1.++Economic+Problem

= 1. Economic problem ﻿ = **Your task** 1. Press edit above 2. Move your cursor below your name (scroll down) - only work in the area under your name 3. Use Ms Stevenson's examplar as a guide

**Miss Stevenson's exemplar:** (note you can not use my topic! Go to your task sheet for more topic examples.)


 * ** Whose problem/issue is it: ** || My Grandmother who is 70 years old. ||
 * ** Key needs/wants: ** || Grandma wants a dog for companionship, exercise and security. ||
 * ** What are the technical aspects of the problem: ** || Grandma believes that pedigree dogs are superior to mixed breeds and accordingly will only consider pedigrees with papers ||
 * ** What are the financial aspects of the problem: ** || Grandma has $1,000 to spend on a new dog ||
 * ** What caused the problem: ** || Grandma has always had border collies and sadly her last dog died from old age. ||
 * ** Effects of the problem: ** || By spending $1000 on a dog, Grandma will have to rethink her Christmas budget for grandchildren this year as well as budget for ongoing dog maintenance and care costs. ||


 * David A**


 * Whose problem is it? || A young adult currently attending university ||
 * Key needs/wants: || to be able to freely spend money not in cash ||
 * What are the technical aspects of the problem? || Credit cards, Eftpos cards and credit debit cards ||
 * What are the financial aspects of the problem? || Spending the money, paying monthly fees, repaying costs ||
 * What caused the problem: || the inconvenience of carrying cash and paying in cheques ||
 * Effects of the problem: || not being able to buy anything ontline, not being able to pay in large quanties ||


 * Malcolm B**
 * Whose problem is it? || A teenager who lives at home and has limited income and savings. ||
 * Key needs/wants: || Wants-a new and up to date phone. Needs-to be able to make and receive calls from friends and family. ||
 * What are the technical aspects of the problem? || What kind of phone and the capabilities it has. ||
 * What are the financial aspects of the problem? || The sunk cost of the phone and the monthly bills for access to network as well as calls made. ||
 * What caused the problem: || Had the current phone for a sustained period of time and it is starting to break. ||
 * Effects of the problem: || There will be less money in savings to spend on other things like clothes and games, and cannot exceed monthly budget for communications without cutting down on other items of expenditure. ||

Samuel B
 * Whose problem is it? || High School Graduate ||
 * Key needs/wants: || Apartment/House, whilst at Uni ||
 * What are the technical aspects of the problem? || 1 bedroom apt,2 bedr. house + nice neighbourhood, close to public transport/uni ||
 * What are the financial aspects of the problem? || Only has $250 maxiumn to spend per week for rent ||
 * What caused the problem: || Family leaving house, Wayne needs place to stay on his own (cant afford big family house). ||
 * Effects of the problem: || maturity, freedom, money, job to make sure he has enough money to pay off the rent. ||

The Debt is $150,000 ||
 * Nathan C**
 * Whose problem is it? || Young Family ||
 * Key needs/wants: || To save enough money to pay off the there mortage ||
 * What are the technical aspects of the problem? || They need to pay back what the bank lent plus another small percentage of the total borrowed ||
 * What are the financial aspects of the problem? || Both Parents work and make together make $3000 a week after buying consumables and other goods.
 * What caused the problem: || The loan on there new house ||
 * Effects of the problem: || Keeping the new house, possible bankrupt ||


 * Solomon C**
 * Whose problem is it? || Write your answers in here and below ||
 * Key needs/wants: ||  ||
 * What are the technical aspects of the problem? ||  ||
 * What are the financial aspects of the problem? ||  ||
 * What caused the problem: ||  ||
 * Effects of the problem: ||  ||


 * Jacky C**
 * Whose problem is it? || A young adult is wanting to buy a new trailer boat. ||
 * Key needs/wants: || Laptop on a budget, value for money and specifications ||
 * What are the technical aspects of the problem? || Specifications, Ride Performance, Fuel economy, Stability ||
 * What are the financial aspects of the problem? || Budget and value for money. ||
 * What caused the problem: || Wants to buy a boat with versality-fishing, cruising and skiing. ||
 * Effects of the problem: || Less money available for other goods and services. ||


 * Jack C**
 * Whose problem is it? || First home buyer/uni student ||
 * Key needs/wants: || A cheap house ||
 * What are the technical aspects of the problem? || Location, size(home, apartment alone, apartment with friends ||
 * What are the financial aspects of the problem? || Cost deposit mortgage debt ||
 * What caused the problem: || Moving out of home ||
 * Effects of the problem: ||  ||


 * Tom F**
 * Whose problem is it? || Write your answers in here and below ||
 * Key needs/wants: ||  ||
 * What are the technical aspects of the problem? ||  ||
 * What are the financial aspects of the problem? ||  ||
 * What caused the problem: ||  ||
 * Effects of the problem: ||  ||


 * Matt G**
 * Whose problem is it? || New Family (i.e. new baby) looking to move from apartment to bigger home suitable for children (Have $500 000 saved up) ||
 * Key needs/wants: || Wants space, 3 bedroom at least, child friendly ||
 * What are the technical aspects of the problem? || Size, location, type, ||
 * What are the financial aspects of the problem? || Cost, (cost of deposit, mortgage etc) ||
 * What caused the problem: || New child, need house rather than apartment ||
 * Effects of the problem: || have to pay off some debt ||


 * Matthew H**
 * Whose problem is it? || High school graduate, starting university ||
 * Key needs/wants: || Accommodation ||
 * What are the technical aspects of the problem? || Forms of housing, types of rental properties ||
 * What are the financial aspects of the problem? || The financial constraints of a student ||
 * What caused the problem: || Moving out, the need for accommodation ||
 * Effects of the problem: || Independence, freedom ||


 * Dugie H**
 * Whose problem is it? || An adult, with an average income ||
 * What are the needs/wants: || Wants the best superannuation scheme that best suits the person's needs ||
 * What are the technical aspects of the problem? || To pick which company has the best scheme, from three different companies ||
 * What are the financial aspects of the problem? || How much money is made for retirement ||
 * What caused the problem: || Retirement in the future ||
 * Effects of the problem: || Less money to spend on wants ||


 * Abhay K**
 * Whose problem is it? || Deciding between three diffrent credit cards for a person in there 20s ||
 * Key needs/wants: || Credit, intertest ||
 * What are the technical aspects of the problem? || Transaction issues, Security issues with card ||
 * What are the financial aspects of the problem? || Amount of interest ||
 * What caused the problem: || Unlimate use of cash ||
 * Effects of the problem: || Opportunity cost of the benefits of other credit cards. ||


 * Joshua K**
 * Whose problem is it? || University Student, on a Green P licence ||
 * Key needs/wants: || A car to drive from home to university (mainly highway driving) ||
 * What are the technical aspects of the problem? || The chosen car must be aesthetically pleasing, practical enough for a university student, reasonably powerful yet safe ||
 * What are the financial aspects of the problem? || Driveaway Price, Insurance, Fuel Cost ||
 * What caused the problem: || A student lives in the greater Brisbane area and travels to UQ where long distance buses and travel times are highly inconvenient. ||
 * Effects of the problem: || Freedom, Independence, Saves time and other externalities, However would forgo a deposit on his own home. ||


 * Shaun L**
 * Whose problem is it? || University Student ||
 * Key needs/wants: || A Cheap house/town house/apartment to rent ||
 * What are the technical aspects of the problem? || Size of the real estate, location, type. ||
 * What are the financial aspects of the problem? || Rent, travel costs, upkeep. ||
 * What caused the problem: || A student lived in Samford and traveled to UQ however it tool to long and cost to much to get there every day. ||
 * Effects of the problem: || New responsibilities, freedom, learn how to live in the real world. ||

insurance companies. || car. The best deal for the lowest price is desirable. || less money is available to spend on satisfying wants. ||
 * Luke M**
 * Whose problem is it? || Teenager's first car ||
 * Key needs/wants: || Car Insurance ||
 * What are the technical aspects of the problem? || The more all encompassing cover is preferable, comparative to lesser
 * What are the financial aspects of the problem? || Limited savings to spend on insurance, following the purchase of the
 * What caused the problem: || A first car and insurance was necessary ||
 * Effects of the problem: || By allocating money into car insurance, a neccessary expenditure,


 * Nick M**
 * Whose problem is it? || Mine ||
 * Key needs/wants: || Have bought a Mk2 1980 Ford Escort to race at Morgan Park ,Warwick. ||
 * What are the technical aspects of the problem? || Needs to look visually appealing and have competitive performance ability. A balance between the two. ||
 * What are the financial aspects of the problem? || Limited money able to spend on car. Decision needs to be made on how majority of money is spent on the car either body work, or engine performance. ||
 * .What caused the problem: || Desire to do up an old are car and race. ||
 * Effects of the problem: || Enjoyment of racing and restoring the car. ||


 * Robert N**
 * Whose problem is it? || Teenagers ||
 * Key needs/wants: || deciding on which game console to buy xbox 360, ps3 or wii. ||
 * What are the technical aspects of the problem? || needs to have appropriate gaming for a teenagers needs. ||
 * What are the financial aspects of the problem? || don't want too spend too much money on an unsuitable console. ||
 * What caused the problem: || arguements on which is gaming console is best. ||
 * Effects of the problem: || enjoyment for everyone to play on the better of the consoles. ||


 * Rory O**
 * Whose problem is it? || 18 year old who has just finished school ||
 * Key needs/wants: || wants to move out of home. ||
 * What are the technical aspects of the problem? || He is to either stay at home or rent a share house ||
 * What are the financial aspects of the problem? || He is given $180 per week to rent a house of his choice ||
 * What caused the problem: || parents wanted him to mature. ||
 * Effects of the problem: || by moving into a shared home, he will be spending money on accomodation when it could be free if he stays at home. ||


 * Ryan P**
 * Whose problem is it? || A first home buyer ||
 * Key needs/wants: || looking for a house with a partner to settle down ||
 * What are the technical aspects of the problem? || 4 bedroom, close to work, room for kids ||
 * What are the financial aspects of the problem? || can only afford within the $200,000-$250,000 ||
 * What caused the problem: || had a baby, no room in apartment ||
 * Effects of the problem: || they will be able to have a home for their children ||


 * Dylan P**
 * Whose problem is it || A young person ||
 * Key needs/wants: || Best stock out of a choice of three in a particular industry ||
 * What are the technical aspects of the problem? || Best out 3 ||
 * What are the financial aspects of the problem? || young person, low amounts of money, ||
 * What caused the problem: || wants to invest ||
 * Effects of the problem: || restricted to a particular industry ||


 * Bassell T**
 * Whose problem is it? || University Student ||
 * Key needs/wants: || needs to buy a new phone with a good phone plan to suit his situation ||
 * What are the technical aspects of the problem? || needs to be cheap ||
 * What are the financial aspects of the problem? || This student only works part-time and earns $80 a week, so his options are narrowed down to cheap mobile plans ||
 * What caused the problem: || He makes a around 5 calls everyday, one to his parents in the morning to let them now that he arrived safely and one in the afternoon after he finished uni, he must call as he finishes at different times everyday due to his lecture times. He also calls his friends at various times of the day asking for help and discussing topics for uni. ||
 * Effects of the problem: || he might have to work an extra hour however this could effect his study, so further planning in needed ||


 * Nick T**
 * Whose problem is it? || My uncle. Whether it is better given my uncle's needs to invest in one of three different company stocks. ||
 * Key needs/wants: || Income, capital growth and security ||
 * What are the technical aspects of the problem? || My uncle needs income for his living expenses, may access capital to purchase a car but also wants capital growth over the long-term so he has money for retirement. ||
 * What are the financial aspects of the problem? || Uncle has $500,000 to invest, his living expenses are $25,000 per year, and the car he wishes to buy is $50,000 and hopes within the next 10 years to have $2,000,000 to retire on. ||
 * What caused the problem: || My uncle has received a $500,000 inheritance from his grandfather. ||
 * Effects of the problem: || The manner in which my uncle invests his money will affect the level of his income, the certainty of his income and his access to the capital should he need to access it. It will also affect the likely capital value of his investment upon his retirement. ||


 * Thomas W**
 * Whose problem is it? || Mine ||
 * Key needs/wants: || a laptop for university to go with my main desktop ||
 * What are the technical aspects of the problem? || needs to be portable, powerful enough for general use, good screen and keyboard size ||
 * What are the financial aspects of the problem? || will be a Christmas or birthday present and thus the more money spend = less money left over to buy other wanted goods ||
 * What caused the problem: || do not have a laptop and i believe i will need one for university to take notes/carry lots of electronic file ect ||
 * Effects of the problem: || less other Christmas or birthday presents for that year ||


 * Richard W**
 * Whose problem is it? || young man investing stock ||
 * Key needs/wants: || get best return from consumption shares ||
 * What are the technical aspects of the problem? || price, divident, price-to-earnings ratio (P/E ratio) ||
 * What are the financial aspects of the problem? || only have $10,000 ||
 * What caused the problem: || young stock invester wants to learn about stock, and parents game him $10,000 ||
 * Effects of the problem: || a possiblity of lossing money ||


 * Josh Y**


 * Whose problem is it? || Uni Graduate ||
 * Key needs/wants: || House for personal needs rent or buy ||
 * What are the technical aspects of the problem? || Needs to be to the buyers liking, good aesthetics and neighbourhood ||
 * What are the financial aspects of the problem? || what he can afford, is not to his liking, what he wants will need loans ||
 * What caused the problem: || his desire to live in a place of his/her own ||
 * Effects of the problem: || when purchasing real estate, will be impending on his spending of things they want. ||