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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

What are the factors that affect demand for a commodity
Florence Reply
differentiate between demand and supply giving examples
Lambiv Reply
differentiated between demand and supply using examples
Lambiv
what is labour ?
Lambiv
how will I do?
Venny Reply
how is the graph works?I don't fully understand
Rezat Reply
information
Eliyee
devaluation
Eliyee
t
WARKISA
hi guys good evening to all
Lambiv
multiple choice question
Aster Reply
appreciation
Eliyee
explain perfect market
Lindiwe Reply
In economics, a perfect market refers to a theoretical construct where all participants have perfect information, goods are homogenous, there are no barriers to entry or exit, and prices are determined solely by supply and demand. It's an idealized model used for analysis,
Ezea
What is ceteris paribus?
Shukri Reply
other things being equal
AI-Robot
When MP₁ becomes negative, TP start to decline. Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 • Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of lab
Kelo
Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 • Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of labour (APL) and marginal product of labour (MPL)
Kelo
yes,thank you
Shukri
Can I ask you other question?
Shukri
what is monopoly mean?
Habtamu Reply
What is different between quantity demand and demand?
Shukri Reply
Quantity demanded refers to the specific amount of a good or service that consumers are willing and able to purchase at a give price and within a specific time period. Demand, on the other hand, is a broader concept that encompasses the entire relationship between price and quantity demanded
Ezea
ok
Shukri
how do you save a country economic situation when it's falling apart
Lilia Reply
what is the difference between economic growth and development
Fiker Reply
Economic growth as an increase in the production and consumption of goods and services within an economy.but Economic development as a broader concept that encompasses not only economic growth but also social & human well being.
Shukri
production function means
Jabir
What do you think is more important to focus on when considering inequality ?
Abdisa Reply
any question about economics?
Awais Reply
sir...I just want to ask one question... Define the term contract curve? if you are free please help me to find this answer 🙏
Asui
it is a curve that we get after connecting the pareto optimal combinations of two consumers after their mutually beneficial trade offs
Awais
thank you so much 👍 sir
Asui
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities, where neither p
Cornelius
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities,
Cornelius
Suppose a consumer consuming two commodities X and Y has The following utility function u=X0.4 Y0.6. If the price of the X and Y are 2 and 3 respectively and income Constraint is birr 50. A,Calculate quantities of x and y which maximize utility. B,Calculate value of Lagrange multiplier. C,Calculate quantities of X and Y consumed with a given price. D,alculate optimum level of output .
Feyisa Reply
Answer
Feyisa
c
Jabir
the market for lemon has 10 potential consumers, each having an individual demand curve p=101-10Qi, where p is price in dollar's per cup and Qi is the number of cups demanded per week by the i th consumer.Find the market demand curve using algebra. Draw an individual demand curve and the market dema
Gsbwnw Reply
suppose the production function is given by ( L, K)=L¼K¾.assuming capital is fixed find APL and MPL. consider the following short run production function:Q=6L²-0.4L³ a) find the value of L that maximizes output b)find the value of L that maximizes marginal product
Abdureman
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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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