2014 Creative Writing Contest
100 YEARS OF CHANGE: ONCE UPON A TIME BEFORE TV
December 2013 marks the one-hundredth anniversary of the signing of the Federal Reserve Act, which created the nation's central bank. During that 100-year span, life has changed dramatically.
- Were there Computers back then? Nope.
- Were there Cell phones? Nope.
- Were there Microwaves? Nope.
- Were there Antibiotics? Nope.
Many of the things we take for granted did not exist 100 years ago.
What do you think has been the most significant advancement in the last 100 years?
What impact has it had on our economy?
Now is your chance to choose. Write an essay, short story, poem, or play to explain why your pick was the most significant advancement of the last century.
As you craft your composition, think about the economic impact of the advancement or invention you are discussing.
- What are its costs and benefits?
- Has it created unintended consequences?
To answer these complex questions, you must think critically about some basic economic principles.
Some Key Economic Concepts
Benefits are the social and financial positives that result from an economic activity, good, or service.
Opportunity Cost is the value of possible alternatives that a person gives up when making one choice instead of another; also known as a trade-off
Costs are the expenses—such as time and money—necessary to obtain benefits.
Supply is the total quantity of a good or service that is available for purchase at a given price
Demand is how much of something people want.
Unintended Consequences are outcomes that are different from the expected ones.
Inflation is a general increase in the price of goods and services.