Assignment 1

To earn the maximum number of points, develop a 275-word response per assignment. Check for spelling/punctuation and develop the draft in a Word document. You can use your own experience to describe how the articles relate to the concepts from the class.

The Factors of Production (Chapter 1)
People think economics is about dollars and sense. Er, cents. And it is (on both counts). But economic choices involve more than just money. Money, or income, is just one of several scarce or limited resources we have to decide how to use wisely. Time is also a resource that we must choose how to spend.
Economists traditionally also identify several factors of production that must be constantly prioritized and allocated. Traditionally, these factors of production are identified as land, capital, and labor. Economists define land as all natural resources. Trees, game animals, water, minerals—these are all included in the economic concept of land. Capital includes types of property, such as machinery and tools, that can be used to produce things. It does not include money. Labor refers to the human input invested in the production process; it is the human effort exerted when a lumberjack uses a chainsaw (capital) to cut down a tree (land).
http://www.shmoop.com/economic-principles/factors-production.html (Links to an external site.) (Links to an external site.)
From Music to Maps, How Apple’s iPhone Changed Business
Ten years ago, hailing a cab meant waiving one’s arm at passing traffic, consumers routinely purchased cameras, and a phone was something people made calls on. The iPhone, released a decade ago this month, changed all of that and more, sparking a business transformation as sweeping as the one triggered by the personal computer in the 1980s. Apple Inc.’s gadget, and the smartphone boom that followed, gave rise to whole new industries, laid waste to others and forced new business models. “It combined size, power and personalization,” said Paul Nunes, managing director at global consulting and services firm Accenture and author of “Big Bang Disruption,” a book about transformational technologies.
The upheaval triggered by the iPhone, and the launch of Google’s Android operating system for smartphones the following year, led to new innovations like apps that continued to transform industry. Entrepreneurial coders and upstart businesses could now reach consumers directly, creating new modes of shopping, entertainment, travel and more. App stores today offer an estimated 3.5 million to 3.6 million choices, including games, fitness programs, shopping and dating, according to audience-measurement firm Verto Analytics Inc.
Apps also made it easier for big companies to connect with customers: airlines use them to expedite flight check-ins, banks to handle check deposits, and restaurants to automate ordering. That activity has been a catalyst for the growing dominance of tech-industry titans. Alphabet Inc.’s Google and Facebook Inc. now get the bulk of their advertising revenue from mobile ads. Together with Apple, Microsoft Corp., and Amazon.com Inc., they are the five most valuable companies on the stock market today. Ten years ago, only one of the top five was a tech company.
Along the way, smartphones disrupted communication. By offering faster, easier ways to communicate — text, photo, video, and social networks — “the iPhone destroyed the phone call,” says Joshua Gans, professor at the University of Toronto and author of the book, “The Disruption Dilemma.” “It’s funny we even call it a phone.”
Smartphones didn’t start social media. Facebook launched in 2004 on desktop PCs. But they made social networks and messaging apps like Facebook’s WhatsApp, Instagram and Messenger, along with Twitter, Snapchat, and others, pervasive and indispensable. As of March 31, at least 1.94 billion users were checking into Facebook at least once a month.
As mobile audiences grew, so did the time individuals spent on their phones. Average usage had risen to 73.8 hours a month by June of last year from 68.2 hours the prior year, much of it on social media, according to a report by comScore released later in 2016. Advertisers have redirected their spending accordingly, wreaking havoc on established news companies. In 2015, total mobile ad spending in the U.S. overtook print ad dollars, according to eMarketer. Last year, Facebook captured 14% of the $190.6 billion global digital advertising revenue, second only to Google’s 32.8%. And in the first quarter of 2017, Facebook’s 49% rise in revenue was largely fueled by online advertising.
Smartphones have also laid waste to the camera industry — even as they made photos more relevant than ever. Digital camera shipments fell 80% between 2010 and 2016 to 24 million, according to the Camera

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