Today's lesson was ok, you all really bordered on a check minus for today but i'm giving you a check out of courtesy. Please talk to each other during exercises especially and bounce ideas off one another. Actually we had two tables talking about it and that pushed me to a check for today. My major takeaways:
- Prices coordinate knowledge so when we mess with prices we stop the neccesary flow of information. This has an effect on allocation (or the failure to allocate) resources to their most efficient uses.
- Looks can be deceiving, it may not appear that efficiency is affected by price controls (self-imposed or otherwise) but it still may be.
- Non-monetary costs can be just as important as the monetary costs.
- Scarcity and Shortage/Surplus are two completely different things
- YOU need to think....given some facts you need to interpret what they mean on a graph and how the basic principles apply. What does the supply curve tell you? the demand curve? aren't they just X's? what does it mean if they look different than you expected? what does it mean for a consumer to have surplus? for a producer to have surplus?
- Complete the take home quiz
- Complete your first reflection paper with the following peices stapled together in this order
- the grading rubric found here: \\AFAEDUFS10\cadet-data\DF\DFEG\Economics\Econ201\Fall 2013\Balser
- your initial submission
- your final reflection paper (you might care to note how the block or feedback from the first paper made you reconsider or modify your views on the question)
- additionally read pg 24-30 and 112-117 in Basic Economics
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