Ben Bernanke

Ben Bernanke: The Fed


Where his world started...
Ben Bernanke was born on December 13, 1953 in Augusta, Georgia. He grew up in Dillon, South Carolina. He received a B.A. in economics in 1975 from Harvard University and later received a Ph.D. in economics in 1979 from the Massachusetts Institute of Technology.

When did he become Chairman and member of the Board of Governors of the Federal Reserve System?Ben Bernanke was sworn in on February 1, 2006. Not only does he serve as Chairman amd member of the Board of Governors of the Federal Reserve System, but he also serves as the Chairman of the Federal Open Market Committee. He has been appointed as a member of the Board for a fourteen year term, which expires in 2020. He is also appointed to a four year term as Chairman, which expires in 2010.

What did he do before he was appointed as Chairman?
Ben Bernanke was Chairman of the President's Council of Economic Advisers, from June of 2005 to January of 2006.

He also was the Howard Harrison and Gabrielle Snyder Beck Professor of Economics and Public Affairs, besides that he was Chair of the Economics Department at Princeton University in 1996 to 2002. He has served as a Professor of Economics and Public Affairs at Princeton since 1985.

Other Accomplishments...
Even before arriving at Princeton he was an Associate Professor of Economics in 1983 to 1985. An Assistant Professor of Economics in 1979 to 1983 at the Graduate School of Business at Standford University. He also had a teaching career included serving as a Visiting Professor of Economics at New York University in 1993 and at the Massachusetts Institute of Technology in 1989 to 1990.

If you think this guy hasn't done a lot so far in his life you wouldn't believe me when I told you he has also published several articles on a variety of economic issues and author of several books.

Personal Life...
Ben Bernanke is married and has two kids.

Dollar Hits another Low!!

Dollar hits another low against the Euro.
The Dollar is now $1.4117 to the Euro.

.__. Not so cool. Makes me wish I had a job in europe. I'd be rich.

http://news.bbc.co.uk/2/hi/business/7010022.stm

सुप्प्ल्य&Demand

Here's how to make a supply and demand graph (long but includes A LOT!)

http://www.youtube.com/watch?v=uLzuDDUxLTk

Stock update!

A huge jump for Nike...

LOS ANGELES (Reuters) - Nike Inc (NKE.N) posted on Thursday a 51 percent rise in quarterly net profit, helped by a tax benefit and a weak-dollar boost to revenue, and its shares rose 1.6 percent as the results topped Wall Street targets.

Net income in the latest quarter rose to $569.7 million, or $1.12 per share, from $377.2 million, or 74 cents per share, a year earlier. Revenue rose 11 percent to $4.7 billion.

Nike shares closed at $58.32, down 24 cents, on the New York Stock Exchange, but rose 1.5 percent in after-hours trade. They are valued at 15.6 times estimated 2009 earnings, above the 13.7 ratio for Adidas and 15.1 for Puma AG (PUMG.DE).

Economist freaks!

WOW, i think i might have found someone more into economics than Mrs. Cameron! :)

Lets make a demand schedule on this! haha

"BIG" Ben Bernanke

Ben Bernanke is one of the most powerful men in the world.
With every Breath he takes.

Dollar Hits New Low Against Euro.

http://news.bbc.co.uk/2/hi/business/7004104.stm

Enjoy. It's sad. Will the american dollar ever reach it's former status?

Super Squirrel

Squirrels are the best animal on the word. They are even cooler when they are Jedi. Go Super jedi squirrels.

Competition

Competition

3 examples are: Kellogs vs. General Mills, Capri Sun vs. Hi-C, and of course Nebraska vs. Oaklahoma.

Definition: When two like products go against each other for economic supremacy.

Ben Burnanke is RICH

Ben Bernanke is RICH

Paris Hilton is RICH but HOT

Easy Elasticity

Elastic Goods are those that have other substitutes such as Colgate toothpaste...You could substitute Colgate for Crest if it's a better deal. Another example would be Lays potato chips...You could always buy Old Dutch if there is a 2 for 1 sale!

Inelastic Goods are the staples the you live with everday and cannot live without. An example of an inelastic good would be milk...there is no other substitute for milk so you have to pay the price it is. Another reason you might purchase an inelastic good would be if you need it right away and won't be able to wait for the price to go down. If you need gas now you can't wait another two days for the price to go down or your car will not run!

Elastic and Inelastic Goods are everywhere!! ;)

What is Economics?

Economics is the social science that studies the production, distribution and consumption of goods and services.

Economics can be divided into 2 major categories:
1. Microeconomics is the branch of economics dealing with particular aspects of a national economy, such as individual firms, households and consumers. This branch analyzes the market behavior of individual consumers in order to understand the decision-making process. This area also concerns the interaction made between the individual buyers and sellers and the factors that influence the choices made.
2. Macroeconomics is a branch of economics that studies the behanior of the aggregate economy, It examines economy-wide phenomena like changes in unemployment, rate of growth, inflation, national income and price levels.

Economic Key Terms

• Gross Domestic Product (GDP)- The monetary value of all goods and services produced by an economy over a specified period. It includes consumption, government purchases, investments, and exports minus imports.
• Law of Demand- A microeconomic law that states that, a;; pther factors being equal, as the price of a good or service increases, consumer demand for the good or service decreases, and vice versa.
• Supply and Demand- The classical economic theory that relation between thesetwo factors determines the price of the good. This relationship is thought to be the driving force in a free market. As demand for an item increase the prices increase also.
• Commodity- Any product manufactured of grown
• Monopolies- Exclusive control of a commodity or service in a particular market, or control that makes possible the manipulation of prices.
• Advertising- To announce or praise a prduct or service in some public communication.
• Consumption- The act of consuming, as by use, decay or destruction
• Deflation- A general decline in prices, often caused by a reduction in supply of money or credit, but also caused by a decrease in government, personal or investment spending.
• Elasticity and Inelasticity- A shift in either demand or supply of a good or service depending on its price. Demand is said to be elastic when it responds quickly to changes in prices, and inelastic when it responds sluggishy.
• Employment- The state of being employed or employing someone. Also the act of giving someone a job.
• Exchange rate- The ratio at which a unit of the currency of one country can be exchangd for that of another conutry. (also called the Rate of Exchange0
• Exports- To send or transport a commodity abroad especially for trade or sale.
• Imports- To bring or carry in from an outside source, especially tp bring in goods or materials from foreign coutries for trade or sale.
• Inlflation- A persistemt, substantial rise in the general level of prices related to an increase in volume of money resulting in the loss of value of currency.
• Productivity- Having the power of producing; readily and abundantly.
• Tax revenue- Government income due to taxation.
• Unemployment- Not having a job. The rate of unemployment is an indicator of the health of an economy.

Cool Teacher

Economics rocks!!!! Ms. Cameron is the coolest Econ teacher EVER!!!!!!!!

Words of Wisdom

If you thought that Economics is still the DISMAL SCIENCE - THINK AGAIN! At this site, you will gain a plethora of economic information to inspire you to think more deeply about the choices you make every day regarding your limited resources; most notably time and money! Remember the powerful words of Confucius:

"(S)He who will not ECONOMIZE will have to AGONIZE!"