Math Challenge Math Challenge Math Challenge
Chapter 1 What Is Economics? 35
15. Demonstrate the concept of scarcity in your
own life. Make a list of items you want and
need over the next fi ve years of your life. What
resources will you use to get what you want
and need? Will you be able to satisfy all your
wants? What compromises or trade-offs will
you have to make? What will be some of the
opportunity costs of your choices?
16. Interpret the following quote: “One person’s
wage increase is another person’s price
increase.”
Academic Connections Academic Connections
17. Social studies. Invite an economist or
another qualifi ed authority to speak on the
role of profi ts and competition in the U.S.
economy.
18. Reading, research. Create a bulletin
board of newspaper and magazine articles
and advertisements illustrating different
economic concepts in action.
19. Research, writing, social studies. Research
a country that has a command economy to
discover how industries develop and grow.
Write a report of your fi ndings.
20. Writing. Search the Internet for information
on entrepreneurship at sites such as the
U.S. Small Business Administration Teen
Business Link (www.sba.gov/teens), National
Foundation for Teaching Entrepreneurship
(www.nfte.com), or Junior Achievement
(http://studentcenter.ja.org). Gather
information and write a “Do’s and Don’ts”
manual for a startup business.
21. Justin graduates from high school in one
month. He already has an offer for a full-time
job that would pay $25,000 a year. He is also
considering going to college for the next four
years. Tuition is $8,000 a year. Room and
board is $10,000 annually. If he works, he will
not be able to make more than $3,000 a year
doing part-time and summer work.
A. What is the opportunity cost of
attending college?
B. What is the total cost of college?
C. How many years would it take for college
graduate Justin to catch up with the
earnings of high school graduate Justin?
On average, college graduates earn
double what high school graduates earn.
Tech $mart Tech $mart
22. Use the Internet to research the economic
system of each of the following countries.
Write a report, including footnotes to the
bibliography of your sources.
•
China
•
Cuba
•
Brazil
•
Congo