Negative Externality Mind Map!

Migration and the UK Labour Market

Indirect Tax Mind Map!

Capital Investment Mind Map!

Household Savings Mind Map!

Maximum Prices Mind Map!

Merit Goods Mind Map!

Imperfect Information Mind Map!

Factor Immobility Mind Map!

Buffer Stocks Mind Map!

Click Here to see it in a bigger image!

SOMEONE PLEASE HELP ME WITH PODCAST!! SO HARD,ㅠㅠ

Government Borrowing Mind Map!

My Laptop is so stupid, no microsoft word, no charger,,, So hard to work on the computer

Demerit Goods Mind Map!

Click on the image to see in a bigger size!

Fiscal Policy Mind Map!

Click here to see it clear

ATTENTION

Anastasia,Mary,give,me,your,folders,mindmaps,for,the,book,by,tomoro

Circular Flow of Income Mind Map!

Market Failure Multiple Choices Answers

Here are answers for the multiple choices questions!

320.( B) 321. (A) 322.(B) 323.(A) 324.(C) 325. (D) 326. (C) 327. (A) 328. (B) 329. (A)

330. (A) 331. (A) 332.(B) 333. (A) 334. (D) 335. (B) 336.(A) 337.(B) 338. (C) 339.(D)

340.(C) 341. (C) 342. (D) 343.(A) 344. (A) 345. (A) 346.(D) 347. (D)

Competiton and Monopoly in Market Mind Map!

Click to see it in a bigger image!

Exchange Rate Mind Map!

Click to see it in a bigger image!

Economies and Diseconomies of Scale Mind Map!

Click on the image to see in a bigger size!

Economic Efficiency Mind Map

Economic Cycle Mind Map

Minimum Price Mind Map

Click to see it bigger

WHO HAS LICENSE KEY FOR MIND MAP!!!

1~10 Vocabularies related to Business

1) Added Value- Difference between the price of finished products and the cost to make them.
ex) So the added value is high then you make more profits by selling them.
2) Adding Value- The process of increasing the value of resources by changing them during the production process.
ex) So you can change the value of resources, before you produce the products to make more profits.
3) Adviser- Someone who give you support and advice.
ex) My mom is my favorite adviser in my life.
4) Bank Loan- Fixed money usually used to finance for houses and machineries.
ex) I got a bank loan for buying the house.
5) Bank Overdraft- Borrowing more money from the bank than what you actually have in the account.
ex) By over drafting from the bank, I made little bit of debt to the bank.
6) Bankruptcy- Business are no more able to pay their debt back.
ex) By lack of their business plan and miss investing, their business met a bankruptcy.
7) Best Case- The best optimistic assumptions on forecasting and cash flow has come true.
ex) Our business had met the best case of all for the year.
8) Bias- Term used in market research, by which the sample research can not represent the whole audience.
ex) In every survey, the base of them has bias targets.
9) Break even- The point at which the total sales of products equal to total costs
ex) To make profit from business, they have to have higher points than break-even.

Note on Monetary policy

Monetary Policy

• Monetary policy influences on decisions we make about how much we save, borrow and spend.
• Decision made by the Central Banks have impact on consumers and businesses
  

4 Functions of money

1. Medium of exchange- used for payment for goods
2. Unit of account- used to relative measure prices and draw up accounts
3. Standard of differed payment- Using credit
4. Store Value- If general price is high, then the currency is low
   

• If Bank of England lower the rate of interests, then banks cut on their overdrafts and loans
• Real Rate of return on savings= Nominal rate of interest- the rate of inflation
• Bank-> Decide Monetary policy (MPC)
• MPC- Monetary Policy Committee
  
• MPC= 9 members, some are from government and the others are from bank of England
  
  

Job of Monetary Policy Committee

1. Make appropriate interest rates with need to meet an " Inflation Target" set by government.
   

• Inflation Target= Consumer price inflation of 2%
• Inflation Target can vary by 1% either side- little leeway

Interest Rates-> Financial Markets-> AD and output-> Final effect on CPI inflation

• It takes about 6~12 months to get on to AD and output from change in interest rates
  
• It takes about 12~24 months to have final effect of CPI inflation from change in interest rates

• Singles rate changes rarely happen in isolation!
• Transmission Mechanism of Monetary policy- Several ways in which changes interest rates influence AD

Click the image. Important summary.

• If the `Trade Deficit` widens-> withdrawal of demand and also it reduce excess demand in the economy.
• Interest elastic demand-> Markets most affected by interest rates-> Demand responds elastically to a change in interest rates.
  EX) Those directly linked to demand conditions in housing market, exporters of manufactured goods, the construction industry and leisure services.
• Bank of England-> interest rates
• MPC-> consumer and business behavior
• Large and small businesses-> Price
  

Difficulties in making interest rates

1. Credit crunch
2. Recession in housing
3. Depreciation of the pound against EURO
4. Strong inflationary pressures from the economy

Note about Multiplier and Accleration effects

I thought that I did not show a lot of work during last week. So I am writing about the notes that I took while I was reading the topic about multiplier and acceleration effects.

Multiplier Effect

Meaning: An initial change in AD can have so much greater impact on equilibrium national income.
Causes- Because injections of demand into the circular flow of income stimulate further rounds of spending.

Ex) One person is spending another`s income---> this effects output and employment

The final output is far more greater than initial injection of demand

• John Maynard Keynes suggested it as a tool to help governments to achieve full employments.
• `Demand management Approach`-> overcome a shortage of capital investment
• Measured the amount of Gov. spending needed to reach a level of national income that would prevent unemployment.
• The higher propensity to consume domestic goods and services, the higher multiplier effect gets.
• Government can change the size of multiplier by putting direct tax.
  Ex) Cut in income tax, encourage people to spend more.
• Propensity to purchase imports
  Ex) No extra income, prefer to buy imports, this kind of demand is not passed on in the form of fresh spending on domestically produced output. It leaks away from the circular form of income and spending, finally reducing the size of multiplier.
• To get high multiplier effect, they need sufficient spare capacity for extra output to be produced.
• Increase in AD when Short Run AS is highly elastic, this leads to a large rise in national output and a large multiplier effect
  
  
  Acceleration Effect
• The strength of demand for goods and services-> planned level of capital investment
• The higher business`s confidence and profit, the more acceleration effect with rise in planned capital investment.
• More spare-> more elastic supply
  
• 
  

Market Failure

Obesity
Summary

• Cost on obesity will be around 6.3 pounds by 2015
• Local councils in England and Wales are spending thousands of pounds on obesity related services.
• Massive issue for public health.
• More tax is needed on investing money to encourage people to be active.
• Problems could be a lot from parents who make bad diet to their kids and lack of exercise.
• No one takes obesity serious threat to their health.
• 2/3 adults and 1/3 children are obesity in Uk
• By 2050, 9/10 adults and 2/3 children.

A) Economic argument for banning smoking in public places.
--> Why would it be not a good idea to smoke in public places. There are certainl many reasons for that. Firstly, if you smoke cigarettes in public places you will make those non-smokers around you to smell those smokes and also this second-hand smoking which is as harmful as first-hand smoking would might cause some kinds of sickness to those people. This issue not only makes them sick but also make their feelings disgusting because of the strong smell of tabacco. Furthermore, smoking in public places would stimulate young people to try them.

B) To what extent, do you think a 50 pound fine for being caught will reduce the market failure?
--> I think when smokers smoke 10 meters within the shops or any public places, then they should be fined 50 pounds. The reason for this extent is that because when people smoke in front of shops, the smell of tabacco stimulate those customers entering or exiting shops. So, it would be good idea to make this extent. This extent of smoking would be really good, since we can control those smokers away from the non-smokers.

Negative Externalities in China

a) Explain why the people falling sick is an example of Negative Externalities.
--> This issue is definitely an example of negative externalities. Because when people falling sick, it cost for them but also for others too. If the cost for themselves is smaller than cost for others, then it is negative externalities. In this article, we can see that the cost that the local government and the chemical company paying for those medical system is way more expensive than people paying for their own costs. So this is negative externalities.

• Government should reinforce the laws for those companies who sell milk or other daily drink related products to be more fresh and in a good condition.
• Government should reinforce the laws for those companies who make those kinds of huge pollutions which eventually effect the life of people.
  

Summary about the Credit Crunch

Since last few weeks ago or maybe even from the beginning of the economics class, we learned about the credit crunch. So what is credit crunch?
Credit crunch is a sudden increase in the general availability of loans, or a sudden increase in the cost of obtaining loans from banks. ( wikipedia)
Last Friday, Dima, a Russian student from our school, had really nice presentation about the credit crunch. I will just explain the basic things that I remember from what he said.
The credit crunch is caused by the collapse of the housing market. Then, why did the housing market collapsed? At first the price of the house all over the World, specially in US were very high so, a lot of people could not afford them easily. But this was a really good news to the banks. Because normally, when people wants to start their own business or when they want to invest on something, they usually put their houses in the bank and borrow money from the bank. But a lot of people who borrow money from the bank could not pay the bank money back, so banks had to sell those houses with extra profits. But the thing was because of the greedy minds of the housing market related people who tried to build so many not necessary houses, the burst of the house price became bubble. Not only this factor contributed to the collapse of the housing market but also sub-prime market did. Sub-prime market loaned so much with those sub-prime borrowers who have a heightened perceived risk of default, such as those who have a history of loan default. Because this sub-prime market loaned money to those who are not reliable to pay them back, their market had no chance to keep go on.
Collapse of the house market caused higher interests rates and all these failing factors results in collapse of the financial market.
The collapse of the financial market affected the confidence among the companies that no company relies on any other companies.
To protect such a big crisis, government try to adjust the situation and make it fair by decreasing the interest rates to encourage people to invest and spend more money, also investing money to the bank and raising the tax.

ETHAN LOOK AT THIS!!!!

I do not understand why you guys chose this topic; Nuclear Power " Nuclear power is the best alternative to fossil fuels". I could find lots more easier topic than this one. I think this one is quite hard.

So you and Lex are for the topic and Rinat and Aidana are against the topic.

So what you have to prepare by next Tuesday is that the reason why nuclear power is the best alternative to fossil fuels.

Alternative means something similar like substitute.

For example, the topic means is the nuclear power best source if there is no more fossil fuels left to support the needs of people.

You understand??

Just find out why nuclear power is the best substitute of fossil fuels.

MR. Chris!!

Where can we see the examples of the format for the business plan??

I am not sure about the business format that you prefer-

4 Down 4 More to go!

1) Read a book and review(Wed)

2) Credit Crunch 750 words (Wed)

3) Podcast (Wed)

4) OCR Review (Fri)

ANASTASIA!!!!!!!!!!!!!! EMERGENCY!!!!!

HEY, WE HAVE TO FINISH THE 5QUESTIONS THING BY THURSDAY AT THE LATEST. BECAUSE, WE HAVE TO MAKE DIFFERENT LANGUAGE VERSIONS. SO HOW ARE WE GOING TO MAKE THESE PEOPLE TO FINISH THEM ON TIME? MAYBE WHAT WE SHOULD IS CALL ALL THESE GUYS TO EITHER CAFETERIA. NVM

I have good idea.

Okay, you are responsible to make those Russian speak guys; Talgat, and Rinat to finish them by Thursday for sure!!!!

And I will remind all the rest of people who are involved in this hw tomorrow at school!

You are responsible for them!!

This is group work!

If one person does not do it, then it is nothing.

Does anyone know how to download microsoftword for free?

Teamwork?

You know what normally I really hate work as a team because the thing is that if you work as a team, some people work harder than others and think why would I have to work harder than them?But for this time, I think we should work as a team but not as an individual. We should do our best to make as perfect we can reach. Maybe, it is going to be hard but we still gotta try. Then, we will see good future as Mr. Chris mentioned! kyakya

Fighting guys!

MR. CHRIS!!!!

Mr.Chris, Can I skip the blogs for the business classes only this week! But I will finish all of them by next week, I have so much more important things to do or prepare; business cup, newspapers, OCR things, 5 questions as a group, and podcast things. PLEASE!

The things that I have to finish by this week!

1) Newspapers- I have to write at least 6 or 7 stories that I am in charge from newspapers; real stories, competitions, a- level events, and vocabularies.

2) Write about business cup

3) Read Economics book that Chris gave me write review about it

4) Read business book up to page 27

5) OCR Reviews with 5other gUYS

6) Blogs

7) Podcast thing

8) Make 5 questions.

OH MY GOD, IT IS GONNA BE TOUGH, BUT I HAVE TO DO IT!

GUYS WHO DOING THE `BOOKLET AS WHOLE SYLLABLES` READ!!!!

Hey guys so we have to finish this in a week.

Okay

We have six people, and Chris told me to be an overall-editor.

So we have to divide Unit1 into five. So how are we going to divide?

Who is going to which parts?

We have to talk to each other so 2 people DO NOT do exactly same things and miss another things.

MAKE COMMENT ABOUT WHICH PARTS YOU WILL DO!

What is behaving?

Yesterday, I got kicked out again, and was really depressed.
I am not quite what should I do in class, obviously I know I have to study.
But I am quite sure how should I behave. Because it is my way of studying by asking and answering loudly because I am very enthusiatic guy and very competitive. But the thing is that there are some people who are really quiet, very shy about asking, shy to answer and etc. Maybe, to make a favor for them, I should be quiet in class. Then maybe I could not understand very well.

Okay. Set the plan named "How to not get kicked out from Chris`s class"

1. Sit by myself in front
2. No talk with others at all
3. Ask questions a lot related to the subject
4. Never look at Mary ( cuz then we will make faces and then I will get kicked out again-0- but it is tempted,very much.)
5. Do not be late
6. No phone calls

Hope this works.

I can not find the papers from last year in this site?

Mr. Chris Where is it?

I can not find it!

OCS Economics -The Natioinal and International Economy Review by David

Today I was not late to my economics class, but thing was after about 2 minutes, my mom rung my phone and I told Mr. Chris " May I go talk 2 her?" and maybe he did not hear what I said. Anyway, I had to talk 2 her because I do not have any money right now and I need her to support my spending so I needed to talk to her. After I talked to her I was trying to come in with those guys who were late to class and Mr. Chris said " Get out!" and I asked " Even me? I told you that my mom called me!" but he said "Get out". I was kind of depressed because economics class is my favorite class and I had to miss it. And I did not understand why I had to be outside even though I was not late for the class and I knew why! Because there is a post says " PLEASE SWITCH OFF YOUR CELL PHONE!" I have never seen it before. But I felt better. lol After the school was over, Mr. Chris called me to one empty class and gave me a book called `Economics-The National and International Economy`. and told me to review it by midnight today. So that is what I am going to talk about from now on. Okay Start!


This book is basically divided into three big chapter; Aggregate demand and aggregate supply and their interaction, Government economic policy objectives and indicators of national economic performance, and the application of macroeconomic policy instruments and the international economy. I am going to explain, actually talk about things that I think is really important or that I did not know before and I am going to talk about in order.

Aggregate Demand and Aggregate Supply and Their Interaction

• In unit `Markets in action`, we studied in which markets are analyzed using supply and demand curves to produce an equilibrium prices and output conditions.
• In this part of course we are looking at the economy as if it was one big market place.
• Aggregate Demand: is the total demand for goods and services produced in an economy at a given price level and in a given time period.
• Aggregate Supply: the total amount that producers in an economy are willing and able to supply at a given price level in a given time period.

All the sum of individual market demand curves----> Aggregate demand curves
C+ I+ G+ X-M----> Aggregate demand curves
All the sum of individual market supply curves-----> Aggregate Supply curves

* The aggregate demand curve can shift to the left or right, if more or fewer products are demanded at the same average level of prices. This Could be caused by changes in any of the determinants of consumption, investment, government spending or imports and exports.

* The aggregate supply curve is dependent upon changes in the conditions for supplying products. For example, an improvement in technology may shift the curve to the right, while and increase in factor costs may shift it to the left. The slope of the aggregate supply curve varies, dependent upon the underlying assumptions used in its construction.

As you see at the above, this is AD and AS diagram.
Blue colored line is Aggregate Demand and it slopes down from left to right which means that if the average level of prices falls, then demand increases and also decrease.
Red colored line is Aggregate Supply and it slopes upwards from left to right because they made an assumption that firms expand their output as prices rise and potential profits increase.


This diagram show normal Aggregate Supply curve with dark blue colored line.




The diagram above show us the perfectly inelastic aggregate supply with blue colored line which also means that all the resources are employed so no matter how many more or less quantities does not affect the price of it.



Circular flow of income

The term circular flow of income or circular flow refers to a simple economic model which describes the reciprocal circulation of income between producers and consumers. The reason that we have know this is because that we learned a shift in one curve causes a movement along the other, and this is same theory I believe maybe more detail.
Circular flow of income is determined by the propensity to consume plus the injections of income into the flow that increase its value and the withdrawals from the flow that have a reducing effect.


Here are some main injections ( J) and withdrawal (W) that affect the circular flow of income in pair from the book.

Injections Withdrawals
investment (I) Savings (S)
government expenditure (G) Taxation (T)
exports (X) Imports (I)

Important thing is that because income flows from one economic unit to another, and the difference between the final change in GDP and the original change in withdrawals or injections is measure by the multiplier, any change in value of injections into or withdrawals from the circular flow of income have an effect which is greater than the original change.


Government economic policy objectives and indicators of national economic performance.

Inflation are calculated in two methods;
1) Retail Price Index( known as the headline rate of inflation and RPIX): This method excludes mortgage interest rates because this method can not count all the changes in prices in a certain amount of period.
2) Consumer Price Index( introduced to conform to the Eurozone measure): This method excludes the cost of volatile items such as energy and food.
-Because of the difference in measuring, they always have debate over which is better measurement.

Unemployments are also measure in two methods:
1) Claimant Count: is a total measure of those claiming unemployment benefits.
2) International Labour Organizsation (ILO): is estimated from a sample and includes those available, willing, looking and in the process of changing jobs.

Growth rates of the economy is most commonly accounted for using Gross Domestic Products. This can be measure in any of these 3 ways.

• Income
• Output
• Expenditure

* Even though, those 3 factors have to be exactly the same according to the theory, but it never happens, so we need estimation to cover the errors.


The Application of Macroeconomic Policy Instruments and The International Economy

• In macroeconomics's management, the division between those policies which target the demand side of the economy and supply side of the economy.

Fiscal and Monetary policies aim to boost or suppress aggregate monetary demand while Supply-side policies focus on specific problems and solutions, such as the creation of motives to work harder and the reform of trade union law. Privatization and deregulation have been used to encourage more competition.

Fiscal Policy: Using Taxation and Government spending to manipulate aggregate demand.
* Fiscal policy could be divided into two different terms by the ratio between tax and Gov.spending.
1) Expansionary Fiscal Policy: More spending and/or less taxation.
2) Contractionary policy: More taxation and/or less Gov. spending.

Monetary Policy: is concerned with adjustments to the supply of money in the economy and changes in the rate of interest.

Exchange rates: are determined by supply and demand, and government can intervene in the buying or selling of currency to pursue an exchange rate policy as their macroeconomic management.

Those policies that I just explained can be used separately or in combination to shift the AD and/or AS curves to a new position depends on which one is priority:

• Expansionary fiscal and/or monetary policies shift the AD curve to the right to lower unemployment.
  
• To lower inflation, contractionary fiscal and monetary policies could be used to remove the excessive monetary demand.
  
• To remove a balance of payments, current account deficit, contractionary fiscal and monetary policies could be used or exchange rates lowered.
• Supply-side policies designed to boost productivity and improve technology could be pursued to promote economic growth.

Closed Economy: One that does not trade with other countries.

* The theories of absolute advantage and comparative advantage explain not only the benefits of internal trade, but also those of international trade.

Absolute Advantage: One need only to be able to make something at a lower cost,in terms of other goods sacrificed, to oneself to gain from trade.
Comparative Advantage: The fact that although one country may have an absolute disadvantage with another, value can be created for both countries by allocating resources to the most competitive area of the disadvantaged country.

These are the important things that I saw from the book:
The main difference between internal trade and international trade is that internal trade is usually conducted in one currency and is relatively free from trade restrictions, whereas international trade is made more difficult by the need to trade currencies as well as products, and the degree to which countries protect themselves using options such as:

• Tariffs
• Quotas
• Subsidies to domestic industry
• Legislation
• Quality Control
• Differential tax rates

The case for protectionism includes a variety of more or less sound economic arguments including:

• The protection of infant industries
• The protection of senile industries to allow them time to regenerate
• The countering of unfair trading practices such as dumping
• Protection against illegal imports
• The protection of employment in industries sensitive to foreign competition
• A source of revenue for government

The case against protectionism includes:

• The advantages of free trade
• The problem that infant industries may never grow up and therefore may not be able to compete
• The fact that protecting an inefficient industry while it regenerates can lead to a permanent rather than temporary mis allocation of resources
  
• The retaliations other countries may impose
• The rise in the cost of living and the restriction of consumer choice.
  

Reading the book Wait just 2hours!

THANKS BB

BIBI is making me sad by reminding me how in a useless way I spent money. mm

Anyway thank you. Surprised that you thought. Interesting-0-kkkkkkkkkkk

Gourmet Ice Cream (BUSINESS)

Do you like to eat ice cream? If you asked me that question I would say "maybe". Not because it is not good or it is wasting money. But just because I am stupid, I just do not care about those sweets. Anyway except for me, a lot of people no matter how old they are, no matter what kinds of jobs do they have, most of them like to eat ice cream. Some smart people made a business idea about that they sell gourmet ice cream at high traffic street. It would be successful business since it has better looking products than normal ice cream and is located at really busy places.
When people normally buy something, do you think what would they see first. I mean the very thing. What would they see with their bright eyes? Do not say the taste!-0- They would definitely see the appearance of the products which is really vital for business markets. The reason that I mentioned better appearance than other ice-cream is because for example, people would prefer to buy the one which looks tasty and more luxury maybe. So this gourmet ice-cream will boomed since it looks so much sweeter and taste better than normal ice-cream from the supermarkets. Furthermore, produces not only have the advantage of attract people with the appearance but also has really nice place to sell these products.
I think place of selling the product is one of the most important factor for business people. What would be really nice to sell things? It would certainly be different depends on what kinds of products you sell. For example, if you want to sell houses or something, then you should make a shop around a lot of people living, and if you want to sell like books, you should make a shop in front of schools. Then, where would be the best place for selling gourmet ice-cream? I think the best place would be definitely where people have like nothing to do or where people walks around a lot in a hot weather and where is high traffic street. Because people around the high traffic street mostly walks a lot and gets tired or gets exhausted and for them gourmet ice-cream which perfectly ensures the taste and furthermore melt their heart with cold temperature would be perfect solution.
As I evaluate this idea, I envy about this business idea since it has really good features such as nice place of marketing and good appearance to attract people. I hope they sell a lot-0-



HOW COME MY CONCLUSION IS ALWAYS SO STUPID!?

Comment please!

I am out of money. I think I spent 1250 pound since I got here, I do not know how I spent all this money for. Anyway, I made a back account and my mom will send me money. But she did not call me yet. And I want a lot of money.

One of my roommate told me about building job that they pay you 80 pound for one day. Maybe I should work there only during the weekends?

I AM SO PUMPED!!! ^^

COME ON 2 MORE DAYS OF SCHOOL!!!!!

and PARTY!!!

but I realized some bad things about drinking.

1) I broke my glasses because I threw my laptop away on the glasses which I did not notice at the moment.
2) spent 10 pounds of phone which I topped up just 12hours ago.
3) Had to do hw at 5 in the morning.!

I think it is stupid!

but I think it is fun-0- so I will just do it on the weekend!!

COSTUMES FOR KIDS! (BUSINESS)

What are the costumes for? We have clothes to wear, I mean we have lots of other clothes to wear such jackets, T-shirts, Gardigan, etc. But why do we need those kinds of costumes? The answer is because we humans according to their nationality have their own national days in which they wear certain kinds of costumes. But there are special days such as holloween in which all the people specially young people wear scary costumes or any kinds of costumes to represent their own symbol. This business idea called `Costumes for kids` has set really good plan since it has really good target and season.
Holloween is a holiday celebrated on the night of October 31. Halloween activities include trick-or-treating, ghost tours, bonfires, costume parties, visiting "haunted houses", carving Jack-o'-lanterns, reading scary stories and watching horror movies. (http://en.wikipedia.org/wiki/Halloween) In this halloween season, a lot of people prepares a lot for this special day. For example of my real experience, when I was in America last year, I spent this halloween day. Me and friends in school went around all the houses in the town that we live with big empty baskets to get free candies from random people. And the funny thing is that in every single houses they prepared some kinds of scary or surprise events for all the people. One house was especially scary but stupid. Because I was walking into some random guys house and they someone just woke up out of no where from the garden and I really thought that he was like some kind of steps or something. Anyway, what I realized from this experience was that those young kids really love this events. So this business who aims for this costumes will be successful since most of parents buy those things that their kids want to have specially this is just one season of the year. But I found only cons of this business idea that it is just for seasonal business, so they would make lots of profits just once a year but not continually. Other than this, I love the idea!

Washing in supermarket carparks! (BUSINESS)

Being clean is one of the most important feature for people in now days. Then should they also clean those things that they own clean? For example, do they even have to clean their vehicles even though it is not those owners who are being clean? The answer is of course YES. Because those vehicles not only represent the owner of the car but also represent the beauty of the modern street. Here is really good business idea which in China according to my Chinese friends, they already have these kinds of business that those shop-owners wash the cars of customers under certain fees while those customers are shopping in the supermarkets. This business idea gives me 2 good factors about this; saving time of customers and offering cheaper prices for washing the vehicles.
In these days, a lot of people are looking for really useful business ideas. But the thing is that this kind of business idea would not work unless it is really useful for customers at the point of certain time. As I talk about those useful business ideas, I think this business idea is really useful. Because as I said earlier, people always want their cars to be even more clean than themselves sometimes. And a lot of people who works daily until late night do not have enough time to wash their cars. So this business idea firstly solves 2 problems of customers at once. This business idea not only saves customers time to shop and wash their vehicles since they are washing the cars for them and also makes those cars clean!!! This business idea not only have this crazy feature but also have really good offer of cheaper price to attract customers.
What would be the second best option that those customers would consider after they see about the quality or whatever things they need? I think it would be definitely cost of doing something. I believe this business idea would offer really cheap price of washing the cars for them. Because those shop-owners can make profits out of selling their products and can also make profits by washing those cars for them. So if I were the business idea owner, I would use this washing idea as a kind of lossleader but still makes profit. I mean, if they lower the price of washing cars little bit lower than the normal price, then people would come to this shop to wash it more often and if they come, they will buy things at supermarkets, so produces can also make profit from it.
As I said in the introduction, this washing vehicles at supermarket carpark is really brilliant since it considers two main factors; low price and saving times of customers. This business idea will be even more great if they do not have problems such as need of more workers and places.

WHAT AM I GONNA BE IN THE FUTURE

HELP ME!

I don`t know what I like to be. I like think a lot like those things about economics and business and maths. But I do not know which job should aim for. Which major of the university and for which university should I aim for.

I DO NOT KNOW! I WANNA BE A BUSINESS MAN! BUT IT IS SO VAGUE ANSWER!

Hm.. that is why I can not apply for the company reports!

I LOVE CHRIS!

I LOVE CHRIS!!

kkkkkkkkk it is not the love that you guys wish me to do but as a teacher.

Because when I was young, I had some kind of disease that I almost have had died. Since then, my parents always used tell me that " You do not have to study, just be healthy my son~". And I was not really interested in studying anyway. But then after I got into a middle school, before the exam season, I do not know why, I just started to study one month before the exam. Maybe, just because I really wanted to impress my parents or teachers or something. After that I always had really good grades. In Korea, the thing is that we always have like private tutors out of school, like maths tutors or english tutor or any subject. And my problem was that if my teacher or tutor was not good enough to entertain or something, I would never study because it is boring to study. But I had only one math teacher who always made me to love math. I still miss him so much, he was not just my teacher but also was my friend. I think Chris is such kind of teacher. Because he makes all the students in our economics or business classes to love doing our work. So I feel like I can study really hard and go to LSE! I know I should study so much harder but it is beginning and time to make friends rather than study every day.
From now on, I will socialize more if my mom send me money and as well as study hard.

Thank you Mr. Chris

Reading Book ( DAVID)

I was 20 minutes late back to class, so I was not allowed in. I used my time to improve my economics, instead of standing around playing pool. This is because I am a very good student.


These are some of the things that I read about.


Firstly, what I read from the book was basically all those things that we did in class with Mr. Chris. But after I read about 20 or 30 mintutes over this text books, finally, I could see some of those new things that we did not learn about yet. For example, I read about the Aggregate Supply. The definition of Aggregate Supply is the total output of goods and services that producers in an economy are willing and able to supply at different price levels in a given time period. The funny thing about this aggregate supply graph was that when output is low and unemployment is high the graph is perfectly elastic for the early part of aggregate supply curve. This means that more can be supplied without rasing the price level. The increase in output can be achieved by raising unemployment, helping with the raw materials and capital equipment. After this efforts, at the middle of the supply curve graph, it becomes first elastic and then it becomes increasingly less responsive to changes in price level. As resource gets scarcer and scarcer, those people have to employ less efficient workers and this leads to the increase in unit costs of production and price level. And at final stage, when all the resources are all finished, AS becomes perfectly inelastic!

DO NOT BE LATE TO CHRIS`s CLASS!

Cheeseburger in a cane

What could be the best way to protect the condition of cheeseburger which not only western countries but all the people around the World love to eat? The company named `Katadyn/Trekking-Mahizeiten` invented a really useful idea that keeping the cheeseburger in a can. It is very good idea since it keeps the condition of the cheeseburger and it is very easy to carry around.
In these days, a lot of people go to trip or vacation from schools, companies, or as a family trip. And when you go to those kind of trips, you also have to carry your own food to save money (because all those food at the sightseeing places are really expensive). A lot of people who go to trip would want to take food that they like the most. And cheeseburger would be one of the most favorite food to a lot of people who at least tried it. But how could people carry these burgers for a long time without making it rotten? `Katadyn company invented a new fresh idea that you can carry this kind of cheeseburgers around to trip or anyplace without worrying about it being rotten. This is really nice idea since that you can carry cheeseburger easily anywhere you want because it is not even big capacity. Due to these useful factors, I think a lot of people would love to buy these products. But one of the cons about this product is that people might just think that "Why would I bother to buy that canned burger, if I can just buy it from mc. Donalds". But this is absolutely true, I think they have to prove themselves by showing better pros such as that they have better nutrients or whatever that would satisfy customers.
As I kept saying, this product is really useful since it ensure the condition of the burger and also it is really easy to carry but the thing is it is not good enough product to attract people who buy from the Mc.Donalds. So it might have to try more options to it. Other than that, it is great!!

`Shark Shield` Shark Dterrent (BUSINESS)

There are so many dangerous lives inside the in sea. Among those, I could say sharks are one of the most dangerous animals for humans in the sea. Then, is there any solutions to protect ourselves from these humongous animals? There is definitely a solution for this problem. SA Government invented a product that gives sharks of al types the cold shoulder by `an electric field that induces spasms in the sharks` snouts. This could give a lot of help to people specially for divers, surfers, swimmers and shark wrestlers due to it ensure so much safety and furthermore gives no damage to sharks at all.
As I see the news, a lot of people have damaged or killed by sharks in the sea. But the thing is that they can not kill the sharks to protect themselves since sharks are really endangered species. Then what should we do? Just see them damaging us and do nothing? We would probably do that if this genius company called SA Government which made a product that gives no damage at all but just kind of like shock the shark to make him go off. I think this product is really useful because when people like divers and all other people who plays or works in the sea do not have to be scared of sharks.
As I said, this shark shield products helps people to be more free in the sea by ensuring them two factors; safety of people and safety of sharks. This product will be exploding for those people in the sea!

Toy Rentals For Kids (Thurs) (Business)

What could be one of the big problems to raise kids? After I read this article, I realized that buying clothes or toys or whatever the things that kids like could be really big problem. But this incredible baby plays company suggested such a nice idea for those customers to be satisfied. The idea is that they rent a toy with affordable price for a certain time, this idea is really great due to; helping those customers with economic problem and also making babies more happy by changing toys every certain time when babies get bored with one toy.
These days, there are a lot of families with a lot of newborn babies who are really precious and lovely. But there are some problems with raising little babies specially for those parents who are not wealthy enough to buy all the things that baby asks for. Furthermore, I realized that wherever you go, no matter what it is, the price for the babies` clothes, shoes, toys and everything are much more expensive than old people`s. The reason is that because the demand for babies` equipments are inelastic. But this really smart company offered to rent a toy in a really cheap price. This could be really nice not only for those parents who borrow the toy for their kids but also for those kids who are having it! Because normally when parents buy a toy for kids then they always have to pay for the expensive toy but the thing is after one month or so, kid would not like that toy anymore and ask for another toy. Nevertheless, such kind of problems are solved by this toy company. I think this is really good business idea aim for the weaknesses for the customers.
As I mentioned, in these days, toy customers are struggling with the purchase toys but this problem is solved by toy company who rents toys to customers due to the low price for renting the toys and given time of renting the toy and change again. I think this is really really great idea since the sellers know what customers really need help from.

The 90 Second Duel Pizza! (BUSINESS)

What would be the most important thing for small business competitors to survive from those harsh competitions? According to the 'The 90 Second Dual Pizza Oven', the most important thing and vital factor for small business is speed. Thus this amazing invention by this company would enhance the pizza business all around the World due to the amazing speed of cooking pizza and the incredible tastes from new oven.
People in these days, they love to have things around them. Not only like to have things around them but want those things to be done faster and faster. Because of the great improvement of digital communication, which is making all the things around people to be owned easily by people. So, what could be the main factor to keep their own business in a long-term? There could be a lot of different factors that we need to be a survival from the competition. But, for me, speed of making a product is the most vital battle among the competitors. Because if you can make pizzas faster than any other pizza places then, all the customers would like to come to your place because modern humans do not like to wait for a long time. And by using this incredible `90 second Dual Pizza Oven`, you can make pizza in 90 seconds which is 15 times faster than normal traditional oven. Thereby this would greatly enhance the producer surplus. This Dual Pizza Oven not only enables owners to make pizza faster but also help them to make better taste pizzas.
But do you think just because this oven helps them to make pizza faster, would really capricious customers come to the place? I do not think so, but you do not have to worry about other factor. According to the article, `90 second Dual Pizza Oven` heats to 79 7`F (150`F higher than most professional pizza ovens), resulting in pizzas with crisp yet tender crusts. Furthermore, both of those double decks have roof-mounted 1,449-watt coil which perfectly ensure caramelized cheese and toppings, while the ceramic pizza stones distribute heat evenly across the dough and absorb excess moisture, resulting in faster cooking times and a crispier crust than normally cooked pizzas.
As I mentioned above, there are two main aspects of business this dual oven can ensure; the speed of cooking the pizza and the better tastes of it. I am sure by such factors, this business could be really broadened in a soon future.

Acting Troupe for Home Performance Hire (BUSINESS)

LOL. This is really really funny business! I love it!
After I watched this article, this article just reminded me that the parts I learned when I was in America last year that after the great depression in America that Roosevelt encouraged people to have fun and make them more relax. In modern days, specially in cities, people are really selfish and very unkind to others. Maybe it is because of the Digital communication which so fast and broadly improved. But not the whole World is becoming cold and selfish. According to the article that I read, in Poland, residents around the town offer clients an in-home theatrical performance from a group of professional actors. I think this is great idea since it has two good factors to satisfy customers mind; having a real show as close to customers as possible and making them to have fun at least once in a while.
Usually, people go to theaters or maybe other places like concerts to have fun or relax. But totally different performance at the kitchen of customers house gives such a strong, realistic and powerful image of business idea. This idea is really great because normally when people go to concerts or theaters, then, they have to be like really far away from the star and can not get any attentions from the stars. And people always have this kind of strongly firmed concept in their brain. But this incredibly creative business idea erase all those firmed concepts off our brains. This will be really good business and also profitable business since a lot of people wants to at least try it and furthermore, the point of having this concert at their own kitchen is that they want to be special to those stars who they like lots. Also, even the concert will be so much powerful, exciting and fun. So a lot of people will surely invite these performers to their house. There is not only this feature that they can have special party but also that by having this idea people will sometimes have relax time.
In these days, lots of people work way too much that they do not have any time for leisures or doing other things to relax. But if we have this business which firstly makes people to think `Wow, this sounds funny, maybe I should invite them over.` it will offer some relax time for those hardworking people. Not only this, this business could be used for special events maybe for girlfriends or others or maybe as a negotiation with mad wife. I think this idea is really great since it is helping their own business but also it makes people more relax and make new experiences for the customers in these boring days.
As I mentioned, there are two main factors for this business to be successful; giving new experience to customers and giving leisure time to customers. I am sure this business will pop up!!!!


PS. I am so Hungry now.

Hair Straightener Vending Machine (BUSINESS)

Wow, This is amazing! According to the concept that Chris gave to me that one innovative UK company has released a form of vending machine that allows (predominantly women) users to straighten unruly hair with the device. In these days, a lot of people mostly women but also a lot of men who has really curly hair use this useful device like my vietnamese friend name 'Lex'. Putting such a useful device into a vending machine and selling to customers are really great idea due to these two factors; convenient of buying it and really new way of selling it.
When I was living in Korea, about 90% of my friends who are female had this device called straightener. One day I asked `why do you girls use this device?` and one of my friend told me because of the beauty of whatever they desire for is very high, so that they have to care about every single things not like men. I think this is really true. Because girls are really sensitive about their hair style, and furthermore, according to one of my barber in Korea that 70% of people ` appearance determined by their hairstyle. And most of people know this fact. Thereby this straightener vending machine will be really profitable business. Because if there is one vending machine like in the center of the town, then all the people who use this device will come there and buy this. The advantage of this vending machine is that it is really really simple to get it and takes no time to wait for the long lines for forever. What you have to do is just put the coin or swipe card and then press the button for the preferable color or design and there will be YOUR straightener inside the box. Because of such feature people will buy more from this vending machine than the markets. There is one more reason for this business idea to be successful not only because of the convenience of using it but also because of the fresh idea.
In these days, people always look for something that is new. Even myself I always look for new things; new house, new handphone, new bag, new clothes, and even new GIRLFRIEND! (JK) But this is not our fault. It is just the instinct of the human nature. We humans always get bored at things if we keep doing the same thing, meeting same people and etc. For these capricious humans, this newly made straightener vending machine is wonderfully fit. I am sure people will more interested to buy straighteners from vending machines than buying from complicated stores. Because when you buy it, it would feel so much amazing and curious how this could happen. Because we, or maybe at least myself have never thought about this kind of business. This fresh idea will explode up!
There are two good and reasonable factors for supporting how successful the straightener vending machine could be; the convenience of buying the product and the fresh idea and fresh experience of trying it. I think this Business could make more profits than ever before!

Free Photocopies on Advertising-Sided Paper (BUSINESS)

According to the article that I read just few minutes ago, in Japan a photocopy company named 'Tadacopy' offers students free photocopying. Why would this company do such a weird kind of thing? There is a really good reason for supporting this business idea; advertising the brand or company.s h
As I mentioned when I was talking about the `Nike Vending Machine`, in business World, the most valuable and vital feature to survive from the competition is to advertise the brand which is also the first step of marketing. By doing this you can get so much profits out of it. Let me tell explain this by setting an example about this article. For example, Tadacopy company offers students free photocopying even though a lot of percentage of people who photocopy are students. Then, how can he keep his own life going? This could be really closely related to the loss-leader price. By offering free photocopy rights to students, the company`s popularity would be spread out really fast like a sunlight comes into my room! lol As the company`s brand gets wider and wider, a lot of people from all different kinds of ages, jobs, and aspects would come to `Tadacopy` to photocopy.
I think this is really great idea. By giving one thing for free, you get all kinds of different presents. ^^

Nike Football; Vending Machine (BUSINESS)

What would be the purpose of having vending machines all around the places, even though that you still sell the products from the stores?
The `Nike` company made a really good new idea about putting vending machines all around the World. I think this is really good idea. Because of the convenience of it, promotion of nike, and also promotion of a great sport 'football'.
You would have had at least one experience just like my example. One day, you need something like soccer ball, or shoes or whatever those things for the emergency and you could not get it because the shops are closed or shops are really far away from your house. By making vending machines around the town, we could be much more convenient about buying soccer-related things. Because then, you do not have to care about the time and you can just go there and buy it from vending machines.
In business World, the most important thing is the popularity of the brand. By putting these vending machines with `nike` brand name on it, it will spread out the name and also emphasize on this brand to those people who already know `nike` even bigger.
Lastly, this vending machine could be not only helping to make lots of profits and spreading their brand name but also it could spread the interests of soccer as a sport to those people who never played it or who do not like it normally.
Overall, I think this idea is amazing and fantastic!