Category Archives: Uncategorized

 I prefer the flat tax system. I think this tax system will give people more incentive to make more money or expand a business they usually might not expand. With the flat tax system, everyone is taxed the same percent. A downside to this system for some is that there are no exemptions or deductions.Continue reading “Chapter 12”

Public goods are goods that are both non-excludable and non-rival in consumption according to our book. The public good that I thought of was air. A person cannot be prevented from using the air, nor can they be limited to how much air they use (in most cases). Currently there is no cost to providing theContinue reading “Chapter 11”

I-70 was the first thing that came to mind when I thought of a negative externality.  I do not believe that the Coase Theorem could solve this because not everyone will be better off if the traffic issues are solved. I do think that a tax regulation could help solve the traffic issues. With everyoneContinue reading “Chapter 10”

Twofold I choose this word to help describe a graph showing deadweight loss and taxes. That is because when taxes increase, deadweight loss increases. When taxes are higher it causes the deadweight loss to increase which then changes the current economy at that time because consumers are consuming less and producers are producing less.

Describe efficiency from the perspective of an economist. Economist think of efficiency as when all resources are being properly allocated to maximize the surplus to society. It is known to be inefficient when potential gains between buyers and sellers are not being realized. The economy is efficient when goods are at the lowest cost. OneContinue reading “Chapter 7”

The government in Venezuela is setting price ceilings on food. Their intent for doing this was to help make items more affordable for the poor, but it has some what backfired. When setting a price ceiling on items, those producers start to produce less or maybe even close their business down because they are hardlyContinue reading “Chapter 6”

I went into a few snowboard shops in town and saw that they all had their own way of displaying. Most of the stores had all of their items that were on sale in one area together. They were usually last years’ boots, boards and bindings. They knew that they had to sell these itemsContinue reading “Chapter 5”

With Uber and Lyft becoming more available, Taxis are starting to phase out. With more people using Uber and Lyft, both the supply and demand of taxis will decrease. When the demand of taxis is less, the demand curve shifts to the left. With the demand being lower, there will be less of a supplyContinue reading “Chapter 4”

It is certainly true that some people have lost jobs due to increases in international trade.  It is also true that some people have lost jobs due to changes in technology.  Should we treat those two causes differently? Why or why not? I do not think we should treat those two differently. They both causeContinue reading “Chapter 3”

1.How does the use of a very simplified model of the economy such as those found in a production possibilities frontier help you to understand the economy? The PPF is a curve that shows the number of x units can be produced if they require the same resources. Looking at the PPF can help withContinue reading “Chapter 2”