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Economics Homework One - Model (view source)
Revision as of 22:57, September 13, 2009
, 22:57, September 13, 2009added many from paper homework
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. Extra credit: when do people exaggerate scarcity in their minds?
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. Extra credit: when do people exaggerate scarcity in their minds?
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:Scarcity refers to anything that costs money. One could increase scarcity of a baseball for example by having a player sign it. One might exaggerate scarcity by taking the item off the market when it is in high demand and returning it afterwards at a higher price. (Elizabeth)
:[Extra credit] A specific little league trophy that a man might have been awarded in his youth could still hold a high value to him, but him alone. (Caslon)
:[Extra credit] I believe people exaggerate scarcity in their minds when a "what if" situation arises. They say, "what if" everyone else needed that item I needed? Say a blizzard was scheduled to hit in the next 24 hours. People want to stock up on items, and think that there might not be any goods left for them if they don't get there quickly, when in actuality, the store probably won't be running out anytime soon. But, if everyone rushes to buy as much as they can as soon as possible, then the scarcity they were so afraid of will become reality, because the store can't possibly keep up with the demands of the consumers. (Lucy)
:[Extra credit] Certain (creepy) Cabbage Patch Dolls in the 80's were advertises as a "had to have" item in which many people fell for, developing the scarcity of the item in their minds, and paying far beyond their actual value. (Lindsay)
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).
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).
:The Invisible hand is an unseen movement that guides and motivates people to work hard in order to benefit themselves and society. It is the force that guides people to do the work that is needed in order to improve society. The invisible hand represents all the social good incidentally caused by individuals pursuing their own self-interest. An example can be something as simple as a book. In order to make a book you have to have all the basic supplies, such as the paper, the ink, the author, and the publisher. What is a book if there is no writing in it? The author creates the story, then uses the ink and paper to write it down. A publisher then comes in and makes it possible for society to read it. Books are very important things, often times they teach us things we do not know. They are able to improve society through knowledge. (Amanda)
:The Invisible hand is an unseen movement that guides and motivates people to work hard in order to benefit themselves and society. It is the force that guides people to do the work that is needed in order to improve society. The invisible hand represents all the social good incidentally caused by individuals pursuing their own self-interest. An example can be something as simple as a book. In order to make a book you have to have all the basic supplies, such as the paper, the ink, the author, and the publisher. What is a book if there is no writing in it? The author creates the story, then uses the ink and paper to write it down. A publisher then comes in and makes it possible for society to read it. Books are very important things, often times they teach us things we do not know. They are able to improve society through knowledge. (Amanda)
:The invisible hand is the unseen "force" that "guides" people who work to benefit themselves to make choices that result in benefits for the rest of the populace. For example, Thomas Edison created the light bulb as a way of making money. Through the creation of that light bulb, we are able to work after daylight hours, improve the quality of our work after said time and prevent accidents with street lights. (Courtney)
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 21:33-46; 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?
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 21:33-46; 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?
:Luke 15:8-10 discusses how a single coin is so important to a woman that she is willing to sweep the whole house to find it. In the same way, God rejoices over one individual accepting Him as Lord and Savior. (Jonathan L.)
:Luke 15:8-10 discusses how a single coin is so important to a woman that she is willing to sweep the whole house to find it. In the same way, God rejoices over one individual accepting Him as Lord and Savior. (Jonathan L.)
:I picked another parable Matt 25:14-30 (Ed.: this is the Parable of the Talents). I think the man with five talents and the man with two talents were applying carpe diem because they were doubling the money that the master gave them when they had the opportunity to do so. I think the spiritual meaning is to not be the man with the one talent and to waste the gifts that God gives you. Extra credit: gospel of mark talks about Jesus miracles and Matthew talks about everyday Jewish life. (Aran)
:I picked another parable Matt 25:14-30 [Ed.: this is the Parable of the Talents]. I think the man with five talents and the man with two talents were applying carpe diem because they were doubling the money that the master gave them when they had the opportunity to do so. I think the spiritual meaning is to not be the man with the one talent and to waste the gifts that God gives you. Extra credit: gospel of mark talks about Jesus miracles and Matthew talks about everyday Jewish life. (Aran)
:In Luke 19:11-27 [Ed.: also the Parable of the Talents], a master leaves home and entrusts his ten servants with ten minas and told them to "put his money to work." ... In economic terms, this can be taken to mean that you should work to increase your holdings with risks with which you are comfortable. Spiritually, it means that those who do God's work on Earth will be rewarded in heaven, but those who do not shall have their rewards taken from them. (Dermot)
:[Extra credit] The reason that Matthew had more monetary parables than Mark is because before joining Jesus, Matthew was a tax collector. he was very familiar with money and probably related best to Jesus's economic parables. (Sean)
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.