Economic Problem of Scarce Resources Discussion

Economic Problem of Scarce Resources Discussion

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Economic Problem of Scarce Resources Discussion

1. (Definition of Economics) What determines whether or not a resource is scarce? Why is the concept of scarcity important to the definition of economics?
2. (Rational Self-Interest) Discuss the impact of rational self-interest on each of the following decisions:
3. Whether to attend a college full time or enter the workforce full time
4. Whether to buy a new textbook or a used one
5. Whether to attend a local college or an out of town college
6. (Rational Self-Interest) If behavior is governed by rational self-interest, why do people make charitable contributions of time and money?
7. (Marginal Analysis) The owner of a small pizzeria is deciding whether to increase the radius of delivery area by one mile. What considerations must be taken into account if such a decision is to increase profitability?
8. (Time & Information) It is often costly to obtain the information necessary to make good decisions. Yet your own interests can be best served by rationally weighing all options available to you. This requires informed decision making. Does this mean that making uniformed decisions is irrational? How do you determine how much information is the right amount?
9. (Pitfalls of Economic Analysis) Review the discussion of pitfalls in economic thinking. Identify the fallacy, or mistake in thinking, in each of the following statements.
10. Raising taxes always increases government revenues.
11. Whenever there is a recession, imports decrease. Therefore, to stop a recession, we should increase imports.
12. Raising the tariff on imported steel helps the U.S. steel industry. Therefore, the entire economy is helped.
13. Gold sells for about $1,200 per ounce. Therefore, the U.S. government could sell all the gold in Fort Knox at $1,300 per ounce to reduce the national debt.
14. (Association Versus Causation) Suppose I observe that communities with lots of doctors tend to have relatively high rates of illness. I conclude that doctors cause illness. What’s wrong with this reasoning?

 

1. (Sunk Cost and Choice) Suppose you go to a restaurant and buy an expensive meal. Halfway through, despite feeling quite full, you decide to clean your plate. After all, you think, you paid for the meal, so you are going to eat all of it. What’s wrong with this thinking?
2. (Opportunity Cost) You can spend spring break either at home for $80 per day for five days or go to Florida for the week. If you stay home, your expenses will total about $100. If you go to Florida, the airfare, hotel, food, and misc. expenses will total about $700. What’s your opportunity cost for going to Florida?
3. (Absolute and Comparative Advantage) You have the following information concerning the production of wheat and cloth in the United States and the United Kingdom:

Labor Hours Required to Produce One Unit

The United Kingdom the United States

Wheat 2 1

Cloth 6 5

1. What is the opportunity cost of producing a unit of wheat in the United Kingdom? In the United States?
2. Which country has an absolute advantage in producing wheat? In producing cloth?
3. Which country has a comparative advantage in producing wheat? In producing cloth?
4. Which country should specialize in producing wheat? In producing cloth?
5. (Specialization) Provide some examples of specialized markets or retail outlets? What makes the Web so conducive to specialization?
6. (Economic Systems) The United States is best described as having a mixed economy. What are some elements of command in the U.S. economy? What are some market elements? What are some traditional elements?

RUBRIC
Excellent Quality 95-100%	Introduction 45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.		Literature Support 91-84  points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.			Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score 50-85%	40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.		83-76  points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.			52-49  points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality 0-45%	37-1 points The background and/or significance are missing. No search history information is provided.		75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.			48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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