Today's lesson was good..a check...and bordered right on a check plus. I think you all did a really good job talking out the issues, being interactive with the journal presenters and helping them when needed/adding your ideas, and most importantly THINKING. We didn't quite get through everything but I am perfectly fine with that if it is giving us time to think. 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.
- Scarcity and Shortage/Surplus are two completely different things
- YOU need to think not regurgitate....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?
- Non-monetary costs matter...sometimes as much as monetary ones
- ********more to come when we finish next time***********
- 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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