Difference between revisions of "Economics Homework Three Answers"

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Economics Lecture 1 James G.
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==Model Answers==
  
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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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*[[Economics Lecture Three]]
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*[[Economics Homework Three - Model]]
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*[[Economics Model Answers Three|Economics Model Answers Three (from 2007)]]
  
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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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==Student Answers==
  
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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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All grading, online and paper, is complete. The model answers are also complete. Note that we are taking a one-week break and the next homework is not due until Oct. 8th, the date of our next lecture.
  
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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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*[[Economics Homework Three Answers - Student One]]
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*[[Economics Homework Three Answers - Student Two]]
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*[[Economics Homework Three Answers - Student Three]]
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*[[Economics Homework Three Answers - Student Four]]
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*[[Economics Homework Three Answers - Student Five]]
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*[[Economics Homework Three Answers - Student Six]]
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*[[Economics Homework Three Answers - Student Seven]]
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*[[Economics Homework Three Answers - Student Eight]]
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*[[Economics Homework Three Answers - Student Nine]]
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*[[Economics Homework Three Answers - Student Ten]]
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*[[Economics Homework Three Answers - Student Eleven]]
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*[[Economics Homework Three Answers - Student Twelve]]
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*[[Economics Homework Three Answers - Student Thirteen]]
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*[[Economics Homework Three Answers - Student Fourteen]]
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*[[Economics Homework Three Answers - Student Fifteen]]
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*[[Economics Homework Three Answers - Student Sixteen]]
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*[[Economics Homework Three Answers - Student Seventeen]]
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*(gap)
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*[[Economics Homework Three Answers - Student Twenty-One]]
  
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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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[[Category:Economics lectures]]
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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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Latest revision as of 03:42, September 30, 2009

Model Answers

Student Answers

All grading, online and paper, is complete. The model answers are also complete. Note that we are taking a one-week break and the next homework is not due until Oct. 8th, the date of our next lecture.

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