Post 9: 100 Word Essay: How has technology made our world a better place?

Technology invites us into a world of vast and unknown possibilities. It’s unlimited power has gifted mankind a better place to live. It’s curing hands heal us from diseases. It eases and lightens the challenges in our everyday life. Technology is more than what is tangible, it is the idea that enshrouds our society, making it a better place day by day. From the beginning man stepped foot on our world, he has discovered, invented, and designed, the basics of technology. Technology is human nature. From caveman to modern day business man, technology has greatly changed society for the better.

Post 8: Malcolm Gladwell

Companies are always trying to create the new flavor or design that appeals to people. The more variety a company has, the more someone will like one of their products. Also, with a variety of choices in the food industry, people will have to “taste test” the different variations to find their favorite taste leading to more people buying multiple products of a company.  If the prices are close, people chose their preferred products. Whether it be by taste, looks, style, or popularits, choices are made based upon many factors that appel to the consumers. Relating to Chapter 6, the Perfect competition market structure makes companies compete over something other than price. They have to make their product different, also called product differentiation,  so that it appelas to the consumer greater than the other related products. The Malcolm Gladwell video reminds me of the potato chip industry and the variety of flavors, choices and companies consumers can chose from.

Video: http://www.ted.com/talks/malcolm_gladwell_on_spaghetti_sauce.html

Post 7: 4 Varieties of Monopolies

Natural - Cable TV (Comcast)
Geographic - A general store in a remote community
Technological - Google
Government - US Postal Service

Post 6: Flip Card Review

Click the link below to see the U.S. Antitrust Legislation Flash cards
http://www.proprofs.com/flashcards/story.php?title=us-antitrust-laws

Here is another link to a website where you can create your own flashcards just by registering to the site.
http://www.flashcardmachine.com/

Post 5: One Monopoly that I want to see broken up

I would like to see PSEG broken. In what seems to be only a few years, I'm going to own my own house or apartment and I'll have to pay a bill every month to PSEG. In New Jersey, they are a monopoly, and I would like to see other companies join into this market so that competition will create lower prices. This would benefit everyone in New Jersey who owns or rents a home including my family.

Post 4: 8 things I learned from the 3 quizzes

1. Consumers benefit most from competitive markets.
2. Sellers in monopolistic competition try to make their product different compared to other products in their competition.
3. Producers spend millions on advertisements.
4. Cartels are group of companies openly organizing to set prices.
5. Price leadership is the most common form of interdependent pricing.
6. "Trust" is another word for monopolies.
7. Standard oil was the best known trust that was broken up.
8. Laissez-faire is the philosophy that states that government doesn't interfere with the market.

Post 3: Pick 5 things I wanted to/actually did purchase

1. Pepsi - Oligopoly - There is almost no competition (Coca-Cola is the only other name brand other than a few store brands). They have a high control over price; however, if they increase the price to much than Coca-Cola will have more sales. It would be very difficult for a new company to create a soda and market it.

2. Wendy's Baconator - Monopolistic Competition - There are many competitors in the fast food and restaurant business. Wendy's has to compete with other popular fast food restaurants and therefore they have very little control over price. The second their price goes up, buyers won't bother purchasing their product. The level of entry is very possible.

3. Orbit Gum - Monopolistic Competition - There is a lot of competition. Orbit gum has to regulate their price with competing producers; therefore, they don't have a lot of say over price. The level of entry is very possible.

4. iPod Touch - Oligopoly - There is almost no competition. Apple has to only compete with a few other mp3 players. Because people prefer iPods over almost any other mp3, apple has a lot of say in the price. It would be very difficult to enter into the mp3 market.

5. Doritos - Oligopoly - The only competition is wise and utz; however, frito lay is known to be the "top dog" of the potato chip market. They have a large say over the price and every level is extremely difficult.