Author: luna

Slavery was a major issue in the 1800s in the U.S. The country was divided into the North and South, where slavery was legal in the South. Most people at this time tried escaping to the North to escape slavery. Solomon Northup’s 12 Years, a Slave and Frederick Douglass’ Narrative of the Life of Frederick…

An economy is a large set of interrelated activities of production, consumption, and exchange that help determine how limited resources are distributed. The production, consumption, and distribution of goods and services are used to meet the needs of those who live and work within the economy, also known as the economic system. Understanding Economics An…

Price discrimination is when firms charge different prices to different consumers for the same good. Firms, in this case, airline companies, use price discrimination to make use of the different price elasticity of demand. For example, businessmen have a very inelastic demand, which means they are willing to pay a higher price to get the…

Why do airline ticket prices skyrocket when you purchase them at the last minute when most other operations and retailers do the opposite? They sell them at a discounted price to get rid of the leftover tickets. Using what we have learned so far in this microeconomics class, we can conclude that the buyer’s reservation…

On the other side, producers supply different amounts of goods for a given price. Let’s take the example of airplane tickets. If we check the prices offered by airlines, we will notice that the price of tickets is more expensive during the summer and holiday season than during other periods of the year. This is…

Economic systems are organized differently. One of them, and the oldest, is the traditional economy. In this group, we notice that society tries to be self-sufficient in production and consumption. They keep their skills and production methods internally by inheriting generations. This method nowadays is found to be used mostly among farmers. Another type of…

Navigating the Economic Landscape: Microeconomics and Macroeconomics Unveiled Economics is part of our everyday life. Even though we do not notice, many actions and decisions we take are related to economics. Our need for goods often exceeds the actual things that we are able to attain. All of us, rich, poor, or wealthy, live in…

Introduction: Economics is part of our everyday life. Even though we do not notice, many actions and decisions we take are related to economics. Our need for goods often exceeds the actual things that we are able to attain. All of us, rich, poor, or wealthy, live in a state of scarcity. The poor need…

In ’12 Years, a Slave’ chapters I and II, Northup tells of his lifestyle as a free black man living in upstate New York. Born in July 1808, he was the son of an emancipated slave. He grew up working on a farm at his father’s side and was once trained to a degree of…

In today’s times, the economy needs to react according to the trends set by consumers and society. This fluctuation is called inflation and deflation. Inflation in itself is defined as the “continual rise in the price level” of goods (Colander, 2013). When items such as food, clothing, housing, etc., rise, this is known as inflation.…