Module 6 Feedback- When I was a college student, I used to sell my used textbooks on Amazon. I kept all of my economics textbooks, but sold the textbooks for my elective courses. Price is a signal to consumers. Some consumers are price sensitive and others are not very price sensitive. I remember getting into pricing wars on Amazon with other sellers who were selling the same textbooks as myself. I would usually win the war because I was always willing to lower my prices. My goal was simple: sell used textbooks that I did not want.

Module 7 Feedback- Prices are constantly changing on a daily basis. Prices increase and decrease for a myriad of different reasons. Gasoline prices are constantly fluctuating. Keep in mind that federal and state taxes are included in the price per gallon we pay at the pump. Competition surrounding the gas station is a factor that influences the price paid per gallon. In addition, the price per barrel of oil is also a factor in gasoline prices. Farm crop prices have a lot to due with weather related issues. For example, if there is a drought in the mid-west, this will have an impact on corn prices. The price of cotton per pound has decreased significantly since June 2014. This is due to a surging US dollar (which makes US commodities more expensive, and thus can contribute to prices themselves having to move lower).

Module 8 Feedback- The current federal minimum wage in the U.S. is $7.25 per hour. In Florida, the minimum wage is $8.05. I have earned the minimum wage before as a teenager. There is much debate about raising the minimum wage in the U.S. I am for a raise in the minimum wage, but only a slight raise. Recall the concept of a price floor. The minimum wage in the U.S. is a prime example of a price floor. If the minimum wage is raised too much, say to $10 per hour, many businesses will be unwilling to pay the higher wage to workers. This will ultimately create a surplus of minimum wage workers. Some minimum wage workers will be able to work at a higher wage, but others will not. The cost of labor is one of the biggest expenses incurred by businesses.