What Every Millennial Needs To Know About Economics

What Every Millennial Needs To Know About Economics

Ever wonder why the prices for those pair of jeans you wanted last season drops when everyone moves onto the next fashion trend?
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Economics are not an exact science, but economists love to tell you it is.

Economics and "the economy" has been one of the biggest buzzwords I've heard in recent memory. We rely so heavily on this day today, yet so many people know almost nothing about it. If you hear the words macroeconomics and microeconomics, and scratch your head in confusion- you've arrived at the right article! I study financial economics, and I'm also minoring in economics, so I am supposed to be an expert in the field by the time I graduate- so welcome to the first volume of a series of economics web-based learning which will be a learning experience for me, and you, the reader. First and foremost I want to say that when it comes to economics there are so many variables that if you were to make a function out of it you would have an exponentially large polynomial -- it is so important to know that economics are based on theories and you use information, data, and statistics to find trends which will tell you where you are going by looking at where you've been. Please bear in mind that when it comes to economics, there is a lot to cover, so this is the first entry of many that will go in depth into what makes the economy what it is. I like to think of the economy as an ocean with its own tide. Products, goods, services, costs, all of these are waves in that ocean, and we are just riding the current along where it goes. What does the word economics mean? Economics refers to the branch of knowledge concerned with the production, consumption, and transfer of wealth. In other words, anything to do money, production of products or services, usage of said services/goods, and the transfer of wealth that occurs when those products/services/goods are transferred from one party to another.

Here are some lessons economics taught me over the years:

-Everything has a price, a cost, and even if it is "free" someone is still paying for it.

-Money is not the only thing we exchange for goods and services.

-Everything revolves around:

Supply and Demand:

We can break down one of the primary parts of the economy as the supply and demand. What we will look at first is why these two are always paired together. Generally speaking supply is how much of a product or service you have available. Demand refers to how much people want what you have. For example, during the 1800s to about the 1930s, the US was primarily a goods and industrial based nation, and around the end of that period, the US moved itself into a services based economic power. What that means is that no longer does the US infrastructure provide it's own goods and raw materials and thus imports much of its goods from countries like China. Therefore, the US's Supply switched from a priority of goods to a priority of services.

(graph from dshort.com)

The rubber band effect of economics, AKA Market Elasticity.

To see what I'm talking about graphically/visually, I have included this graph. The red line represents manufacturing of materials based on employment, and the blue, and green line. As you can see, Manufacturing is steadily trending downwards. Now you might ask, what does employment have to do with economics? Well, statistical figures in employment and industry play a big role in economics. Say there is a large demand for a material such as denim, and the US happens to have a very suitable means of production for it. Jobs will rise alongside the demand for denim, if the demand is large enough it will create jobs in denim factories and we can track this trend through supply and demand. We must supply enough denim, to meet or exceed the demand, if we don't, then prices will go up and denim will get more expensive, however, eventually there will be a point where one of three things will happen- 1 we will meet the demand and prices will intersect with supply and demand. This is called the Market Equilibrium. 2 we will fail to produce enough denim to meet the demand, and prices will increase because there simply isn't enough to go around. And lastly, 3 we will produce way too much denim, and the prices will fall because there is a surplus of denim. Congratulations, you've just learned Market Elasticity. Elasticity = (% change in quantity / % change in price.)

Moving forward, it's again imperative to know that these are merely guidelines behind what economics is about. Economics is a ever-present force that rules our lives from the clothes we wear, down to the food we eat, and where we live. It is the force that drives the most important thing, value. Without value for things, nothing would have any meaning. Economics impacts you in so many ways. I love seeing what exactly makes these things turn- and in that sense you now have learned the very basics to start actually learning about economics.


Cover Image Credit: Pixabay

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20 Resolutions You Need To Make If You Want To Grow Closer To Christ This Year

He called us to be joyful, let us pray.

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Something that I have found myself doing year after year with my resolutions is making them too far fetched. Lose 30 pound has been at the top of my list for ehhh... the last three years, but without any steps to get there. This year, I am focusing on being a better example of the gospel. These are 20 of my mini-resolutions to help me grow closer to Christ in 2019. Join me. You may be the only exposure to the Jesus anyone ever has, we can't mess this up. We have a job to do.

1. Bite your tongue once a day instead of complaining

Replace negativity with positivity. It becomes habit to say "I'm tired," "I'm hungry," or "I'm cold," when we don't have anything else to say. Twenty-one days creates a habit, as the legend goes, so when you feel yourself about to complain without purpose, bite your tongue.

2. Find a blogger and do some light reading, if books aren't your thing

Many bloggers have a following because they relate to their readers, and they are current. Find someone you like, and go through life with them.

3. Promise yourself something and don't break it

It is the best feeling in the world. Give up soda for a month, and keep to it. I guarantee you will want to keep going.

4. Save 15 dollars from every pay check to spend on things that make you happy

One week it can go to that pair of shoes at target, or maybe you save for a few weeks to get your hair dyed. Treating yourself is necessary, and budgeting it in holds you and you target runs accountable.

5. Stop hating on Mondays. 

Who said Mondays have to be bad days? Shift your mindset. Monday is the first day of a fresh week of productivity. Challenger yourself to something new each Monday, set goals for the week, or go to the gym to start off the week on a good foot.

6. Try wearing more color this year.

Buy the pink sweater, wear the yellow leggings to the gym. It will brighten up your mood, pinkie promise.

7. Drop the road rage.

Don't rush. Don't yell. Nothing is so important as your life, don't risk it. Instead, pray for safe travels for the person who cut you off. Replace the anger with peace.

8. Start biking or walking more

It puts fresh air in your lungs and lets you absorb the gifts He blessed us with.

9. Pray for the people who hurt your feelings each day

Ask God to take away the anger, replacing it with joy and peace. Pray that He helps them walk through whatever path of life they might be on, and whatever they might be going through. They might not have someone praying for them. Our God works in impossible ways.

10. Work to forgive the person you just can't seem to fully forgive

This might take all year, but it will be worth it.

11. Invest in a coffee maker and learn to make your own Starbucks

Save the money you would spend on coffee each day and put it towards visiting a new place next new year. Plus, making a macchiato is a good party trick.

12.  Change your wallpaper on your phone each week, and challenge yourself to focus on those words that week

Pinterest has all the goods, or you can follow @FranciscanMedia on Instagram, and they post new ones every Wednesday on their story.

13.  Pick a day of the week and text an old friend. 

Check in on them, ask them how they are, what has been blessing them, what has been hard, and how you can pray for them. Sometimes people never get the opportunity to talk about themselves, and it feels good. Ask God to put a name on your heart, and reach out.

14.  Wake up 10 minutes earlier than you need to

It will make all the difference in the world. Use those ten minutes to slow down, look out your window, prepare just a little more, or pray.

15.  Read the Word. 

Darnit, Just read it. Find a plan that works for you and stick to it. So much is hidden in the word and spending time with it is the only way to discover all it holds for us.

16. Buy yourself flowers

Kroger has a clearance flowers section, check it out.

17. Talk to cashiers

Talk to them and ask them how they are, when they work until, spark up a conversation, positivity and warmth radiate and it will spread beyond your conversation, guaranteed.

18. Learn to sit in His presence

More often than not, silence is beneficial. When we pause and sit in the quiet, we can hear His still small whisper, especially when our lives are screaming in color.

19. Work on responding, not reacting

Ask yourself if its really that big of a deal when faced with a situation that frustrates you

20.  Smile. 

at yourself in the mirror, at a stranger, at the barista the cute boy in your Spanish class, at the end of your interview. You never know where it will take you. People remember Joy.

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Winter Break Is A Scam

Less Magical, More Bore.

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Winter break is the biggest scam in the history of the entire world.

Bigger than online shopping. Bigger than weight loss pills. Bigger than any pyramid scheme.

Yes, college is an extremely stressful time for students. The most stressful time of the semester is when exams begin to creep up on you. I'm not talking regular exams, I'm talking midterms and finals.

Midterms sneak up on you before fall break. Midterms differ for everyone. They can stress you out, but they're really a taste of where you currently are in the course. It can be a wake up call to study harder. It can be comforting to know that you are on track. Then, once you're done, you hit break. A small one, but enough time to catch up with friends and family over Thanksgiving.

But then you go back, and crunch time for finals begin. You have a short amount to time to study and remember the course material that will be tested in a paper, practical or multiple hour exam. The stress students have during this amount of time is immense.Meals are missed studying. Sleep is lost to all nighters. Once finals are over and break begins, immense amounts of stress are lifted off of the shoulders of students. Break has begun.

Break is imagined to be magical. All of your time spent with people you haven't seen in ages. Doing whatever you want, whenever you want. Earning money at a job back home to have some spending money for the next semester. All of it, stress free and fun with the added excitement of the holiday season.

But after the holidays, break becomes a bore. You make plans to see everyone from home that you haven't seen in months, but do you actually spend time with them? Days are spent lounging around, missing campus and the friends you had made at school that live too far away to visit. Everything is a bore, and students yearn to go back to school, even if that means starting the cycle of classwork and exams again.

All in all, winter break is magical at first, and then becomes a bore. When it's too long, it becomes the same, sleep in-binge Netflix-go back to bed schedule. It's not as magical as it can seem.

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