Scarcity — How it forces us to make choices which result in opportunity cost.
Page 1
In your own words (don’t quote the text), explain as completely as you can what an economist means by scarcity and opportunity cost. How do the 2 concepts relate? Link them. What do resources have to do with this? Are scarcity and shortage the same? Explain. What do economists mean when they cite opportunity cost and what’s the connection between opportunity cost and scarcity? Why does economic theory argue that we can’t “have it all”? Organization and a logical development is important.
You will have to take these questions and those under the paper tips and ORGANIZE them into a LOGICAL sequence…. simply answering the prompts as they appear therefore is NOT a logical sequence.
You CANNOT use ANY EXAMPLES…stick to the concepts and relate them to one another
Choose your wording wisely
see paper tips for specific questions that need to be answered.
1-1.5pages in length
Page 2
Select 2 goods or services YOU ACTUALLY produce. (IT MUST PERTAIN TO PRODUCTION, Not Consumption ) Money is not an issue not par of the paper. Assume you have the resources for a short period of time.Explain how scarcity forces you to make choices. What is the opportunity cost or relative price ( you solve this using the worksheet) of producing each good. Keep in mind the economic definition of opportunity cost and answer in that context.These need to be expressed in relative prices. Also this section needs to include the resources you utilize in the production of each good,service or resource chosen and to categorize them as well.
1-1.5 pages in length
Page 3
Graph. Draw a production possibilities curve (PPC) to graphically show the personal trade-offs you described on page 2. Title must include: your name, the 2 products, the time period of production in a SINGLE phrase. All axes must be labeled and indicate proper units of measure.
A unit of measure is how you define your product… think of packaging at the grocery… Tide lliquid laundry detergent is measured in ounces.
Remember that you’re graphing 2 “GOODS” — in other words, you should have some desirable output on each axis, NOT the scarce resources/input (I.e., your labor).
The graphs you attach to your papers can be computer-generated or hand-drawn. If you hand-draw your graph, it must be drawn on graph paper. In either case, your graph should be neat, correctly composed, and completely labeled. Go to the “How to…” folder to see how to draw graphs in Word. Or take a picture and send as a JPEG file. Better yet use the Snipping tool to attach it to your WORD document.Economic Principle:
Scarcity — How it forces us to make choices which result in opportunity cost.
Page 1
In your own words (don’t quote the text), explain as completely as you can what an economist means by scarcity and opportunity cost. How do the 2 concepts relate? Link them. What do resources have to do with this? Are scarcity and shortage the same? Explain. What do economists mean when they cite opportunity cost and what’s the connection between opportunity cost and scarcity? Why does economic theory argue that we can’t “have it all”? Organization and a logical development is important.
You will have to take these questions and those under the paper tips and ORGANIZE them into a LOGICAL sequence…. simply answering the prompts as they appear therefore is NOT a logical sequence.
You CANNOT use ANY EXAMPLES…stick to the concepts and relate them to one another
Choose your wording wisely
see paper tips for specific questions that need to be answered.
1-1.5pages in length
Page 2
Select 2 goods or services YOU ACTUALLY produce. (IT MUST PERTAIN TO PRODUCTION, Not Consumption ) Money is not an issue not par of the paper. Assume you have the resources for a short period of time.Explain how scarcity forces you to make choices. What is the opportunity cost or relative price ( you solve this using the worksheet) of producing each good. Keep in mind the economic definition of opportunity cost and answer in that context.These need to be expressed in relative prices. Also this section needs to include the resources you utilize in the production of each good,service or resource chosen and to categorize them as well.
1-1.5 pages in length
Page 3
Graph. Draw a production possibilities curve (PPC) to graphically show the personal trade-offs you described on page 2. Title must include: your name, the 2 products, the time period of production in a SINGLE phrase. All axes must be labeled and indicate proper units of measure.
A unit of measure is how you define your product… think of packaging at the grocery… Tide lliquid laundry detergent is measured in ounces.
Remember that you’re graphing 2 “GOODS” — in other words, you should have some desirable output on each axis, NOT the scarce resources/input (I.e., your labor).
The graphs you attach to your papers can be computer-generated or hand-drawn. If you hand-draw your graph, it must be drawn on graph paper. In either case, your graph should be neat, correctly composed, and completely labeled. Go to the “How to…” folder to see how to draw graphs in Word. Or take a picture and send as a JPEG file. Better yet use the Snipping tool to attach it to your WORD document.
Your Name
Your Course section number (5 digit course number)
Micro Application Paper #l
ECONOMIC PRINCIPLE:Scarcity — How it forces us to make choices which result in opportunity cost. USE THIS HEADING ON YOUR PAPER
Use the rest of page 1 to explain this concept from the economist s point of view.
MY SITUATION: «– DO INCLUDE THIS HEADING AT THE TOP OF YOUR PAGE 2.
On page 2, explain how these concepts work in your life. Be very specific about the 2 ends you’re discussing and how the production of one good impacts the production of your second good. Page 3 is your graph.
GENERAL REMINDERS
Reports must be TYPED DOUBLE-SPACED and cannot exceed 2 pages in length, not including graphs. Use the FORMAT PROVIDED. Do include section headings.
Your task here is to APPLY economic concepts, NOT TO SUMMARIZE articles.
IDENTIFY THE RELEVANT ECONOMIC CONCEPT at the top of your paper. Stick to topics covered in the assigned chapters.
In the 1st section of your paper, thoroughly EXPLAIN THE CONCEPT IN YOUR OWN WORDS. Do not quote the book and don’t refer to your article yet. This should fill up your 1st page.
In the 2nd section of your paper, EXPLAIN HOW YOUR CHOICES (Paper #1) or THE ARTICLE (Paper #2 & Extra Credit) ILLUSTRATE THE ECONOMIC CONCEPT. Your task is to demonstrate a working knowledge of economics. Play the role of the econ professor constructing an example to illustrate a concept in class. This is the 2nd page of your paper.
INCLUDE A GRAPH on page 3 to illustrate what’s going on. Label your graph appropriately.
Papers are e-mailed to the instructor([email protected]). E-mailed papers must have a copy of the article and graph included, so you’ll need a scanner or use a hone and take a picture. be sure to place the picture in your paper
“Work-in-progress” will not be graded. Your paper is not ready to submit until it is TYPED/DOUBLE-SPACED with 1″ MARGINS on all 4 sides and using the prescribed format, and your article NEATLY CUT OUT and attached. PROOFREAD!
PAPER #1 FORMAT GUIDE
Your Name
Your Course section number (5 digit course number)
Micro Application Paper #l
ECONOMIC PRINCIPLE:Scarcity — How it forces us to make choices which result in opportunity cost. USE THIS HEADING ON YOUR PAPER
Use the rest of page 1 to explain this concept from the economist s point of view.
MY SITUATION: «– DO INCLUDE THIS HEADING AT THE TOP OF YOUR PAGE 2.
On page 2, explain how these concepts work in your life. Be very specific about the 2 ends you’re discussing and how the production of one good impacts the production of your second good. Page 3 is your graph.
GENERAL REMINDERS
Reports must be TYPED DOUBLE-SPACED and cannot exceed 2 pages in length, not including graphs. Use the FORMAT PROVIDED. Do include section headings.
Your task here is to APPLY economic concepts, NOT TO SUMMARIZE articles.
IDENTIFY THE RELEVANT ECONOMIC CONCEPT at the top of your paper. Stick to topics covered in the assigned chapters.
In the 1st section of your paper, thoroughly EXPLAIN THE CONCEPT IN YOUR OWN WORDS. Do not quote the book and don’t refer to your article yet. This should fill up your 1st page.
In the 2nd section of your paper, EXPLAIN HOW YOUR CHOICES (Paper #1) or THE ARTICLE (Paper #2 & Extra Credit) ILLUSTRATE THE ECONOMIC CONCEPT. Your task is to demonstrate a working knowledge of economics. Play the role of the econ professor constructing an example to illustrate a concept in class. This is the 2nd page of your paper.
INCLUDE A GRAPH on page 3 to illustrate what’s going on. Label your graph appropriately.
Papers are e-mailed to the instructor([email protected]). E-mailed papers must have a copy of the article and graph included, so you’ll need a scanner or use a hone and take a picture. be sure to place the picture in your paper
“Work-in-progress” will not be graded. Your paper is not ready to submit until it is TYPED/DOUBLE-SPACED with 1″ MARGINS on all 4 sides and using the prescribed format, and your article NEATLY CUT OUT and attached. PROOFREAD!
These topics/questions are NOT in a logical order. It is your job to choose a logical starting point and develop (not just start with a new term) one concept into the next. This IS DIFFICULT. Spend some time thinking about the order of presentation.
This section may be up to 1.5 pages in length.
1) identify the major resources and define each
2) define a shortage
3) explain how they relate to one another
4) define opp cost
5) define scarcity
6) why can’t we have everything we want?
7) differentiate between scarcity and a shortage
page 2 (no more than 1 page)
explain an example particular to you…that is from your own experience, IT IS NOT HYPOTHETICAL IT IS SOMETHING YOU ACTUALLY DO of scarcity and opp cost in PRODUCTION (USE the data from the worksheet and write it out in paragraph form)
….
and identify the resources you use that is list them..and categorize (If you use a car directly in in the production of the good or service then it is capital; if you use it to go to a store to acquire resources do NOT list the car).
(many students forget this)
(what are resources….land, labor capital and entrepreneurship)
what are NOT resources: time, money and technology)
CONSUMPTION is not allowed! Should I buy this or that is NOT production…do not go there it will severely affect your score. Scores on video games are not production either..that is leisure activity. Remember you do not produce money or time either!!!On Section one be sure you address the following questions, should be in 3-4 paragraphs..be precise and concise. I am looking for a logical sequential development of the concepts, not simply definitions. this is NOT to be a glossary, but written cohesive paragraphs with topic sentences and transitions.
These topics/questions are NOT in a logical order. It is your job to choose a logical starting point and develop (not just start with a new term) one concept into the next. This IS DIFFICULT. Spend some time thinking about the order of presentation.
This section may be up to 1.5 pages in length.
1) identify the major resources and define each
2) define a shortage
3) explain how they relate to one another
4) define opp cost
5) define scarcity
6) why can’t we have everything we want?
7) differentiate between scarcity and a shortage
page 2 (no more than 1 page)
explain an example particular to you…that is from your own experience, IT IS NOT HYPOTHETICAL IT IS SOMETHING YOU ACTUALLY DO of scarcity and opp cost in PRODUCTION (USE the data from the worksheet and write it out in paragraph form)
….
and identify the resources you use that is list them..and categorize (If you use a car directly in in the production of the good or service then it is capital; if you use it to go to a store to acquire resources do NOT list the car).
(many students forget this)
(what are resources….land, labor capital and entrepreneurship)
what are NOT resources: time, money and technology)
CONSUMPTION is not allowed! Should I buy this or that is NOT production…do not go there it will severely affect your score. Scores on video games are not production either..that is leisure activity. Remember you do not produce money or time either!!!