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Unit III- Fundamentals Economics

Economics Rationale -- From AZ Social Studies Standards
The goal of the economics strand is to enable students to make reasoned judgments about both personal economic questions and broader questions of economic policy.  Students will develop an economic way of thinking and problem solving to understand and apply basic economic principles to decisions they will make as consumers, members of the workforce, citizens, voters, and participants in a global marketplace.  This will prepare students to weigh both short-term and long-term effects of decisions as well as possible unintended consequences. The study of economics explains historical developments and patterns, the results of trade, and the distribution of income and wealth in local, regional, national, and world economies.  Students will be able to analyze current issues and public policies and to understand the complex relationships among economic, political, and cultural systems.

Concept 1:  Foundations of Economics
The foundations of economics are the application of basic economic concepts and decision-making skills.  This includes scarcity and the different methods of allocation of goods and services.

10.24

Study Economics Rationale -- From AZ Social Studies Standards
Read Chapter 1

  • Basic Economic Problem
  • Scarcity
  • The three questions
  • Economics - a study
  • The factors of production
10.25
  • Econ Article Review
  • Economic way of thinking connected to article
10.26 and 29
  • "GREED" by John Stossel
  • "Enlighthened Self-Interest"
10.30

Wall Paper Review

    • Opportunity Costs
    • Production Possibilities
    • Circular flow
    • Econ Article Review
    • Economic way of thinking
    • Marginal analysis
    • Basic Economic Problem
    • Scarcity
    • The three questions
    • Economics - a study
    • The factors of production
10.31

  • Email Journals

    Email Journal to Nicenet with an answer to these questions in a few sentences.

    Due Date Question
    11.5.07 What does living on the border mean to you - anything special or different?
    11.11.07 Describe a good or service for which you would be an entrepreneur.
    11.11.07 Describe how the factors of production would make production of your product possible.
11/1
11/2
  • Various Econ Videos
  • Econ 1 MC online MC exam due by 11/7 posted at Econ/Gov page
11.5
11.6
11.7 and 11.8
  • Socratic Seminar - Minimum Wage and The Economic Way of thinking
  • NICENET
    Describe a good or service for which you would be an entrepreneur. Describe how the factors of production would make production of your product possible.
  • Econ 1 Exam due 11/7
11.9
  • Various econ videos or "Wall Street"
11.13 Econ Chs 2 and 3 Vocab Foldable made in-class
11.14
  • Vocb Quiz from foldable
  • collect foldable
11.15
  • Econ Systems Activity
  • Econ Article review from teachweb
  • Demand demonstration
  • In-class reading Econ Ch. 4

Big 40 pt eJounal due 11.16 on paper

  1. Read Read Economics 101
    by Walter E. Williams
  2. Read Econ text book page 381
  3. Briefly review the ideas
    Walter E. Williams.
    Say who he is,
    Why he's at my web page (teachweb.org).
  4. Summarize his main point about "economic freedom"
    eJournal due 11.16.07

Concept 1 - PO 4.  Evaluate the economic implications of current events from a variety of sources (e.g., magazine articles, newspaper articles, radio, television reports, editorials, Internet sites).
11.16 and 19 "The Power of Ideas...Milton Friedman...Economist" Video
11.20
  • Capitalism and Economic Freedom
  • Econ Systems Worksheet
  • Note taking on the market economy
  • Groups produce examples and complete worksheet

PO 3.  Describe the characteristics of the mixed-market economy of the United States:

a.   property rights
b.   profit motive
c.   consumer sovereignty
d.   competition
e.   role of the government
f.    rational self-interest
g.   invisible hand

 
11.22.07

Concept 2:  Microeconomics
Microeconomics examines the costs and benefits of economic choices relating to individuals, markets and industries, and governmental policies.

 PO 2.  Describe how markets function:
a.  laws of supply and demand
b.  how a market price is determined
c.  graphs that demonstrate changes in supply and demand
d.  how price ceilings and floors cause shortages or surpluses
e.  comparison of monopolistic and competitive behaviors
f.   theory of production and the role of cost

  • READ CHAPTER 4 - DEMAND
  • Lecture Supply and demand
  • Vocab review
11.25 Create foldable of vocab in ch. 4
11.29
  • Vocb Quiz from foldable
  • collect foldable
 
  • Capitalism and Economic Freedom
  • Econ Systems Worksheet
  • Note taking on the market economy
  • Groups produce examples and complete worksheet
  • "The Power of Ideas...Milton Friedman...Economist" Video

 
 
  • Read articles for assignment
  • Work in class
  • Short video
  • Markets articles assignment due
 

Concept 2 - Microeconomics

PO 2.  Describe how markets function:
a.  laws of supply and  demand
b.  how a market price is determined
c.  graphs that demonstrate changes in supply and demand
d.  how price ceilings and  floors cause shortages or surpluses 
e.  comparison of monopolistic and  competitive behaviors
f.   theory of production and the role of cost  

  • Lecture Supply and demand
 
 
  • Econ Ch. 6 - Vocab Quiz
  • You own a restaurant that is fully booked during the weekends. In mid-week, however, you rarely have enough bookings to stay open. To make more money during this slow period, you decide to cut dinner prices by one-third- from $15 to $10 – on Wednesday and Thursday.Do you think this action will increase your revenues?  Explain why or  why not.
    Explain,  give two examples,  connect  to the principle of elasticity of  demand .
 
  • Fun Friday Video
 
  • Exam Econ Chapters 5 and 6 due by 2/13
  • Exam Review
  Economic Theories and Theorists

AZ State Standards covered:
Concept 1:  Foundations of Economics

PO 1. Analyze the implications of scarcity:

  • limited resources and unlimited human wants influence choice at individual, national, and international levels
  • factors of production  (e.g., natural, human, and capital resources, entrepreneurship, and technology)
  •  marginal analysis by producers, consumers, savers, and investors

PO 2.  Analyze production possibilities curves to   describe opportunity costs and trade-offs.  

PO 3.  Describe the characteristics of the mixed-market economy of the United States:

  • property rights
  • profit motive
  •  consumer sovereignty
  • competition
  •  role of the  government 
  • rational self-interest
  • invisible hand 

PO 4.  Evaluate the economic implications of current events from a variety of sources (e.g., magazine articles, newspaper articles, radio, television reports, editorials, Internet sites).

PO 5. Interpret economic information using charts, tables, graphs, equations and diagrams.

Concept 2 - Microeconomics

PO 1.  Describe how the interdependence of both households and firms is affected by trade, exchange, money, and banking:
a.  why voluntary exchange occurs only  when all participating  parties expect to gain from the exchange  

PO 2.  Describe how markets function:
a.  laws of supply and  demand
b.  how a market price is determined
c.  graphs that demonstrate changes in supply and demand
d.  how price ceilings and  floors cause shortages or surpluses 
e.  comparison of monopolistic and  competitive behaviors
f.   theory of production and the role of cost  

 

PO 4.  Evaluate the economic implications of current events from a variety of sources (e.g., magazine articles, newspaper articles, radio, television reports, editorials, Internet sites).

PO 5. Interpret economic information using charts, tables, graphs, equations and diagrams.

Concept 2 - Microeconomics

PO 1.  Describe how the interdependence of both households and firms is affected by trade, exchange, money, and banking:
a.  why voluntary exchange occurs only  when all participating  parties expect to gain from the exchange  

PO 2.  Describe how markets function:
a.  laws of supply and  demand
b.  how a market price is determined
c.  graphs that demonstrate changes in supply and demand
d.  how price ceilings and  floors cause shortages or surpluses 
e.  comparison of monopolistic and  competitive behaviors
f.   theory of production and the role of cost  
Home Contact G.Thomson at Teachweb.org