Spectrum Economics Challenge 1 - 25 SBD to be given away

Hi Everyone,

Welcome to 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.

So just a quick introduction and the subject matter I generally cover on Steemit.

My name is Wayne Davies, I have been on Steemit for over 9 months. Prior to my Steemit journey, I worked as an economist for the Queensland Government, Australia. I have also authored several journey articles and conference papers. I have provided a link to google scholar at the bottom of the post if you want to peruse my peer reviewed publications.

Most of my Steemit content relates to economics. I write a combination of blogs as well as create videos. I also run several contests every month. I started off with just puzzle contests and I now run meme contests as well. Feel free to participate in these contests, I have a link to these contests at the bottom of the page. The 6 week economics challenge series brings both aspects of my channel together.

Upcoming challenges

Below are a list of the 6 challenges in this series:

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 1, I will select my favourite post for the prize.

Challenge #1

Most of us have experienced times when we have needed to work with a tight budget or tighter than usual budget. For this challenge the participants are required to describe using a real life or theoretical example of how they have or would cope with living with a tighter budget. It does not matter why your budget is limited, just the actions that you have taken or would take to cope under such circumstances.

Any type of examples are acceptable. You can be as creative as you like. You can express your answers as you please. You can respond using photographs or even videos to get your point across. In your post, you could include the weekly savings from the strategies you have applied or even a strategy that could bring in additional income. I will look more favourably upon a more elaborate post, so include plenty of good examples. Even include the application of some economic concepts if you like. I would advise you to mostly express your post in terminology that is easy for your everyday Steemian to understand as they will be voting.

I am still trying to secure a sponsor for this challenge series. If I do, you should be able to get some good upvotes on your challenge posts. I cannot make any promises yet but I am working on it. You should take this as some extra incentive to participate.

How to Enter

You can enter any of the 6 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 1 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 1 is 6PM USA Eastern Time 30/03/2018. 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 old men talk about on television or discussed in 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.