Blog 5

1.  Using what you learned about the three functions of money, explain how 'play money' differs from 'real' money?
Real money can get you wants and needs but play money cant give you wants and needs.

2.What would you accept in place of money, if someone wanted to 'buy' your most prized material possession?
I would probably accept food because food is the next thing you need in life besides money.

1.What does a circular flow model tell us?
Circular flow basically shows us that input from each sector and to each sector spurs on production and thus goods and services are created.

2.  What is the role of households in the three sector circular flow model?

The households buy goods from the businesses

3.  What is the role of businesses in the three sector circular flow model?
The businesses get money from the households that buys the goods from them

4.  What is the role of government in the three sector circular flow model?

The goverment receive revenue from household who pay taxes to the goverment and they also receive money from business through corporate income taxes.

5.  What role do households have in the factors or resource market (inputs)?

Household provide businesses with payments in exchange for jobs and service this flows from households to firms and payments flow from firms to households.

Title:  Law of Demand and Law of Supply - M12

(a) What happens to the demand for chicken if concerns about mad cow disease lead to widespread euthanizing of  cows on U.S. cattle farms?
The demand will increase causing the curve to shift right.

(b) What happens to the supply of orange juice if Florida is hit with very severe weather?

The supply of orange juice will decrease and the curve will shift left

(c) In the market for coffee, severe global weather systems destroy 30% of the coffee bean crop

There will be a less production of coffee

(d) In the market for cereal, if the price of cardboard material used to package cereal increases

They will probably make less cereal if it causes money to keep them in a cardboard box.

 

Standard M14 Forms of Businesses

1.Name of entrepreneur/Name of entrepreneur's business/complete address (including zip code)
Micheal Reddick /self storage solutions & Uhaul / 995 Hwy 16 E Newnan

2.Type of business organization
Storage & Uhaul Rentals

3.Length of time the business has been in operation
15 years

4.List Products provided by the business (goods and/or services)
Storage space & moving supplies

5.Number of employees/skills needed to work in the business
3 / computer skills, strength, sales manship

6.List benefits of business to community/What does this business provide that similar business dont provide
Rentals for moving space needed / Excellent customer service

7.Major competitor for this business and how this business remains competitive
Many similar businesses in area

8.Describe methods used to increase growth of business and any future plans for expansion
Advertising expansion plan done 12 years ago

9.Three greatest challenges in operating the business
Good employees, taxes,sales

10.Three greatest rewards in operating the business
Personal satisfaction, independence, serving customers