inflation rose double what was expect last month!

Article link:
http://www.msnbc.msn.com/id/23361598/


Wholesale inflation rates rose one percent last month as opposed to .5 percent which is what was expected. The U.S. Labor Department reported a 1.5 percent increase in energy prices and a 2.9 percent increase in gasoline prices in the past month. In the past 12 months, wholesale inflation prices have since the largest increase; 7.5 percent. This in the greatest increase in over 26 years; since 1981!
The teetering economy is also seen in grocery stores. Retail prices are at an all-time high. "When I first started, bananas were like seven cents a pound, and now they're $1.14," said Ernie Rozo, a produce worker of 37 years. Not only has this affected food prices (where there has been an average of a 1.55 percent increase between December and January), but it has also affected bakery prices which climbed 2.7 percent (the greatest increase since March 1974).

The increase in just the past month is interesting. One percent doesn't seem like much, but then you think about what it's done to gas prices alone. No one likes hearing that we may soon be at $4 a gallon. I wonder if inflation will ever go down by a large amount. I doubt it, but who knows. Gas prices back to $.75 a gallon? Sadly, with the economy in this day and age, that's just not going to happen!

opposition of Wal-Mart=removal from city council??

I'm kind of lost right now when it comes to Economics. I've missed a few days and then when I was here Mrs. McDaniel was sick so I couldn't have it explained to me. Now I'm going to be gone in Florida next week. What to do?! =S

Article link: http://66.36.252.57/words/rosaparksday.php?id=55

This article is more or less proving how much economic decisions impact people. David Olsen had to find that out the hard way. Had he known the opportunity cost of his opinion, would he have still stood by his opinion?

David Olsen, a former Jefferson City Council member, whose spot was taken after he voted against Wal-Mart. Olsen's voting against Wal-Mart (twice) caused a recall election in which he lost his position. His opponent won by 65 votes.

David Olsen didn't think this was a smart economical decision for whatever reason. He stuck with his opinion and it lost him his position. This was Olsen's opportunity cost. Would you be strong enough so stand up for your beliefs at the risk of a high opportunity cost such as this?

20-oz soda cans?

So my dad works at Metal Container Corperation... Well, they're planning on making 20-oz soda cans as apposed to the current 12-oz cans. This is putting a whole new item on the market. Whether it's a success or not, the demand will change rather quickly for both the 12-oz and 20-oz cans. If these new cans are a success the demand will increase as customer taste will benefit from the larger cans. If the demand increases, the supply will begin to increase. Since the 20-oz can is a substitute for the 12-oz can (assuming customers prefer the 20-oz can), the supply of the 20-oz can will increase while the supply or the 12-oz can will decrease.

useful at Jimmy John's..

Wow! AP Mircoeconomics Unit One complete. Although I wish we had spent more time on the first unit, I know we couldn't and I'm actually interested in economics. It takes me a little longer to fully understand concepts though.
My favorite concept so far is comparative advantage. I think it's cool that even though someone may not be very good at something, that person can still have an advantage and benefit from it. I also think it's something I could use in the future. For example, if I'm working at Jimmy John's one night. Katie and I are trying to decide who should slice turkey and who should slice cheese. She has been working there for 3 years and I've only been working there for a year in March, but I've only been able to slice since October. Obviously, Katie has the absolute advantage in both seeing as she has had much more practice. Knowing how to determine comparative advantage would be key in this situation and I think it may be fun to find out what I have comparative advantage in for slicing. This information may work in my favor when it comes to getting out of slicing cheese. =)
On that note, I'm excited to see what Unit Two will bring..