Assignment Number 7, It's Everybody's Business Economics Cartoon. Please watch and answer questions copied in class.
Seven Principles of Economic Thinking
1.Scarcity Forces Tradeoffs
2.Costs Versus Benefits
3.Thinking at the Margin
4.Incentives Matter
5.Trade Makes People Better Off
6.Markets Coordinate Trade
7.Future Consequences Count
Title: Economics Cartoon- It's Everybody's Business (1954)
•Q.1-7 Find all 7 Economic Principles within the cartoon & write 1 sentence for each
•Q. 8 What audience is the film targeting?
•Q. 9 What type of vocabulary/ imagery is used?
•Q. 10 What does this film reveal about the 1950s economic perspective?
Supply and Demand
Read the article Sports Attendance up, hot dog spending down by Ben Klyaman. During this recession, ticket sales to ballgames have held up pretty well. But bleacher hot dog sales have flatlined. Summarize the article, then answer the following question: What does this say about the relative price elasticity of tickets vs. hot dogs?
Read the article about the Supply and Demand of College Dating. Summarize the article, then answer the following question: What happens to the dating scene when college enrollments shift toward a 60/40 female/male split? Think about supply and demand curves.