Changes

6.  "Caveat emptor" or "carpe diem":  pick one of these concepts and explain what it means to you.

6.  "Caveat emptor" or "carpe diem":  pick one of these concepts and explain what it means to you.

:

:I particularly like "carpe diem," "seize the day," because it motivates you to be your best all the time since you might not have the privilege of existing tomorrow. Never waste a day because you will never again be able to have that day again, for it is lost unless you use the time wisely. Today is a gift and that is second why it is called present.  (Veronika)

===Honors===

===Honors===

10.  (Based on a true story.)  Imagine that you are riding on an airplane and need to finish a written project by the time it lands in order to earn a fee of $500.  The passenger next to you, however, keeps interrupting you by complaining about how she lost a $5 bill in the airport before the plane took off.  You keep telling her to forget about it, but she won't.  She keeps bothering you so much that you cannot get your work done, which is worth far more than $5.  What would make sense in purely economic terms for you to offer to get her to stop bothering you about it?  Explain.

10.  (Based on a true story.)  Imagine that you are riding on an airplane and need to finish a written project by the time it lands in order to earn a fee of $500.  The passenger next to you, however, keeps interrupting you by complaining about how she lost a $5 bill in the airport before the plane took off.  You keep telling her to forget about it, but she won't.  She keeps bothering you so much that you cannot get your work done, which is worth far more than $5.  What would make sense in purely economic terms for you to offer to get her to stop bothering you about it?  Explain.

:

:Obviously giving her a five dollar bill is the economically logical thing to do, as your time in this situation is worth a lot more than five dollars (don’t give her more than five, because then she might keep interrupting to tell you how kind you are). Of course, if you knew that she would then go on about her mother-in-law or the price of gas, you would keep your $5 and let her complain about that. But knowing just that you have a well-paying project to do and that she is bothering you, give her the $5. (I can’t think of 300 words to explain this in!) (Addison)

11.  "There is no such thing as a free lunch!"  Discuss the concept of (economic) scarcity in the context of that saying.

11.  "There is no such thing as a free lunch!"  Discuss the concept of (economic) scarcity in the context of that saying.