Households

In a circular flow model, households are the source of consumption expenditures and land, labor and capital for businesses. Econlife looks at all of the activities of households that include spending, taxes, education, health care and income.

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    On Time Again

    Aug 31, 11 • 667 Views • No Comments

    Have you ever thought about the difference that a clock makes? Described in The Geography of Time, a pre-clock world meant you could not say, “I will meet you at 12:30 for lunch” or “Your workday is 9-5.” By the 1820s, though,......  [read more]

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    “Tweetquakes”

    Aug 29, 11 • 707 Views • No Comments

    Sometimes Tweets travel faster than seismic waves. And then, what happens? In this wonderful webcomic from April 2010, an earthquake strikes, people Tweet, and within seconds, the news beats the temblor’s spread. Do people run for safety? No. They send......  [read more]

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    Steve Jobs and Joseph Schumpeter

    Aug 27, 11 • 1145 Views • No Comments

    Henry Ford once said that consumers would have requested “a better horse” if he had asked them what to produce. Similarly, Steve Jobs told a reporter, “It’s not the consumers’ job to know what they want.” The result? For......  [read more]

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    When Are Potato Chips Good For Us?

    Aug 26, 11 • 584 Views • No Comments

    Potato chip manufacture is a technological marvel. During one year, in one typical factory, the chips in 80 million bags of Lay’s Potato Chips started as potatoes that were picked and plunked into railroad cars, funneled out for washing and processing......  [read more]

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    Made in the USA?

    Aug 24, 11 • 692 Views • No Comments

    One friend recently said to me, “The problem is we don’t make anything anymore!” Disagreeing, a San Francisco Fed report says that 88.5% of consumer spending is for goods and services made here. In addition, businesses are buying US made......  [read more]