Changes

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?

3.  Imagine it is lunchtime and your family has two options:  eat dinner at home, or go out to dinner at McDonald's.  Which option incurs more transaction costs?  Identify two specific transaction costs.  Which option is cheaper for your family, and why?

3.  Imagine that your family has two options for dinner:  eat at home, or go out to eat at McDonald's.  Which option incurs more transaction costs?  Identify two specific transaction costs.  Which option is cheaper for your family, and why?

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.  Your example might be a World Series ticket (a good) or a famous autograph (a service), or anything else you can think of that is "scarce" in an economic sense.

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.  Your example might be a World Series ticket (a good) or a famous autograph (a service), or anything else you can think of that is "scarce" in an economic sense.