New Blog Assignment for Wednesday 26 September

Money Project

Here is the Chapter 2 Text. You may refer to for quiz and test reviews or to clarify concepts taught in the course.

13 September (Day D) New Blogpost Assignment

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You are to write your next blogpost based upon the information and the material we will discuss in class on the Factors of Production.  Due Next Tuesday, 18 September.

You and your friend Billy Bob have been doing a good business at your Thai sausage stand you have been operating on weekends in a market stall at the local parking lot at Big C. Sales are brisk! You have decided that, rather than just blowing your profits on a new iPhone for Mr. Matt, to invest in a way to expand your business and -- you hope -- bring in even more profit. You have been selling 200 sausages each weekend at B100 each. Supplies cost you B10,000 and rent for your space in the parking lost is B5000. You and a friend each spent five hours working at the stand. That means you have B5000 left to divide between your wages, and money to invest in expanding your business. The more wages you pay yourself and your buddy Billy Bob, the less you will have to invest.

Now that you know about  these three factors [of production]--Land, Labor, and Capital--that you need in order to produce wealth, perhaps this knowledge can help you approach this business decision. We will  forget about one of the factors (Enterprise) since we assume you are an entrepreneur and assume control of the business with your friend.

How might you go about investing your sausage profits?  Identify how you would specifically or generally make investments in additional Land, Labor and Capital -- and if you want to, try to estimate, as best you can, how many additional sausages each option would allow you to sell, and how much profit your investments would bring in.  You may be as creative in your approach as you want but take the assignment seriously.  This is not expected to be a business plan.

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07 September (Day B) Study Powerpoint on Scarcity

Here is the Powerpoint presentation for Chapter 1. Study it for the quiz Monday.

5 September - Blogpost Topic for next week

Read the previous blogpost on Spiderman and Opportunity Cost.  Now choose a superhero.  Imagine that you are that Superhero, but your regular job is as a student here at RIS.  What might be some of the opportunity costs associated with your dual role as superhero and student?  Write a brief paragraph (about a half page's worth, single spaced) on the above topic.  Other students are invited to comment, though I will not make it mandatory. Creativity and humor are encouraged!  Due 11 September 2012.

CHAPTER 1 SCARCITY FOR STUDYING

03 September 2012 Comic Sample of Opportunity Cost

COPY THIS TABLE AND COMPLETE AS DIRECTED.