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.