Lecture #3 "Scarcity/ Micro-Macro Economics" (09/08/2011)

Scarcity....

        It has been told that Economics is the study of scarcity. Man in the present have shown that its natural state is poverty not wealth. Desicions are made by everybody on a daily basis. Desicions that subconsionsly are guided for a fianl benifit or return. Usually people will expect something posiive or back from their desicion rather than anything. Instead of just trading off and letting non-renewable resources go away people should logically thing and economize. Economize in the aspect of thinking intelligently and making decision in a smart way.However not everybody does it.

         A great and very important part of economics is he involvement of temperance in our decisions and prudence as well. This implies that is about being patient and knowing when to take your time to make decisions. People and economists made calls and decision that indirectly end up having a influence a consequence in our social and economical aspects.That is why is has been defined economics as the study of the emergence of order and wealth creation and the consequences o the choices made as part of the extended order of human cooperation.

 Microeconomics / Macroeconomics
       This two terms were both touched in the lecture. It was explained how macroeconomics in the reality relies on microeconomics. Since macroeconomics is the study or the analysis of the decisions done. Maybe things fluctuate or remain static due to our decisions or calls we made. Decisions and calls that were derived or were made for several or a diversity of reasons and incentives which is actually the microeconomics part. Microeconomics part could be said to be the theory part and the study of the why things where done in certain way.

Rizzo.

-Daniel "Danny Boy" Gaona

Lecture #2 "BEWARE: We will run out of Oil!" (09/02/2011)

"We will all run out of oil"

So facts as well as statistics have shown that calculating the number of barrels of oil we have to the number of oil barrels we consume the world will eventually run out of oil. No more oil or gas for the cars? Could you imagine yourself going to the gas station and the guy in the gas station telling you "Sorry Sr. no more".

Wanna know the truth? 
     This fact was already been said in 1970 and here we are consuming even more than what we were consuming and more oil has been found. So is oil infinite? It is really confusing since first we thought we were going to run out of oil but it never happened. Since the true fact is: "We will never run out of oil". Not because is infinite because it will eventually be so hard to find the oil that we will stop looking as if you are looking for a pastiche in a huge pool of shells.

     Something we can conclude from this is that as we know economics is a social science. It has been said that it is the mot useful social science in manners of prosperity. The one that relies in the correlation and interdependence of economists and the community. The oil example show how economics relates the community behavior. Last but not least our professor close the class stating that Economics is the study of scarcity, furthermore that man will act with a purpose....

Rizzo

-Daniel "Danny Boy" Gaona

Lecture # 1 "Introduction to Economics /EWOT" (08/31/2011)

First day of Class and the first class in College!

Getting to know our new great professor and the course was how we started. First we got to see the course syllabus and all of its content and right after that and without loosing any time our first lecture began....

Economics Way of Thinking (EWOT)

     EWOT is known to be a very complex way of thinking and by saying complex I don't mean hard but long and interesting maybe. EWOT establishes that "incentives matter" in a persons behavior. Throughout our lives we get to set goals, objectives and tasks among ourselves and also being told by somebody else. It is observed that those who are moved or have the incentive in money are the ones we are willing to do more for. Bottom line: People do more for money. EWOT analyzes and describes how people's behavior are deeply influenced by these factor as well as for the opportunity cost situation. 

What differences a good economist form a bad one? 

       Well this question was answer by a great economics named Hazlitt when he stated "The good ones take into account short and long term results of their decision" (Hazlitt) . So throughout our college journey of obtaining our economic degree as well as when we graduate as economics we will make decisions that might seen bright at the beginning but in the long run might provoke something not wanted or unexpected. And that is something that happens to a lot of economists and something we want to avoid as good economists. 

Economics might or common wrong belief

      There is another factor that was touched in our first lecture and is about the great might or common wrong thought that economics are money-based only or just economy-oriented. Economist do know a lot about money and world economy but they also analyse different factors since economy also studies cultural, social or even religious factors that will end up affecting or influencing economics, people's behavior and incentive and the consumer decision. 

Rizzo.

-Daniel "Danny Boy" Gaona