PSD Personal Finance
Unit 1: This is me
Name:
Assignment: Economics
Before you graduate you will take an economics course that will get into greater detail about
economic principles. But for this class it’s important to consider how economics impact your
personal finances.
Answer the following economic questions and explain your answers. Please note that there
isn’t a ‘right’ or ‘wrong’ answer for these, it’s how you’re thinking through the questions that’s
important.
1.
You can buy a computer game for $35 at a store next door or take a 30 minute walk downtown
to buy it from a store selling it for $15. Where would you buy the game? Describe the
Opportunity Cost of your decision? (Be sure to carefully read the definition of opportunity cost
to describe it accurately.)
2. Would you take the same walk downtown to save $20 on a $1670 laptop computer? Explain
your choice and why it’s the same or different from your decision in question 1.
3. In the United States and most nations, there are ‘standards’ of education. If Specialization and
Division of Labor are a more effective way of getting jobs done, why do you think there is still a
need for a minimum educational standard? Be sure to effectively support your ideas with real
world examples.
4. Considering the questions that you answered above, what you’ve learned so far and your own
life experience, write a short paragraph about the following:
a. Having knowledge does not mean that all of a sudden your life will become easy, but it will
pave the path to your dreams.