Hi Everyone,
Welcome to Challenge 2 of my 6 week economics challenge series. Each week I will post information about a new challenge. Each challenge will relate to a different aspect of economics. Some challenges will involve participants describing how they respond to a particular situation or set of circumstances and others will involve a more technical approach to a problem or situation.
Just a little about my channel
So just a quick introduction to my Steemit channel in case you are not familiar with my work. My content relates mostly to economics. I have a combination of technical, analytical, and theoretical posts. I often go into the application of economics and how we can use economics to improve our own lives. I also run several contests. I have puzzle contests that I try to run every week. I also have meme contests that I run monthly. Feel free to participate in these contests. My next puzzle contest will begin in a day or two and my meme contest is currently at the voting stage. I will provide the link to my meme contest at the end of this post. The 6 week economics challenge series brings the economics and contest sides of my channel together.
Challenges in the Series
Below are a list of the 6 challenges in this series (Challenge 1 has been completed and the dot point is a link to the challenge):
- Explain how you have or would adapt your lifestyle to a tighter budget.
- Explain how you gain value out of your life. E.g. watch movies, visit relatives, etc. Explain if you have a formula for happiness.
- Trading game - decide what you will buy or sell, whoever has the most money at the end wins a prize (results will be generated on a spreadsheet and presented in a video). Prizes will also be given out for presenting the logic behind each investment decision. This may sound confusing, don’t worry, the post will explain everything.
- Investment strategy - with the information provided in the post, explain which combination of investments you recommend. Mathematical explanation is optional for this challenge.
- Restaurant game - where would you set up your restaurant? What would you sell? How much would you charge? The post will provide more information on how you can go about doing this.
- Cooperation vs competition game – the post will contain several scenarios where either cooperative or competitive behaviour is possible. The participants need to decide which strategy is better and explain.
Prizes
For each challenge I will be giving away three prizes. These prizes are as follows:
- Top post based on votes wins 10 SBD
- Second post based on votes wins 5 SBD
- Spectrum Economics favourite post or highest alternative scoring (I will explain what this means for each individual challenge) wins 10 SBD. For challenge 2, I will select my favourite post for the prize.
Voting for Challenge 1 is currently underway. You can access that post using the following link.
Challenge #2
I have often found that when people think of economics, they think of money and all activities that relate to money. People tend to look at macroeconomic indicators such as Gross Domestic Product (GDP)/national income, unemployment, and inflation. All of these appear to relate directly or indirectly to money or the generation of money. A key fundamental concept supporting economics is demand and supply. Demand and supply are used to determine price and quantity (a theoretical equilibrium). This again adds to the appearance that economics is all about money.
For Challenge 2, I would like 'money' to take a back seat though not completely ignored, I will explain a little later in the post. Instead, I want to focus on lifestyle and enjoyment. Money, ultimately, should not be the driving force around our actions in life but instead more of an enabler for us to fulfill our needs, wants, desires, ambitions, and passions. Money can be used to help us add value to our lives but in many cases it should only be one of the factors.
In this challenge, I would like you (the participant) to write a post explaining how you get the most out of life. What activities do you engage in that gives you fulfillment, enjoyment, and the best quality life or lifestyle?
You are free to be as creative as you like. You can talk about enjoyment that you experience on a daily basis, weekly basis, or even special events that you attend; you could even tell me about your dream vacation (one that you have had or are planning to have). Feel free also to talk about activities that you like to engage in with your family, friends, or even the community.
As I started this question talking about money. I would like you to explain the role money plays in contributing to your lifestyle and how much of a factor you feel money has played in adding value to your life. In your opinion is money the most important factor? If it is not, what do you consider more important to you for fulfilling the lifestyle you desire? If you feel money is the most important factor, it would be great if you could explain some of the other important factors as well. There are no right or wrong answers; providing good logical explanations are more important.
As this is an economics challenge feel free to use economics and economic theory to explain your answers. You are welcome to use economics terminology but remember to explain the usage of the terminology so that the average Steemian is able understood the context of your explanation.
How to Enter
You can enter any of the 5 remaining challenges. If this week’s challenge does not appeal to you, you can wait for next week’s challenge.
All you need to do to enter is:
- Create a post addressing the requirements of the weekly challenge.
- Use the tag #sixweekeconomics in your post.
- Include Economics Challenge 2 in the title of your post.
- Post a link to your post in the comments section of this post.
- Upvote this post.
The closing date and time for Challenge 2 is 6PM USA Eastern Time 08/04/2018. Responses after this time will not be accepted.
A second post will be created containing the links to your posts. Steemians will be given the opportunity to vote for the best post. The post with the highest number of votes will win 10 SBD. The post with second highest number of votes will win 5 SBD. I will also select my favourite post and award 10 SBD for that post.
A key objective of this series is to bring economics closer to everyone. Economics is not something that men in fancy suits talk about on television or only discussed in financial magazines or obscure journals. Economics is something that is all around us and it is important for all of us to understand so that we can make the most out of our lives.
Yes, another minions example
Good luck in the challenge, if you have any questions feel free to comment below. I am more than happy to address any queries you may have.
Links to other contests
Meme Contest 5 - Voting
