By Christopher S. Rugaber, Associated Press Posted: 08/22/2013 08:48:41 AM MDT WASHINGTON - The number of Americans applying for unemployment benefits rose last week after reaching the lowest level in 5 ½ years. But the broader trend suggests companies are laying off fewer workers and could step up hiring in the months ahead.

The government in the Philippines will impose a price ceiling on essential drug products that are overpriced. This was announced by the Department of Health (DOH). Health Secretary Francisco Duque III said that the President is to sign an order that covers the lowering of prices on six or seven drugs. The firms refused to cut the prices in half, but the DOH recommended for price reduction. Overall, the prices were cut by about 30 to 35 percent.

Mario Monti, Italy's prime minister stated that the richer population of Italy, the ones who own multiple large motoryachts, are the ones that happen to not be paying taxes. He states that it is a struggle to confront tax evaders, and that it is "like a war". The tax evasion causes a large gap in Italian stretched public finances. These boat owners are seen as the ones who do not pay their share, mostly because the paying of boat taxes depends on its size. Between 10-12 meters, €800 are required, 20-24 is €4,400 and anything above 64 meters is €25,000. Obviously, having to make these payments do not please the boat owners, and unsurprisingly, they have fled to more welcoming harbors, where getting a spot costs much less. Many of these flee to Croatia or Corsica, which causes business in many Italian harbors to drop by a lot, specifically 50% in Rome's marina Ostia.

This article is about Chinese oil supply and how China is attempting to overtake the United States in yearly oil productions. It is an example of a supply article, because it speaks of how lower prices directly relate to supply. It also speaks of how both China and India are putting a lot of money into foreign oil resources, hoping for the future. Looking forward, if China continues in its current footsteps, it will be obtaining the most oil in the world, and not only from domestic resources, but mainly foreign ones.

Analysis This article about oil prices and supply in China, relates to what we spoke of in class, because some of the key elements of supply and demand are included. The main issue of the article is Chinas oil supply, along with its demand for oil. China has a generous supply of oil from its own resources, whilst she is still trying to acquire a lot of oil from foreign sources. China is also attempting to up her quantities of oil to beat the United States within the next couple of years, and by 2020, China is to be the country that will be obtaining the largest quantities of oil. The article is related to our class topic of supply, because as China plans to sink its prices for oil, the supply, or quantities should go up with time. This is exactly what was discussed in class and is shown on supply curves or graphs.

Explain what you think is happening to the equilibrium quantity and price and what it means for signalling, incentives, and resource allocation. China has made constant attempts at increasing its oil supplies, which would lead to lower oil prices and economic growth. The equilibrium quantity of oil will increase and therefore the prices will be lowered. A higher supply of oil signals lower prices for both the producers and consumers. China will try to probably keep the price up, and the consumers will look for a substitute, or try to ration the good. Although, if the consumers are willing to buy at the old price, while the suppliers gain in resources, there will be a producer surplus. In other words, the producers, China, will gain more than they could be gaining if the consumers were to adjust their standards.

Analysis- Shampoo Demand Article This article about the demand for Shampoo is connected to the class topics due to showing parts of what we have learnt during our sessions in the classroom. The main key word which we have learnt in class that is shown in this article is demand, as the title states. It is a bit less connected to opportunity cost and resources than it is to demand and supply, which are both exploited in chapter 2. The chosen article speaks of demand of Shampoo, and how smaller packets are more wanted in the past few months or weeks. This relates to the supply part of economics, due to the producers and sellers no longer selling larger packets of shampoo, but sticking to the one time use ones. Therefore, this article reflects on the key ideas of what we have learnt in economics so far, because it relates directly to two of the key terms.