MICRO ECONOMICS

Objectives:

• Apply a Christian perspective to Market Failures and consumer decisions
• Reflect upon Maslow's hierarchy of needs and the idea of Utility

question :

1. Describe a market failure that you experienced personally. Do Christian values help you to think of a solution to it? How do you see it fixed? (Recall 2 major ways of fixing economic problems: 1) educating the public and changing consumer behavior; 2) government regulation.) Reference to course lecture materials is expected to support your writing.

2. Describe how Christian values can help you make better consumer decisions. Use material from the lectures to support your writing.

** following 4 episodes of Hasan Minhaj's show, each dedicated to a different "market failure" in the US:

1. Drug Pricing

2. Student Loans

3. Infrastructure

4. Fast fashion

Questions:

• What are the 3 most surprising facts you learned in the episode? What do you think about them?
• Can you relate some personal experience to the problem?
• How do you think we should solve the problem? Recall the two main approaches we discussed in class: educating the public and relying on people to make better consumer decisions vs. proposing some kind of government regulation to improve the situation.
• How do you think Christian values can help with solving the problem?