Q. For my homework, my economics teacher asked us to, go onto yahoo answers and list 25 economic words and have people respond to the post explaining how there life is affected by each word. If you could please help me that would be wonderful. Thank you so much!
The words are:
-Scarcity
-Needs
-Wants
-Land
-Capital
-Production
-Consumer Goods
-Service
-Value
-Wealth
-Economic Growth
-Division of Labor
-Human Capital
-Trade off
-Opportunity cost
-Standard of living
-Entrepreneur
-Labor
-Specialization
-Economic Interdependence
Thank you so much for all of your help in advance
The words are:
-Scarcity
-Needs
-Wants
-Land
-Capital
-Production
-Consumer Goods
-Service
-Value
-Wealth
-Economic Growth
-Division of Labor
-Human Capital
-Trade off
-Opportunity cost
-Standard of living
-Entrepreneur
-Labor
-Specialization
-Economic Interdependence
Thank you so much for all of your help in advance
Answer
I am retired on a pension which as of January 1st will likely have seen no cost-of-living increase for three years.
I buy what I need the most and very, very little of what I want. In fact what I want has moved more and more into the what I need category. So I have managed to maintain having one of the spiffiest computers about, but even for that I spend probably less than 10% of the money spent by others who have a greater income. For example, my SPIFFY TV on computer cost only $41. My current HDD cost about $29.
I do virtually ALL of my own home repairs, no matter what -- plumbing, electronics, electrical, carpentry. I built my own door, far stronger than the doors most homeowners have. I am replacing my own tub and shower faucet in early December, basin already done. When my hot water heater goes, I will do ALL the replacement work. I did my own furnace work for maintenance before the winter heating season. I am planning to repair a microwave this winter and when done, I will give away the current small one that is working. I repair my own vacuum cleaners. I install my own GFIC outlets or any other electrical switches. I installed my own outside HDTV antenna. I plan to install my own new carpeting in 2011 or 2012.
I am collecting parts, well under way, for my own Solar Photovoltaic Green Energy System. That will already be working next Spring. I do all my own gardening and mowing. I recently removed a built-into-the-wall air conditioner and installed a new and more efficient one. The new work is always FAR and AWAY better than the previous work. Older people with learning and experience can do much higher quality work. I did ALL the repainting of my home. This summer I applied a new roof coating which is WHITE and computed already that is saves me $157 off my air conditioning bill every single year.
I explained to the government and others how Medicare can save $1,000,000,000 every 15 years. I could work as Director for that program which involves stopping Medicare fraud.
I no longer pay a phone bill but can still call anywhere in the USA using my computer. I renegotiated my natural gas contract, saving almost 23% off of costs for this winter. I changed my ISP (internet service provider) lowering my monthly cost from $45 to $20.
I buy clothes at thrift outlets, Salvation Army Stores, and the like more than at the Dollar Store. I buy almost ZERO clothing at retail stores, mostly underwear and socks. I hardly ever eat at restaurants and when I do it is most likely a fast food place while I am away from home for the day.
I do ALL my own shopping -- CAREFULLY -- and often buy in bulk via internet, or on sale. My computer replaces ALL the entertainment which others spend on and DOES BETTER at a tiny fraction of their expense. Yet I remain in full and complete touch with the whole world and enjoy the finest of everything, all available.
I plan on buying a super-efficient refrigerator when the one I have breaks down, or by 2013--2014 at the latest. Same for the water heater which will likely need replacement first.
I now have rhubarb and grapes in my garden as well as flowers. I plan to grow more veggies and fruits next year. I bought three pumpkins on sale for only $3 a few days ago. I make my own pumpkin pies for Thanksgiving. I reuse my own flower seeds from year to year. The grape seeds came with real grapes from Chile.
I am retired on a pension which as of January 1st will likely have seen no cost-of-living increase for three years.
I buy what I need the most and very, very little of what I want. In fact what I want has moved more and more into the what I need category. So I have managed to maintain having one of the spiffiest computers about, but even for that I spend probably less than 10% of the money spent by others who have a greater income. For example, my SPIFFY TV on computer cost only $41. My current HDD cost about $29.
I do virtually ALL of my own home repairs, no matter what -- plumbing, electronics, electrical, carpentry. I built my own door, far stronger than the doors most homeowners have. I am replacing my own tub and shower faucet in early December, basin already done. When my hot water heater goes, I will do ALL the replacement work. I did my own furnace work for maintenance before the winter heating season. I am planning to repair a microwave this winter and when done, I will give away the current small one that is working. I repair my own vacuum cleaners. I install my own GFIC outlets or any other electrical switches. I installed my own outside HDTV antenna. I plan to install my own new carpeting in 2011 or 2012.
I am collecting parts, well under way, for my own Solar Photovoltaic Green Energy System. That will already be working next Spring. I do all my own gardening and mowing. I recently removed a built-into-the-wall air conditioner and installed a new and more efficient one. The new work is always FAR and AWAY better than the previous work. Older people with learning and experience can do much higher quality work. I did ALL the repainting of my home. This summer I applied a new roof coating which is WHITE and computed already that is saves me $157 off my air conditioning bill every single year.
I explained to the government and others how Medicare can save $1,000,000,000 every 15 years. I could work as Director for that program which involves stopping Medicare fraud.
I no longer pay a phone bill but can still call anywhere in the USA using my computer. I renegotiated my natural gas contract, saving almost 23% off of costs for this winter. I changed my ISP (internet service provider) lowering my monthly cost from $45 to $20.
I buy clothes at thrift outlets, Salvation Army Stores, and the like more than at the Dollar Store. I buy almost ZERO clothing at retail stores, mostly underwear and socks. I hardly ever eat at restaurants and when I do it is most likely a fast food place while I am away from home for the day.
I do ALL my own shopping -- CAREFULLY -- and often buy in bulk via internet, or on sale. My computer replaces ALL the entertainment which others spend on and DOES BETTER at a tiny fraction of their expense. Yet I remain in full and complete touch with the whole world and enjoy the finest of everything, all available.
I plan on buying a super-efficient refrigerator when the one I have breaks down, or by 2013--2014 at the latest. Same for the water heater which will likely need replacement first.
I now have rhubarb and grapes in my garden as well as flowers. I plan to grow more veggies and fruits next year. I bought three pumpkins on sale for only $3 a few days ago. I make my own pumpkin pies for Thanksgiving. I reuse my own flower seeds from year to year. The grape seeds came with real grapes from Chile.
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