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DWU #1

DWU #1 . “Economics is the study of how individuals use money to consume, create, and distribute goods. “ -Explain how the choices we make in our daily lives can benefit our economic lives. -Explain how the choices we make in our daily lives can ruin our economic lives. DWU #2.

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DWU #1

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  1. DWU #1 “Economics is the study of how individuals use money to consume, create, and distribute goods. “ -Explain how the choices we make in our daily lives can benefit our economic lives. -Explain how the choices we make in our daily lives can ruin our economic lives.

  2. DWU #2 What role should government play in your life? Should we rely on the government to make decisions for us? Should government help us if times get hard? If so, how much should government help? Explain in a half page response.

  3. DWU #3 • What is the main difference between the 3 economic systems. • What does a capitalist economic system look like? • What does a socialist economic system look like? • What does a communist economic system look like?

  4. DWU#4 • What is a budget? Why is it important for people to create a budget? What might be some reasons an individual cant make enough per months to pay the bills.

  5. DWU #2 • Describe the Production Possibilities Curve using the following terms: • Scarcity • Productive resources • Opportunity Costs

  6. DWU#1 • What is senioritis? How can it be treated? • How does it relate to opportunity costs?

  7. DWU #1 • How much an hour do you need to make to keep up with your monthly expenses? Looking at your monthly budget, what are the most expensive items? If you could not make your monthly expenses, what items would you forgo? Draw a pie chart of 100% of your monthly expenses.

  8. DWU • What are some things that you think about before you purchase an item? If you really want/need the item and it costs a lot, what do you do? Give an example when you had purchased something and the satisfaction from that item declined over time.

  9. DWU #1 • What is a demand schedule. Create one. • What is a demand curve. Create one. • What is the slope from pt. A to pt. B looking at your demand schedule. • What does your slope answer mean?

  10. DWU #1 • Explain what elasticity of demand means? • What does it mean if a product is elastic? Give an example of a product that might be elastic. • What does it mean if a product is inelastic? Give an example of a product that might be inelastic.

  11. DWU #4 • What is the law of supply? What are the 4 things that determine supply? Graph both supply and demand locating market equilibrium (price and quantity).

  12. DWU #2 • You own your own restaurant. Given the determinants of supply below, give me a reason(scenario) why your supply of food would increase or decrease based on the determinants below. • Price of resources • Labor productivity • Production technology • Taxes, subsidies and regulations

  13. DWU # • If you purchased 20 original Nintendo games at 10 dollars each and sold them 10 years later for 30 dollars each, how much profit would you have made on your original purchase? • Why are they worth more today than when you purchased them? • Why do people buy things and sell them later on ebay or garage sales? EXPLAIN…

  14. DWU# • The price of Apple Ipads have increased from 750 dollars to 850 dollars. The quantity demanded by the consumers went down from 28 million to 26 million because of the increase in price. Is Apple ipads an inelastic or an elastic product? Graph it.

  15. DWU # • What is a shortage? What happen to prices when items are in short supply? • What is a surplus? What happens to prices when items are too many? • Give an example with jobs we try to get or with items we try to buy that are in short supply or too many. What are the price of those items or what does that job pay?

  16. DWU # • After watching the Stossel clip, what are your thoughts about how the people were treated for trying to help people in need? Do you think that the government should outlaw selling things to individuals in time of need? Why or why not. Draw a graph of a shortage of generators illustrating the supply and demand of the product.

  17. DWU # • How do banks make money? What is interest? In the interest rate formula a=p(1+rt), what is p? What is r? What is t? • Calculate a student loan of 20,000 dollars over 10 years at an interest rate of 3.5% • What is his/her monthly payment? • How much total is he/her going to spend on the 20,000 loan?

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