Blog # 3
The Great Depression
For this blog I interviewed, Roger S. Buck, M.D., about his grandfather, James D. Buck.
The Great Depression was a time of economic turmoil, thus the name Great Depression. It lasted from 1929 until sometime in the late 30's to 40's. "Cities all around the world were hit hard, especially those dependant on heavy industry. Farming and rural areas suffered as crop prices fell 40 - 60%" (wikipedia.org). The depression was the longest period of recession the country had ever experienced.
James D. Buck was born sometime during the year 1895. He lived in Kiowa County, Oklahoma in a city named Gotebo. Mr Buck did not finish high-school, as many during this time period; he had a third grade education. Working and making money was more important to the survival of the family, rather than education. He was a cotton farmer, married, and had six children. His wife died in 1932 from a sudden illness, leaving him to raise six children on his own.
Signs of the Great Depression hit Oklahoma in 1930 as a drought hit the region. Oklahoma experienced falling oil prices and there were many layoffs. In 1931 a severe drought hit this region of the country. Crops died and dust from the over-plowed land began to blow, and this was called The Dust Bowl. Since Mr. Buck was a cotton farmer, he was hit hard by this, and tried to continue to farm his crops, but ultimately gave up due to this crisis.
James Buck was unable to support his family by cotton farming, so he enrolled in one of the work programs provided by the government. He was assigned to the postal service as a postman. He delivered mail on horseback, and by the time that the first cars were available, he had became a postmaster. He also owned a garage and ran a gas station, for extra money to support his six children and himself. He did continued to stay in the postal service until he ultimately retired.
Blog #2
Recent Gas Shortages Due to Hurricane Ike
An economic shortage is defined as an excess of demand for goods or services, and less of the amount of goods or services available. Economic shortages are usually related to price. However in the case of the recent gas shortages related to Hurricane Ike, there was a situation in which people were unable to find gas at a reasonable price, due to the spike in gas prices prior to Hurricane Ike.
There was evidence of a shortage , due to long lines at gas stations, and many gas stations were running out of gas. Gas stations were pressured to hold prices steady, despite the increase in demand, so naturally a lot of gas stations ran out of gas. People were frantically running to the pumps, because of the rumors of a spike in gas prices or an overall shortage in gas.
Because so many people were buying more gas than usual, the gas stations ran out of gas, and those that didn't, increased the price so much, that gas was hardly affordable for the average household. Had gas stations been able to rise prices accordingly, shortages would have been reduces, and only the people that really needed gas would have bought it.
A good portion of economic is how society distributes scarce resources. If everyone with the notion to fill up their half-full gas tanks, just to be "safe" had not done so, there would not have been such a shortage, and the price of gas may not have risen so much. Less supply and more demand equal higher prices. When everyone run out to gas stations, this causes a massive increase in demand, and all because there were "reports" of less gas being available, due to a hurricane that had not even made landfall yet.

Economics

Blog #1
3 Definitions of Economics:

1. A social science concerned chiefly with description and analysis of the production, distribution and consumption of goods and services.
http://meriam-webster.com/dictionary/economics

2. Propsed Definition: Economics is the study of the functioning and malfunctioning of the economy with the aim of improving living standards.
http://businesswekk.com/the_thread/economicsunbound/archives/2007/ol/should_scarcity.html

3. The branch of social science that deals with the production and distribution and consumption of goods and services and their management.
http://wordnet.princeton.edu/perl/webwn







Science

Blog #1
Definitions of Science:

1.The word science comes from the Latin "scientia" meaning knowledge.
According to the Websters New Collegiate Dictionary, the definition of science is "knowledge attained through study or practice," or "knowldege covering general truths of the operation of laws, espicially as obtained or tested through a specific method, and concerned with the physical world."
This means -- science refers to a system of aquiring knowledge. This system uses observation and experimentation to describe and explain natural phenomena. The term science also refers to an organized body of knowledge people have gained from using that system.
http://sciencemadesimple.com/science-definition.html

2.The methodlogical study of a phenomenon through careful observation, collecting data, experimental investigation, or theoretical explination.
A systemized body of knowledge in the form of a hypothesis, theories, principals, models, or laws that have been conclusively drawn from observed or verifiable facts or from the experimental findings gained basically from the application of the scientific method.
http://biology-online.org/dictionary/science

3. Science is a systematic method of continuing investigation that uses observation, hypothesis testing, measurement, experimentation, logical argument and theory-building to lead to more adequate explanations of natural phenomena.
http://evolutionnews.org/2005/11/kansas_definiton_of_science_c.html