Thursday, November 2, 2017

Blog Discussion 11/3: Should Every American Be a Homeowner?

Read/listen to all of the links.  Explore other sources on your own.  This will be an interesting conversation if you are prepared.  Looking forward to it!

Come to class prepared with 3 OPEN ENDED questions for class discussion.  Do not post here!

The Myth of Home Ownership (NPR)

Buying a House if For Suckers

10 Financial Benefits of Home Ownership

Reasons to Own

Friday, October 27, 2017

GDP Webquest: Complete for Monday 10/30

All work should be completed on the handout from class.  If you were absent you should print the form and complete for Monday.

Monday, October 23, 2017

Chapter Title: Measuring Domestic Output and National Income (Check table of contents for ch. #. My version is ch. 7)

Due Tuesday, 10/24

1.  Why is it important for the Bureau of Economic Analysis to compile GDP data quarterly?
2.  Explain and provide an example of each type of transaction included in GDP:
a.  Consumption
b.  Investment
c.  Government Purchases
d.  Net Exports
3.  Contrast planned investment and unplanned investment.

Get outdoors!

Due Wednesday, 10/25

1. What is double counting in terms of GDP? Why is it an important error to avoid?
2.   Explain and provide an example of each type of transaction excluded from GDP:
a.  Intermediate products
b.  Secondhand sales
c.  Transfer payments
d.  Nonmarket transactions
e.  Non-productive transactions
f.  The Underground Economy

Monday, October 2, 2017

Ch. 3 Assignment 1: Due tues 10/2

1.  Review both reasons D curve is downward sloping.
2.  Contrast normal goods and inferior goods.  Provide examples.
3.  Explain the income effect and substitution effect.
4.  Go outside!  it is a beautiful day.

Thursday, September 28, 2017

Blog Assignment 2: Due Friday 9/29

An easy but interesting assignment!  Please be well prepared for class.

We have been talking about scarce resources, efficiency, and opportunity costs for two weeks.   usually when we think of resources it conjures images of iron, farm crops, and machinery.  But the most important resource is how we all use our time.  Please listen to the podcast linked below.  All you need to do is write 3 interesting and open-ended questions to serve as discussion starters tomorrow for our discussion.   You need not post your questions, just have them written for class.  We will be checking participation tomorrow (not like last time) so please listen and even read the comments and do some additional research on your own.  I think this is a great topic everyone!



Wednesday, September 20, 2017

Assignment #3: Due Monday, 9/25

Read ch. 2 in its entirety. 

1.  Be conversant all 3 economic systems as we studied in class.  Use the text to review and refine your understanding.

2.  Explain the significance of Adam Smith's publication of the Wealth of Nations.  Specifically explain his statements on:

a.  Specialization.

b.  The "invisible hand"

3.  Understand the Circular Flow Model as a representation of the market economy.  Define:
a.  Factor Market
b.  Product Market
c.  Businesses/Firms
d.  Individuals/Households

Be able to refine and provide examples of each.  Attempt to understand the relationships (arrows) that connect each sector the market economy.

4.  Review all other ch. 2 material including:
a.  Fundamental questions
b.  Factors of production
c.  Enjoying a long weekend and celebrating a holiday with family if you observe!

Wednesday, September 13, 2017

Assignment #2: Chapter 1 Due Friday 9/15

1.  How would an economist view and explain the promotional advertisement below?
Image result for free timeshare vacation promotions

2.  Write a model statement/example for each of the following:

a.  Loaded Terminology
b.  Fallacy of Composition
c.  Correlation versus Causation

3.  Assess the validity of this statement using information from the chapter:

"Economics is a science because it utilizes data and statistics to prove or disprove theories through experimentation and observation."