In real life I would invest in the stock market because I like the adventurous risk. I donít enjoy researching the stocks, but I wouldnít mind if it was going to earn me dividends at the end of the year. Unless you donít diversify your stocks, it is improbable that you will lose a large sum of money. Because of the knowledge I gained from my Econ class, I see the stock market as a low risk high reward investment. If a friend of mine was investing or planning to invest in the stock market, I would tell him to diversify and research his stocks. Instead of following the trendy stock, the person should either hire a broker or do the research themselves. Analysts arenít always the right people to go to because the investment banks sign their paychecks. The three main parts to an investment strategy are: setting up goals, a time frame and balancing risk and reward. Itís important to set up goals because you need to be striving for something; goals keep the investor focused. It is also important to have a time frame so you can estimate how long itíll take to reach the goal. The key thing is to not be overanxious. The last part of investing is to balance risk and reward. Itís important to balance risk and reward so you donít make foolish investments. Itís not in the investorís best interest to invest on something that is high risk and low reward. Determining the risk-v-reward factor is congruent to finding out the tradeoffs and opportunity costs.

Before making any investment, you should make sure you have saved money and make sure you have a steady income source. It is not very smart to start investing on moneymaking endeavors when you have no money in the bank or steady pay check. Before investing in the stock market, you should plot your strategy and choose companies to match your strategy. You need to identify your goal framework and decide if you want a low, medium or high risk investment. If you donít want to risk much, you should invest in companies that have been running for a while. If you want to be a high stakes gambler, you should buy stocks from up and coming tech companies. After you have figured out your basic strategy, you should define your investment strategy. If you want to maximize expected returns invest in risky assets and if you want to minimize the risk you can invest in more stable assets. You can also buy and hold; it is when you buy a stock and hold it for many years expecting it to gradually earn you dividends. If you decide to buy and hold, you should check up on the stock daily or weekly, you should let it be and collect the profits when the time is right. The other route is to buy low and sell high. The buyer frequently checks up on the stock and sells it when he feels he has made enough profit. You should start saving money at an early age so you make it a habit. If you start saving money late, it will be hard to stay committed. If you save money in your teenage years, youíll be used to it by the time you are an adult and it wonít be much of a burden to part with your money. Another benefit of starting to save early is the compounded interest of your sum will bigger than if you started at a later age. Over the years the person who saves money early will make more money because of the compound interest. It is economically savvy to have a job while in school because you get used to the financial freedom. You wonít be as dependant on your parents out of high school if you have a job while you are still in school. Itís helpful to be financially independent before graduating high school because it prepares you for when you have to leave your parents house. If you have a job early on, you will be able to save greater sums of money than if you didnít have a job. Before I wasnít emotionally ready to thank my parents for their economic support, but I am going to suck it up and write a letter thanking them. Iíll send it by mail instead of personally delivering it.

A stock is a type of security that signifies ownership in a public company and entitles the owner to a claim in part of the corporationís earnings and assets. A bond is when you loan a corporation or government money for a defined period of time and they pay it back with a relatively high interest rate compared to banks. If you want to have more flexibility with your money, it is better to invest in stocks. You can take the money out whenever you please. Stock owners own part of the company, so if you want to ďfeel importantĒ, you can buy some stock. Stocks are a bigger risk, but you are stock savvy you can make a lot of money in a short amount of time. If you want a guaranteed sum at the end of defined period of time, a bond is the way to go. Bonds are secure and the interest rate which is usually paid every half year can make any investor drool.
A P/E (Price-Earnings) ratio is a ratio of a companyís current shared price compared to its per-share earnings. The per-share earnings are usually taken from the last four quarters. The advantages of a high P/E ratio are higher potential earnings and usually higher company net value, but the disadvantage is higher losses if the stock depreciates. Even though companies with low P/E ratios have lower potential earnings for the stock holder, the risk factor is lower so you will not lose a lot of money if the stock decreases in value. If you want higher dividends, high P/E ratio companies are better and if you want to invest with less risk involved, low P/E ratio companies are better.
A credit card is a card allowing someone to make purchases on borrowed money. Having a credit card is advantageous because it teaches you money management and the value of the dollar. You may have an ďunlimitedĒ amount of money on your card, but at the end of the month you have to pay your bills. The periodic bill teaches card users that every action (purchase) has an equal and opposite reaction (bill). Having a credit card also establishes a credit report, which in the future will enable you to get loans and such. Not having a credit card also has its advantages; you only spend money you have so you wonít have outrageous bills at the end of the month. It also teaches you the value of a dollar because you have to have the cash before you can spend it. Having a credit card has its disadvantages and advantages, but they start up your credit report and you never know when you are going to need your credit reports.
A blue chip stock is a reliable and stable stock that will most likely appreciate in value over the years. A growth/technology/volatile stock is an unpredictable stock with high potential. The company might become the next Google or it might flop and go bankrupt; which means you have to invest with caution. If you invest in blue chip stocks, you are guaranteed profits over an elongated period of time. So if you want to buy low and sell high blue chip stock isnít for you. A growth/volatile stock is a stock that has chances of shooting up over a short period of time or it can crash down really fast too. Volatile stocks are for the daredevils and ambitious investors.
A mutual fund is a collective investment that pools money from many investors and invest their money in stocks, bonds Ö A bond is a share of the company which allows the owner to reap the cash benefits of the corporation. The advantages of a mutual fund is ďmisery loves companyĒ; if the fund collapses you wonít be the only one affected. A mutual fund is advantageous when an investor is not confident in his ability to research/purchase stocks. Then he can get help from the other members of the mutual fund. If you are confident in your ability to judge and research stock, it is better to invest by yourself. Individual investing is better when you have enough stock background to make an educated investment in a stock.
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Old 06-06-2007, 01:36 AM   #45
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Default Re: OT: Econ essay/test

Part 2

Quote:
The five phases of the business cycle are: recovery, boom/expansion, peak, bust/contraction and depression. The depression phase is at the bottom of the wave. After the companies have been declining for a while, and the income losses are severe, itís a depression. During a depression a lot of companies go bankrupt, prices, interest rates and wages are at their lowest, unemployment is rampant and the unemployed are willing to take any job. The trough is when depression turns into recovery. During the recovery period, optimism is a little higher. Bankruptcy is less noticeable, companies start to order new supplies, credit is cheap, interest rates are low, wages are low, but new businesses are starting up. The economy is approaching expansion. When the economy is booming, companies are experiencing record sales and profits, demands are so high that there is a shortage of the product, so the inventories are built up and the companies expand. Because of the large number of loan applications, the interest rate goes up. Because of competition wages go up and because of product demand prices go up. After expanding, the economy eventually reaches its peak. When the company is at its peak sales are no longer expanding, inventories pile up so companies reduce orders for raw materials. The rising unemployment rate is a sign of potential hard times ahead. Revenues and profits shrink, fewer and fewer new companies start up and some go out of business. After the peak comes the contraction. During a contraction surplus is everywhere, unemployment is getting to be out of control, there is an excess of raw materials, the demand for the products decreases. Wages, prices and interest rate go down, profits turn to losses. Large companies going bankrupt forces some banks out of business. After the bust, we are back to a depression and the cycle continues. The healthiest place to be in the cycle is at the boom/expansion phase because everything is going well and though a peak is inevitable there is no sign of it. An economy is healthy if it experiences rising GDP, the CPI determines that there is no inflation and the unemployment rate is low or decreasing every year. Inflation is at the peak of the business cycle. The peak is where inflation is because prices are still rising from the boom, but the demand is slowly declining.

The Federal Open Market Committee determines Monetary Policy; the chairman is Ben S. Bernanke. In order to sustain confidence in the economy, the Fed sets the interest rates such as the discount rate. They also decide whether to increase, decrease or leave the money supply as is. The Fed sells government securities such as loans. There is a lot of speculation on Wall Street whether the Fed will loosen or tighten the money supply, therefore causing interests rates to rise or fall. None of the US money is backed up by gold. Since the gold standard is no longer in effect in the US, they donít have to back up their money with gold. The US uses fiat currency which gives the government the ability to increase and decrease the money supply.

In the said scenario, the Fed should increase interest rates. Increasing the interest rates will make people invest more and spend less. If people spend less, there will be less money in circulation thus solving the inflation problem. The unemployment will prevent prices from increasing. By implementing this economic strategy, the tradeoff is that there is consumers are spending less so there is less money in circulation. Raising interest rates solve the problem and the unemployment will keep prices from shooting up.

I know this may sound insensitive but entrepreneurship is all about making money. Sketchy deals and unethical doings while at the same time maintaining a good public image are part of the business. If a company is doing illegal things they should be penalized though. Because of the cutthroat competition, bending the rules shouldnít be looked down upon. I define success as succeeding in your field; you canít consider you company successful if you are not one of the top dogs in your field of expertise. If you have not achieved ďtop dog statusĒ, the future of your company is uncertain and minor setbacks might send you and your company back to the drawing board. Because of the finite amount of natural resources, it is important that you purchase resources that are mandatory for your product. It is important to emphasize resources over workers. If you have a surplus of workers, you will have to lay off some workers which will give your company a bad reputation. If you have a surplus of resources, you can either resell your resources or recompense the workers for overtime. On a PPF, Iíd like to be near the middle but a little towards the natural resources end and further away from the workers end. If I decide to become an entrepreneur, I will do everything by the books, but Iíll try to find loopholes and shortcuts.
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