Ch. 3 Reading Guide: Due Tues 9/29

Note:  This assignment covers only the fist half of Ch. 3- pages 39-44.  You need only read to page 44 at this time. 


1.  In your own words, what is a market?  Excluding retail stores and the stock market, what are some markets you interact with daily? 


2.  What are the characteristics of an ideal, well functioning market?


3.  Define the Law of Demand.


4.  Define the Law of Diminishing Marginal Utility.


5.  Define income effect.


6.  Define substitution effect.


7.  Describe a time in your own life when your behavior closely followed the Law of Demand.


a.  Do the same for the law of the Law of Diminishing Marginal Utility.


b.  Now relate to a time when your consumer behavior rejected the conventions of the Law of Demand.

Chapter 2 Reading Guide

1.  Define the concept of opportunity cost.  Put this idea within the contexts of scarcity and tradeoffs.
2.  Define Law of Increasing Opportunity Cost.
3.  Illustrate an increasing opportunity cost PPC for the goods cars (x axis) and trucks (y axis)
a.  plot point "A" indicating fully utilized resources
b.  plot point "B" indicating idle/inefficient use of resources
c.  plot point "C" indicating an unattainable point of production.
4.  Review the rest of ch.2.  You should be familiar with this material from class.

Does Money Really = Happiness?

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.

Smithtown Sesquarcentennial Selfies-Optional Assignment Due 9/9

Smithtown Sesquarcentennial Selfies

This year we celebrate the 350^th anniversary, or sesquarcentennial, of our town’s founding.  Relics from our town’s history are all around us. You have the option to find one these historic sites, visit, take a selfie, and prepare a detailed paragraph-length write-up of this site’s significance.  You will need to use some ingenuity to find the site, research its significance (books on reserve in the Library), and of course,  take and print a photo of yourself experiencing the historical site.  This is a great activity to do with a friend, but you each must complete your own write-ups.   Again, include.

1.  An interesting picture of you at the site.

2.  A detailed write-up of the history behind the place.

3.  Some of your own impressions of the historical site from your visit.

Most of these site are NOT museums.  They are public place like houses of worship, working structures, and private homes.  Do not trespass, park illegally, or otherwise disrupt others or endanger yourself.

1.  Structures in the Blydenburgh Historic District (Located within Blydenburgh Park)

2. The St. James General Store (Moriches Road , St. James)

3. The Obadiah Smith House (Sunken Meadow Road, Kings Park)

4.  The Kings Park Psychiatric Center (off Rt. 25A, Kings Park)

5. The Mills Pond House (Rt. 25 just west of Mills Pond Road)

6.  First Presbyterian Church (Across from Smithtown Library, Main Branch)

7.  The Halliock Inn (Rt. 25a just east of the Smithtown Library, Main Branch)

8. The Wyandanch Club (Within Caleb Smith State Park)

9.  Box Hill Estate (Moriches Road or Harbor Hill Road St. James)

10.  East Farm (Harbor Road St. James)

11.  Deepwells Estate (Rt. 25a St. James)

12.  St. James Episcopal Church (Rt. 25a St. James)

13. Flowerfields (Mills Pond Road, St. James)

14. Statue of Whisper (Rt. 25a and Rt. 347 Smithtown)

15. St. James Railroad Station (Lake Avenue, St. James)

16.  Smithtown Town Hall (Main St. , Smithtown)

17.  Epenetus Smith Tavern (Main St., Smithtown just west of library)

18.   Caleb Smith House (HQ of the Smithtown Historical Society on library grounds)

19. Head of the River (General historic area in and around the bull and Nissequogue River)

20. Sherrewogue Estate (Harbor Road, St. James)