Freakonomics The movie, Freakonomics, based on the book Freakonomics by Steven D. Levitt and Stephen J. Dubner went over how the study of economics is not just how businesses run, but how human behavior is based on incentives as well. Freakonomics goes over different outcomes to situations . The first situation was what role your name plays into the opportunities that become open to you. The second situation was based about why there is so much cheating in sumo wrestling. Followed by what reduced the crime in the USA during the 1990's and onward, and the final situation was about a school experiment using cash prices would be enough incentive to get ninth graders to raise their grades. All four situations that were played in this movie showed a completely new side of economics that I have never seen before. So, Does the name you give your child effect their outcome in the future? In the movie they went over a scenario of a women who named her daughter after Tempestt Bledsoe, but not know how to spell it named her daughter Temptress instead. Temptress then ended up growing up with a hard life. She started sleeping around, robbing convenience stores, and as a young adult went in and out of juvenile hall. Harvard Professor Dr. Fryer argued that it was not just Temptress living up to her name but it was more based on how she was brought up and the community that she lived in. Dr. Fryer did an analysis on everyone born in California for the last 40 years and discovered that around the time of the black power movement black names also became more unique and the worse the circumstances the more unique of a name, although the name of the person has no affect on their life. On the other hand Harvard professor Dr. Mullainathan argued that people with African American names had a harder time in life. He ran a study where he put out 5,000 fake resumes in both Boston and Chicago with half white names and the other half African American names. Through this research he found that people with African American names got a call back 33%. This study proved that people with African American names are more likely to have a harder time getting jobs then people with a white name. Sumo wrestlers will have a life like a king once they reach a certain ranking but if they do not maintain that ranking they can lose it fast or never even get to the king like experience. Sumo wrestlers are like a big family with the other wrestlers, they eat, sleep, and train together. When one sumo wrestler is close to down ranking his opponent is 75% likely to fake slip or fall so that the other one can win. Lets say that sumo wrestler one has eight wins and seven losses and only needs eight wins out of fifteen to rank up but his opponent and friend has seven wins and seven losses, sumo wrestler one is more likely to slip in the match and lose, but the next time sumo wrestler one and sumo wrestler two meet, sumo wrestler one always ends up winning the match. There are a few motives for why sumo wrestlers cheat otherwise known as yaocho in Japanese is to not only get the pay raise that comes with it but to keep the high standing in your community and to not lose respect. In order to stop the cheating in sumo wrestling you need to set regulations so that the wrestlers are too afraid to cheat, although the regulations will not stop it forever because the moment people start to forget about the cheating it will start up again. In the 1980's crime was going higher and higher for an unknown reason but starting the 1990's it started to decrease but no one could figure out why. Many people hypothesized different reason including, innovating police strategies, higher sentencing of criminals, a change in the crack cocaine market, a stable economy, etcetera. All of those changes did help lower the crime rate, but they only account for about half of the crime, so what about the other half? Levitt hypothesized that crime decreased in the 1990's as abortion also became legal…
Exploiting the vulnerable 5
Exploiting the Vulnerable.
The fast food industry sees children as a future as well as current market and hence brand loyalty at a young age helps in the quest of continued sales later. $15-17 billion is spent by companies advertising to children in the US. Over $4 billion was spent in 2009 by the fast food industry alone. Children are naïve about advertising and are easily controlled and exploited by the…
Derivatives and the Financial Crisis
Tessa M. James
Fred R. Becker, Jr
The National Bureau of Economic Research (NBER) defines an economic recession as a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales." Most economists identify recessions when a country experiences two or more quarters of contraction in the…
Section 1 review:
1. Medium of exchange - any item that sellers accept as payment for goods and services.
Standard of value - money provides people with a way to measure the relative value of goods and services by comparing their prices.
Store of value - money can be saved, or stored for later use.
Commodity money - an item that has a value of it’s own and that also is used as money.
Representative money - an item that has value because it can…
December 1, 2011
Econ 356, Prof. Carlson
Essay Number Three
After reading the two articles it is clear to me that Claudia Goldin is at the forefront of research on the economic role of women in the 20th century. Specifically, she addresses the topic of the growing participation rate of women in both the labor force and college attendance. There are a plethora of factors that contribute to these rising membership rates and it is evident that women have gone so far as to not only close the gender…
for service, financial constraints became less important to both patients and their physicians, and physicians prescribed the highest quality of medical care for their patients.
* With the development of managed care in the 1980’s utilization review programs prevented the physicians from acting solely in the patients interest. Physicians found it difficult to prescribe hospital care and or length of stay that satisfied the patients preferences when it conflicted with guidelines on appropriateness…
The Decision of a Lifetime
When you are about to graduate high school, you have to start making decisions that matter. You have to be mature and rational in your decision making. Especially when it comes to one of the most important decisions in your young adult life, where to go to college. For some the answer is easy, such as going to your parent’s alma mater or the school that offered you a scholarship. On the other hand, you have people…
The primary authority for software revenue recognition is AICPA Statement of Position (SOP) No. 97-2, Software Revenue Recognition, which is the result of about 12 years of development work from 1985 through 1997. It applies to both public companies (according to SAB 104) and private enterprises.
Under SOP 97-2, recognition of revenue generally occurs at delivery if a four-part conjunctive test is met. Software delivery should be straightforward and require no special production, modification…
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Econ 102 quiz 1
Question 1 of 10 10.0/ 10.0 Points
Economics is best defined as the study of
A. financial decision-making
B. how consumers make purchasing decisions.
C. choices made by people faced with scarcity.
D. inflation, unemployment, and economic growth
Answer Key: C
Question 2 of 10 10.0/ 10.0 Points
Macroeconomics differs from microeconomics in that
A. macroeconomics is the study of individual markets, while microeconomics…
1. (Demand Under Perfect Competition) what type of demand curve does a perfectly competitive firm face? Why?
A horizontal or a perfectly elastic, demand curve. A perfectly competitive firm is called a price taker because that firm must “take,” or accept, the market price- as in “take it or leave it.”
2. Explain the different options a firm has to minimize losses in the short run.
A firm in perfect competition has no control over the market place. Sometimes that price may be so low…