Overview of Beowulf

Beowulf is an epic poem from the Anglo-Saxon period. It tells the story of a hero who fights monsters. The poem was probably written down not because it was considered ideal literature, but because the scribe was collecting stories and examples (possibly as a bestiary).

Beowulf includes both pagan and Christian ideas. Pagan beliefs show fate and personal honor. Christian ideas show God’s guidance and moral rules. This is interesting because, historically, paganism and Christianity did not get along, and their interchange involved a lot of bloodshed.

Review of Last Year

When we started, I was not sure how much you knew, so I began with reviewing.

I learned that you know STORES and HISAGE (and you learned that “sage” means a smart/wise person).

The First Americans

The first people came to the Americas from Asia by walking across the Bering Strait (which was a bridge during the Ice Age). New evidence shows this might have happened as early as 40,000 years ago. When ocean levels dropped, it created land between Russia and Alaska that people could cross.

Life Before Columbus

Before Europeans came, many different societies lived in the Americas:

• They hunted, gathered, and farmed for food

Scarcity

Limited resources and unlimited wants = scarcity. Scarcity is “The Economic Problem.” It is the reason economics exists. There are only 24 hours in a day. There are only 5 cupcakes, but you want 6. Too bad. Why? Scarcity.

Opportunity Cost

Any time you choose to do something, you are choosing not to do something else.

Example:

You can wake up and go to school or you can stay in bed and sleep. If you choose to stay in bed, you miss your favorite class (economics). If you choose to go to school, you miss your dreams (also economics. I am everywhere. You cannot escape me.).

Pearl Exchange

Demonstration

• Two students acted out a deal in front of the class.
• Only the buyer knew their maximum price, only the seller knew their minimum price.
• Question: Who won?
• Lesson: Both won. Buyers get consumer surplus, sellers get producer surplus.

Setup

• Half the class started with a “pearl”. They were sellers.
• The other half had no pearl. They were buyers.

The Rules

• Sellers and buyers had to negotiate a price.
• After each sale, sellers gave me the price.
• We tracked prices and looked for the best negotiators.

Four Rounds

Day 1

• Sellers knew their minimum price. Buyers knew their maximum price.
• Students had 5 minutes to trade.
• We looked at average prices and number of trades.
• Discussion: Why not charge or pay extreme prices?

Day 2

• Switched Roles: Sellers became buyers and buyers became sellers.
• Rule: No repeat partners.
• We compared prices to Day 1. They are converging.
• Questions:
  • What happens to prices if trading repeats many times? They keep converging to equilibrium
  • How did you negotiate a good deal?
  • What if oysters died and pearls got scarce?

Day 3

• A virus killed many clams. A third of sellers switched to buyers.
• Fewer sellers => less supply.
• Discussion:
  • Was this a change in demand (what buyers want) or supply (what sellers have)?
  • Who competed in this day? Buyers or sellers?
  • What if diamonds (a substitute) got cheaper?

Day 4

• Pearls are too expensive. Diamonds are cheaper. Many buyers left the pearl market.
• Discussion:
  • Who competed more here?
  • What happened to prices?

4. Takeaways

• Markets depend on scarcity, information, and competition.
• Prices shift with changes in supply and demand.
• Buyers and sellers both benefit when trade happens.