Changes

3.  Imagine that your family has two options for dinner:  eat at home, or go out to eat at McDonald's.  Which option incurs more transaction costs?  Identify two specific transaction costs.  Which option is cheaper for your family, and why?

3.  Imagine that your family has two options for dinner:  eat at home, or go out to eat at McDonald's.  Which option incurs more transaction costs?  Identify two 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.  Your example might be a World Series ticket (a good) or a famous autograph (a service), or anything else you can think of that is "scarce" in an economic sense.

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.  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.

5.  What is the “invisible hand”?  Discuss what it is, possibly using an example from the story in the lecture about the making of a pencil.

5.  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).

6.  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 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.

6.  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 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.

7.  "Caveat emptor" or "carpe diem":  pick one and explain what it means to you.

7.  "Caveat emptor" or "carpe diem":  pick one of these concepts and explain what it means to you.

===Honors===

===Honors===