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Photo of a Rolls Royce car outside the Bellagio Hotel in Las Vegas, Nevada.
The car a person drives can be seen as a symbol of money and power. This Rolls Royce sits outside the Bellagio Hotel in Las Vegas, Nevada. (Photo courtesy of dave_7/flickr)

Robert and Joan have spent their entire lives in Cudahy, Wisconsin, a small town of about 18,000. The high school sweethearts got married after graduation and later bought a house. After Robert served two years in the Army, he came home and accepted a job in a foundry, working on machinery and equipment. Joan worked as a hotel receptionist until she quit her job to raise their two children, Michael and Lisa.

Robert and Joan worked hard to make sure their kids had good lives. The kids went to Cudahy High School, like their parents, and took part in many extracurricular activities. Michael played football and Lisa participated in the debate team and Spanish Club, and served as class vice president.

After high school, Michael’s and Lisa’s lives took two divergent paths. Michael stayed close to home, earning a degree in hotel management at a community college. He began working the front desk of a downtown Milwaukee hotel, a job similar to the one his mother held so long ago. He married Donna, a high school classmate who now worked in a day-care center. The couple bought a house two miles from his parents and eventually had three children of their own.

Lisa’s experiences, meanwhile, took her from place to place. She double-majored in psychology and social work at the University of Wisconsin-Madison, then was accepted to the University of California-Berkeley, where she earned her master’s and doctoral degrees in Social Welfare. She worked as a teaching assistant and helped organize a summit on institutional racism. Lisa received a grant to start a Hispanic youth program in Denver, Colorado. There, she met Mario, a cook, and helped him learn English. The couple soon got married and moved into an apartment in a poor section of the city. They had a daughter, Alaina.

Soon after, Lisa accepted an assistant professorship at the University of Colorado. That summer, while visiting her hometown of Cudahy, Lisa revealed some surprising news to her parents. She explained that she, Mario, and Alaina, were moving to Torreón, Mexico, to be close to Mario’s family. Lisa would do research for a book proposal she’d written and guest lectured at the nearby university. They planned to return in two or three years, in time for Alaina to start school in the United States.

Robert and Joan were proud of their children. Michael and Lisa both had happy marriages, healthy children, and secure jobs. However, Robert and Joan puzzled over the different life paths their children took. Michael married a local woman, worked in the area, and stayed close with family and friends. Lisa moved far from home, married a foreigner, was fluent in two languages, and wanted to live in a foreign country. Joan and Robert had trouble understanding their daughter’s choices. Michael was a chip off the old block, while Lisa seemed like a stranger.

Questions & Answers

Ayele, K., 2003. Introductory Economics, 3rd ed., Addis Ababa.
Widad Reply
can you send the book attached ?
Ariel
?
Ariel
What is economics
Widad Reply
the study of how humans make choices under conditions of scarcity
AI-Robot
U(x,y) = (x×y)1/2 find mu of x for y
Desalegn Reply
U(x,y) = (x×y)1/2 find mu of x for y
Desalegn
what is ecnomics
Jan Reply
this is the study of how the society manages it's scarce resources
Belonwu
what is macroeconomic
John Reply
macroeconomic is the branch of economics which studies actions, scale, activities and behaviour of the aggregate economy as a whole.
husaini
etc
husaini
difference between firm and industry
husaini Reply
what's the difference between a firm and an industry
Abdul
firm is the unit which transform inputs to output where as industry contain combination of firms with similar production 😅😅
Abdulraufu
Suppose the demand function that a firm faces shifted from Qd  120 3P to Qd  90  3P and the supply function has shifted from QS  20  2P to QS 10  2P . a) Find the effect of this change on price and quantity. b) Which of the changes in demand and supply is higher?
Toofiq Reply
explain standard reason why economic is a science
innocent Reply
factors influencing supply
Petrus Reply
what is economic.
Milan Reply
scares means__________________ends resources. unlimited
Jan
economics is a science that studies human behaviour as a relationship b/w ends and scares means which have alternative uses
Jan
calculate the profit maximizing for demand and supply
Zarshad Reply
Why qualify 28 supplies
Milan
what are explicit costs
Nomsa Reply
out-of-pocket costs for a firm, for example, payments for wages and salaries, rent, or materials
AI-Robot
concepts of supply in microeconomics
David Reply
economic overview notes
Amahle Reply
identify a demand and a supply curve
Salome Reply
i don't know
Parul
there's a difference
Aryan
Demand curve shows that how supply and others conditions affect on demand of a particular thing and what percent demand increase whith increase of supply of goods
Israr
Hi Sir please how do u calculate Cross elastic demand and income elastic demand?
Abari
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Source:  OpenStax, Introduction to sociology. OpenStax CNX. Jun 12, 2012 Download for free at https://legacy.cnx.org/content/col11407/1.7
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