Interview Project

Economics has played an integral part in everyone’s life, whether people realize it or not is a different story. I interviewed my father who is 51, my grandfather who is 74 and myself. The following is the list of questions and the responses from all three of us.

Question: The government should regulate the economy.

            Grandfather: strongly disagree

            Father: disagree

            Michelle: disagree

Question: Politics has a major influence on the economy.

Grandfather: strongly agree

            Father: strongly agree

            Michelle: strongly agree

Question: Everyone should take an economics class in high school.

Grandfather: strongly agree

            Father: strongly agree

            Michelle: strongly agree

Question: Banks should be government owned.

Grandfather: strongly disagree

            Father: strongly disagree

            Michelle: disagree

Question: The government bailouts worked.

Grandfather: strongly disagree

            Father: strongly disagree

            Michelle: disagree

Question: Local government should have more control.

Grandfather: strongly disagree

            Father: agree

            Michelle: neutral

Question: We should invade Iran.

Grandfather: strongly disagree

            Father: agree

            Michelle: strongly disagree

Question: In 6 months the economy will be better than today.

Grandfather: disagree

            Father: agree

            Michelle: disagree

Question: I am well informed about economic news.

Grandfather: neutral

            Father: agree

            Michelle: disagree

Question: The recession personally affected me.

Grandfather: strongly disagree

            Father: agree

            Michelle: neutral

Question: In your lifetime, what city that you are familiar with has changed the most (both positive and negative)?

Grandfather: New York City

Father: New York has change for the positive and Camden in New Jersey has declined the most

            Michelle: New York City

Question: In your opinion, what president had the biggest positive impact on the economy? Why?

Grandfather: Regan – He just really knew what he was doing in office and how to help

            Father: Regan – I just think he improved the economy and the country

            Michelle: I don’t really have a favorite.

Question: What is your first memory of a major economic event impacting your life?

Grandfather: the recession in 2008

            Father: the oil crisis in the 70’s

            Michelle: September 11, 2001

Question: How do you get economic news? How has this changed over your life.

Grandfather: I used to get news through the paper, now I get news through the television

Father: I usually get the news through the Internet, or cable news channels and this has changed significantly through my life.

            Michelle: I get all my news from the Internet, and I always have

Question: What is your definition of economics (when you hear the word economy or economics what do you think about)?

Grandfather: dollar value

            Father: the business, the capital and business state of an are or the world

            Michelle: my macroeconomics class

Question: How do you deal will rising prices e.g. substitute cheaper brand, stop buying? Any examples?

Grandfather: Cut-backs is basically the only way to deal with it.

            Father: Conserve, switch brands, and look for lower prices. A good example o f this is using the app on my iPhone to find cheaper gas prices in the area.

Michelle: I try and not drive as much and now insist on making people pay when I drive long distances. I also try and only buy things I need but that doesn’t always work.

Question: What product or service has most changed over your lifetime?

Grandfather: The Internet is amazing how it has developed through the years.

Father: I was brought up with no computers and had to adapt to the new computers and watched them develop. The things a computer can do used to be unthinkable.

Michelle: I think the Internet has been a big change. I was brought up with computers but used to have to wait for dial-up and the internet wasn’t as easy to access.

Question: How do you handle saving and how has this changed

Grandfather: I really try and observe prices and spend less.

Father: We try and put money away every week, utilize a 401 K and put away any bonuses. Savings have become more difficult as a result of having two children in college and as a result of the economic downturn

Michelle:  I am really not good with saving my money even though I should be on a college budget. I try and only buy what I need but I work in the Summer and use that money to last me all year while putting some in a savings account.

Question: What product or service has had the biggest price change in your life?

Grandfather: I really try and observe prices and spend less.

Father: We try and put money away every week, utilize a 401 K and put away any bonuses. Savings have become more difficult as a result of having two children in college and as a result of the economic downturn

Michelle:  I am really not good with saving my money even though I should be on a college budget. I try and only buy what I need but I work in the Summer and use that money to last me all year while putting some in a savings account.

Question: What age were you when you got your first credit card?

Grandfather: 32

Father: 17

Michelle: I got a debit card, which is also a credit card at 18

Question: What was the price of gas when you got your first car?

            Grandfather: 50 cents a gallon

            Father: 37 cents a gallon

            Michelle: 2 something like 2.42