Prices, money, knowledge, and technology may not seem that they should be together, but all of the terms connect in one category. Money is a big issue when talking about prices in the past and present. Knowledge and technology are important, too.
Charts and graphs comparing prices of food and other items can be astonishing at what it brings forth. In 1915, the price of bread was at seven cents. Right now, if you go to your local grocery store, you can find a loaf of bread for about a dollar. That is most likely the lowest price available for a loaf of bread. The price has doubled fourteen times or has increased by 1328 percent- startling.
The percent change in wages is not even close to the percent change of prices on foods. The minimum wage in 1938 was twenty-five cents; today the minimum wage is at $5.15. The percent increase is exactly 1960 percent. There is a 500 percent difference in prices than wages. This means you can buy more items with the same amount of money today, than you could before.
2 of 3
In 1910, the money supply was at 3,148,000,000; in 1994, it was at 371,466,000,000. The percent increase is approximately 11700 percent. As you can see, the percent increase of the money supply is greater than the percent increase of prices, 10372 percent larger. This is where knowledge and technology come in to play. Technology has increased greatly, therefore letting producing become more competent. Technology would not be possible without having knowledge which makes technology expand, helping companies all over the world.
For example, the assembly line has lowered car prices greatly. It cuts the hours of making a car. Robots have been replacing humans throughout the world. The reason for replacing humans with robots is that robots do not work for money; they are programmed to run. This is only one of the many examples of technology and knowledge used wisely.
If knowledge and technology had not occurred, prices on all sorts of items would be multiplied. The example of the assembly line is perfect for explaining this concept. Let’s say robots were never made and humans are put in the robots position. Humans do not work for free, they work for a fee. As told before, robots work for nothing. The company who is making the cars has to charge more to make up for the lose of money. Therefore, prices would be greater if technology and knowledge had not occurred.
3 of 3
Altogether, The numbers can be confusing. The bottom line is knowledge and technology are the main cause of prices not doubling. The study of the effects of prices from the money supply can reveal many interesting facts. If you want more information on this subject you can go to your local library, get on the Internet, or wherever the information may be. This is a great topic to do research on and should be studied by everyone.
Другие работы по теме:
Prescription Drugs Essay Research Paper In a
Prescription Drugs Essay, Research Paper In a recent article, an MNBC correspondent brought up the issue of high prices on prescription drugs. Many of these drugs are special vitamins, as well as
Breakeven Point Essay Research Paper Breakeven is
Breakeven Point Essay, Research Paper Breakeven is the point at which a business is neither making money nor losing money, and managing to cover their costs exactly. This is a businesses main objective from
NonDeterminates Prices Of Supply Essay Research Paper
Most people that are common shoppers have encountered a situation where the product that they were seeking to buy was not available. It is very easy to see that certain products do have an ample supply due to many reasons. Other than the price of that product, there are six major non-determinate factors of supply.
Minimum Wage Essay Research Paper An increase
Minimum Wage Essay, Research Paper ?An increase now will boost income for the poorest workers without the danger of creating more unemployment.?, states the New York Times in September 1999. Is this statement about an increase in minimum wage really true? There are two sides to the debate about minimum wage that both hold valid points.
BioTechnology Essay Research Paper The shortterm future
Bio-Technology Essay, Research Paper The short-term future of biotechnology in production agriculture looks bleak. The unattractive truth is that economics, not science can play a larger role in the future of biotechnology.
Econpric Essay Research Paper Economics Essay
Econpric Essay, Research Paper Economics Essay> Q. Why do prices of some goods fluctuate more than others?A. It is a well known fact, that various prices of goodsfluctuate at various levels. The products which fluctuate most inprice are often held to be necessities, but what is that makesthese changes, and which factors influence them.
Anaylsis Paper Essay Research Paper Analysis Paper
Anaylsis Paper Essay, Research Paper Analysis Paper 1 The EIA predicted Midwestern Illinois families to be spending as much as 40% more on heating this year compared to last year because of higher natural gas prices. The increase in price is largely due to the reduction of natural gas supplied.
Goals Essay Research Paper Jonathan drlasEssay 4This
Goals Essay, Research Paper Jonathan drlas Essay 4 This is my first work on this paper. My goal that I?am going to incorporate in my paper is a money goal. I want to save up 3,000 dollars before I leave for school. I leave on the 15 of august so there is a little over two months that I have to achieve this goal.
Canadian GDP Essay Research Paper The output
Canadian GDP Essay, Research Paper The output or GDP of Canada has increased from 1995 to 1999. This means that more people became employed or productivity has risen. With the GDP on the rise, Canada is able
Inflation Essay Research Paper InflationInflation is defined
Inflation Essay, Research Paper Inflation Inflation is defined as ?a period of rising prices when the purchasing power of the dollar is falling.? What this boils down to is that as time goes by the dollar bills worth decreases while at the same time prices rise. Now when I say the dollar bill?s value decreases I don?t mean a dollar reduces to ninety cents.
Nine West Caught Engaging In Price Fixing
Essay, Research Paper Nine West Caught Engaging in Price Fixing Nine West, a large supplier of women’s shoes, was accused of price fixing, among retailers, of various Nine West brands. On March 6th, 2000 Nine West agreed to pay $34 million; all of the money collected will be used to fund various women’s health programs.
Populism Essay Research Paper The Populist platform
Populism Essay, Research Paper The Populist platform for the 1892 election called for unlimited coinage of silver and an increase in the money supply “to no less than $50 per capita.”. Here again, the farmers are wrong in the assessment of their problems. It is true that the country’s money supply was not adequate.
Ripple Effects Upon Economy Essay Research Paper
There are several things that can cause a ripple effect in our economy. There are economic facts, or things that will happen no matter what, that start to affect more and more people, until they sooner or later effect everybody. The
Gold Price In The US Essay Research
Paper The largest demand for gold is in jewelry and investments. Gold is known as a metal that is easily used and has many industrial applications. Since gold is so durable and
Big Money Essay Research Paper The Chicago
Big Money Essay, Research Paper The Chicago Bulls’ Michael Jordan set the pace, signing a one-year contract for $30 million, making him the highest-paid player for one season in the history of team sports. Then, in a pair of seven-year deals, the Miami Heat retained their Alonzo Mourning for $105 million and picked off the Washington Bullets’ Juwan Howard for more than $100 million.
Gold Standard Essay Research Paper Topic The
Gold Standard Essay, Research Paper Topic: The ?Classical? Gold Standard between the period of the early 1870?s until the first world war, what was wrong with it and the collapse of the standard.
Got Those Opec Blues Again And
Rational Exuberance Essay, Research Paper Got those OPEC Blues Again and Rational Exuberance SUMMARY Since March of 1999, when the price of West Texas Intermediate crude oil was at $13 a barrel, we have seen a steady increase in prices in all phases of the economy. OPEC, the organization that is largely responsible for setting production goals in the Middle East, was under fire to find ways to increase prices.
Gasoline Essay Research Paper Why are we
Gasoline Essay, Research Paper Why are we paying so much for gasoline? If you haven?t noticed you must not drive, but there has been a drastic increase in gas prices in the past year and a half. It seemed like just the other day when I was at the gas station and I said ?Can I get 20 dollars on pump 3 please?? and that would guarantee a full tank of gas.
Rise Of Gasoline Prices Essay Research Paper
Jeff WoldhuisPeriod 25-22-00 Gasoline prices in the United States have been drastically rising since the beginning of the twenty-first century. These gasoline prices will continue to rise particullarly in the United States until the end of summer. But they will remain at a certain high from now on. The concept of supply and demand is also being used to explain the increase of these prices, where the demand of gasoline is rising faster than the supply for this United States gasoline.
Three Sides Of Labor Unions Essay Research
Paper Summarize the three arguments on labor unions. To start with, the Conservatives believe that labor unions are bad. They feel that labor unions have too much power for their size. Labor unions use this power as blackmail against companies, by becoming labor monopolies. They ask too much of companies, causing either the company to shut down, or to supply more money for the employees.
Petroleum Crisis Essay Research Paper Everyone wants
Petroleum Crisis Essay, Research Paper Everyone wants appliances such as toasters, microwaves and fridges to be cheap even though they are rich, but what about the poor people or so called middle class. What will they do if the prices are too high to afford? Petroleum is something that we all need to go from place to place, anyways most of us do; four to five years ago, when I first came to Canada, the gas prices were quite low, but in the past 2-3 years, it is still increasing up to date.
What Is Economics Essay Research Paper Many
What Is Economics? Essay, Research Paper Many people think that economics is about money. Well, to some extent this true. Economics has a lot to do with money: with how much money people are paid; how much they spend: what it costs to buy various items; how much money firms earn; how much money there is in total in the economy.
OPEC
– Supply And Demand Essay, Research Paper Lora Tomasello 7 / 17 / 00 Essay 1 The supply and demand issues dealing with the OPEC are that we are in great need of gasoline in the United States, since gas prices have soared in the past year. Saudi Arabia has a vast supply of stored oil. However, in the article it states that the Saudis cannot afford to appear as America?s lackeys.
SupplySide Economics Essay Research Paper SupplySide EconomicsEssay
Supply-Side Economics Essay, Research Paper Supply-Side Economics Essay Question Supply-Side economics and policies would best benefit the economy in the case of a recession in the year 2000. Supply-side policies are made of several important points to regulate the economy. Supply-side policies consist of stimulating the economy by production, cutting taxes, and limiting government regulations to increase incentives for businesses and individuals.
Do Higher Wages Cause Higher Prices Or
Do Price Rises Cause Wage Rises? Essay, Research Paper Do higher wages cause higher prices, or do price rises cause wage rises?? What are the policy implications in either case?Inflation involves
Fuel Cost Essay Research Paper As the
Fuel Cost Essay, Research Paper As the country gets bigger and more people make their residency here the demand for fuel increases, thus, causing higher prices for fuel. Gas prices have
Monetary And Fiscal Policy Essay Research Paper
Monetary and Fiscal Policy The Monetary and Fiscal Policies, although controlled by two different organizations, are the ways that our economy is kept under control. Both policies have their strengths and weaknesses, some situations favoring use of both policies, but most of the time, only one is necessary.
Econ Essay Research Paper Moneycommodity money Fiat
Econ Essay, Research Paper Money-commodity money, Fiat. Money supply=currency in hands of public+other assetsas means of payment (demand deposits, traverler’s checks, savings accounts, time deposits, mutual funds)
Stock Market Crashs Of 1929 And 1987
Essay, Research Paper The Stock Market Crashes of 1929 and 1987 The stock market crash of 1929 occurred over a period of time that was the beginning of what is called the Great Depression. Everyone wanted to invest their money in the stock market. People thought that the stock market was the perfect place to make money.
Federal Monetary And Fiscal Policy Essay Research
Paper The management of the money supply and interest rates is what is known as monetary policy, The Federal Reserve System (the Fed) was established by an Act of Congress in 1913 and consists of the seven members of the Board of Governors in Washington, D.C., and twelve Federal Reserve District Banks.
Fuel Wars Essay Research Paper Fuel Wars
Fuel Wars Essay, Research Paper Fuel Wars A response to the increasing gas prices Over the past two years, it has been said that gas prices would begin to rise in 1999. Immediately, this news grasped the attention of the business sector and public. Both spent their time devising a plan, on how to keep the prices low, but the time has come for these plans to begin working.