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?

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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To The Girl Struggling With Her Body Image

It's not about the size of your jeans, but the size of your heart, soul, and spirit.


To the girl struggling with her body image,

You are more than the number on the scale. You are more than the number on your jeans and dresses. You are way more than the number of pounds you've gained or lost in whatever amount of time.

Weight is defined as the quantity of matter contained by a body or object. Weight does not define your self-worth, ambition or potential.

So many girls strive for validation through the various numbers associated with body image and it's really so sad seeing such beautiful, incredible women become discouraged over a few numbers that don't measure anything of true significance.

Yes, it is important to live a healthy lifestyle. Yes, it is important to take care of yourself. However, taking care of yourself includes your mental health as well. Neglecting either your mental or physical health will inflict problems on the other. It's very easy to get caught up in the idea that you're too heavy or too thin, which results in you possibly mistreating your body in some way.

Your body is your special, beautiful temple. It harbors all of your thoughts, feelings, characteristics, and ideas. Without it, you wouldn't be you. If you so wish to change it in a healthy way, then, by all means, go ahead. With that being said, don't make changes to impress or please someone else. You are the only person who is in charge of your body. No one else has the right to tell you whether or not your body is good enough. If you don't satisfy their standards, then you don't need that sort of negative influence in your life. That sort of manipulation and control is extremely unhealthy in its own regard.

Do not hold back on things you love or want to do because of how you interpret your body. You are enough. You are more than enough. You are more than your exterior. You are your inner being, your spirit. A smile and confidence are the most beautiful things you can wear.

It's not about the size of your jeans. It's about the size of your mind and heart. Embrace your body, observe and adore every curve, bone and stretch mark. Wear what makes you feel happy and comfortable in your own skin. Do your hair and makeup (or don't do either) to your heart's desire. Wear the crop top you've been eyeing up in that store window. Want a bikini body? Put a bikini on your body, simple.

So, as hard as it may seem sometimes, understand that the number on the scale doesn't measure the amount or significance of your contributions to this world. Just because that dress doesn't fit you like you had hoped doesn't mean that you're any less of a person.

Love your body, and your body will love you right back.

Cover Image Credit: Lauren Margliotti

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5 Tips For Incoming College Freshman

Remember when everyone told you that high school was going to be the best four years of your life.. and then it wasn't? Well now for some of you, comes the BEST and WORST four years of your life. Here's a little bit you need to know in order to be prepared for the eventful year to come.


Yes, believe it or not your parents, friends, and teachers were right. College is SO much different than high school in so many different ways. Luckily, I just survived my freshman year so I was in your place literally a year ago today. Everyone tells you how different college is from high school but they don't tell you how and that's what I'm here for! Lets just start with the 1st difference....

1. A whole new world

You will feel like your in a new world because in a way you are. You will suddenly be surrounded by so many groups of people, new cultures, different lifestyles, different languages, everything is so NEW. Not only are you not going to class with the same people everyday that you have seen in the hall for years but you are going to classes with complete strangers from all over the states and sometimes even the world. You are suddenly going to have to share a room with a stranger or even a best friend which can also lead to some issues. But what is most important to know is that even though you feel alone the first few weeks or even months... trust me so does everyone else, its okay to feel overwhelmed its normal. We all have absolutely no idea what we are doing we are all just pretending like we have somewhat of a plan. I met most of my friends my freshman year through being completely LOST on campus.

2. Making new friends

One thing that you aren't taught how to do in high school or honestly by anyone is how to make friends. I knew most people in my classes throughout high school so when I started college I hardly knew anyone besides my roommate. It definitely took me a while to branch out and start making friends but I had to remind myself to put myself out there and eventually I met some wonderful humans. Remember to always be yourself and you will attract people that WANT to be your friend. It takes time but once again, you are not alone. It will look like people already have their group and stuff but everyone is struggling just as much as you most likely.

3. Responsibilities 

The new responsibilities you will have... get prepared, they will hit you like a truck or at least they did me. You will suddenly be responsible for cleaning your room, doing your laundry, feeding yourself, doing your homework, remembering specific dates, paying bills, honestly the list becomes never ending because you are slowly becoming an adult :(((( I remember a time when I wanted to be an adult, now all i want to do is be in kindergarten taking a nap LOL, Luckily I already was familiar with most of these things as were others im sure but there are also people that haven't had to do some of the things by them selves before which can be overwhelming at times. You will eventually fall into your own personal routine and get your own system going and things will become second nature. Don't be afraid of this, just be prepared in order to have the most stress free incoming year.

4. Academics...

The real reason we are in college in the first place. Yeah, here is where your parents and teachers were right... high school courses and college courses can be either very similar or very different. It honestly depends on what the course is and who your professor is but, for the most part, college courses and professors are much different. Professors do not like to repeat themselves and expect you to remember any important dates they mention. They expect you to write it down, no excuses. In high school you teachers would give you a break but that's not really how college works. Some professors may cut you some slack but most wont. Do NOT waste a professors time and remember that even though you are paying to go to school there, you can get kicked out in a heart beat so don't risk it. Refrain from talking in class, and show up!!! you can miss one thing and the next thing you know you have a 5 page paper due in a few days. Save yourself the stress and just pay attention for the whole 50 minute or hour and a half class you have.

5. Packing 

PACK LIGHTLY!!! I packed so much unnecessary clothes, decorations, etc, that I ended up not needing or never even using. Safe as much space as you can because your dorm room will definitely get cluttered fast and you will accumulate more things throughout the year. So, pack the clothes and decor you NEED. Try your best to not over pack (as hard as it is (; )

6. Homesickness

No one:

Every college student ever: "Ugh I can't wait to go to college I hate living here!"

You know we've all said it but you will most likely get homesick at some point. My house is not far from the College at all and even I still was homesick sometimes. Its one of those things that everyone goes through so remember you are not alone. Luckily, we live in the 21st century too so you can always video chat your fam and send them some love. Its okay to be homesick just try to get more involved and do things you would do if you were at your own house. I always try to bring a few things from home too just to look at and remind myself that I will see my family soon.

Freshman year was difficult for me to adjust to as im sure it was to others, so hopefully you keep these tips in mind this summer as you prepare for your first year of college! I am excited for you all to start this next chapter, welcome to the beginning of adulthood class of 2023!


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