The Three Most Important Things I Learned in Economics Class :: Class Reflection

The three most important things I learned in Economics Class The first important concept I learned was the ‘goals of monetary policy’. The primary goal of a central bank is price stability (low and stable inflation). Some of the Feds (short for the Federal Reserve Bank) other concerns are: †¢ high employment †¢ economic growth †¢ stability of financial markets †¢ interest rate stability †¢ stability in foreign exchange markets The Fed desires to maintain high employment because the condition of high unemployment, the alternative, creates idle workers and idle resources. This leads to closed factories, unused equipment and materials, ultimately decreasing our GDP. Now, let me further explain that the goal for high unemployment is not an unemployment level of zero, rather a level above zero where labor demand equals labor supply. This is known as the ‘natural rate of unemployment’. Economic growth focuses on encouraging firms to invest or encouraging people to save, which in turn creates funds for firms to invest. It runs hand-in-hand with the goal of high employment because in order for firms to be comfortable investing in assets such as plants and equipment, unemployment must be low. Hereby, the people and resources will be available to spur economic growth. If financial markets are instable, it will lead to sharp contraction of economic activity. For example, in this most recent financial crisis, a deterioration in financial institutions’ balance sheets, along with asset price decline and interest rate hikes increased market uncertainty thus, worsening what is called ‘adverse selection and moral hazard’. This is a serious dilemma created before business transactions occur which information is misleading and promotes doing business with the ‘most undesirable’ clients by a financial institution. In turn, these ‘most undesirable’ clients later engage in undesirable behavior. All of this leads to a decline in economic activity, more adverse selection and moral hazards, a banking crisis and further declining in economic activity. Ultimately, the banking crisis came and unanticipated price level increases and even further declines in economic activity. Interest-rate stability is very important for the Fed to control because otherwise consumers, like you and I, will be reluctant to buy things like houses due to the fluctuation which will make it harder to plan for the future. The value of the US dollar relevant to other currencies is a major consideration for the Federal Reserve. If they prevent large changes in the value of the dollar, firms and individuals can comfortably plan ahead to purchase or sell goods abroad.

Erosional Activity on Mercury, Venus, and Moon

Erosion in Earth is mainly caused by water or moisture, wind, and other earthly activities. However, in other planets like Mercury and Venus, as well as our own satellite, which is the Moon, there is less erosion activity. Considering their distance from the Sun, the two mentioned planets are the closest ones to the Sun, and in case of Moon, it has the same distance as the Earth from the Sun which is 1 astronomical unit. We could say that in these heavenly bodies, the moisture is least to exist since they are prone to the intense heat of the Sun, considering that the Moon gets its light from the Sun. Aside from that, the Sun has strong gravity that enables it self to pull the planets and other heavenly bodies in the Solar System. Considering that the Mercury and Venus are the planets considered closest to the sun, both planets have received also the strongest attraction of the gravitational pull. In this case, the materials of the planets are more intact that could prevent to be eroded. In relation to the planetary size, it is correlated to the gravity such that the bigger the planet or the heavenly body, the greater of its gravitational pull. The Mercury, Venus, and Moon, which are relatively small bodies in Solar System, it has lesser gravity pull than the Earth. However, with the influence of the Earth’s gravity to the Moon, it prevents the moon from its orbiting and other erosional activity in the said satellite. Mercury and Venus, as it was mentioned before, both planets have been affected by the gravitational force of the Sun. The fallen heavenly bodies, such as meteor and asteroids, that also causes erosion in planets would be avoided by attraction of gravity pull of the Sun. Instead of collision with Mercury or Venus, it would be then collided with the Sun. In this case, there would be lesser erosional activity. Reference: July 1, 2007 July 1, 2007

Elections and Wisconsin Vote Democrat

CH. 7 Electoral Process 55. Explain why the nominating process is a critical first step in the electoral process? You have to have people nominated for office to have someone to vote for 56. Describe self-announcement, the caucus, & the convention as nominating methods. Self-nomination is the act of indicating the specific vacancy announcements for which you want to be considered. Caucus is a meeting of a political party or group to coordinate members' actions, choose group policy, or nominate candidates. 57.Compare a closed primary & an open primary explaining the key differences. In an open primary anyone can vote for any candidate in either party regardless of whether they are registered democrat or republican. In a closed primary you can only vote for someone in your registered party. 58. Explain why some candidates use the petition as a nominating device. Petition Candidates must gather a required number of voters’ signatures to get on the ballot by means of petition. Min or party and independent candidates are usually required by State law to be nominated by petition. 9. Voter turnout in primaries is usually less than half of what it is in the general elections. What steps could you take in your community to increase voter turnout in primary elections? You can have drives to get people registered and give out fliers about candidate’s positions and date of the election. 60. Explain how the states are & the federal Government is involved in regulating the electoral process. Each state has a system called the â€Å"Electoral College†. Each state has a certain amount according to the Constitution.For example if the majority of people that live in Wisconsin vote Democrat, the chosen democratic Electorates vote in choice. 61. Explain why Election Day is the Tuesday after the first Monday in November. Since most residents of rural America had to travel a significant distance to the county seat in order to vote, Monday was not considered reaso nable since many people would need to begin travel on Sunday. 62. Define the role that voting precincts & polling places in the election process.Polling places are often located in facilities used for other purposes, such as  schools,  churches,  sports halls, local government  offices, or even private homes, and will each serve a similar number of people. 63. Describe the various different ways in which voters can cast their ballots. Voters will have to visit polling places in their Districts and show a voter ID. 64. Explain the role that voting devices play in the election process. It increases the turnout of people due to their laziness in attending a polling place. Elections and Wisconsin Vote Democrat CH. 7 Electoral Process 55. Explain why the nominating process is a critical first step in the electoral process? You have to have people nominated for office to have someone to vote for 56. Describe self-announcement, the caucus, & the convention as nominating methods. Self-nomination is the act of indicating the specific vacancy announcements for which you want to be considered. Caucus is a meeting of a political party or group to coordinate members' actions, choose group policy, or nominate candidates. 57.Compare a closed primary & an open primary explaining the key differences. In an open primary anyone can vote for any candidate in either party regardless of whether they are registered democrat or republican. In a closed primary you can only vote for someone in your registered party. 58. Explain why some candidates use the petition as a nominating device. Petition Candidates must gather a required number of voters’ signatures to get on the ballot by means of petition. Min or party and independent candidates are usually required by State law to be nominated by petition. 9. Voter turnout in primaries is usually less than half of what it is in the general elections. What steps could you take in your community to increase voter turnout in primary elections? You can have drives to get people registered and give out fliers about candidate’s positions and date of the election. 60. Explain how the states are & the federal Government is involved in regulating the electoral process. Each state has a system called the â€Å"Electoral College†. Each state has a certain amount according to the Constitution.For example if the majority of people that live in Wisconsin vote Democrat, the chosen democratic Electorates vote in choice. 61. Explain why Election Day is the Tuesday after the first Monday in November. Since most residents of rural America had to travel a significant distance to the county seat in order to vote, Monday was not considered reaso nable since many people would need to begin travel on Sunday. 62. Define the role that voting precincts & polling places in the election process.Polling places are often located in facilities used for other purposes, such as  schools,  churches,  sports halls, local government  offices, or even private homes, and will each serve a similar number of people. 63. Describe the various different ways in which voters can cast their ballots. Voters will have to visit polling places in their Districts and show a voter ID. 64. Explain the role that voting devices play in the election process. It increases the turnout of people due to their laziness in attending a polling place.