econimages

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1. Susanne Duquette 2. Micro 01 SP16 3. St. Ann's dorm, May 3 4. Monopolistic competition 5. In the picture, I am holding two different menus for pizza places near me, Domino's and College Pizza. Though both sell pizza, the two different companies try to differentiate themselves and their products from each other in order to gain more customers and make a greater profit. This is an example of monopolistically competitive firms, which are firms found in a market that has low barriers to enter, many firms competing in the market, and sell similar, differentiated products from other firms. Domino's tries to offer cheaper prices to customers, and offers less types of foods other than pizza. They also offer cheap delivery. College pizza offers a greater variety of foods, including pizza, out offers less specials than Domino's does. Though both firms are both mainly pizza places, they offer other foods and services to help differentiate themselves from other firms, showing that they are monopolistically competitive firms.

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"Individuals choose rationally in order to achieve their goals." My goal in life is to get a high paying, steady job, and because this is more likely with a college degree I enrolled in Emmanuel college.

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This photo demonstrates how scarcity requires society to make trade-offs, because no one has an unlimited amount of money they must choose what to spend their money on gas or donuts.

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Caption: I needed to buy toilet paper, whiskey and paper towels, but scarcity requires people to make choices and because I had a limited amount of funds, I had to make a tradeoff and decided to only purchased toilet paper and whiskey.

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Caption: Purchasing a yearly subscription to "The Economist" has allowed me to realize that although information can help make better choices, its acquisition is costly.

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This picture represents me trading something homemade I made (a jar) with my friend (jam), both which we were unable to produce ourselves. This connects with economic tenet "scarcity requires people to make choices, which involve tradeoffs"

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This vision board required me to go through magazines and choose pictures that would be purposeful for me to achieve my goals in the future.

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Catalina Carvajal, "ully to achieve their goals

#EVW" Individuals choose purposef

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Emily Le Ray #EVW

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[cid:[email protected].] 1. Oliver Garside 2. Micro 01 SP16 3. April 28, My House 4. Monopolistic Competition 5. In the selfie above I am holding a business card of a consignment business I started. I take my client’s merchandise (clothing, jewelry, electronics…) and sell them using eBay and Craigslist. A monopolistically competitive firm is defined in the following ways. There are generally many firms in these markets, the products they sell are differentiated, they have only slight control over the prices for which products and services can sell at and finally there are no barriers to enter this market type. I am operating in a monopolistically competitive market due to the number of other consignment business around me performing a similar service. I am in competition with these other firms for business. One way that I have differentiated myself from other consignment stores is that I pick up the merchandise and mail it for the client.

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[cid:[email protected].] 1. Oliver Garside 2. Micro 01 SP16 3. April 27, My House 4. Law of Diminishing Marginal Utility 5. In the selfie above, I am pictured standing in front of several boxes of cookies. When I come home from school I often crave sweets. While I am consuming my first cookie I am thinking there is no way I am ever going to get sick of eating theses. Surely that is not the case, and after about the fifth cookie I no longer want anymore cookies. So what happened here? The law of diminishing marginal utility can best explain this. This law states that for each additional unit, in this case cookies, that are consumed, the benefit or utility that is received diminishes. Here the first cookie is a necessity, then after that first one I become less and less satisfied by consuming additional cookies. My marginal utility for eating cookies thus decreases with consumption.

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Catalina Carvajal,ully to achieve their goals. Verizon workers go on strike demanding a contract or better offer. Individuals are choosing purposefully to go on strike to achieve a goal of getting Verizon's attention for a contract.

#EVW #Individuals choose purposef

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Econ Image:

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Chris Coutsoukis, #EVW, Individuals choose purposefully to achieve their goals

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Chris Coutsoukis "#EVW" Scarcity requires people to make choices, which involve tradeoffs

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This photo relates to the course tenet "Economic actions often create indirect as well as direct effects. Public policies often have ‘unintended’ consequences” - the price of oil going down has direct effects such as cheaper costs for the consumers, but the oil price dropping also has indirect effects such as job loss for those who work in the oil sector. [cid:[email protected]]

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I am designing cover art for one of my friend's songs and in exchange he is paying me. This is related to the tenet that voulentary trade creates wealth.