PROJECT: PRICE CONTROLS Each day, you are faced with choices. You have to decide how to use your resources. For example, should you use some of your allowance money to buy new clothes? Or should you save your money toward buying a computer? There are costs and benefits for each decision. Governments are also faced with decisions, such as whether or not to use price controls. You already know about the costs and benefits of a specific price control called rent control. In this project, you will assess rent control while playing the role of a minimum wage earner. OBJECTIVES Calculate personal income for a minimum wage earner. Gather data for the average monthly rents in four U. S. cities. Explore the impact of rent control. Assess the effectiveness and use of rent control. VOCABULARY efficiency using resources effectively, without wasting them personal income money that a person has to buy goods and services rent control maximum amount that a property owner can charge a renter shortage when buyers want to purchase more than the producers want to sell at the given price Vocab Arcade Materials: For this project, you will need: Computer Paper and pencil Project You have learned how the market functions with price controls. Now it is your turn to experience and assess a specific price control. First, you will play the role of a minimum wage earner who is looking for an apartment. Next, you will explore the impact of rent control on your personal income. Finally, you will give your opinion on the effectiveness and implementation of rent control. To complete the project, follow the steps below: Suppose you work in a job that pays the federal minimum wage, or $7.25 per hour. Calculate how much you would earn in a week if you worked forty hours a week. This is considered working full-time (Monday through Friday, eight hours per day). (Hint: Multiply the number of your work hours by the minimum wage.) Next, figure out how much money you would earn in a month. (Hint: Multiply your weekly earnings by four.) Then calculate