Budget

We have been busy this week! Paying our bills putting money into our savings has been tiring. This week we learned about budgeting and how important it is to create a budget that works for us. We learned saving money is better than spending it o things we don't really need. Many people tend to waste money as soon as they get, they need to smarter and save their money so they don't fall into debt. Hope everyone is saving their money and has enough to pay their bills.

MONEY$$$$$$$$$$$$$$$$$$$$$$$$

Hey Everyone it has been an exciting week! We have talked about banking and $$$$! This week we made our first deposit which was our paycheck. We got to take out money from our accounts. We also payed our first bill and wrote our first check !! Hoe everyone is ready to do it on there own tomorrow!! Have a great weekend!!!!!!!

This Week

Hey Everyone! It has been a crazy week! This week we learned about business structures and the less developed countries. We now have been assigned a project with the country of our choice. We just took a test and I hope everyone did well. Keep working on projects and pray that we did well on the test!
REVIEW: DON"T FORGET IT

SOLE PROPRIETORSHIP

- 1 owner - small

- ADVANTAGES

- easy to open or close

- few regulations

- freedom and control

- owner keeps profits

- DISADVANTAGES

- limited funds

- limited life

- unlimited liability (RISKY)

- EXAMPLES

- Joe & Mimma’s

- bonnie L. Fedorchak, Bookkeeper

- 31 Gifs Consultants (Home - Based business)

PARTNERSHIPS

- 2+ owners

- ADVANTAGES

- easy to open or close

- few regulations

- owners keep profit

- more access to resources

- joint decision making

- specialization

- DISADVANTAGES

- joint decision making

- limited life

- unlimited liability (RISKY)

- TYPES

- general partnership - both partners share responsibility for managing the business and each is liable for all the business debts and losses

- limited partnership - at least one partner is not involved in the daily operations of the business (Silent Partner)

- limited liability partnership - all partners are limited partners and are not responsible for the debts and other liabilities of the other partners

- EXAMPLES

- law firms

- Smith and Cashin, DDS

CORPORATIONS

- shareholders = MANY owners

- ADVANTAGES

- access to resources

- professional managers

-limited liability

- unlimited life

- DISADVANTAGES

- start - up costs and effort

- heavy regulation

- double taxation

- loss of control

- EXAMPLES

- Apple

- Microsoft

- Exxon

- Proctor and Gamble

Competition

This week we learned about many things. We learned about competition, monopolies, and regulation. We learned that Perfect Competition is the most competitive and monopolies are the least competitive. We learned about monopolistic competition and oligopoly which are between which are complete opposites and go between perfect competition and monopolies.
 Perfect Competition ---------Monopolistic Competition -------Oligopoly -------------Monopoly
We learned about regulation and deregulation. We also learned about other market structures. We will learn more about these next week. Hope Everyone Did Well On the QUIZ!!!!!!!!!!!

Flood!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Weserville has been covered in 10 feet of water since Thursday. All residents have been told to stay in there house for safety reasons. No news has been reported of any deaths, missing people or injuries. Many people have lost there belongings and their houses. Nobody knows how long Weserville will be flooded but everybody is hoping not for long. Many people are out of food and clean water. The main road to come in and out of Weserville has been destroyed and the construction of Walmart has been stopped until Weserville recovers from the flood. Hope everyone stays safe and listen for any updates on Weserville news!

OH NO!!!! A huge flood has hit Weserville. Weserville is no under 10 feet of water. Everyone is safe, no reports have been brought in of injuries, death, or anyone missing. Everyone is told to stay in there house for safety. We have learned that the main road into and out of Weserville has been destroyed. The construction of Walmart will resume after the reconstruction of the road and the flood is over.

DEMAND

Hello Everyone! This week was busy as always! This week we learned a lot more on demand but we also learned about elasticity and inelasticity. We learned how to calculate it and find out if something is elastic or inelastic. We learned more about demand schedules and demand curves. We took a quiz which I KNOW everyone got a 100% on because we worked hard o this unit. Well hope everyone has a good weekend!!!

Demand

This week was short after having Monday and Tuesday. Congratulations to 2nd block for winning the milk and cookies! In these past two days we have learned a lot of new material. We have learned all about demand. Demand is the willingness to buy a product and the ability to buy it. We graphed demand curves using demand schedule. A demand schedule is the demand displayed in a chart and a demand curve is demand displayed in a table. We learned that demanded curves ALWAYS CURVE DOWN. We are now starting a new project to help advertise Weserville. Hope everyone has fun with these projects and a great weekend!

NOOOOOOOO!!!!!!!!!!!!!!!!!!!!!!!!!

This week was fun! We had a lot happen. The most exciting was getting our Weserville money, but most of us lost a lot of our money because of TAXES. That made a lot of mad. Taxes make many people unhappy. Taxes put many people into debt. Nobody has the amount of money. The choice... What type of tax should be put on Weserville? Well in my opinion proportional taxes would be best because that we would all pay the same percent. Would love to hear what everyone else has to say! Express your opinions!!!

WHAT'S IN FOR WESERVILLE?????

Thursday Weserville had a Town Hall meeting about whether or not Walmart should come into Weserville or not. It was a very heated debate both sides had very strong arguments. After an hour of very convincing arguments, it was time to make a decision. All the residents had voiced there opinions and concerns. Led by the mayor the town council voted. It was not up to us anymore it was up to the council to do what was right for the town of Weserville. The mayor and the rest of the council put in there vote, in a 5 to 2 vote, Walmart will enter Weserville. Walmart agreed to some conditions such as keeping two lanes and offering 20% of there money to Weserville instead of 10%. We agreed to allow Wlamart after they met these conditions. We can only hope that Walmart will be the best for Weserville and help us grow and develop as a small town.

Say What?

This week we focused on the market economy and the Circular Flow Chart. What is the circular flow chart? Well it is a visualization of all interactions in a market economy. Now that you know what it is lets talk about how we used it this week. Weserville is welcoming three new businesses. To promote our business we used the circular flow chart to explain how the business will work. We also had to say what the incentives of our business would provide. Incentives are benefits that people receive. Most of the businesses offer jobs as their incentive. We learned a lot this week and we had a lot of fun !!!

Who Came Where?

This week in personal finance we learned about the different types of economies. There are three types, market, command, and traditional. A market economy is an economic system based on individual choice and voluntary exchange. A command economy is an economic system in which the government makes all economic decisions. A  traditional economy is an economic system in which people make  economic decisions based on customs and beliefs that have been handed down from one generation to the next. Also this week we had to very important visitors, none other than, Adam Smith and Karl Marx. Adam Smith was the creator of the free market economy. Karl Marx was the creator of the command economy. Both of these men came to the Weserville town hall to discuss which type of economy would be best for Weserville. Both men discussed their views and sides but are leaving up to us to choose. I agree with Smith and think that a market economy would be best because Weserville does not have a lot of resources so we can trade with other cities to provide for our needs. This will help Weserville to become a stronger community.

Hello Everyone!!!!