Assignment #1- Due Monday, February 2320 pts
1. Get your signed contract back to Mr. Rakoczy (AT has this done already!)
2. Read the article, "Fantasy Economics:Why economists are obsessed with online role-playing games." Get it from Mr. Rakoczy
3. As you read the article, look for examples of how the following economic principles are mentioned in the reading. To find out what each term means, use the economics glossary linked below. You can also put the term in Google with AND ECONOMICS and you will get a definition.
- Exchange Rate
4. Complete a 4-6 paragraph writing piece explaining how the economic principles above are reflected in MMORPG's like EverQuest. Remember that to do this, you need to understand and show me you understand what each of the words above means. You don't need to write a definition, but you should show your understanding through the context of your writing.
Ex. If you were writing about GNP you might write...
Gross National Product (GNP) is reflected in Norrath through the goods and services produced. Players entering the game can produce and sell particular items as well as provide services for other players. The total value of these good and services is said to be higher than the totals for some nations;particularly India's or China's.
Assignment 2-Opportunity Cost 10 pts
Due Monday, March 1 (Previously said "February". Sorry!)
1) Use the economics glossary or another webpage to define the term opportunity cost
2) Use a computer or handwrite the definition at the top of a piece of paper. Under the definition of "opportunity cost", create a chart. Your chart should be set up as follows...
Choice Alternative 1 Alternative 2 Alternative 3 Opp. Cost
3) Use this grid to track 3 choices you make in your everyday life. Write 3 alternatives and their possible benefits. Circle the alternative that represents the choice you would make. The most valuable benefit of an unchosen alternative would be the opportunity cost. Do this entire process 3 times.
Choice- Should I leave my current job?
Alternative 1- Stay at this job
Benefits: I know people. I have job security. It is close to home. Moving my things would be a big hassle.
Alternative 2- Move to a new job
Benefits: Higher salary. Chance to prove myself again. Fun to try something different.
Alternative 3- Quit my Job
Benefits: Sleep as late as I want. Complete freedom
I would have circled "Stay at my current job".
The best benefit to me that I didn't choose by staying would be the "Higher salary". THAT IS THE OPPORTUNITY COST!!!!
If I had done this assignment as you will, I would have gone through this process with 3 different choices (I did one.) You should also organize it as a chart. I couldn't import a true chart onto the webpage.
Assignment 3- Utility and Marginal Utility- 10 points Due Thursday, March 4
1) Think of a food product that you enjoy eating. Write the name of the product at the top of a blank sheet of paper (use a computer if you wish). Below the name of this food product, create a chart with 2 colums and 15 rows.
2) Number the left column from 1-15. In the right column, rate how much you enjoy eating this particular food item from 1(don't enjoy) to 10 (enjoy it immensely). The numbers 1-15 in the left column represents how many units, bags, bars, etc of this item you might eat in a row. Rank how much you enjoy eating this product as you have more and more of it.
1--> In the right column I will rate how much I enjoy coke after the first can.
2--> rating after the second can (in a row)
3--> after the third can (in a row)
3) Use the link entitled "Utility" to define the terms "Total Utility" and "Marginal Utility."
4) Answer the following questions...
Question A- How does the chart you created relate to the idea of total and marginal utility?
Question B- Are your experiences with particular products consistent with the Law of Diminishing Marginal Utility? How does your chart stack up against the chocolate example and marginal utility column on the webpage?
Question C- Why do you think economists care about utility and marginal utility? What use/purpose does this have?
Assignment 4- Supply and Demand- 25 points-Due Wednesday, March 10
1) Click on the link below entitled "Interactive Supply and Demand Curve"
2) Read the entire page and define ALL vocabulary words in bold.
3) Write out and answer all questions listed under Get Interactive
4)Do not go on to Part 2!
Assignment 5-Lemonade Stand- 15 points-Due Monday, March 15
1) Play the Lemonade Stand Game linked below.
2) After playing the game several times, answer the following questions...
A) List and explain all of the factors in the game that influence the demand for your lemonade.
B) List and explain all of the factors that influenced the supply of lemonade.
C) What determined the amount of money you made? What are some of the things you had to figure out before your lemonade stand began to do well?
D) What determined the price you set for lemonade? How were the able to determine an ideal price?
E) Why would an economics teacher ask you to play a game like this one? What can you learn from it?
Thanks for all of your hard work AT! I'll have a rundown of your grade ready when you stop by tomorrow.
Assignment #6- Supply and Demand Curve-15pts-Due Tuesday, March 23 Sorry about the delay AT!
1) Click on the link entitled "Interactive Supply and Demand Curve"
2) At the bottom of the first page, click on the number 2 to go on to the next page
3) Complete all questions under "Get Interactive" for Part II.
4) Be sure to answer them in a way that illustrates what the original question was. You can answer in full sentences or just write the original question.
ASSIGNMENT 7- SUPPLY AND DEMAND-Due Wednesday, March 24-15 points
1) Follow the same instructions as you did for assignment 6, but complete page 3. Click on the number 3 at the bottom of page 1 or 2.
ASSIGNMENT 8-Stock Exchange -Due Monday, April 5 -25 points
A. Answer the following questions based on your own knowledge. Be as specific as possible and don't worry about being wrong. I'm going to go over it with you at our next visit...
Question 1: What is a stock? Why do companies offer stock? What do companies get out of it?
Question 2: Why do investors like you and me buy stock? What do we get out of it?
Question 3: What determines whether a stock price rises or falls?
B. Go to the link enitled "Reading Stock Quotes" Read the descriptions of each category of the stock quote/table.
C. Cut 5-10 lines of stock quote out of the newspaper.
D. Glue or tape the stock quote to a large piece of paper (any kind)
E. Draw arrows to each of the categories listed in the stock quote. In a blank space on the paper and next to the arrow, explain what each column of the quote means.
Example: SYMB= SYMBOL. That is the abbreviated name of the company.
F. Answer the following key question....
WHICH OF THE COMPANIES LISTED IN THIS QUOTE WOULD BE BEST TO INVEST IN? BE SURE TO GIVE EVIDENCE FROM THE STOCK QUOTE TO ILLUSTRATE YOUR UNDERSTANDING.
The New York Times or Wall St. Journal are the best to use if you can get a copy. If not, the Times Union will do.
Use the link entitled- Reading a stock quote
ASSIGNMENT 9-Stock Exchange -Due Wednesday, April 7-10 points
Use any stock exchange website to define the following terms...
IPO-Initial Public Offering
Buying on Margin or Margin
Selling Short or Short Selling
See me if you have trouble!
ASSIGNMENT 10-Stock Exchange -Due Wednesday, April 7-5 points
1-Register for our Virtual Stock Exchange Competition
2-Go to the link entitled "Virtual Stock Exchange"
3-Click on the tab entitled "Competitions"
4-Follow the directions for registering
5-Mandatory registration information for our competition is found below
Competition ID: MohonEconomics
Competition Name: Mohonasen Economics Independent Study
Competition Password: Rakoczy
ASSIGNMENT 11-Banking-Due Tuesday, May 4-10 points
1. Read "Recollections of Pine Gulch" by clicking the link below.
2. Answer the following questions in full sentences...
a.Why was there a demand for Slim's services in Pine Gulch?
b.How did Slim use this demand to check a monetary system for the town?
c.Why was important for Slim to go to San Francisco to get the ink and paper to write the receipts?
d.Why did the people of Pine Gulch accept these receipts as currency?
e.How did Slim increase the money supply in Pine Gulch? How did he decrease it? Who benefited from this practice?
f.Why did Slim have to leave town after Big Bart shot him?
g.How did Slim become one of the richest men in Pine Gulch?
ASSIGNMENT 12-The Federal Reserve-Due Monday, May 10-40 points
1) Go to the Federal Reserve 101 Website linked Below.
2) On the main page, click on the book entitled FED101 at a glance. Be sure your computer's volume is on. Answer the following questions as you watch the intro...
a. When and Why was the Fed Created?
b. How many Federal Reserve Districts are there?
c. Who supervises the system?
d. Why is the Fed important?
e. List 3 roles of the Fed.
f. What does CAMELS stand for?
3) After finishing the intro, visit each of the tabs at the top of the page and complete the tasks below.
A.History Who created the Federal Reserve? Why was it needed? Give Details!
B. Structure Explain in a paragraph or flow chart EACH piece of the puzzle shown. What does each puzzle piece do? HOW ARE THEY ALL RELATED?
C. Monetary Policy Navigate your way through this entire section and answer the following questions...
1. How does the Fed combat inflation?
2. How does the Fed create money?
3. How does monetary policy affect interest rates?
4. List and describe 5 ECONOMIC INDICATORS that are key to determining the health of the economy.
D. Banking Supervision Use the information on this site to use the "Examine a Virtual Bank" function. In a paragraph, simply explain what you learned and observed from examining this pretend financial institution.
E. Financial Services Draw a flow chart that tracks the life of a dollar bill and another that tracks the life of a check. Links and graphics for both can be found in this section.
Last Question (and it is a TOUGH ONE!)- In 2-3 paragraphs, explain how the role of the Fed or Federal Reserve is similar to that of Slim in the story "Recollections of Pine Gulch."(Assignment 11)AT, see me if you need assignment #11 back to complete this comparison.
BE AS SPECIFIC AS POSSIBLE WITH THIS ASSIGNMENT!
ASSIGNMENT 13-Free Enterprise-Due Thursday, May 12
1) Use the economics glossary and/or "Sherman Anti-Trust link to define the following terms...
a. Free Enterprise System
2) Use the link entitled "Sherman Anti-Trust Act" to explain...
a. What this law prevents in the U.S.
b. Why this law was necessary
3) Play the Rockefeller-Corner the Market game linked below....
While playing, record/write down...
a. The business strategy needed to buy out each oil company. Be sure to explain why that strategy worked on that particular company.
b. You impressions of the game and what it teaches you about economics.
Answer the following questions...
a. Do you feel it is fair or unfair to use business methods like those presented in teh game? Are there some you would use? Why? Are there others you think are unfair? Why?
b. By winning the Corner the Market game, have you violated the Sherman Anti-Trust Act? Why or why not?
u>ASSIGNMENT 14-Corporate Watch-Due Monday, May 22
1) Use the sites and articles below, or any you can find on your own, to list (in detail), 5 practices that WalMart has been criticized for.
After each descriptive entry in the list, explain whether you think this accusation (if true) is the wrong way for a corporation to behave or if it is not such a big deal in your mind. Explain WHY!!!
You will recieve 5 additional points for each of the following tasks you complete. You must complete at least one.
Option 1- Search the web or newspapers for information that refutes any of the claims against WalMart. In simpler terms, find information that proves these claims false, provide examples of positive things they do in the same general realm or puts the actions in context in a manner that isn't as bad as how it is presented in the articles I assigned you.
Option 2- Use the CorpWatch website below to research the actions of another corporation. Find a practice that you find particularly unfair or immoral. Describe it and explain why you feel that way. Try and find another corporation acting in the same way.
Option 3- On your own, research a corporation that is profitable, but acts in a fair, just and ethical manner. Explain how they have been able to do this. Give you opinion of their practices.
ASSIGNMENT 14-Budgeting-Due Thursday, June 3
Use the site below to try the National Budget Simulator. You can use the simple or complex version. Your choice. As you attempt to balance the budget, please answer the following questions...
1) List and describe 5 areas where you feel the Federal Gov. is spending too much money.
2) List and describe 1-3 areas where you feel we need to spend more.
3) Describe in 10-15 sentences your plan for balancing the Federal budget.
4) In 5-10 sentences, give me your opinion of this activity/excercise.