| Music Box |
Leontief Lover's Song of the Week:
ARTIST:Ryan and Chad ft. MLB PLAYERS
SONG: I Don't Dance (MLB PLAYERS REMIX)
ALBUM: High School Musical 2
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| Please leave your comments about our blog and the articles you have read here, if you are not a blogger. Thank you very much! :) |
| Members |
| Zerge Zandueta
20 years old and counting, this dude loves sports and videogames. he hopes to contribute something good to society one day and make other people happy
"Humanity is the virtue of a woman, generosity that of a man." - Adam Smith
Kathryn Pua
this perky girl never fails to brighten up anyone's day. very friendly, approachable and outgoing, this person enjoys going out with her barkada, though an 'introvert' at heart
"And very often the influence exerted on a person's character by the amount of his income is hardly less, if it is less, than that exerted by the way in which it is earned." - Alfred Marshall
Bea Lim
they say silent water runs deep. this girl may seem quiet at first, but once you get to know her, you're in for loads of fun
"The friend of the present order of things condemns all political speculations in the gross." - Thomas Malthus
Raymond Lee
a 23 year old korean who makes all the girls go "ga-ga." 'nuff said. ;)
"Entrepreneurial profit is the expression of the value of what the entrepreneur contributes to production." - Joseph A. Schumpeter
Carlo Medina
hypnotic on the hardcourt, this basketball icon is not only good at putting 2 on the board but 3 on the report card
"In the long run we are all dead." - John Maynard Keynes
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| Learning Corner |
Eco Lesson of The Week : Determinants of Supply and Demand
The intersection of the supply (upward sloping) and demand (downward sloping) curves is called the equilibrium pt. This point represents the price at which goods are sold and purchased at the market. However,
this equilibrium point may change depending on a shift by the curves. The curves may shift one at a time or at the same time both either upwards or downwards. An upward
shift by either curve would raise the price, while a downward shift would lower it.
What we want to know this week is what causes these shifts in supply and demand, called their determinants.
The Determinants of Supply
1. Costs of production
2. Profitability of alternate goods in supply
3. Natural occurences
4. Expectations of future prices
5. Profitability of goods in joint supply
6. The number of sellers
The Determinants of Demand
1. Tastes, fashions, preferences
2. The number and price of related goods
3. Income
4. Expectation of future prices
5. Population
Reference: http://www.cr1.dircon.co.uk/pdffiles/determinants.pdf
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| Cartoon Corner |
By: Paul Combs (The Tampa Tribune)
By: Clay Bennet (The Christian Science Monitor, Boston)
By: Thomas Boldt (The Calgary Sun, Alberta, Canada)
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| Friday, October 12, 2007 |
| Against All "Odds" |
Against All "Odds"
By Carlo Medina
It is innate in all of us to strive and work hard for something. We are born to accomplish great things no matter what. Everything we encounter in life we want to be the best in handling it. We are made and customized to be competitors; to be winners. I think it also comes with our being Filipino; we have been under so many cultures that we have so many things we want to do. However, this is a life where money is most important; if you don’t have it you won’t function.
 We Filipinos love Sports. We have been trying to excel in whatever game we can be good at, and I believe we have had our rewards just recently. However, we are also known as gamblers, and I must say that I’m not proud of it, but it is a fact. Jueteng, Horse-racing and even simple card games have penetrated the minds of Pinoys when it comes to earning money. Here comes in the merging of Sports and gambling. From the slightest bets on animal fights up to the world cup, people have been trying to allocate money from the popularity and excitement of sports, whatever it may be. I would like to focus on the game of basketball, because I can relate to it very much. I love playing the game and I can say that I have sufficient knowledge when it comes to the hidden world of basketball betting.
 This perfectly competitive market of imposing the odds is very difficult indeed. It depends on all firms or “bookies” what odds or conditions regarding the end game scores would be. These conditions depend on how the reactions of the audience would be. If many would place bets on a single game, then the odds would be greater. The bookies are price takers and they are willing to risk a certain amount of price which can also depend on the many games of each day. The best source of these basketball betting games is the NBA. The National Basketball Association consists of 30 teams, each having 82 games each season. Imagine 2,460 games excluding the playoffs and finals! This business has so many opportunities of gaining the profit they want. These firms target practically every sport fanatic in the country and there are millions! I can say that this illegal but effective way of raising profits have already boomed in a way that it’s even adapting and growing to economic conditions. There are already so many basketball leagues in the country and these firms extend their coverage from the UAAP up to the PBA. Filipinos nowadays find it even more amusing to bet on a game they can grasp more or control themselves.
The greater problem comes in when firms tend to control the market in a way that they manipulate the games. Game-fixing has been an issue in our country and this is so because of the fact that gamblers want to win. In this situation, firms try to persuade the players or even coaches to “sell” games or give them up to win the larger bet in the end. They are risking a certain amount of money to ensure their possession to a much larger amount in the end. These factors affect this industry in an unjust and unfair way, but that’s what you have to face when you want to be a big earner.
Personally I must say that this illegal business of game-betting gives a large profit but of course it is morally inappropriate. Having these games continues to pull down our country towards a deeper hole of economic instability. We must focus on finding better ways of being able to earn a certain amount of income. This way of circulating money gives away the chance for the majority to improve or even sustain a life at least. Legal ways of making money must still be implemented by the government, but this does not mean legalizing all these games would provide a greater improvement for our country. |
posted by Leontief Lovers @ 4:02 PM  |
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| About Me |
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Name: Leontief Lovers
Home: Manila, Philippines
About Me: people wonder why we are called leontief lovers. it's simple, in eco, there is a canonical form of utilty and production function called Leontief Preferences / Technologies. In a two good/input world, you always would need the other good/input in order to remain satisfied/have the ability to produce... in other words, you will never substitute one good for another, you need to consume/use both goods at a fixed proportion at the same time... LIKEWISE, in our blog, WE WILL NEVER TRADE NOR SUBSTITUTE ECO FOR ANOTHER!
See my complete profile
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| Books
"The World is Flat" by Thomas Friedman
"Confessions of an Economic Hitman" by John Perkins
Movies
"A Beautiful Mind"
"Wall Street"
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| Fun Zone |
Calvin and Economics
Jokes
An economics professor and a student were strolling through the campus.
"Look," the student cried, "there's a $100 bill on the path!"
"No, you are mistaken," the wiser head replied. "That cannot be. If there were actually a $100 bill, someone would have picked it up."
Feudalism: You have two cows. Your lord takes some of the milk.
Socialism: You have two cows. State takes one and gives it to someone else.
Communism: You have two cows. State takes both of them and gives you as much milk as you need.
Bureaucratic Communism: You have two cows. State takes both of them and gives you as much milk as the regulations say you should need.
Bureaucracy: You have two cows. State regulates what you can feed them and when you can milk them. Then it pays you not to milk them. After that it takes both cows, shoots one, milks the other and pours the milk down the drain. Then it requires you to fill out forms accounting for the missing cows.
Fascism: You have two cows. State takes both of them and sells you milk.
Nazism: You have two cows. State takes both of them and shoots you.
Liberalism: You have two cows. State dosen't care whether you exist, let alone your cows.
Capitalism: You have two cows. You sell one and buy a bull.
PRICE IS IMPORTANT!
(disclaimer: may be a little off-color)
"My Dear, would you go to bed with me for a million dollars?"
"Well, yes, I guess I would."
"How about $100?"
"What kind of person do you think I am?"
"My Dear, we have already established that. We are merely haggling over the price!"
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