AP Economics
Bo Maines
Email:
Phone 817-444-5555
AP Economics Summer Assignment 2016-2017
This assignment is due at AHS on June 8th 10:00 – 12:00 or 1:00 – 3:00. Work can be returned early, but still must be signed for. Work returned during the summer prior to June 8th will be returned to the counseling office.
Assignment: Respond to the prompts/questions below using complete thoughts and sentences, in accordance with the following requirements and guidelines.
Requirements and Guidelines
1. Typed in Times New Roman or Arial 12 point font
2. 1” margins
3. No less than two pages for the TOTAL response (for all prompts combined). You are not limited on the maximum amount you can write.
4. The organization of this assignment is pretty wide open. I want a response to the following statements, ideas, and questions.
5. Don’t feel obligated to the give me an “AP” answer. Tell me the truth about your beliefs and thoughts while writing.
6. Economics is all about choices and decisions. Feel free to take liberty in your responses.
1. It has been said that “you can’t always get what you want” and “nothing is free” In your opinion, what limits us from “getting what we want”? What is the difference between what we need and what we want? Explain your thoughts on the statement that NOTHING is free. Is this true? Why or why not?
2. The average baseball player in the MLB makes 3.4 million per season. The average worker in the US makes about $45,230 (2012 data source). Why is it that someone who plays a kid’s game makes so much more than a firefighter, police officer, or doctor? Can you give an “economic” answer to this question? Who would you say has a higher value in society? Then explain how this value translates into the pay disparity.
3. Select four of the following questions and try to come up with your best “economic” answer for why this occurs. Your response needs to be at least four sentences in length.
a. Why do drive up ATM’s have braille dots on the keypad?
b. Why do bars charge for water and give peanuts or other snacks for free?
c. Why do rental car companies charge no fees for late cancellations while hotels
airlines do?
d. Why is there a light in the refrigerator and not in the freezer?
e. Why are milk containers square while soda is sold in round cans/bottles?
f. Why are some vehicles gas doors on the right-side and not the left-side?
g. Why is it more expensive to rent a tux than it is a more expensive car?
h. Why do restaurants offer free refills of basic drinks?
i. Why are the food and drinks in the mini-snack bar of your hotel room, ridiculously priced?
4. In your opinion and knowledge, give me a definition for economics. Tell me how economics applies to your life. Explain your vision of the roles or the following groups in our economy; consumers, businesses, and the government.