Economics -

[Kieron]

My First Thread

I'll be learning economics for the next couple of months and for better results I'd like to share with everyone, (I'll be expecting feedback of course) what I understand and preferably what I don't about economics. ​

I'll start off by answering why do you need to learn economics? ​

We need to learn economics because it helps us make sense of the world, not only the economy.

Generally people aren't very interested in economics. However, since you have clicked in to read this thread, so I'll be assuming you are the exception. Even so you'll be reading this with some form of trepidation (Unease), economics is supposed to be viewed as difficult, perhaps not quantum physics difficult, but demanding enough! Well in reality it doesn't need to be if it's explained in plain terms, I'm going to stick my neck out so far as to say 95% of economics is just common sense, just made to look difficult with it's technical terms, these terms make it easier within the profession but to us it just sounds like some sort of financial mambo jumbo, and this in itself is the first lesson on economics: "Professions of all kinds have an incentive (Key Word) to make their technical idioms more complicated to outsiders to justify the high fees their members charge for their services" -

There's more from where that came from, but I'd like to see if people like the idea of a thread about economics first.

 

[LaraC]

Cool, waiting for the next tip.

 

[Polish]

Supply.
Demand.

That's it.

 

[mintydroid]

Everyone should study economics regardless of which industry you work in. Atleast do macroeconomics.

 

[Kieron]

Cool ppl are visiting the thread, you like me yay , Hi Polish as far as I know, that's a great and simple explanation on how the "market" works, but not economics... don't worry man as soon as I learn more on the topic I'll be like Bathing you beautiful people in economic knowledge!

But now that you bring up Supply and Demand, I will suggest we all start thinking a bit outside the box with economics... For a great example of Supply and Demand in an innovative way there's this game the teenage Mormons play called "bigger better", where they start off with a tooth-pick and then trade it off to their neighbors for something slightly bigger or better like a pen, then use the same principle for a couple of houses down the road exchanging the pen for an old mug, an old mug for a notebook, the notebook for an old tshirt, old tshirt for a sweater, sweater for jeans, jeans for shoes, shoes for ... you get the picture, by the end of the day from a toothpick they gained things of great value, there's been trades that have continued for years and ended up in small businesses.

Thanks for reading!

Mad Love

 

[MickeyD]

tip no.1: don't use hashtags on a forum

tip no.2: don't use mixit or twitter, etc type of spelling on a forum

 

[SauRoNZA]

tip no.1: don't use hashtags on a forum

tip no.2: don't use mixit or twitter, etc type of spelling on a forum

Give this man a Bells.

Also don't use justification it doesn't read well. It's not a Word document.

 

[Kieron]

tip no.1: don't use hashtags on a forum

tip no.2: don't use mixit or twitter, etc type of spelling on a forum

Ok thanks for the tip, any comments on the topic at hand though?

Give this man a Bells.

Also don't use justification it doesn't read well. It's not a Word document.

Justification as in parenthesis? ok. aww thx guys... see, you do care! BIG HUG

Ok, now back on topic!

 

[SauRoNZA]

As in centering the text etc.

Are you just copy and pasting from another source? I've got no interest in reading that on a forum, you might as well just give the link then.

Rather type and explain in your own words than plagiarising someone else's.

 

[SauRoNZA]

Cool ppl are visiting the thread, you like me yay , Hi Polish as far as I know, that's a great and simple explanation on how the "market" works, but not economics... don't worry man as soon as I learn more on the topic I'll be like Bathing you beautiful people in economic knowledge!

But now that you bring up Supply and Demand, I will suggest we all start thinking a bit outside the box with economics... For a great example of Supply and Demand in an innovative way there's this game the teenage Mormons play called "bigger better", where they start off with a tooth-pick and then trade it off to their neighbors for something slightly bigger or better like a pen, then use the same principle for a couple of houses down the road exchanging the pen for an old mug, an old mug for a notebook, the notebook for an old tshirt, old tshirt for a sweater, sweater for jeans, jeans for shoes, shoes for ... you get the picture, by the end of the day from a toothpick they gained things of great value, there's been trades that have continued for years and ended up in small businesses.

Thanks for reading!

Mad Love

That example doesn't explain supply and demand at all.

It's a perfect example of compound interest though.

 

[LaraC]

Which route does BEE take? Toothpick to Porsche in one tender.
On a serious note, you’ll have to be a good salesman or advertise like crazy to get trades to work.

 

[adinfinitum]

Actually I'm with Polish on this one. The basis of economics starts with the law of supply and demand. Everything else just expands from there into production, costs, markets, policies, politics, etc etc etc.

 

[borga]

That example doesn't explain supply and demand at all.

It's a perfect example of compound interest though.

Not really, one is passive other is active, one will continue to increase, the other may decrease if you make a mistake in judging the value of the item you are getting. So I would not call it a perfect example or even an example of compounded interest.

Here is a story of someone who began with a Paper clip and traded until they ended up with a house.

http://en.wikipedia.org/wiki/One_red_paperclip

 

[Kieron]

As in centering the text etc.

Are you just copy and pasting from another source? I've got no interest in reading that on a forum, you might as well just give the link then.

Rather type and explain in your own words than plagiarising someone else's.

Hey Sauron you one eyed champion you, as I said before I'm doing a course on economics, so what ever I learn and understand I'll be posting. Plus, these are my own words they're not like reading Tolkien but hey, I try to sound like I know what I'm talking about... You guys would be like my Study Group. if you want!
Don't you rekon it's interesting enough?

That example doesn't explain supply and demand at all.

It's a perfect example of compound interest though.

errrmmmmhh Oh my gosh, you're right! My bad peeps

Actually I'm with Polish on this one. The basis of economics starts with the law of supply and demand. Everything else just expands from there into production, costs, markets, policies, politics, etc etc etc.

hahaha I've been proved wrong quite a bit today, but not for this one I'll have to stand my ground! No, that is trading... lets not think of economics as the study of the economy. The economics I'm talking about is something else entirely, if you think about it, what does to economize really mean? doesn't it mean to make something work with the minimum resources required? the study of economics is the study to use less resources to build more! or in better words The logical use of resources

tadaaaa! /of to work I go, if I'm bored I'll answer from the office/

Chau

 

[Kieron]

Not really, one is passive other is active, one will continue to increase, the other may decrease if you make a mistake in judging the value of the item you are getting. So I would not call it a perfect example or even an example of compounded interest.

Here is a story of someone who began with a Paper clip and traded until they ended up with a house.

http://en.wikipedia.org/wiki/One_red_paperclip

OMFG This is awesome!! I didn't read that one, one of my text book examples was of 2 boys from Minnesota started with an eraser and ended up with car.

 

[SauRoNZA]

If they are your own words why do you put it all in quotes as if it's someone else's?



Why does the writing style change dramatically from the intro paragraph in each post to the actual content?

From broken mxit language and dodgy grammar in one section to perfect English in the next. I don't buy it.

 

[Kieron]

Economics - Part 2 (dink soos 'n kind)

My first lesson or tip on economics had concluded that all "Professions of all kinds have an incentive (Key Word) to make their technical idioms more complicated to outsiders to justify the high fees their members charge for their services" + in the comments we talked a bit about a game called "bigger or better"... read more on this here: http://www.cbc.ca/news/canada/from-paper-clip-to-house-in-14-trades-1.573973

Today I was thinking of going a bit further,But just to clarify something, I've pointed out in the previous post that I wouldn't be talking about trading, so no, we won't be speaking about supply and demand, that is trading. I'm speaking about economics which is the rational use of resources. If you disagree well then leave your rage in the comments, I don't mind! anyway back to the point, lesson 2 is dink soos 'n kind: children in general have unmolded minds because they don't have a very stable idea of how the world works their minds are in a state of constant amazement,This makes them more likely to notice or care about things that the rest of us don’t, they have this constant sense of curiosity, so they question everything every second all the time. Now if kids tend to be more curious and alert when it comes to say for example a magic trick what about the rest of life, wouldn't it be better if we think like a child? wouldn't we solve problems in not only 1 different way but in a hundred different ways?
"This following paragraph is taken from the book "Freakonomics" one of my favourites."
Gopnik is a professor of psychology and philosophy at the University of California-Berkeley and the author of The Philosophical Baby: What Children’s Minds Tell Us About Truth, Love, and the Meaning of Life. Gopnik describes how modern research shows that kids are much more than just underdeveloped adults, and that they have a variety of traits we’d do well to smuggle across the border into adulthood:

GOPNIK: Think of the kids as being the research and development division of the human species. And we’re—adults—we’re production and marketing. So from the production and marketing perspective, it might look like the R&D guys are really not doing anything that looks very sensible or useful. They sit around all day in their beanbag chairs playing Pong and having blue-sky ideas. And we poor production and marketing people, who are actually making the profits, have to subsidize these guys! But of course, one of the things that we know is that that kind of blue-sky, just pure, research actually pays off in the long run.

The Point of this 2nd lesson is never stop thinking like a child, solving problems laterally will become easier and more effective!

Until next time

 

[Kieron]

If they are your own words why do you put it all in quotes as if it's someone else's?



Why does the writing style change dramatically from the intro paragraph in each post to the actual content?

From broken mxit language and dodgy grammar in one section to perfect English in the next. I don't buy it.

I can't tell if you're trolling or not
Inverted commas are also for emphasis, mxit expressions is a choice, and the bad grammar well i guess sometimes i chew a couple of words, sue me man, this is what learned so this what i can relay in tge only way that i can, if you have more concerns about my grammatical mistakes report me to the the grammar Nazis. For anything else i'll try to help. Chau locos lindos

 

[Lukcydog]

OMFG This is awesome!! I didn't read that one, one of my text book examples was of 2 boys from Minnesota started with an eraser and ended up with car.

This is impressive, however, in both cases these people didn't start just with the "eraser" or "red paperclip". The paperclip story shows that they guy could afford to travel to the different places to make these trades. Could he have done the same without traveling all over, I doubt it.

 

[SauRoNZA]

I can't tell if you're trolling or not

Inverted commas are also for emphasis, mxit expressions is a choice, and the bad grammar well i guess sometimes i chew a couple of words, sue me man, this is what learned so this what i can relay in tge only way that i can, if you have more concerns about my grammatical mistakes report me to the the grammar Nazis. For anything else i'll try to help. Chau locos lindos

Not trolling at all.

Your linguistics change dramatically in a block fashion from one paragraph to another leading me to believe it's not the same person's writing.

It's not that hard to understand is it?