Economics
Project #1:
Choose
Your Own Adventure – Inspecting the Economics Around You!
·
Pick Your Path:
o
Choose two things to do. You will either complete the 2 tasks on the
same row as each other or diagonal from each other.
o
You may NOT choose a “vertical line”.
§
So, choose tasks A1/A2, OR A1/B2, OR B1/A2, OR B1/B2…
NOT A1/B1, NOT A2/B2.
·
Start early!
This CANNOT be done successfully the night before it’s due.
·
Everything should be typed, single spaced, and
well-executed. Proof-read your
work!
·
Think about how you will execute this – Is a
chart appropriate to show data? How will
you use the pictures you took? Would a
transcript of your conversation be appropriate, or at least a list of
questions? Did you include names,
addresses, and contact information as appropriate?
·
ASK
if you have questions! I’m happy to
proof-read, brainstorm, or otherwise help in any way you need.
EVERYTHING
IS DUE AT THE START OF CLASS ON FEBRUARY 19TH!
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Task 1
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Task 2
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A
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Do you know what you REALLY
spend?
· Compile a record of your economic activities for at
least 10 days. Keep track of what you
earn in income or get from another source (like your parents, birthday
presents, found a quarter, borrowed a dollar, etc.). Also keep track of what you spend – look at
it in various categories that make sense for your budget.
· Then, write an analysis of your spending habits –
how are you doing? Are you spending
too much in a certain category? Is
there a place you could modify your spending habits to make things
easier? If a big purchase suddenly
popped up, how could you afford it?
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Meet and interview a small
business owner!
· Ask questions that are relevant: what the business
does, how it got started, what the owner did before they started the
business, what’s hard and easy about it, the impact of the recession, future
prospects, etc. (the specifics will be
different depending on what you pick.)
· Take a picture with him/her and get their contact
info so I can send them a thank you note!
(email is best!)
· Then write up what you learned. What’s unique about their story? If you were going to start a business, how
could you apply their experience to your endeavors?
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B
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Have
you planned for next year?
· Prepare a detailed budget for your freshman year at
college. (if you haven’t made your
final selection yet, pick your dream school!)
· How will you spend money? What will be the cost of tuition, books,
lab fees, food, room, clothes, car, gas, insurance, travel, entertainment,
club/sorority dues, etc?
· Where will you get money? Do you have savings? Will your parents help? How often? Will you have a job? Where?
What does it pay?
· If a big purchase suddenly popped up, how could you
afford it? What do you expect to be
easy about this budget? What will be
hard?
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Are “inferior goods” really
inferior?
· Pick 3 different stores near your home that sell
similar products and visit each one!
Take a picture out front and then proceed inside to do your research.
· Compare the “name brand” to that of the generic
version of 8 products at three different stores. (ex: Cheerios vs. the Publix-brand
knock-off at Publix, Cheerios vs. Kroger’s generic version at Kroger, Cheerios
vs. Wal-Mart’s generic version at Wal-Mart.).
Compare price, ingredients, nutrition info, serving size, packaging,
etc.
· Then, compare the prices of these 8 goods at three
different stores (ex: price of Cheerios at Publix, Kroger, and Wal-Mart, and
price of generic cereal at the same 3 stores).
· Analyze your findings… Are certain products more
affordable at one store? Are the
generics always a better deal? Where
would you shop to get the best overall deal?
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