Taxes - How does the govenment get money?!

Americans pay millions and millions of dollars in taxes every year. Some people pay more taxes than others because of how much money they make or how much things they own. On the other hand there are four types of taxes that everyone has to pay. These include sales tax, social security, medicare and federal/ state income tax. So basically the federal government gets its money from tax paying citizens.

High Price of easy credit

The price of rate for simple things like holding a savings account have become harder over the years since the mid 80's. Also The interest rate for various types of loans have gone up a whole lot. These have put many Americans in debt because the loans turned out to be whole lot more then what they had bargained for in the beginning. An average family like the one in the article make 66,000 thousand a year. This is pretty average for an American family but with rate percentages going up they figure taking out loans can help them away from debt but instead assures it. By the end of the year they end up paying more then what they've earned and they're pocket money is all used up in the debts they owe banks.

Student Loans - Beware

I think that these culinary school students take out so much money in loans because they are so anxcious to enter the school they dont think about how long it will take them to repay these loans. I think student loans are good if it's not that much money but if it's the type of loan that will take you over 6 years to payback. I do not plan on taking out a student loan because the college im going to is only 2,000 a semester.

Critique Of Federal Reserve Podcast

I have decided to critique uchenna and kareem's Federal Reserve Podcast. The strong Aspects of this podcast is that it gives alot of information very clearly. The recording is very clear in the begginning but towards the end uchenna voice got very un-clear. The images match the voices perdectly i was very impressed on how good it matched each other. The style of the podcast was very dull and boring but maybe i feel that way because it is so educational. Because of that i learned alot from the podcast.

Opportunity Cost

When economist talk about opportunity cost they are basically talking about the money you could have made if you would have worked instead of doing something else you chose to do. Some examples of oppurtunity cost is going for a 4 year degree. Over that time period of 4 years you are giving up the oppurtunity to get a full time job and make the money you are spending in 4 years trying to get your degree.

Diffrent types of economies

Traditional Economies are economies found in some parts of africa and south america. In these economies do not use technology and the men and women are given diffrent economic roles and tasks.
Centrally Planned (Command) Economy- is an economic system in which economic decisions are made by centralized planners who determine what kind of goods and services to produce and how they are to be priced and may include state ownership of the means of production.

Market Economy-An economy that operates by voluntary exchange in a free market and is not planned or controlled by a central authority; a capitalistic economy.

Mixed Economy-An economic system that allows for the simultaneous operation of publicly and privately owned enterprises.