Economics (SUMMER 2023)

Hello, my name is Juliana Springman and this is the economics final.

In this presentation, I'll be explaining

how

one vocabulary word from each of the

six units is compared to my life or is gonna be compared to

um something in the past or in

the present day in the US.

So from unit one, I chose the vocabulary word tradeoffs

and a trade off is a choice between two or more alternatives.

So my example is taking summer school to free up my school schedule for my

se incoming senior year for an E M T course through John Heinz career Center.

I did this in order to focus on my senior senior year and my career in the future.

Instead of making it an easy senior year,

I'm taking two summer school school courses

that are required to graduate economy and government

so that

I can take this career course and be challenged,

be challenged with other classes that I'm interested in taking like

precalculus that probably wouldn't have fit in my schedule that well.

And um

I did this in order to help my um future and my goals

and to explore more earlier instead of later on in my life.

And so I traded in

a um

summer school.

I traded in having a free summer for taking

summer school and to focusing on my studies

and to keep my brain moving and active. And

yeah.

So from unit two, I chose

compliments as the vocabulary word

and compliments is a good that is used with

another price of one affects demand for the other.

So I know most people don't

do this, but you should wear a helmet when you ride a bike.

Even if it's for cycling, um professional cycling

like a triathlon or just, you know,

just to have fun when it's extremely hot and humid out.

So, um I chose a helmet and a road bike for training for a triathlon and

I did this because it in order to be safe when you're going at such high speeds,

even if you're not having a helmet,

keeps your head protected if you fall off because you might have to hit the

brakes hard on your bike and fall off or you might hit a bump and,

or go

off the road and something bad happens. So if your head is protected,

that makes the whole experience safer and each

one works together to make you better physically fit

and to keep you safe and protected

and it helps you stay safe, but also enjoy the training load.

And from unit three, I chose entrepreneur

and entrepreneur is a person who takes a risk in business to create something new.

So, Lucille Ball is my um

person that I chose as um an example for an entrepreneur um

because she created Dey

Lo Studios where um other um well known

um shows and movies have been made like the Andy Griffith show.

And um I chose her because she built up her career

on her own and worked so hard as a woman.

And I don't know if in these times, but I know in earlier times

women doing jobs that men would normally do was not seen like proper

and they didn't respect or trust their goods or what they like have made or created.

Even though today we can say we saw that like, hey, she,

that's like legit and it's a good thing or a good product or she's doing good.

But um she worked hard to make people laugh and enjoy um her show and what she did

and that was her goal in life and focus and she

worked hard on being who she was in the actor,

she being the actor and impact she had

and what she did. And she did an amazing job at that.

And from unit four,

I chose labor force and labor force is the number of people ages 16

and older who are employed or for looking for a job or work.

So my example, I've been

not employed with a, like a well known chain of companies, but I have been employed,

um, with, um, my ne some neighbors, a couple who are,

um,

probably eighties seventies,

but they don't look that old, but they're very active people

and they love yard work, being outside, just being really busy,

working on home and gardening and

all different sites, sorts of activities around the house.

So I've been employed there for two years and then assist them

in any type of yard work or house work or things that

they probably shouldn't do that I can do or carrying certain things that they can't

and just making sure, you know,

like doing things that would be easier for me to do instead of them to do.

And from unit five, I chose um Ira for retirement

and it is a retirement account with tax benefits.

Taxes are paid on, on interest only.

So, um my examples, um

my parents and what I have and how I've seen them save and be careful with their money.

Um It's helped me plan in my future.

I always stressed out about like,

not having enough or like if something bad happens,

um are we gonna be safe?

And we always are because my parents have saved so well

and know the difference between a need and a want,

even though we think we know some people

really don't

like,

we have enough money probably to pay for a hot tub or a boat.

But do we really need those things? No, because one

we don't have space for a hot tub and we would have to make space,

but which would cost more money.

And for a boat,

you have to either have a dock or have dock

access and that costs a ton of money in itself.

And then for the boat, you have to be able

to, you have to have one place to store it and like to have it cleaned up.

And for a hot tub, you have to pay for all these chemicals nonstop.

And if it breaks down it's like these things that seem

like needs are more once and they pay so much.

Instead of paying for things, you don't necessarily need to have, um,

my parents have been able to pay up for college, um, for me and my brother

and they've been able to pay many years in

advance for retirement and savings and all that.

And it's, um,

and it's good to save in general for an IRA but for many other things because, um,

many, um,

um, work, work forces don't offer pensions anymore.

And that's money free money you get from working

a certain amount of years at a certain place.

And like, so at this rate you might have to go

into armed forces or the military,

the army just to find a pension because they're going away so fast because

our,

we don't have enough money and our government

to pay these people who have worked so hard

and also, I've heard from my dad from his, um,

um, retirement advisor that you need,

he needed a plan for social security not being around when they retired.

So, and you always have to pay, um,

have money saved up for any conditions or anything that

could happen that you don't know about like a storm

and having saving up to 3 to 6 months worth

of money for any type of emergencies is really smart

and making sure you set up Ira and all these accounts,

even though if you just started working

time can go by really fast.

And you might realize I might still have to find a side job

even though I should be retired because I wasn't smart with my money.

And you have to realize that you have to

pay for meals and still like housing expenses.

And even if you've paid off your house, you still have property tax and

paying for lighting electricity. These things don't just

stop being paid for it. You have to keep paying for the nonstop.

So it's important just to save, save,

save and especially for retirement and the future,

even though we don't try to look towards the future.

But with expenses, it's probably one of the most important things to do.

And my, from the last unit unit number six, I chose national debt

and that is a total debt carried by a federal government of the United States.

And so my example is the United States raising the national debt ceiling.

So I know this has been, this has been a very big discussion in Congress and all that.

But, um,

I don't have all the answers and

haven't done all the research to see what they've decided

um much because people are gonna want it, people aren't gonna want it.

But

I feel like this is a very poor decision on

Congress's um

idea of things that need to be

accomplished

because it puts our nation into even more debt,

which is already so huge and it will take even longer to pay it

off because we already don't have the money to pay off that we have.

And it's also not smart and,

and it's more risky because if we're unable

to pay back the people we've borrowed from,

we might cause these countries to stop trading with us or

helping us give us money when we need it or they might not trust us.

And that's a very dangerous position to be in because you can lose trust and

for countries that probably don't all really get

along perfectly but have somewhat of an agreement

that can be dangerous,

especially if it's a bigger country with higher power because in times of war,

which is sad to have and we don't want,

but right now it is happening

in some parts of the world ones we know and don't know

that can backlash on you in a huge way. And even though.

That's kind of a weird road to veer off of

it can happen. And national debt is a huge and important issue

and thinking that's a good idea. It's not because

even if you want to try to pay off everyone's college tuition and all that,

it's not physically possible.

And it also isn't the government's, um,

responsibility to trade off your debt from the lottery or anything because

that's your money that you wasted in a very poor decision way.

And people normally don't think about the wrongs of

money and spending. They just think about the wants. And

even if something seems glittery on the outside, like the lottery,

there's probably gonna be some type of backlash or bedding,

there's gonna be a backlash somewhere.

Even if you've had one chance to get a good success,

it leads people to coming back more and more and more.

So, it's just a very dangerous thing.

So these, um,

were my examples and my explanations to,

um,

each of the vocabulary words from this unit

and I hope you'd enjoy this presentation.

And thank you.

Economics (SUMMER 2023)

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