Priyanka's Econ Blog

1:1 Laptop Program September 9, 2009

Filed under: Section 1 — priyanka821 @ 12:01 am

Laptop Program

Laptop Program

When we were first introduced to the 1:1 Laptop Program I was actually thrilled because I just got a new MacBook Pro. I found it useful to have my own computer in other classes, not only Econ. Though I find this method very efficient and easy to work with, I find that it is a hassle to carry the  laptop around because it’s heavy and especially because we have class on Fridays and I have to carry it around after school as well.

One of my biggest concerns was that I would damage my laptop because I’m kind of clumsy. To avoid this, I leave my MacBook in my locker and only take it out during Econ or other classes that may need a laptop. This has worked perfectly for me so far, and it won’t get stolen if it is my locker majority of the time.

Surprisingly, I haven’t been distracted at all during class. I find this interesting because whenever I’m doing my homework I have a tendency to drift off into Facebook or constantly check my email. For some reason, during class I can focus on my work without being distracted or even tempted to go surf the web. I think this is because we are expected to take notes on the Power Point Presentation and when we are not supposed to be using computers, we are required to have the lid down.

Overall, I think that if all my classes were laptop based it would be much easier. I would only have to carry my laptop, and not two heavy Biology textbooks. I think this a great and very efficient way of learning because it saves time both time and paper.

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INDIA: HUMAN DEVELOPMENT INDEX September 7, 2009

Filed under: Section 1 — priyanka821 @ 12:40 pm

Though most of the of world may be in depression, India is still developing rapidly. With a 6.1% economic growth over the last three months which was announced this week, the Slumdog Millionaire country is stepping up the ladder. Economic growth can be defined as an increase in GDP (Gross Domestic Products) or the country’s ability to produce more goods.

United Nations Human Development Index (India&Bangladesh)

United Nations Human Development Index (India&Bangladesh)

With a boom in economy, the economic development should increase too. Economic development differs from economic growth. Economic development can be defined as a country’s standard of living.

Above is a chart comparing India and Bangladesh’s economy and HDI. “The Human Development Report reveals how some countries do better than others in turning income into education and health opportunities and therefore into higher levels of human development. Select a country below to see how its Human Development Index (HDI) relates to its Gross domestic product (GDP) and how it compares to another country(United Nations, 2008).”

According to the chart above, India is doing fine to develop education and health opportunities in context with it’s GDP per capita ($3,100). However, it still stands 128 in the World Human Development Index. Compared to Bangladesh, India is doing relatively because they stand in similar places according to the Human Development Index, but Bangladesh has a much lower GDP per capita. Though better compared to Bangladesh, India can do much better in their GDP per capita.

The Human Development Index compares life expectancy, educational attainment and income. I don’t think this is a very accurate representation of a country. Each person in India definitely does not earn $3,100.  This is an average of all the wealthy citizens and the poverty of India. By stating that the GDP per capita is $3,100 it is a fallacy. India holds the world’s second largest population, and a lot of impoverished citizens. On the other hand, it also has millionaires, and therefore the GDP per capita averages out, yet is not completely accurate.The Human Development Index also does not deal with environmental factors such as pollution, which India has a lot of .

With economic growth, it is not necessary that the country’s  HDI ranking will increase (economic development). If the money is used to further education and build hospitals, then yes, the HDI will increase. However, if this capita is used to further business and industries, it will not directly affect the HDI.

Substantial development “meets the needs of the present without compromising the ability of future generations to meet their own needs(wikipedia, 2009).” If there is too much pollution and the future Indian generations cannot meet their needs, their HDI rank and GDP per capita will decrease.

 

The Production Possibility Curve September 1, 2009

Filed under: Section 1 — priyanka821 @ 11:44 pm
Production Possiblity Curve

Production Possiblity Curve

*Resources are limited

*Shows how efficient an economy is

*Economies must make choices between alternatives (trade-offs)

*Opportunity cost increases

*Outward shift of the curve indicates better technology or new resources

 

THE ECONOMIST August 31, 2009

Filed under: Section 1 — priyanka821 @ 5:12 am

The Economist, a commendable, interesting, and vivid magazine, is also available online. I would recommend  it  to anyone and everyone to visit it at least once a day. I can guarantee that anyone could find something they are interested in, whether it be about the Afghanistan elections, books and art or Japan’s jobless rate. From stock markets, fish markets to shoe markets, the site accounts for changes and how mundane events affect our economy. The universal magazine is based in Britain, but successfully  covers  events from around the globe. Not only  is it packed with useful articles, but  graphs and charts are available when appropriate to help the reader understand  highlighting trends. So, when you’re sitting at home alone on a rainy day, sipping coffee, bored out of your mind, definitely visit The Economist  online because I assure you, you will learn something worthwhile.

 

Opportunity Cost August 28, 2009

Filed under: Section 1 — priyanka821 @ 1:20 am

OPPORTUNITY COST

Opportunity Cost of War

Opportunity Cost of War

1. Reservation Price:  What is the actual maximum value

2. Total Utility: BENEFIT

3. CHECK YOUR RESERVATION PRICE- testing the prices you would pay for the product. Example: highest price you would pay for a pair of Jacob shoes.

4. Do a cost benefit analysis

5. Account for all factors and  translate  into money

6. Opportunity cost value: the next best thing

7. Benefits equal the highest price you’ll pay – reservation price

 

Japanese Nurses August 26, 2009

Filed under: Section 1 — priyanka821 @ 10:05 am

With a shortage of nurses and abundance of senior citizens, Japan faces a crisis. I believe that it is perfectly acceptable to recruit foreign nurses to cope with this shortage, especially because Japanese nurses do not want to take upon this job.

The idea of robots replacing nurses does not appeal to me. No one wants to grow old and be taken care by robots.  I would never want to be taken care of by a robot; I would prefer a nurse whom I can talk to about the latest Prada collections and news. It doesn’t seem right to replace robots to take of old people, when there are perfectly healthy people in foreign land who are willing to nurse. These foreign nurses also have a lower wage than Japanese nurses, and therefore it is economical. It is also nicer for the old people sincethey won’t have to stare at an innate object that listens to their commands everyday .

I disagree that these foreign nurses do not have scope in Japan. I know many families that have hired Filipino house-keeprs, and the house-keepers seem to enjoy their life here and also make a greater income than they would back in their home countries. While some may call this expoilt, it can also be seen as a favor to the foreign nurese as they are earning more than they would in their own countries.

 

Why I Chose Economics August 25, 2009

Filed under: Section 1 — priyanka821 @ 12:33 pm
Someone Who Truly Cares For the Economy

Someone Who Truly Cares For the Economy

I chose Economics because I love bags. And shoes. This is the only subject which will teach me to  make wise decisions with money because after all, my want and need for bags and shoes  are unlimited. Especially in a time like this, with Economics making the headlines everyday and a depression not so far away, I believe it’s important to know how to handle and invest money to ensure future success.  In our world today, money is a prime factor and basically essential for survival. Economics is the study of choices regarding how people allocate their resources and I believe it is important to atleast know the fundamentals of economics to be succesful, and it  holds the secrets to owning lots of shoes and bags :).