Engineering Paper

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Pages: 3
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My building structure is a basic residence intended to be inhabited by a couple or small family of three or four people inhabiting the house, just based on it’s exterior measurements. I built it in such a simple form because it was my first time using the Sketch Up application and had minimal experience in using the more advanced tools which could of enhanced the house’s details. The house had a simple rectangular design that I based of the simple housing we built in Tennessee; and I did the details of the exterior façade of the house, including: windows, doors, stone walkway to the front of the house, roofing and siding materials (J-channel and brick). If I were to do this project again I would prefer to be more detailed with the applet in order to make a more detailed and advanced model. I could of improved my house by making my measurements a bit more accurate and making a better roof because the house’s roof looks unstable and the measurements were slightly off. However, I probably would keep my original concept and intention for the house to be a residential estate.Goal of class: “Economic Literacy”
1929- Stock Market Crash
1933- Glass-Steagall Act→Issued bank deposits in commercial banks and divided responsibilities of commercial and investment banks
1995-Congress deregulates banking industry, repeals Glass-Steagall; banks and investment firms can join together, use more savings for investment.
“Housing Bubble”
1983-’07-expansion in U.S. economy (with mild recessions in ’88, ’91, ‘00)→ deregulation (fewer gov’t regulations on economy), lower interest rates (FED)

2001-’07- speculation in housing market→ House prices rose dramatically
Banks start issuing “sub-prime” mortgages, “no-doc” mortgages

Securitized mortgage investments- “derivatives”

Credit Default Swaps- banks take out insurance on debt/ risky mortgages.

Profitability of:
1.Lending for homes (banks)
2.Investing in mortgages (investment firms, banks, private investors)
3. Buying a home (potential homeowners)

Dodd Frank- 2010
-Early ’09 Federal government passes TARP = 700 billion “bail out” of affected banks, insurance carriers, and even auto companies.

-2009-’14- slow recovery, unemployment now at 6.1%
Worldly Philosophers

-3 forms that humans have used to organize society to insure survival:
1. Tradition- economic decisions made by tradition passed from father to son, generation-to-generation, etc.
2. Command or Authoritarian Rule- economic decisions made by rule od authority. I.E.) Communism
3. Market- economic decisions made by individuals.

3 Factors of Production: Land, Labor, and capital. Land- natural resources Labor- human effort Capital- man-made items used for production (i.e. technology, cash$$$)

Chapt. 1
Scarcity- #1 economic issue is scarce resources with unlimited wants.
Economics- study of how societies organize to solve scarcity
Market Economy- efficient
First Principles:
1. Scarcity- means choices, central problem for all economies/ society. Resources are scarce and choices must be made.
2. Opportunity cost-that,
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