Tag Archives: Economics

Business Opportunities For High School Students

English: I photographed this wooden box myself...

(Photo credit: Wikipedia)

A small business you coud start is a woodworking business. Some woodwork projects you could make can be small wooden boxes, cutting boards, and the like. You would need to have tools to run a small business. You would need a router, a jigsaw, a sander, a miter saw or a circular saw, and some clamps. This list contains a few of the necessary items needed for starting a small woodworking business. The costs of buying these items are going to be high if you don’t own them. For this venture to succeed there must be commitment. It will take a few months to repay your parents for buying some or all of the tools you needed. It will be a little while before you see any profit. This is why you need to be committed. This is not a summer business, it is a year-long business. Once you have made some products, you will need to sell them. You can sell your products at craft fairs or at some farmers markets that have a craft section. If you plan to sell your products at these places you will most likely need help from your parents. You will need a sellers permit to sell in these places, so ask your parent for help. Selling your products at these place will also cost you some money. For example you will need to pay for your booth. Keep this in mind when you plan to sell your products. You can also sell your products online. There are sites where you can do this or you can just advertise your products online and ask people to email you if they are interested in your products. Don’t forget to sign your products or brand them so your buyers know it was made by you and that it is not a store-bought product. Having a small business like this can teach you commitment, responsibility, and resourcefulness. These traits will be a great advantage in life. Before you start a small business ask your parents for permission.


The Free Market is the Solution

There is a problem that wrecks havoc on our economy. “Government ought to do it” is the cry of many people. That is the problem. Government has no money of its own, it has to tax, borrow, or inflate to do anything. This hurts our economy through coercive arrangements. The federal government should protect our life, liberty, and property. It has no legal authority to give us anything.  If the federal government did not impose its politics of plunder, that is taking by force from some to give to others,  we would not have this problem. The free market is fully capable of doing what the government is doing unconstitutionally. The free market through voluntary arrangements could build dams, bridges, and roads for less and at a higher quality than the government does. Doing it this way would not wreck havoc on our economy. It would not trample over our Constitution. The saying, “if you want it done right, do it yourself” applies to this problem. We should not be saying the government ought to do it, we should say we can do it through the help of the free market. If we follow free market economics we would solve many of our economic problems.

Turning Your Smartphone into a Financial Management Tool

How do you turn a smartphone into a financial management tool? One good way is to download a finance app. All smartphones should have finance apps, weather you have an iPhone, Android, or Windows phone. Having a financial app helps you keep track of what you spent or may spend on a certain category. For example, before buying a coffee or smoothy check your app and see if you still have money allotted to small expenses. Certain apps allow you to login in to your credit card account so you can have up to date information. Another way to turn your smartphone into a financial management tool is by  using the internet. For example if you are planning to go on a camping trip but you don’t have a tent you need to go shopping. You are at your local Big 5 and you notice that the tent you are looking for costs $400.00. You look at your financial app and see you can only spend $300.00. You are at an impasse.  However, you use your smartphone’s cellular connection to check Sports Authorty and/or Sports Chalet for a better price. You discover that Sports Authorty has the tent you want for $349.99 and Sports Chalet has the tent for $300.00. With this information you can go and buy the tent form Sports Chalet and not go into debt. These are two simple ways to turn your smartphone into a financial management tool.

Who Should Set Prices?

Who should have the authority to set prices, the free market, or the state? When the state has authority to set prices it creates shortages and gluts. A shortage is when there isn’t enough of a certain good or service. A glut is when there is a surplus of goods or services. As a result businesses go out of business. If the government tells businesses that they cannot sell anything under a certain price, the result is little or no sales. If businesses sell everything because the government set a price limit the result would be bankruptcy because they under sold their products. The definition of a free market is a capitalistic economic system in which there is free competition and prices are determined by the interaction of supply and demand and not by the state. In the free market prices are set by the customers. Customers are always looking for the best product for the lowest price. Businesses want sales so they try as best as possible to meet the demand of the customers. This is the formula for success. The free market has the legitimate authority to set prices not the state.

Plunder Made Legal

The origin of plunder is the desire to live at another’s expense. Bastiat defined plunder as follows;”When a portion of wealth is transferred from the person who owns it-without his consent and without compensation, and whether by force or by fraud- to anyone who does not own it, then I say that property is violated; that an act of plunder is committed.” There are two kinds of plunder: the first is illegal plunder and the second is legal plunder.

English: Cover of the 2007 edition of The Law ...

English: Cover of the 2007 edition of The Law by Frédéric Bastiat (Photo credit: Wikipedia)

Illegal plunder is robbery and is punishable by law. Legal plunder is when the law takes from one person to give to another, it benefits one citizen at the expense of another. Legal plunder comes in many ways and names. Tariffs, benefits, subsidies, public schools, minimum wages, free credit, and so on, these are all legal plunder. Legal plunder is socialism. Legal plunder is a great evil because it erases the conscience of a nation to clearly see the difference between justice and injustice. The result of legal plunder is the loss of moral sense and of respect for the law. No society can prosper without a respect for the law. To regain moral  sense and the respect for the law we have only one option and that is”nobody plunders anybody.” Frederic Bastiat proclaimed,”No legal plunder. This is the principle of justice, peace, order, stability, harmony, and logic.” Our laws should protect and defend our rights to life, liberty and property and not to condone legal plunder as is the case with our government. We have to go back to our Constitution or our nation will destroy itself.