Changes

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.  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).

4.  Give some examples of scarcity created entirely by man (rather than nature), such as a ticket on the maiden voyage of the Titanic.  Why do people create and emphasize scarce things?  Does the illusion of scarcity increase the price? Does television prefer talking about scarce items?  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.

5.  What do you think are the main reasons that the “invisible hand” is preferable to government dictating how a pencil should be made?  Rank your reasons in order of importance.

5.  What do you think are the main reasons that the “invisible hand” is preferable to government dictating how a pencil should be made?  Rank your reasons in order of importance.

6.  Why can volunteer work sometimes be more efficient and productive than hired labor?  Where is the invisible hand for volunteer work?

6.  There are many parables by Jesus that use familiar concepts of money and economics as an example in order to make a deeper, more profound spiritual point.  Pick one and discuss it.

===Honors===

===Honors===