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| | Alternatively, you can hand in your homework answers on paper at the next class, for me to grade and return at the following class. | | Alternatively, you can hand in your homework answers on paper at the next class, for me to grade and return at the following class. |
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| − | Reminder: if you just cannot figure out answers to this or any other homework assignment in this class, then try looking at the model answers to similar questions from two years ago as posted here: | + | Reminder: if you just cannot figure out answers to this or any other homework assignment in this class, then try looking at the model answers to similar questions from two years ago as posted here: http://www.conservapedia.com/Economics_Lectures |
| − | <br>http://www.conservapedia.com/Economics_Lectures
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| − | 1. Please suggest an improvement to our definition of "economics", being as creative as you like. Briefly explain why you think your definition might be an improvement. | + | 1. In three sentences or less, what do you hope to learn in this course? |
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| − | 2. In three sentences or less, what do you hope to learn in this course? | + | 2. 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? |
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| − | 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? | + | 3. 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 special medical operation (a service), or anything else you can think of that is "scarce" in an economic sense. |
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| − | 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 special medical operation (a service), or anything else you can think of that is "scarce" in an economic sense. | + | 4. What is the “invisible hand”? Discuss what it is, using an example (which could be from the story in the lecture about the making of a pencil). |
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| − | 5. What is the “invisible hand”? Discuss what it is, using an example (which could be from the story in the lecture about the making of a pencil). | + | 5. There are many parables by Jesus in the Gospels of Matthew and Luke (and one in Mark) which use familiar concepts of money and economics in order to teach a deeper, more profound spiritual point. Examples are at Matthew 13:18-23 and 44-46; Matthew 18:21-35; Matthew 20:1-16 and 33-46; Mark 12:41-44; Luke 7:36-50; Luke 12:13-21; Luke 14:15-24; Luke 15:8-10; Luke 16:1-13 and 19-31; Luke 18:9-14; and Luke 19:11-27. Pick one of these parables and explain both the economic point and the deeper spiritual point. Extra credit: why might the Gospel of Matthew have more economic parables than the Gospel of Mark does? |
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| − | 6. There are many parables by Jesus in the Gospels of Matthew and Luke (and one in Mark) which use familiar concepts of money and economics in order to teach a deeper, more profound spiritual point. Examples are at Matthew 13:18-23 and 44-46; Matthew 18:21-35; Matthew 20:1-16 and 33-46; Mark 12:41-44; Luke 7:36-50; Luke 12:13-21; Luke 14:15-24; Luke 15:8-10; Luke 16:1-13 and 19-31; Luke 18:9-14; and Luke 19:11-27. Pick one of these parables and explain both the economic point and the deeper spiritual point. Extra credit: why might the Gospel of Matthew have more economic parables than the Gospel of Mark does? | + | 6. "Caveat emptor" or "carpe diem": pick one of these concepts and explain what it means to you. |
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| − | 7. "Caveat emptor" or "carpe diem": pick one of these concepts and explain what it means to you.
| + | ===Honors=== |
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| − | ===Honors===
| + | Write an essay totaling about 300 words (rough approximation only) on one or more of the following topics (for example, you essay can be entirely about one of the questions, or can address more than one of the questions below): |
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| − | Write an essay totaling about 300 words (rough approximation only) on one or more of the following topics:
| + | 7. Please suggest an improvement to our definition of "economics", being as creative as you like, and explain why you think your definition might be better. |
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| | 8. "Money is a good servant, but a poor master." Please explain. | | 8. "Money is a good servant, but a poor master." Please explain. |