Supply and Stuff

                      This week in Economics, we learned about Supply. It is the willingness and ability of producers to offer goods and services for sale. We were taught about the law of supply as well, along with supply schedules and graphs. Making a supply schedule is a lot of hard work!! You have to calculate marginal cost, marginal revenue, total cost, total revenue, and so much more! It can be very tricky if you aren't paying attention! I got lost once or twice. Supply is very much like demand, so it was pretty easy to understand the concept. There was even 6 factors that change supply, like demand did. They are: technology, producer expectations, number of producers, input costs, labor productivity, and government actions. Also, our awesome teacher allowed for us to be producers of scooters in order for us to learn about supply!! That was the best part of this week's class. My group made "The Rock." It is an awesome vehicle that can do pretty much anything. I want it so badly!!!! You should get it ;) Then we learned about supply by making graphs and schedules for this. It was very helpful! I hope we do something this simple and interesting again! Overall, this is really helpful and has given me insight to the complexity of businesses and how they work.

The Demand for Demand this week

This week in class we learned about the elasticity of demand. It can be very challenging to understand and learn about if you cannot comprehend the basic principles of math. Elasticity of demand describes how responsive consumers are to price changes in the marketplace. There are two types of elasticity. There is elastic and inelastic. Elastic is a change in price with a relatively large change in quantity demanded, like TVs. Inelastic is a small change and a smaller quantity demanded, like Insulin. Sometimes even if the price is lower, the demand for it does not change. It is a relatively simple principle if you remember the names. Now here comes the hard part, MATH!!!! To calculate elasticity of demand, you will always work in percentages and use absolute value. If your result is greater than one, demand is elastic. If it is less than 1, it is inelastic. Pretty simple, right? Now the formula you use is the change in quantity over the change in price. By using this, you will be able to tell whether something changed over time due to price or not. It can be very helpful and is used to help businesses all over the world!!!

Super Special Awesome Suits

http://www.cnn.com/2014/03/05/tech/innovation/mma-armor-lorica/index.html?hpt=te_t1

"Batman meets Iron Man in this high-tech armor" by Doug Gross on March 4, 2014

Have you ever wanted to be a superhero like Batman or Iron Man? Well now you can! Australia has created a suit of armor called the Lorica. It is a high-tech suit made from a blend of lightweight, flexible materials and comes with Wifi and Bluetooth connectivity, a POV camera, a microphone, and 52 pressure sensors that can send data to an external computer program. The suit was made to allow people, mostly only martial artists, to compete. They have practiced for many years and this is a way to test their skills without seriously injuring someone. The sensors on the suit transmit data about the fight, describing the force/power of blows and whatnot. This allows for them to understand fighting and the type of damage and it can cause. Many are excited about this, including myself! Also, it will soon be a public event to watch as well in perhaps as soon as late this year. As the company said,

"You look at the popularity of combat sports in video games -- the public loves seeing people fight with weapons...We can throw a Samurai master against a Chinese Shaolin staff master and see who comes out on top."

If that is not cool enough, one of the developers is an armorer who helped build more than 2,500 suits in the "Lord of the Rings" and "Hobbit" movies!! Besides the suits coming to the public, it is also going to the military and for law-enforcement uses in a training environment. This is a huge deal!!! It will effect the economy dramatically. It will change the way that people see everything in the world. It is improving our technology and allowing for this high-tech to become close to us in our lives. My view on this topic is that this will expand the economy and bring up the demand in the market. Many people are willing to buy these suits and this will affect the market. This armor will allow for safer and more scientific discoveries. People will be able to gain new experiences and improve the world for the better. This will affect other economies in the future and gain more new enterprises. More income will come and this money is not being wasted on building these suits. They will help others in need and allow for the world to gain further knowledge. Overall, these suits are super special awesome and YOU NEED IT.... NOW! IT IS FOR THE GREATER GOOD!