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The Nigerian government must diversify the economy if the country is to survive falling global oil prices, said World Bank VP and Treasurer, Arunma Otteh. She said that Nigeria ranks 152 out of 188 in the HDI, and ranks below the average for sub-saharan Africa. Life expectancy in Nigeria is 53 years, 8 years lower than Ghana and 21 years lower than Brazil. Nigeria also ranked 136 out of 168 most corrupt countries in Transparency International's 2015 report. This affects the flow of FDI to the country. Nigeria's rapid GDP growth over the past decade hasn't translated to strong human development or competitiveness. Nigeria can no longer only depend on oil, which not sells for as low as $26/barrel which accounts for 95% of the country's foreign exchange.

This article highlights how the GDP is not the only factor in measuring the development of a nation, but how corruption and business confidence can play a role. This is seen by the decreasing oil prices, which has affected the Nigerian economy greatly.

This article describes how the United Nations are working with gender equality to achieve greater economic development, and economic growth in this case. The UN is drawing concrete links between women empowerment and greater economic development, illustrating how an androcentric mindset is causing an inefficient allocation of resources.

This article speaks about the Supper Bowl and how it is inelastic. Because the quantity demanded for seats is inelastic, they decided to increase the price to gain more revenue. This is strange because this seems to be a luxury item more than a necessity, but I guess some see it as a necessity.

this article talks about how NfL owners price there tickets inelasticity so they put their tickets cheaply so they can fill up the stadium. Owners know that they will take a hit in ticket revenue but make up the difference with complimentary goods that are sold in the stadium.

It's interesting how the teams take advantage of elasticity. As Ricardo said, the owners expect to make a loss on the seats with lower prices, but also expect to make it up with the purchase of complimentary goods. Because of elasticity, the decrease in the price of seat leads to higher demand and the stadium is filled up. As a result, revenue for complimentary goods also increases, leading to more revenue overall.

This article focuses mainly on opportunity course. It's been established that opportunity cost is the cost of doing something rather than another. In this case the author focused on a student's decision to attend college and for how long. At least everyone has been through the phase where they looked at the price it costs to go to college but few go deep into things such as life, transport etc. There are others who decide to take a year off and travel; the opportunity cost in this is the education they could've been getting so they could stay on track and the money they wasted to travel which they could have used to further their studies or life needs. The author brought up a book by Laurence Kotlikoff in which he invented 4 kids and made them choose different life patterns. I felt this was smart because students can see how the choices they make now could impact their life later on. As expected the child who stayed in school to become a doctor made a lot of money, however, student loans and all other expenses leaves them with as much money as the next middle-poor man. Then again the other child who became a plumber and skipped college makes money but has no student debt. This is not to say that they are better off but it's just to clear the stereotype that the longer you stay in school the better off your life will be; there are many factors that play into it.

This article discusses a topic the book made fun of in this week's chapters. When describing inflation, the book makes a snarky remark about how a fraction change in percentage of unemployment is considered "news". There are a lot of uncertainties concerning unemployment, because it is difficult to measure the amount of unemployed people, due to different definitions of unemployment and because of hidden unemployment, yet these news agencies give values with such high accuracy. The article does describe how unemployment has decreased in various parts of Europe, which can be linked with higher living standards for some.

This article describes how the events in Paris affected the economic growth. This illustrates how more factors than taxes and employment can make a difference in level of economic activity. A decrease economic activity might cause the government to intervene by reducing the interest rate, creating incentives to increase consumption. A demand-side policy like this could help the economy get back on its course.

In this article they take about how it impacts how people travel when prices of gas rise. Oil is very important because it operates cars and other useful technology we have. Without oil there will not be no electricity.

This article talks briefly about how commodities are traded between different places. It talks about how the goods are traded for a specific price then how "many traders use commodity futures to speculate on future price movements." in which they product will be sold on the market

Chipotle's supply of avocados have reduced and because of this the price of their food has increased. This involves a non-price determinant which is because it became harder to obtain a product its price increased which also caused the price of another product to increase.

I also choose this article because it was a good article about supply and i also like to eat at chipotles

P3.01 Favorite Article. Temitopes article is my favorite article because its about chipotle. This article covers pretty much all the aspects that we have learned so far. It shows demand, reply and elasticity all because of how chipotle increased the price because of the low supply of avocado.

The above article is about the price mechanism and how it is used to price oil. It talks about how the price is allocated depending on other companies as well as demand, which is why i think that this article is very appropriate as a real life example of what I am studying on this chapter.

This article relates to the Topic of Opportunity Cost that I have been studying because it talks about how the opportunity cost affects the economic choices that we make in our daily lives. It also talks about how although we are aware of the direct costs in life, we don't actually think about all the things that we have to give up when buying something else. We are aware of our finance, and realize the direct cost of our actions, but we don't see the unseen costs, such as the opportunity cost.

This article shows that a limited liability company named Linn Energy had their stocks lose value heavily, as well as a massive revenue decrease. This happened because of the oil bust, which was a massive decrease in demand for oil. Since the oil demand was becoming elastic due to the fact that it was a necessity for which alternative methods had been or started to be found (coal, solar energy, etc.), there was not much that could be done about the decrease in demand, which in turn took a toll on Linn Energy.

The oil bust definitely would cause a decrease in demand but it would also cause a decrease in supply because a bust is a "decrease in economic growth and production." I however have to say that u probably misunderstood the concept of elastic and inelastic. Oil demand would be inelastic because oil is a product that is necessary for a lot of human activities and since it is a necessity, demand would be inelastic and not elastic.

The article relates to opportunity cost and how each choice holds a negative and positive trait. In the article they spoke of soft money (paper money) and the use of species (such as gold and silver). The positive effects of soft money is that it is cheap to produce and doesn't require much material. However. The issue with soft money is that since it's so inexpensive people believe that it will cause inflation to soar. Species are valued because they are hard to find and require a lot of labor to get (more money). Taking a lot of time to retrieve and to mold into coins takes up more energy. A new idea that came to mind is digital currency. Depending on how it is used it can become a great asset or a hindrance. Overall, there are many opportunity costs all holding good and bad qualities, but the greatest is the one that benefits us overall.

This article talks about how oil and how oil is becoming a very limited resource. The demand on this resource is high and has stayed that way. So because the price raised and the demand is still the same they have to supply a lot more equally everywhere.

The article describes how the decrease in demand affects the macroeconomics, due to suppliers of coal and petroleum using the railroad to transport their goods. The decline in railroads has caused greater competition, raising the cost of production for these goods, as using the railroad service will be more expensive at times.

This article describes how the Indonesian economy swung from a deficit in balance of payments of $160 to a $50 surplus. The imports of the country fell significantly, resulting in a decrease in deficit of the balance of trade in goods and services, which has been a factor in the swing in balance of payments.

This article illustrates two economic terms, the business cycle and consumer confidence. The UK economy is currently going through a boom phase, suggesting inflation is rising. This may seem good now, but higher inflation causes less competitiveness for exports, which will lead to a recession phase. It's the business cycle. The article also describes how job opportunities went up, which is likely to cause consumers to consume more, because they are expected to get a raise or promotion soon. This adds to the boom even further. Knowledge of this makes it easier to make economic decisions and explaining why events take place like they do.

One of the main things we talked about or that stood out to me was how the income of the indivisible affected demand of a good and it seems we all came to a consensus that luxury goods are most affected by changes in income. In the article a BMW car company speaks out it's total revenue has been decreasing as the economy is slowing down . Over the past 5 years China has been experiencing periods of economic downturn and car sales were declining drastically people were even canceling orders, however, increased government action led to a period of economic growth in the third year which increased sales by 4% or so. But things slowed down again this year and Song ( an owner of the company ) talked about how he had to cut prices even further from 4%- 20% just to increase consumer demand even though it only made a slight difference because people's income have decreased they can't spend as much money as they used to on luxury products such as BMW cars or multiple cars, they are now focused on saving money.

I agree that the demand for luxury cars has declined as a result of decreased economic growth in China. Shares of some luxury car companies have dropped by more than 30% in the last year while shares of an inexpensive compact car manufacturer have increased more than 20%. The demand for luxury cars is very elastic. These cars are a luxury, not a necessity. Luxury goods take up a relatively large proportion of income and are used over a long period of time. There are a relatively high number of substitutes for luxury goods. In China, customers are choosing to purchase inexpensive cars rather than luxury vehicles in order to save money.

Christian Wienberg illustrates how expansions and contractions have an effect on the global economy. Recently there has been a contraction, illustrated by the decrease in consumption, thus production and trade. The business cycle would suggest a recovery soon, because of lowered inflation or even deflation.

From this week's reading we learned that aggregate demands boost jobs because produce will need to be increased in order to meet these demands, however this article shows that aggregate demand is high yet job rate is low, so it could maybe be used to battle the accuracy of the Keynesian model economics. One of the reason why they feel aggregate demand is not a good indicator because it doesn't include even the smallest industries like those that make pencils.