| Line 179: |
Line 179: |
| | Read and reread the above lecture. Complete the homework assignments at the level in which you choose to enroll in this course. You can change your mind later and shift from "honors" to "regular" or "regular" to "honors" if you like. Each week the "regular" portion will be about 6 or 7 questions, which all students should complete. The honors portion will be additional questions that the students enrolled in honors should complete. | | Read and reread the above lecture. Complete the homework assignments at the level in which you choose to enroll in this course. You can change your mind later and shift from "honors" to "regular" or "regular" to "honors" if you like. Each week the "regular" portion will be about 6 or 7 questions, which all students should complete. The honors portion will be additional questions that the students enrolled in honors should complete. |
| | | | |
| − | 1. Please suggest an improvement to our definition of "economics", and in one or two sentences say why you think you've improved it. | + | 1. Please suggest an improvement to our definition of "economics", and in one or two sentences say why you think your definition is an improvement. |
| | | | |
| | 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. 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? | + | 3. Imagine it is lunchtime and your family has two options: eat dinner at home, or go out to dinner 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. 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. 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. |
| | | | |
| − | 5. What is the “invisible hand”? Discuss what it is, possibly using an example from the story about the making of a pencil. | + | 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. |
| | | | |
| − | 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. | + | 6. There are many parables by Jesus that use familiar concepts of money and economics in order to teach a deeper, more profound spiritual point. Pick one if these parables and discuss it. |
| | | | |
| | ===Honors=== | | ===Honors=== |