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3 Feb 2009. Wiki Course Outline & Syllabus Review the Economic Problem Examine the ways that the economic problem affects individuals Interest rates smh.com.au Delicious. Narita. You are a single mother of 3 children You work full time Two of your children are at school

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3 feb 2009
3 Feb 2009
  • Wiki
  • Course Outline & Syllabus
  • Review the Economic Problem
  • Examine the ways that the economic problem affects individuals
  • Interest rates smh.com.au
  • Delicious
narita
Narita
  • You are a single mother of 3 children
  • You work full time
  • Two of your children are at school
  • The other is in child care
  • You childcare for OOSH care is $310 per week
  • Your pre-school fees are $325
  • You spend $40 on public transport per week
  • Your take home (after tax) income is $1000
  • If you didn’t work, you are entitled to $450 per week in social security and childcare rebates of $250
narita questions
Narita: Questions
  • What is the opportunity cost of working full time? (think laterally here ladies)
  • Could you make a rational decision to improve your circumstances?
narita questions b
Narita – Questions (B)

Your income is $425

  • Rent $225
  • Food $200
  • Travel $40
  • Entertainment $100
  • Clothes $100
  • Saving $20
  • What would you decide to purchase with your disposable income?
  • What is the opportunity cost of your decision?
samual
Samual
  • You are a uni graduate earning $700 per week after tax
  • You spend $50 on public transport per week
  • You live with your parents
  • You would like to purchase a property in the future
samual questions
Samual: Questions
  • What is the opportunity cost of working full time? (think laterally here ladies)
  • Could you make a rational decision to improve your circumstances?
samual questions b
Samual – Questions (B)

Your income is $700

  • Rent $0
  • Food $200
  • Travel $50
  • Entertainment $200
  • Clothes $100
  • Saving $150
  • What would you decide to purchase with your disposable income?
  • What is the opportunity cost of your decision?
comparison
Comparison
  • How does the economic problem impact Narita?
  • How does the economic problem impact Samual?
  • What is the difference between Samual and Narita’s income?
  • Which position would you prefer to be in? Why?
  • If Samual earns less than Narita, why is the opportunity cost of satisfying her needs greater than Samual’s? (think about this in terms of the balance between wants and resources)