Wednesday, August 27, 2008

What is Economics?

Please investigate/research economics via the internet. Relate your findings here.

Define important terms like:
economies of scale
factors of production
opportunity cost

Please explain why a study of economics is relevant to a study of animal rights as we are investigating through the story of chickens [e.g. Jamie Oliver's "Fowl Dinners"]


Radioactive5ian said...

i think economics is about somethin to do with goods and servces in excange for money.

if you dont already know from the other post im sickat home today

NurseryRhyme said...

Economics of something along the line of supply and demand. I will focus on that and dwardle off a little.
Say you have just stuck into a new business, called Foodrfriends, and you make free-range products. At first, your food is limitedly brought, so you prices are high so you can keep it going. As people begin to realize the potential, you bring the price down a little, as more people = more money. As your supplies run out because of the demand, you will ramp the prices up and down according to what you need, but the bottom line for ME is - Less food - high price, or more food - low price.

(Incase you don't know, I am Neina-Marie, but has made a new ACCOUNT, so I can donate that ACCOUNT soley to nursery rhymes and so forth.)

rosiegal said...

I learnt about shares more,and it was good, cause we linked it to a discussion earlier today (the chicken thing.) Inflation is a hard thing to deal with, but it should always come down again! I think it is quite cleve about the whole shares thing, cause it is use ful for the buisnneses, and us. Unless it crashes! Heaps of people lose money from them, and a buisness crashed not to long ago, but I cant remember the name!
I havent posted for ages...!

I_luv_animals_AKA_ashymashy said...

Ecoomics is supply and demand for produce basically,you give the seller the money and he gives you i return goods and services.
see yoo's later

mudpies02 said...

Supply and demand. That's how it's relevant to animal rights. People want to buy cheaper eggs, so they created battery farms. If people start buying 'tortured' animals (as Mr Woody says) they will 'torture' more animals, and since the price of eggs are going up there would be more people buying battery farm eggs, I suppose.
Also, we were in Pak'n'save today and I noticed they did not sell free range eggs. I asked my mum about it and she said it was because Pak'n'save was a grocery store with cheap prices, so they didn't sell free chickens' eggs because they cost more. What do you guys think?

mudpies02 said...

Cute pic Rosie :o)

Dreamhuntress_Solitaire Angel.a.k.a Keeper of the forest said...

Every thing has been said so I say only one thing: sypply and demand.

Mr A-Man said...

Happy Birthday Radioactive5ian, what are you, about 43yrs old now!?

Dreamhuntress_Solitaire Angel.a.k.a Keeper of the forest said...

Opps I meant supply.

I_luv_animals_AKA_ashymashy said...

Hey mr.woody,
remember that cool photo we took of all of us can you put that on the blog?It will be super dooper cool!

Tweedle Dum Plum said...

wow yesterodays lesson was really interesting though it was really confusing!!!

Roo said...

All I'm going to say is Supply and Demand.

Kitty Milo said...

hahaha funny mr a man!!!! and cool new name neina marie and dream huntress! yeh, like everyone said, economics is supply and demand and that is how it relates to our study/work in class.! e.g-if people didn't buy battery egg's then the people who SUPPLIED them would be forced to take them off the market and then people could buy nice healthy eggs!

Nei-Nei Neina-Marie said...

I think we aare ALL right about economics. And, whats more, we all do it.

Kitty Milo said...

Hi everyone. Just something quickly, I have a new blog post with pictures taken by me on my digital camera of mr woody with his hair up (sherbet put it up)! If you want to see it it;s there!

mudpies02 said...

Science fair went great! 3 Peachgrove students got a placing in the Science fair; Roo came third with his photography, I came second with my wallchart and Rosiegal came 1ST= with her photography!!! Angus from Room 4 won a special prize for his Scientific Investigation too! (How is it different? I'll explain in class!!)

Anyway, I'm really annoyed because I typed up this big long post (much longer than this) and when I pushed 'Publish your comment' it disappeared!!! Never mind! I'll live! :o)

Cool Kitty milo! I'll check it out!

Marshall said...

'The Economist's Dictionary of Economics defines economics as "The study of the production, distribution and consumption of wealth in human society." '

I got this from .

In my opinion, economics is a really complex study. You have to learn about marketing, business and stuff like that.

Standard economics can be divided into two different fields.
The first field, the Price Theory, is the value of products measured in terms of what the buyers in a market will pay in exchange for the products, in other words, buying & selling.
For example, if you compare the price of a brand new car and a loaf of bread, you can see that there is a major difference of costs. The Price Theory deals with these problems, so that you can't use a penny to buy a flat-screen TV.

The second field is Macroeconomics. Now that may seem like a complex word to you. Macroeconomics is a field which deals with the structure, behavior and aggregate variables (shows the supply and demand for things at a particular time).

Complicated, isn't it?
References: Wikipedia, Microsoft Encarta