Economic Journal
Ramon Hernandez
Created on March 11, 2022
Jornal about a business and how economics affects it.
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Transcript
By Ramon Hernandez
start
Journal
Econ
06
07
08
09
05
04
03
02
01
Contraction Phase
Expansion Phase
Popularity
Labor Strike
Factors that Affect Curves
Entrepreneurship
The Big Three
Business
Scarcity
index
Business
Day
01
I started a business and my business is going to be a Hotel/Resort which is going to be a service. I'm going to open a luxurious Resort with many services like a restaurant, spa, sauna ,gym, outdoor bar with a huge pool and a jacuzzi section and a small Waterpark and more. The resort's name is going to be Paragon Resort. I started the business because I want to create a fun experience for people and because I want to become rich.
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Business
Day
01
Scarcity
Day
02
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Scarcity
I decided to build the resort in an area that doesn't have many hotels available which creates Scarcity for people to find a Hotel And if other business started to build more hotels near mine I would try to offer as many services and goods as possible since the majority of the time the customer might forget something creating Scarcity of that good they wanted but don't worry about it because my business has it all we can offer most of the goods for free or with a small payment.
Day
02
Some goods that I offer in my Hotel/Resort are
Day
02
- Shampoo & Conditioner
- Soap or Shower Gel
- Mouthwash
- Disposable razor
- Body lotion
- Shower cap
- Toothbrush & Toothpaste
- Sewing kit
- Straightening iron or Curling iron
- Nightlights
- Workout gear
- Local map of the city
- Beach towel & Chairs
- Umbrella
- Travel adapters
- offer vip gifts
- Laundry bag
- Tea & Coffee
- Bathrobes
- Slippers
- Pens & Notepad
- Extra pillows & blankets
- Phone charger
- Blow dryer
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All of these services and goods are elastic because it all depends on the customer and what he/she wants in their vacation.
Elastic or Inelastic?
Some goods that I offer in my Hotel/Resort are
- Straightening iron or Curling iron
- Nightlights
- Workout gear
- Local map of the city
- Beach towel & Chairs
- Umbrella
- Travel adapters
- offer vip gifts
- Laundry bag
- Tea & Coffee
- Bathrobes
- Slippers
- Pens & Notepad
- Extra pillows & blankets
- Phone charger
- Blow dryer
For services I would offer
Day
02
- Shampoo & Conditioner
- Soap or Shower Gel
- Mouthwash
- Disposable razor
- Body lotion
- Shower cap
- Toothbrush & Toothpaste
- Sewing kit
- Restaurant/Bar
- Spa/Sauna/Massage
- Small waterpark
- Arcade
- Photograph service to remember your experience
- customer service,
- Housekeeping,
- Interne
- Kids activities
- Parking/Transportation
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The Big Three
Day
03
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The Big 3
What, How, For whom to produce?
- What to produce?
- How to produce?
- For whom to produce?
- Equilibrium price
Day
03
Entrepreneurship
Day
04
- Valet parking/driver
- massage therapist
- Maintenance
- Tech support
Business plan, find investors, construction permits, and advertising
Entrepreneurship
Human Capital
People with skills and knowledge like:
- Chefs
- Lifeguards and Security
- Housekeeping
- Babysitter
- Customer service
- Photographer
+ Info
Physical Capital
Cleaning supplies, tools, equipment, supplies in general for other services
Labor
Hire people to build the hotel and then hire people with experience to provide goods and services
+ Info
Land
- Land for sale
- Build Hotel/Resort
- Install services:
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Entrepreneurship
Day
04
Factors that Affect Curves
Day
05
Because my hotel/resort is luxurious It needs to be up to date so I decided to improve the technology in my hotel by installing an intercom system to facilitate our communication between our guests and employees which makes it easier to make announcements. Another improvement I did to my hotel is better internet service and created a website to book a room online which made a lot of guests happy. By improving the technology in my hotel I increased the supply curve because now with the improved technology I can supply better services and goods to the guests at my hotel.
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Technology improvement
Day
05
Popularity
Day
06
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Popularity
Popularity
my hotel has been doing really well and people started posting on social media about which led to famous people starting visiting it which increased the popularity of the hotel/resort. The popularity of the hotel increased so tremendously that our demand curve skyrocketed and left us with no rooms left because of how good my hotel was and because we offered so many services and goods people would stay for a week or more which created huge income to my hotel but It created a shortage in rooms to book in.
Day
06
Labor Strike
Day
07
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Labor Strike
Because the hotel is really popular, my employees got overworked and decided to quit on me because I didn't raise their wages for all the work they were doing. This impacted my business in a huge way because now I had a labor shortage which led to my supply curve decreasing because it decrease the amount of services and goods I could provide to my guests so I decided to increase the wage for my employees but most of the workers decided not to come back because they were exhausted so now I have to hire new employees and be more conscious of their work environment.
Day
07
Expansion Phase
Day
08
The unemployment rate is going to be low since we are in an expansion phase, and there is going to be a lot of competition. So everyone tries to make as much profit as possible, so I raise the prices, so I can have more employees and make more profit, but since the expansion phase is going fast the government tries to slow it down to prevent a market crash, so the government decides to put an excise tax on my hotel and raise interest rates which leads to me having to raise my hotel prices even more so I can pay the taxes and still make a profit, but customers get frustrated by the high prices so they don't come as often as they used to do which led to not making enough profit so I had to lay off some employees to not lose a lot of money but that didn't work so my business started to lose a lot of money because there are not enough customers, and I still have to pay the employees I have left and the excise tax which leads to me having to go get a loan but there is a problem the reserve requirement and discount rates are high so I decided not to get a loan, so I had to lay off all my employees and close the hotel temporarily.
In an expansion phase the economy is going fast, prices are raising, and unemployment is going down but there is risks
Expansion Phase
Day
08
What Happens?
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Contraction Phase
Day
09
Since I couldnt make money and I almost went bankrupt I had to close my hotel temporarly and laid off all my employees but since the contraction phase came down really hard alot of businesses where in danger of closing permanentaly including my hotel so the government decided to spend money in our businesses by giving us subsides which help alot of busineses including my hotel this subsidy tax help me open my hotel again and then the government decided to get rid of the excise tax and lower the interest rate on my hotel which it permited me to lower my prices and make the hotel more affordable and since the government lower taxes people started making more money and they could spend more but because my hotel was severly affected I had to get a loan but because the government wanted to help businesses they decided to lower the reserve requirement and discount rates which it permited me to get a good loan and get my business back to normal so now that I have money I can get more employees and start making profit again but this time I decided to take things slower to prevent my hotel from closing and going through a bad economic phase.
In an contraction phase the economy is going slow, prices are droping, and unemployment is increasing but there is risks
Contraction Phase
Day
09
What Happens?
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Economics class
Ramon Hernandez
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