Tuesday, September 16, 2014

Ch. 1 Review

25 MC questions/30 minutes
All ch. 1 material and class notes
simple review sheet below
extra help in the AM if desired

Definition and purpose of economics
all other things equal assumption
positive/normative economics
macroeconomic goals
fallacies and logical problems in economics
comparative economic systems
Twitter news stories

Monday, September 15, 2014

Economic Systems HW

Consider the US economy in which you are an everyday participant.  Identify at least one example of how our economy contains elements of:

1. Traditional systems

2.  Command systems

3. Market systems

Answer in your notebook.

Tuesday, September 9, 2014


If you've grown up in suburban America, it's hard to completely escape the consumer culture that is so pervasive.  It seems that one can prove her rejection of  "materialism" by showing off an I Phone more than one version old.  While this is certainly a generalization with plenty of exceptions, it is easy to see that most of the people we interact with-if not ourselves-seem to place great value on "stuff" and the money that buys that stuff.  And while it is easy to agree that "money isn't everything" it is hard to see where we actually seem to follow this old adage.

In your blog post of about 2 paragraphs, you will want to address some of the concerns below and perhaps add some of your own.

1.  What is the "conventional wisdom" with respect to money and happiness?   Have you experienced this view?
2.  What is the author's thesis and how does it relate to the conventional wisdom?
3.  The author gives a lot of attention to a critical "income threshold" for understanding the money/happiness relationship.   What is this all about?  What do you think of this assertion?
4.  Evaluate the author's thesis.  Is she correct?  To what extent?  What flaws, if any, are present in your view?
5.  How are the views on money expressed in the article compatible with the views expressed by your family?  Yourself?  This is a great opportunity to discuss at home!
6.  To what extent has money/income affected your college and career choice?  If salary was not an issue, would you pursue a different major?   Is this a valid criterion in the decision?
7.  You own questions or comments.