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Economics Homework One - Model (view source)
Revision as of 01:09, March 9, 2011
, 01:09, March 9, 2011no edit summary
:A Wii is a good. A theme park is a service. (Seth)
:A Wii is a good. A theme park is a service. (Seth)
2. 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?
2. 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?
:The option of choosing McDonald's instead of eating at home would cause more transaction costs. The main transaction costs would be the cost of the gas and the time that it would take to get there. You will also have to pay for the service that you receive from the McDonald's employees. To eat at home would be a much cheaper option as there are hardly any transaction costs. (Isaac)
:The option of choosing McDonald's instead of eating at home would cause more transaction costs. The main transaction costs would be the cost of the gas and the time that it would take to get there. You will also have to pay for the service that you receive from the McDonald's employees. To eat at home would be a much cheaper option as there are hardly any transaction costs. (Isaac)
:The invisible hand is known as a force that helps people to help themselves and society at the same time. An example of the invisible hand would be a mission trip to a foreign country. The missionary would gain knowledge, understanding new cultural experiences. The people in the foreign country benefit from the encouragement and support from the missionaries. (Steve)
:The invisible hand is known as a force that helps people to help themselves and society at the same time. An example of the invisible hand would be a mission trip to a foreign country. The missionary would gain knowledge, understanding new cultural experiences. The people in the foreign country benefit from the encouragement and support from the missionaries. (Steve)
:The invisible hand is a force that is unseen by humans but yet still has influence in their lives and guides them to help others without even knowing it, when they are doing something that seemingly is only beneficial to themselves. For example, a child could set up a lemonade stand one a hot summer day because he wants money for a bike. He charges 25 cents per cup. It seems to him that he is the only one gaining from this situation, as he is making money for something he wants. Yet someone driving home in the heat of the summer day is gaining from this by getting a cold drink for only a quarter, versus lets say a soda from a vending machine for $1.25 or more. (Deborah)
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?
:"Carpe diem" means "seize the day." I really like this a lot because I have been trying to work harder at seizing the moment - at taking what I have been given and thanking God for it - even if I am just thanking Him that I am alive in that moment. Some days are better than others, but this phrase says nothing about seizing only the good days, or the days we feel like it. It simply states that we should seize ''the'' day - no matter what that day is. (Caroline)
:"Carpe diem" means "seize the day." I really like this a lot because I have been trying to work harder at seizing the moment - at taking what I have been given and thanking God for it - even if I am just thanking Him that I am alive in that moment. Some days are better than others, but this phrase says nothing about seizing only the good days, or the days we feel like it. It simply states that we should seize ''the'' day - no matter what that day is. (Caroline)
:Caveat emptor - I have to be careful not to spend money too fast. Sometimes I make a quick decision to buy something that looks great at the time, but really is not needed or important. (Timothy)
===Honors===
===Honors===
:The conclusion I reached is that while money is not a service, it represents those things, like a ticket to a concert, or sports game. And it is a good, because although it has no value in use, money has value in exchange. So in a way, money is in a category of its own, because it has value as both a service and a good. (Michelle)
:The conclusion I reached is that while money is not a service, it represents those things, like a ticket to a concert, or sports game. And it is a good, because although it has no value in use, money has value in exchange. So in a way, money is in a category of its own, because it has value as both a service and a good. (Michelle)
[[Category:Economics lectures]]