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.  Give an example of a "transaction cost" that your family sometimes pays for when buying a particular good or service, but which you can think of a (lawful) way to avoid that cost (such as buying something direct without having to pay a middleman or shipping or postage costs, or eating something out of the refrigerator rather than using expensive gas to go to a restaurant).

3.  Imagine it is lunchtime and your family has two options:  eat dinner at home, or go out to dinner at McDonald's.  Does one of these options have more transaction costs than the other?  Identify which option incurs more transaction costs, and identify two or more 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.  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.