ECON 201 Lecture Notes - Lecture 37: The Monthly, Home Inspection, Homeowner Association

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periwinklemammoth360

9 Aug 2020

School

Ball State University

Department

Economics

Course

ECON 201

Professor

Jonathan Lamb

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Document Summary

Don"t try to keep up with the joneses. People want other people to think they can afford more than they actually can with their income. The only people who you should ultimately answer to are yourself and your family. If your neighbor gets a new mercedes, you don"t need to follow them. If they can afford it, then good for them. A lot of the time, if they can"t afford it, they"re just trying to keep up with the neighbor on the other side. This has been more of a reality as there have been more home foreclosures and repossessions of cars. The most important part of this is recognizing that there are always going to be people who live better than you. There are also going to be people who can"t afford as much as you can afford. Your goal should be to be financially responsible now so that you can, in the future, increase your financial standing.

Related Questions

"Conventional wisdom" seems to indicate that technology results in taking jobs from people and resulting in lost jobs and higher unemployment. However, conventional wisdom is often wrong.

In 1811, a group of people in England protested the introduction of automated looms to make clothing. This group became known as the Luddites, and they believed that the machinery would result in the loss of jobs. However, the equipment resulted in cheaper clothing now people could afford more than one change of clothes! Since that time, people who oppose technology are known as Luddites.

For your essay, describe one or more technologies that impact production. What has been the impact of this technology? Your book notes that specialized skills can be made obsolete through change. What was the social cost of this technology?

Technological change doesn't happen by itself- resources must be devoted to the process. Should the US government fund research? What types of research? Discuss and evaluate industrial policy in general: should the government be involved in shaping the future path of our technology? Why or why not?

raspberrygerbil448

âConventional wisdomâ seems to indicate that technology results in taking jobs from people and resulting in lost jobs and higher unemployment. However, conventional wisdom is often wrong.

In 1811, a group of people in England protested the introduction of automated looms to make clothing. This group became known as the Luddites, and they believed that the machinery would result in loss of jobs. However, the equipment resulted in cheaper clothing â now people could afford more than one change of clothes! Since that time, people who oppose technology are known as Luddites.

Review pages 128-132. For your essay, describe one or more technologies that impact production (do not use the assembly line example from the text). What has been the impact of this technology? Your book notes that specialized skills can be made obsolete through change. What was the social cost of this technology?

Technological change doesnât happen by itself â resources must be devoted to the process. Should the US government fund research? What types of research? Comment on industrial policy âshould the government be involved in shaping the future path of our technology?

People that are in extreme poverty are barely able to survive. With all the advances in technology, medicine and education, these parts of the world are falling farther and farther behind. This is because they cannot afford these things to have the access to them. The world has become very greedy. It is all about making money for oneself and often not about helping others. I do not believe the poverty will be eradicated. Someone is always going to be at the bottom as rich nations get richer and the cost of living gets higher. I do believe that we should be able to eradicate extreme poverty but not with just the measure of the 0.7% request. I believe to fully eradicate extreme poverty it will have to be more than that. Rich nations should not have a problem fulfilling this request, however; greed shows its ugly head. It is also essentially making a country better off than what they were, so what if they prosper with that help? That is more competition. Money isn't the only thing that is needed to help. We need to educate the people and help them to manage money and their economies.

Give your reply to the above post.

orangeskunk810

ECON 201 Lecture Notes - Lecture 37: The Monthly, Home Inspection, Homeowner Association

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