New York City Economic Analysis

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New York City is a place that everyone would love going to. There are a lot of sites to see and places to shop and eat at. Looking at this picture of New York City the first economic term that I think about is money. Money is usually use to buy a certain type of good or service for example a pace to stay at a hotel or buying clothes at a shopping store. There are many things to do in New York so deals that are being made from store to store, customers are spending money to get what they want. Another economic term that I think of is taxes. Taxes are a contribution to the state revenue added to the cost of goods and services. I think of taxes because in New York City people are always spending money throughout the day weather its to eat, find a place to stay, or buying clothes people buy things and when they buy the goods or services they need or want there are taxes being added to the amount. The final economic term I think about when looking at the picture of New York City is utility. Utility is the measure of how a certain kind of goods and services can bring happiness to a person or consumer. New York City …show more content…

The reason I chose this economic term is because blackberries are a type of goods that consumers what or need and the market uses that information of how much blackberries are in demand and sets the prices for the blackberry. If blackberries are in high demand then the markets may raise the price higher. This last term I chose for this picture is international trade, looking at this picture it made me think where do these blackberries come from? the definition for international trade is the exchange of goods and services across international boarders or territories. These blackberries could have been shipped from another country to be sold in the United States. In the economy, international trade is very common and is happening

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