econ live project pt. 2

econ live project pt. 2
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  • Just my luck,  there are no taxis available.  Luckily uber was invented with the same purpose as taxis but with fewer government restrictions. This company increased consumer well-being.  
  • Principle 6:  Markets are Usually a Good Way to Organize Economic Activity
  • This carnival causes air pollution while using gas to start their rides. The Government needs to introduce regulating policies to protect the environment.
  • Principle 7: Government Can Sometimes Improve Market Outcomes
  • Principle 8:  A Country's Standard of Living Depends on Its Ability to Produce Goods and Services  
  • I am so grateful to live in the US, where there are many high paying jobs.  I am able to increase my standard of living by buying cars,  TV sets, and maintaining better health and nutrition.
  • Principle 9: Price Rise When the Government Prints Too Much Money
  • The increase in demand  for Lava Lamps has caused us to increase the price. 
  • I have so much extra money... I would like to buy all the Lava Lamps you have in stock please.
  • The US is in a financial crisis.  There is a failure in the financial system and a downturn in the stock market. I have lost my job along with many others. The President is planning on reducing taxes to increase money supply in order to solve this problem of unemployment.  
  • Principle 10: Society Faces a Short-Run Tradeoff Between Inflation and Unemployment 
  • The End
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