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Questions
- In the first four weeks of this class, you have learned about economic concepts such as supply and demand, scarcity, tradeoff decisions, international trade, opportunity cost, and compound growth. Choose one economic concept from this list and explain how it is relevant to your friends’ budget situation.
- How did expenditures change between budgets?Which expenditures changed the most? Which expenditures changed the least? Which stayed the same?
- What were the economic trends that created the need for your friends’family to change their expenditures? What can you infer about the connection between prices and expenditures, based on the economic concepts you have learned?
- Help your friends explain the rationale for their budget decisions to their family. Some questions you could help them answer are:
- Why did your friends decide to buy less imported food and more domestic food?
- Why did your friends decide to use the furnace and air conditioning less?
- Why did your friends decide to walk more?
- Why couldn’t your friends change the amount spent on education and family care?
- Why did your friends decide to reduce savings, and what will the long-term effects of that be?
- In our personal lives, we sometimes need to react to changes in our economic environment. Thinking about your own budget, describe how a change in an economic variable (such as a change in income, employment, interest rates, or prices) from within the last year either has impacted or could impact your personal life and finances. If the trend continues over the next year or two, what predictions could you make about further impacts to your personal life and finances?
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