Changes

Read and reread the above lecture.  Complete the homework assignments at the level in which you choose to enroll in this course.  You can change your mind later and shift from "honors" to "regular" or "regular" to "honors" if you like.  Each week the "regular" portion will be about 6 or 7 questions, which all students should complete.  The honors portion will be additional questions that the students enrolled in honors should complete.

Read and reread the above lecture.  Complete the homework assignments at the level in which you choose to enroll in this course.  You can change your mind later and shift from "honors" to "regular" or "regular" to "honors" if you like.  Each week the "regular" portion will be about 6 or 7 questions, which all students should complete.  The honors portion will be additional questions that the students enrolled in honors should complete.

1.  Please suggest an improvement to our definition of "economics", and in one or two sentences say why you think you've improved it.

 

1.  Please suggest an improvement to our definition of economics, and in one or two sentences say why you think you've improved it.

2.  In three sentences or less, what do you hope to learn in this course?

2.  In three sentences or less, what do you hope to learn in this course?

4.  Define the concept of "scarcity" in your own words, and give an example of how an increase in scarcity for a good or service increases its price.  That good or service could be a World Series ticket (a good) or a famous autograph (a service), or anything else you can think of.

4.  Define the concept of "scarcity" in your own words, and give an example of how an increase in scarcity for a good or service increases its price.  That good or service could be a World Series ticket (a good) or a famous autograph (a service), or anything else you can think of.

5.  What do you think are the main reasons that the “invisible hand” is preferable to government dictating how a pencil should be made?  Rank your reasons in order of importance.

5.  What is the “invisible hand”?  Discuss what it is, possibly using an example from the story about the making of a pencil.

6.  There are many parables by Jesus that use familiar concepts of money and economics as an example in order to make a deeper, more profound spiritual point.  Pick one and discuss it.

6.  There are many parables by Jesus that use familiar concepts of money and economics as an example in order to make a deeper, more profound spiritual point.  Pick one and discuss it.