Christopher Pennington Essays - Macroeconomics, Economy, Economics

Christopher Pennington 12/6/16 ECN 230 Final Exam Essay Questions A most recent situation where I had to make a choice between things because of the scarcity of money was I needed to purchase a new shirt and tie for a funeral I was attending. I knew this moment would come and I had picked out a nice shirt and tie almost a week before but did not just yet purchase it knowing I had other liabilities to take care of first. So, when the time came around the day before the funeral with the money I had I really couldn't purchase the shirt and tie I had sought after originally. So, I had 3 options. The first one was to use a shirt and tie I already had, purchase a new shirt but use a tie I already had, or try my luck and see if I can purchase 2 of the items for the price of one. After a little bit of last minute shopping I came across a T.J. Maxx store which offered me a nice white dress shirt and to what I believe was a nicer tie than the one I had sought after at the much higher end store. Both items I was able to purchase for way less than the two item s would be at the higher end store. A moment where I have more things to do than time would be always waiting the last minute to do my accounting homework. I tend to wait till the last minute to do this homework when it always takes me way more time to fully complete it then I expect. Three ways I can constitute to doing a better job with my time management Is do the homework days before its due so I can check it and ask questions if I have any, Prioritize the homework questions by category for example "high priority", "medium priority", or "low priority" that way I know beforehand which questions I can get done easily and the ones I'll need to pay more attention to. And lastly, I could establish a routine so that I can start practicing these steps so that I will not do my accounting homework last minute but all my other classes if needed. In each scenario, I carefully weighed my options pertaining to which would be more time efficient and cost savvy. In the scenario with the shirt and tie I had to use both time and spending techniques. Time because it was last minute the night before which was a Sunday and stores closed early I also had to work that same night so my window for time was kind of short not enough to really shop around. So, I compiled a list of 3 stores all within the same distance and all 3 where cheaper than the one original store I shopped at. In the scenario in regards to my homework I used my utility of starting my homework earlier and prioritizing my homework so that if need be there were any corrections or questions that needed to be asked it would also get done ahead of time and when it was time for the homework to be due I had no problems turning it in. Government policies which are designed to influence aggregate demand such as fiscal and monetary policies may require policy maker to choose between inflation and unemployment because firstly Fiscal policy determines government spending and tax rates. It usually increases government spending in in areas such as infrastructure, education, and unemployment benefits. Whereas contractionary fiscal policy can be utilized to reduce the government spending and self-governing debt or to correct growth fueled by rapid inflation. Fiscal policy directly effects the government expenditure element and indirectly impacts the consumption and investment element. Monetary policy is permitted by central banks which manipulate the money supply in the economy. The money supply influences rates and inflation, both of which are major determinants of employment, cost of debt, and consumption levels. Expansionary monetary policy entails on the central bank to either buy Treasury notes on decreasing interest rates on loans to banks on reducing the reserve requirement. All of which increase the money supply and lead to lower