Changes

:The invisible hand is the unseen "force" that "guides" people who work to benefit themselves to make choices that result in benefits for the rest of the populace.  For example, Thomas Edison created the light bulb as a way of making money.  Through the creation of that light bulb, we are able to work after daylight hours, improve the quality of our work after said time and prevent accidents with street lights.  (Courtney)

:The invisible hand is the unseen "force" that "guides" people who work to benefit themselves to make choices that result in benefits for the rest of the populace.  For example, Thomas Edison created the light bulb as a way of making money.  Through the creation of that light bulb, we are able to work after daylight hours, improve the quality of our work after said time and prevent accidents with street lights.  (Courtney)

5.  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 21:33-46; 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.  Extra credit: why might the Gospel of Matthew have more economic parables than the Gospel of Mark does?

5.  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 21:33-46; 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.  Extra credit: why might the Gospel of Matthew have more economic parables than the Gospel of Mark does?

:“Caveat emptor,” meaning “let the buyer beware” in Latin, means to me that the customer alone has the responsibility of determining the value of his purchase. The seller can attempt to sell anything he wants, at any price—the customer must evaluate it for himself.  (Duncan)

:“Caveat emptor,” meaning “let the buyer beware” in Latin, means to me that the customer alone has the responsibility of determining the value of his purchase. The seller can attempt to sell anything he wants, at any price—the customer must evaluate it for himself.  (Duncan)

===Honors===

===Honors===

7.  Please suggest an improvement to our definition of "economics", being as creative as you like, and explain why you think your definition might be better.

7.  Please suggest an improvement to our definition of "economics", being as creative as you like, and explain why you think your definition might be better.

:

:I suggest using the word "transfer" instead of the word "flow" because flow implies that it is constant and unchanging and continues in one direction with limited or no variation in amount. ...  I also am of the opinion that "research" is a much better fit for the definition of the word economics because the meaning of "study" suggests a more recreational use whereas the definition of research seems to state more of an applied science which would fit in more with the fat that economics is a more of a serious and purposeful inquisition. ...  (Anthony)

8.  "Money is a good servant, but a poor master."  Please explain.  

8.  "Money is a good servant, but a poor master."  Please explain.  

:

:... There is a fine line between controlling money and letting money control you. ...  Has someone ever told you, the reason she needs you to watch her kids is because she feels it's more important to be able to buy her children the material things in life than to spend time with them? ...  I don't know about everyone else, but for me balance is the key.  (Sarah C.)

 

9.  Improve on the lecture's definition of scarcity, and/or discuss the Ehrlich-Simon disagreement.

 

10.  (Based on a true story.)  Imagine that you are riding on an airplane and need to finish a written project by the time it lands in order to earn a fee of $500.  The passenger next to you, however, keeps interrupting you by complaining about how she lost a $5 bill in the airport before the plane took off.  You keep telling her to forget about it, but she won't.  She keeps bothering you so much that you cannot get your work done, which is worth far more than $5.  What would make sense in purely economic terms for you to offer to get her to stop bothering you about it?  Explain.

10.  (Based on a true story.)  Imagine that you are riding on an airplane and need to finish a written project by the time it lands in order to earn a fee of $500.  The passenger next to you, however, keeps interrupting you by complaining about how she lost a $5 bill in the airport before the plane took off.  You keep telling her to forget about it, but she won't.  She keeps bothering you so much that you cannot get your work done, which is worth far more than $5.  What would make sense in purely economic terms for you to offer to get her to stop bothering you about it?  Explain.

:Obviously giving her a five dollar bill is the economically logical thing to do, as your time in this situation is worth a lot more than five dollars (don’t give her more than five, because then she might keep interrupting to tell you how kind you are). Of course, if you knew that she would then go on about her mother-in-law or the price of gas, you would keep your $5 and let her complain about that. But knowing just that you have a well-paying project to do and that she is bothering you, give her the $5. (I can’t think of 300 words to explain this in!) (Addison)

:Obviously giving her a five dollar bill is the economically logical thing to do, as your time in this situation is worth a lot more than five dollars (don’t give her more than five, because then she might keep interrupting to tell you how kind you are). Of course, if you knew that she would then go on about her mother-in-law or the price of gas, you would keep your $5 and let her complain about that. But knowing just that you have a well-paying project to do and that she is bothering you, give her the $5. (I can’t think of 300 words to explain this in!) (Addison)

Essay on student's own initiative: "What is money really?"

 

 

Essay on student's initiative: "What is money really?"

:In class, an interesting question was asked; is money a service or good? Or maybe a category entirely its own? I was so intrigued by this that I decided to do some research on the subject, and see what money really is.  

:In class, an interesting question was asked; is money a service or good? Or maybe a category entirely its own? I was so intrigued by this that I decided to do some research on the subject, and see what money really is.