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This article talk about the maximum price in New York and New Jersey after the sandy huracane. The government has set new laws in order to reduce the price for the neccessity products. However those laws are causing shortages in New York and New Jersey. Government-imposed price controls are making the disaster worse a week after Sandy hit shore. The producers can´t increase the prices for goods considered neccesarie for the consumers.The businesses aren´t allowed to raise their prices more than 10 percent within 30 days of a declared state of emergency. If the businesses increase above the maximum prices they will have to pay penalties. When there is a situation of scarcity (shortage) the people will try to buy the products in the black for a higher price. When high prices are prohibited from serving their function the result is a shortage where there are more buyers than sellers. Buyers still compete with other buyers to try to get the scarce gas, but because price competition is illegal their competition takes less beneficial forms.

Apple, in the past, has been notorious for setting high prices for its products. Its beautiful, expensive products were, however, sought after by many, yet with it's new product, the iPad mini, Apple is starting to make products that are not only highly-desirable, but at the same time, less-expensive. Apple products are price elastic because it is not a necessity and there are a myriad of substitutes. Apple is well aware of this information, and as a result, is lowering its prices to take advantage of price elasticity and the law of demand. As the title states, "Its all about price elasticity" and the iPad mini, with its reduced price will be competitive in the tablet market.

House prices in the UK have fallen for the third month in a row. Although the government has supported in mortgage borrowing, but the consumer's uncertainty surrounding the economy and their ability to afford the houses still causes the decrease in price in the market. The increase in demand is believed to be driven by seasonal factors compounded by the Olympics. It is believed that the house prices will continue to decrease slowly over the remainder of the year. There is also the first decline in supply in September after seven months of growth. I think this article fits perfectly under the topic of demand. The basic law states that as price falls, the quantity demanded of the product will usually increase. However, this does not fall under the basic law behind the demand curve, but it indicates that price of houses have fallen as a result of an increase in demand. The Europe's economy isn't doing very well at the moment and it causes more hesitant in how they consumers choose to spend their money. Price may be low, but they may choose to spend their money elsewhere. This does, however, support the supply law. As price falls, the quantity supplied is dropped. Suppliers wouldn't want to produce or supply to any products that isn't very well demanded.

This is an article which states the drug is now under the price control of the government. But according to it, there would be non-price control for medicine/drug options as well. It also says that the task force will serve as a framework for the new drug pricing policy. Since the government thinks that price controlling system doesn't really work for this kind of product, the drug makes are really looking forward to the new pricing policy.

The government of India has decided to remove the price control that it had earlier set. They have come to the conclusion that having a price control will make the drug companies not sell non profitable products.

The drought damaged the corn and soybean fields in the U.S. This caused drop in supplies in two crops to below year-earlier consumption levels for the first time since 1974. Prices have rose from 8.49 on August to $18 on September, but dropped again to $15.04 on October 3. This clearly shows both swift in supply, which set a new market equilibrium and price mechanism that adjusts the price of a product the new equilibrium. As the natural disaster swifted the supply curve, the price rose, but because the price was out of equilibrium price, the price dropped..

This article talks about Ireland having the highest tobacco pricesses in Europe. The european commision is stating that the Irish government "is against EU law, distorts competition and keeps tobacco company profits high." The Irish government says that by keeping the prices high on tobacco its a good way to control smoking in the country and that its policy of high prices is with the World Wide Health Organisations regulation policy. what the European comission is trying to do acoording to this article is to encourage Ireland to take off the price controls. but they refused and are going to court against the EU regulations in Luxemburg.

It is an article about an increase of 3.7 percent in the price of goods purchased by K-State students from 2011 to 2012. In this article you read about elastic and inelastic products like gasoline or tuition. The Tuition has experimented the biggest increase, although the rate at which it increases has slowed a bit. This index created a decade ago by the KSU Economics Club, shows annual price changes in the items and services purchased by students in the Manhattan area. Items on the list include gasoline, groceries, tuition, beer, housing, textbooks and movies. Since 2002 the price increased in 85 percent. The Internet has suffered the biggest increase. The price of textbooks has decreased in 2011.The causes of inflation can often be linked to legislation and the actions of the government, which often have an indirect effect on the economy.

Sometimes, i think the taxes are too high for some state like New York and California. You have to pay 40% of your income tax, which is I think it too much. I understand why the government did that, but think about it, 40% is almost half of your income! May be I came from the country that equal just one state of America, but more people. So that's why I don't have to pay tax that much since the division is larger. According to what we've learned, I think the government should put high tax on the bad goods for every states instead of put 40% tax on people's income.

I Found this article interesting because it relates the purchase of gold to the economic state/growth of the USA. The article states that gold companies are expecting a fall in the purchising/demand for gold due to the investors being insecure of their economic state and dont want to spend mone. This shows as that the US economy is weak because there hasnt been a fall in Gold demand since 2002, and therefore we can assumer that the only reason that the demand for gold now would drop is because of economic instability

This article is very good as it talks about the insecurity felt by investors due to the poor economic condition. They have lost confidence because the economy at this moment is really unstable and anything could happen, in this case the demand for gold fell, something that is first happening in a long time, thus showing us how the economic crisis has affected even the biggest economic powers, such as the US.

This article talks about how the Americans are copping with the increase in gasoline to 3.50$ a galon. It states that all around America in New York for example, where nearly everyone uses public transport, the public transport has increase by 5. Even in the south west where driving is strongest public transport has reached its maximim capacity during rush hours. It also states that the US in having problems with upgrading and even sustaining public transport as faires only cover 1/3 of the cost and rely on government funding. the article also says that most americans are now buying smaller cars and driving less agressively to save fuel. So what this article is telling us is that the American economy is using the XED principle where the price of petrol has risen and therefore the demand for it has dropped, even thought its very inelastic, and the demand for public transport has risem.

Following the recent government unrest in Yemen, the presence of terrorist groups in the country and the ongoing economic crisis the country is facing serious issues with food and hunger. The country depends solely on imported food due to the unavailability of arable land, but due to the lack of funds the government is not able to do so. The country is already in a weak state due to the fall of the government and presence of Al- Qaeda occupied regions in the country. The country has also been hitten hard by the global increase in fuel and food prices Due to the excessively high prices 5 million people or 22% of the population that mainly consists of the poor economic section cannot feed themselves enough or go hungry to bed on most nights. Yemen is the third country in the world to have the largest number of malnourished children. Most of these kid's parents are landless labours, so they cannot grow their own food and because of the high prices, they cannot afford to buy it either.

This article talks about how the government is trying to Real GDP of the country by lowering the taxes on exporting oil prices. By doing this the governmnet has enevitably increased the Real GDP because siince the oil firms FOP cost less they can now supply more oil, also the price will rise from 42$ per barrel to 70$ per barrel meaning that the oil firms will even make more of a profit. Again since the taxes have decreased it will cause foreign investments in the oil industry of Argentina since they just discovered that Argentina is setting on one of the biggest oil deposits. so overall, the long term aggregate will shift to the right, an increase in the real GDp

Argentina has devised a new system of export taxes on oil shipments that will cut taxes, as the government seeks to encourage investments to revive production. The change means energy companies will receive $70 per barrel of exported oil, up from $42 previously. Argentina controls the price of oil exports in order to guarantee domestic supply. The reform means that the state will only retain the difference between the market prices, meaning increased revenue for oil companies that export crude. The long run aggregate supply is expected to shift the right, an increase in the real GDP.

It is no surprise that Apple products are in high demand, and the new iPhone 5 is no exception. Demand is defined as the willingness and ability of a consumer to purchase a product. The demand curve is also sloped downwards, opposite that of a supply graph. However, in the case of Apple, the demand curve does not follow the norm. The New iPhone 5 reached a pre order sale of 2 million in the first 24 hours, while the iPhone 4S reached one million. The demand has gotten higher, yet the price has risen from $179 to $199. The course companion states that demand increases as a result of a price fall and the graph shifts to the right with an income increase, yet the iPhone manages to be not only the best selling iPhone, but the most expensive. I think the size of the population and the change in the age structure played a big role in the massive pre-order sales. The whole population did not necessarily increase, yet the population of smartphone users has increased. It was exciting and interesting to see how these regular news articles relate to what we have learned throughout the week.

Last month, governor Joko Widodo has taken over the top job in Jakarta, as he has agreed to raise minimum wage. From the previous amount of 1.53 million rupiah, the new governor has agreed to increase the wage to 2.2 million rupiah. Suppliers are grumbling as one shoe owners states that "that large an increase is irrational" and is not sure if "buyers will be willing to pay more." In addition, high wages may prompt inflation, and discourage investment as suppliers are detrimentally affected. There is a critical balance that must be struck between the impacts of the people and the cost of the suppliers.

The author of this article, Dennis Dugan, brings up many valid points as to how Wal Mart is a market failiure and how they have many negative externalities. He says one of the negative externalities they have is that because of the low wages they pay their employees, this has increased the need for publicly funded social services. I found this article very intriguing.

I like this article about Wallmart due to me not knowing this about the firm and also it clearly states why Wallmart is a market failure by buy products at very low prices causing enviromental destruction and very low wages for the workers of their supplier. What Wallmart really should do is try to find a way where they benefit their suppliers and less enviromental damage. They could do this by buy their products a little bit more expensive resulting in them having less of a profit but helping the third parties affected.

The article discusses how during recessions, the rich become richer and how the businesses cycles still disadvantage the poor and benefit the rich. During recessions, income inequality increases and favors those who are wealthy. As unemployment rises, many people see a significant decline in their income and saving abilities. They are no longer able to afford common resources. For example, people will need to sell their business, houses… This leaves the rich buy up such resources for a cheaper price. This is what keeps the rich constantly "on top" and the poor even poorer. There is a chart which really illustrates this statement put forth by the author.

I think it's funny to see how rich people can get even richer during recession.

This article talks about how the top 1% doesn't get affected by recessions and actually gets richer while the poorer get poor. This came as a surprise to me as I thought recession always had a negative effect on the incomes of the population, but obviously this isn't true. The article states since the recovery period of 2009, the bottom 99% of workers incomes decreased by 0.4% while the top 1% workers income raised by 11.2%, an enormous amount during a recession. In my opinion I think this might be because of the increase in black market activity during a recession, due to the fact that the richest people in the world have earned their income, one way or another, through illegal activity.

As the war rages on, the drought worsens and with the prediction of late rainfall ,the only thing that the somalians can do is pray for some luck as the rest of the world tries to help there hopeless situation. Due to the war and the drought Somalians are forced to flee leaving there unripe and unharvested crops behind, to only raise the price of food and worsen the food crisis. The article states that the worst has past of the drought but that the region still remains in emergency level 4, on the IPC scale. The article also talks about how the rescue organizations need to set up a long term exercise instead of coming in and helping when the drought occurs but rather prevent the whole crisis during the drought.