Directions: In small groups of 2-3 Complete a Gallery by replying to each quote below:
IN AN ECONOMIST STATE OF MIND: THINKING LIKE AN ECONOMIST-WHAT IS THE PURPOSE OF AN ECONOMY?
“How many people ruin themselves by laying out money on trinkets of frivolous utility? What pleases these lovers of toys is not so much the utility, as the aptness of the machines which are fitted to promote it. All their pockets are stuffed with little conveniences. They contrive new pockets, unknown in the clothes of other people, in order to carry a greater number. They walk about loaded with a multitude of baubles, in weight and sometimes in value not inferior to an ordinary Jew’s-box, some of which may sometimes be of some little use, but all of which might at all times be very well spared, and of which the whole utility is certainly not worth the fatigue of bearing the burden.”
? Adam Smith, The Theory of Moral Sentiments
Group Sentence and Discussion Stems-To be answered in written form.
Based on the quote from the text, I think the economic term utility refers to…because Adam Smith talks about…
2-3 Sentence Summary of Economic meaning of quote…I think this quote is about…I think it’s important to Economics because…
I agree or disagree with this Economist’s view point on the Economy because…
Based on the text…One question I still have….
IN AN ECONOMIST STATE OF MIND: THINKING LIKE AN ECONOMIST-WHAT IS THE PURPOSE OF AN ECONOMY?
“The value of any commodity, therefore, to the person who possesses it, and who means not to use or consume it himself, but to exchange it for other commodities, is equal to the quantity of labour which it enables him to purchase or command. Labour, therefore, is the real measure of the exchangeable value of all commodities. The real price of everything, what everything really costs to the man who wants to acquire it, is the toil and trouble of acquiring it.”
? Adam Smith, The Wealth of Nations
Group Sentence and Discussion Stems-To be answered in written form.
Based on the quote from the text, I think the economic term commodity refers to…because Adam Smith talks about…
2-3 Sentence Summary of Economic meaning of quote…I think this quote is about…I think it’s important to Economics because…
I agree or disagree with this Economist’s view point on the Economy because…
Based on the text…One question I still have….
IN AN ECONOMIST STATE OF MIND: THINKING LIKE AN ECONOMIST-WHAT IS THE PURPOSE OF AN ECONOMY?
We should not say that one man’s hour is worth another man’s hour, but rather that one man during an hour is worth just as much as another man during an hour. Time is everything, man is nothing
Capital is dead labor, which, vampire-like, lives only by sucking living labor, and lives the more, the more labor it sucks.-Karl Marx, Communist Manifesto
Group Sentence and Discussion Stems-To be answered in written form.
Based on the text/quote would Karl Marx be a supporter or opponent for Capitalism?-Explain why or why not…
2-3 Sentence Summary of Economic meaning of quote…I think this quote is about…I think it’s important to Economics because…
I agree or disagree with this Economist’s view point on the Economy because…
Based on the text…One question I still have….
IN AN ECONOMIST STATE OF MIND: THINKING LIKE AN ECONOMIST-WHAT IS THE PURPOSE OF AN ECONOMY?
1-Many people want the government to protect the consumer. A much more urgent problem is to protect the consumer from the government.
Milton Friedman
2-There’s no such thing as a free lunch.
Milton Friedman
Group Sentence and Discussion Stems-To be answered in written form.
Based on quote 1, What role do you think Friedman wants for the government in the American Economy?
What do you think Friedman is making a reference to a free lunch in quote 2? If there isn’t such a thing as a free lunch, then who is paying for it in the American Economy?
2-3 Sentence Summary of Economic meaning of quote…I think this quote is about…I think it’s important to Economics because…
Based on the text/quote would Milton Friedman be a supporter or opponent for Capitalism?-Explain why or why not…
Based on the text…One question I still have….