Annotated Bibliography

QUESTION

How did Steve Jobs change the way we communicate, work, and live?

SOURCE 1

"Tribute to Techman: Steve Jobs' Apple that changed the world." Alive 11 Nov. 2011. Infotrac Newsstand. Web. 13 Mar. 2013.

Steve Jobs, the founder and former CEO of Apple, dropped out of Reed College after 6 months. In 1976 Jobs invented the first Apple computer with friend Steve Wozniak. 6 years later in 1982, and already a multimillionaire, Time Magazine named the invention the “Best Machine.” In 1984, the first Macintosh computers were released. He resigned from Apple in 1985 after being pressured to leave by executives within the company. He returned to Apple in 1997. Jobs has over 330 technologies patented in his name in the United States.

At 21 years old, and with no more than a high school diploma, Steve Jobs invented the first Apple computer. Though it originally had many design flaws, it was one of the most advanced machines of its time. His invention would later spark a technological revolution spanning the globe, transforming the way consumers conduct business and live. Products like the iPod in 2001 and iTunes in 2003 changed the way the world listens to and purchases music and movies. Brick and mortar locations like CD stores and movie rental outlets diminished. Newer technologies like the iPhone and iPad completely changed the way we communicate with others, obtain information, and entertain ourselves. Jobs knew how to leverage the wants of consumers. His ideas stretched far ahead of everyone else in the industry and he consistently predicted the wants and needs that average consumers would have in the future. Jobs, who was said to be a tough boss, also had a charismatic personality and encouraged his employees to manufacture the best. At Stanford University in 2005, Jobs said to the graduating class: “Every person comes here for a limited period. Hence listen to no one but to your heart alone.”

SOURCE 2

MLA: London, Gary H. "Steve jobs' genius made a world of difference." San Diego Business Journal 17 Oct. 2011: 51. General OneFile. Web. 13 Mar. 2013.

Steve Jobs died at a young age in 2011. He was 56. While alive, Jobs helped found Apple, was subsequently let go from the comapny, and then returned later as CEO in the 90s. Jobs, by providing an easier shopping trip, played a major role in the decline of transactions in retail locations and an increase in online purchases. He gave average consumers accessibility to online shopping, instant music downloads, and online shopping.

For a man who will surely be in the history and economics textbooks of future generations, Steve Jobs was a peculiarly private man who didn’t reveal much about himself or the seriousness of his condition. Though he died early in life, he left behind a legacy of incredible innovation and ingenuity unlike any other tech mogul in the business. Jobs did not only help redefine the personal computing and music industries; the reverberations of his prowess stretch far beyond the technology industry and will be felt for decades to come. In a way, his inventions changed the way we live. Music is downloaded instantly. Renting a movie only takes a few clicks on a remote. Remembering phone numbers is an archaic practice. Social norms and the way we connect with others have undergone drastic transformation. Even the way we shop has changed. The number of transactions that were once exclusively made in retail locations is rapidly lessening as internet transactions are seeing a sharp increase in popularity. This has changed the very economics of retail businesses, the composition of shopping malls, and has lessened the demand for brick and mortar outlets in all industries. Jobs’ products made us mobile, impacting how and where we do business. Companies have become infinitely more virtual, storing information in computer systems instead of in file cabinets, significantly reducing the amount of space needed. The commercial-office-space market has been completely altered.

SOURCE 3

MLA: "Scene changers." DAILY the POST 17 Oct. 2011. Infotrac Newsstand. Web. 13 Mar. 2013.

Steve Jobs invented one of the first computers for normal people. Before Jobs, computers took up huge areas and were still surprisingly less powerful than the Apple machine, which was smaller a microwave oven. Consumers were intrigued by this all-new technology. Later, he went on to help to build one of the world’s most valuable companies. He was innovative and thought outside the box. He catalyzed the smartphone revolution and drove technology forward in a way that no other company had even thought of before.

Over the years, Apple underwent significant change and its products have followed suit, becoming more technologically advanced every year, and always staying one step ahead of the game. Now the second most valuable company in the world, Jobs left behind a legacy that will be remembered and talked about for generations to come. Not only was he a profound businessman, but a husband and father too. He said that everything people long for - money, respect, fame - are not significant in the face of death. Jobs was not afraid to die, but the world lost a man that surely would have continued to change the world in inconceivable ways.

Demand & Utility

Three things that I will "economically demand" this week and explain what "utility" each item will serve.

Three things:

1. Gas. I need gas in order to get to school, get lunch, go shopping, etc. I also have to drive my little brother around a lot (he has basketball practice 7 days a week), so I need gas for that too.

2. Starbucks coffee. I get coffee at Starbucks almost every day. It provides a boost of caffeine, which helps keep me awake during the day.

3. Food. This one is pretty obvious - I need food in order to survive. I have a job, so my parents have me pay for most of my own meals. I either go to the grocery store and get ingredients to prepare something at home, or go out to eat someplace.

Markets

Do you support this kind of economic system?

I definitely support a market economy. I believe the benefits associated with this type of system far outweigh the minor disadvantages. However, the United States is not a true market economy. Our economy is slowly edging away from a market system. Our government provides extensive support to the poor, the unemployed, students, and the elderly through programs such as Welfare, Unemployment benefits, Financial Aid for college, public education, and Medicare. Healthcare has also been socialized under Obama's presidency (Obamacare). I strongly disagree with most of these programs, healthcare especially. 

I grew up with entrepreneurial parents and watched my dad open several businesses over the years. While he failed several times, he never stopped trying and is now an incredibly successful business owner. I also own a very successful graphic design business on my own. The economic system in the United States has allowed this. In countries with true command economies, entrepreneurship is simply not possible. But as I mentioned before, I think the US is starting to move away from a market-esque economy. The United States was once the most revered country in the world. We had a unique economic system that provided unlimited opportunity - the idea of the "American Dream." With the addition of universal healthcare and easily handing out Welfare, opportunities in this country are dwindling. I believe that reverting to a true, or just truer, market economy would undoubtedly revive the US economy.

Fiscal Cliff

The fiscal cliff, essentially, is the "expiration" of tax cuts and simultaneous major, across-the-board spending cuts. Bush tax cuts, the payroll tax, unemployment benefits, and a host of other tax breaks are set to expire on Dec. 31st. The sequester will take effect the very next day. Spending will be reduced significantly and taxes will be increased if an alternative deficit-reduction deal is not agreed upon by the end of 2012. The middle class and small businesses would take the brunt of the impact of the fiscal cliff.

Many economists say that the increased taxes and spending cuts would just be too much deficit reduction when the economy is already in such a weakened state. The Congressional Budget Office predicts that a short recession would ensue if the fiscal cliff becomes reality, slipping the economy further backward. Jobs will be lost, middle class families and individuals will face higher taxes, and small businesses will struggle with the increases, further stressing the already-impaired companies. The fiscal cliff is far from the best case scenario and is feared by economists, congressmen, and ordinary American citizens alike.

The sequester, which is another key component in the fiscal cliff, is a package of automatic spending cuts. These cuts, which are projected to total $1.2 trillion, are set to take effect at the first of the year and end in 2021. The cuts are evenly split between defense spending (with spending on wars exempt) and domestic spending (with spending on social security and medicaid exempt). Many defense specialists warned that the cuts would leave the military "hollowed out." Democratic legislators have similarly warned about the impact the cuts will have on important domestic social programs. The sequester has already been agreed upon, but will not take effect until Jan. 1st, 2013. The supercommittee failed to agree upon an alternative $1.2 trillion deficit-reduction plan by November 23rd, 2011, therefore triggering the sequester. It can still be avoided if Congress passes an alternative budget deal to reduce deficit. This is highly unlikely, as the deadline is rapidly approaching and little to no progress is being made in Congress.

Opportunity Cost

“Think about a time in your life where you had to choose between two or more options. Explain the opportunity cost involved in that decision.”

I am the owner and designer at 17th Avenue, a web and graphic design business. I launched my business online about a year ago and much to my surprise, I've been incredibly successful. I have had the opportunity to work with talented individuals and businesses from around the world. My parents were/are not involved in the business in any way. I am proud to say that I've built my business from the ground up with very little resources.

I am frequently asked if I plan to make a career out of graphic design. My answer is wholeheartedly, without a doubt, no question about it: No. This is not a decision that I came to easily. In fact, it took months of consideration and self-evaluation. I heavily weighed the advantages and disadvantages in either direction. I now know, without a doubt in my mind, that I want to be a Nurse Practitioner. While I love art and the world of design, I am just not entirely comfortable with the idea of being my own boss. Job security is so important to me and I don't want to find myself trapped in such an unpredictable career, as owning an online business is.

There are, of course, benefits and disadvantages to either career path. With nursing, I will be attending a 4-year university, putting off being independent, like we talked about in class. I will have student loans to pay off and will not be living on my own until around 22 (outside of a dorm). But I will be in a stable career with a predictable salary. With graphic design, while I would probably still attend college, it would not be the same experience. I would go to a smaller school with lower tuition costs. I would be out on my own much sooner. But I would be self-employed and business would not always be predictable or profitable. The opportunity cost in choosing nursing over design is forfeiting my independence for an additional 4 years, having to pay off student loans, and not being able to work from home. I am more than willing to make those sacrifices for a stable career, as I talked about in my post about scarcity.

I wonder what other people who also choose/chose nursing school had to give up to be there.

Scarcity

Image Source

Security in a career is very important to me. I will be entering a 4-year university next fall, working toward my Bachelor's in Nursing to become an RN. Having a stable career and income is becoming more and more rare these days. I want to be able to sufficiently provide for my own family and have the financial security to own my own home, travel, etc.