Economics Journal* Brit

So far in this economics unit I have learned many things I didn't know before such as definitions that are important. Words such as, opportunity cost, choices, cost, and scarcity never occurred important to me until now. I learned that there is always an alternative when making choices. For example, when we did the lesson on surviving in Alaska with very few things available, we had to learn that there is more than one use for everything. It was interesting to know that when making decisions, you have to consider the most important things, what can you produce with the things you have, how will you make things such as food and shelter with what you have, and how will you share everything with the others evenly. Throughout the past few weeks I have learned many different things about economics. Some of the things I have learned include, how Communism collapsed, about the silver market, how equilibrium prices vary with equilibrium quantities, and also many new vocabulary words.

Whenever we learned about Communism collapsing we did a worksheet which included two subjects. Market economy, and command economy. We took notes on each and compared how they were different. Market economy consisted of private property which meant that individuals owned the means of production. On the other hand, command economy consisted of public ownership which meant the government owned the means of production.

When we learned about the silver market we did a fun activity which included trading cards with other students. I learned that when I sold to the buyers I could sell for more than my card asked for. I learned throughout the process that my incentive was to earn more money than my card sold for. I learned that a lot the trades were not made at the equilibrium or market- clearing price because the prices vary with the number of buyers and sellers. As the game went on I lowered my prices and gained more money.

With doing all of these interesting activities, it helped me learn and understand economics better.