“The
highest patriotism is not a blind acceptance of official policy,
but a love of one's country deep enough to call her to a higher
plain”(SIC)
George McGovern
'Work
is not a curse, it is the prerogative of intelligence,
the only means to manhood and the measure of
civilization.'
Calvin Coolidge
Chapter
Vocabulary Essays
Chapter One:
1. Some people argue that air is
not an economic good. Explain why this is a true statement or why this
is a false statement.
2. Why will studying economics
not tell a person whether a possible solution to a problem is either good or
bad.
Chapter Two:
1. Create an educational system
for a country with a command economy.
2. Compare and contrast the
government's role in each type of economy discussed in this chapter.
Chapter Three:
1. Why do some people buy
brand-name products and other people buy generic products? What are the
trade-offs involved in this decision?
2. Think of a product or
service you were dissatisfied with after purchasing it. Write a letter
to the manufacturer expressing you dissatisfaction and what you expect the
manufacturer to do.
Chapter Four:
1. If you declare personal
bankruptcy, your creditors clearly lose. What ethical concerns should
you have before ever taking this action?
2. In deciding whether to pay
cash or use credit for a purchase, what are the costs involved and the
benefits of each choice?
Chapter Five:
1. Analyze why automobile insurance
companies charge more for unmarried males between the ages of 16 and 25 than
they do for married males between these ages.
2. Explain which type (flexible
or fixed rate) mortgage is the best and how one would come to that decision.
Chapter Six:
1.
How
does buying a United States savings bond increase the United States
government's debt?
2. Suppose you have $300 that
you want to save. The FDIC only insures up to $100,000. What can you do to
make sure all your funds are insured by the FDIC?
Chapter 7:
1. To what extent do you think the law
of demand applies in the world around you? Are there any good or
services that you think do not follow the law of demand? Explain.
2. Interview10 students in the
school, asking the following questions: (a) What three purchases have you
made recently? (b) Do any of these purchases represent a change in your
buying habits? (c) Was the change caused by a change in income, a change in
tastes and preferences, or a change in the price of substitutes or
complements? Summarize the information you obtained by placing it in a
spreadsheet.
Chapter 8:
1. Why do you have to include the
opportunity cost of your time when you calculate your profits in your own
business?
2. Why would a person decide in favor
of a partnership rather than sole proprietorship?
Chapter 9:
1. Explain in a paragraph how supply and
demand work in the agricultural market when government controls are not
operating.
2. What are the fundamental
differences between the goals of antitrust legislation and the goals of
federal government regulatory agencies?
