Difference between revisions of "Economics Homework Three Answers"

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Economics Lecture 1 James G.
 
  
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1. An example of a service is a dentist and an example of a good is a bird cage.
 
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2. If I had a choice to eat at home or go to McDonalds I would certainly choose home. My main reason is that I can have whatever I want if I eat at home while I’m limited in my choices at McDonalds (plus, my mom make really good BBQ chicken).
 
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3. Scarcity is the amount of value given to an item or service by people in response to how much people are willing to pay for it. The item is not free. An example of different values put on scarce items can be seen when the Pokémon Trading Card Game came out. By making some cards rarer than others they were able to gain many more sales. People bought more random card packages hoping to get the more valuable cards and if they did not, they would buy more packs until they did (I know I did).
 
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4. The “Invisible Hand” is the unseen force of millions of peoples all making choices that help the economy without realizing it. An example I have seen is at a local games store which in this dark economic time is struggling. Many people go to this store (including myself) and enjoy spending evenings playing a variety of fun and entertaining games. To help keep the store from going under a few of the people who go there volunteer to work for the store without pay. This benefits not only the store but also the people in the community and the volunteers who enjoy playing and hanging out there.
 
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5. In Luke 15: 3 Jesus tells the parable of the one lost sheep out of a hundred that the shepherd goes to find. This brings out the idea that you must take care of all that you have been given and not let any be wasted.
 
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6. In Latin the phrase “carpe deim” means seize the day, a powerful concept that we can use in our daily lives. It encourages us to take every opportunity to do work and gain money instead of wasting our time doing other unproductive things (like watch TV).
 

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