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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.

1.4 and 1.5.10
  1. Senior Project Planning
  2. The Bailout
  3. Intro to Keynes and Friedman

  4. Econ Unit Intro. Text review

  5. Scarcity
  6. The three questions
  7. Economics - a study
  8. Review Economics Rationale -- From AZ Social Studies Standards
    Review Econ Strands and Concepts required by Arizona
  9. Record and calculate what you send in one day. How does this reflect your demand?
  10. Students copy these concepts into notes
    Define and discuss:
    • Basic Economic Problem
    • Scarcity
    • The three questions
    • Economics - a study
    • The factors of production
    • Opportunity Costs
    • Production Possibilities
    • Circular flow
1.6.10

The Seven Principles of the Economic Way of Thinking and Reasoning


It's all about individual choice - Luck has nothing to do with it; marginal analysis ... everything.

1. People choose.

2. People’s choices involve costs.

3. People respond to incentives in predictable ways.

4. People create economic systems that influence individual choices and incentives.

5. People gain when they trade voluntarily.

6. People’s choices have consequences that lie in the future.

7.  The laws of Supply and Demand affect every aspect of life.
1. 7 and 1.8
  • Econ Vocab Foldable make it in-class
  • Read Chapter 1
  • Define and discuss:
    • 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
1.11
 "Macroeconomics" activity
1.12 and 1.13
  • "GREED" by John Stossel
  • "Enlightened Self-Interest"
1.14

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
    • Basic Economic Problem
    • Scarcity
    • The three questions
    • Economics - a study
    • The factors of production
1.15
  • Written Vocab QZ
  • e Journal to Nicenet with an answer to these questions in a few sentences. Both due 1.19.10
    1. What are the economic implications of living on the border?
    2. What is something that is in demand and how can you supply it?
1.18
1.19
  1. Read Econ Text Chapter 2 & 3
  2. Position Paper work day or Exam work day and explanation
1.20
  • "Sound of Freedom" video
  • React to video
1.21 and 1.22
  1. Read Econ Chs. 2/3
  2. In-class discussion

  3. 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

1.25
  1. Econ Chs 2 and 3 Vocab Foldable made in-class
  2. collect foldable
  3. Minimum Wage Position Paper due 1.24.10 at nicenet.org
1.26 and 1.27
  1. Vocab Quiz from foldable
  2. Impact of Minimum Wage
  3. Econ Article Review
  4. Practice Econ Quiz
  5. Economic Freedom
  6. WEW
  7. Economic Freedom and the Constitution
  8. Econ Systems Worksheet

  • Big 40 pt eJounal due

    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"
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).
1.28 and 1.29
  1. "The Power of Ideas...Milton Friedman...Economist" Video
  2. Chs 1,2 and 3 exam due by 2.2.10
2.1.10
  • Keynes vs Freidman
  • "The Pencil" Video
2.2.10

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
2.3
  1. Lecture Ch 4 Demand
  2. Essay assignment-"What will you do when gas hits 5$ per gallon?"
    4SS-P2.
  3. Read chapter 4 at home
  4. An excellent supply and demand web site
    QuickWrite on article in-class on one section
2.4
  • Vocab Quiz from foldable
  • collect foldable
2.5

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  
2.8
  1. EconCh 5 lecture Supply
  2. Group Reports on Economists and Economic Concepts
    Economists/Entrepreneur Reports
2.9
  1. Chapter 6 lecture - Prices
  2. 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 .
    or

    2. You have a friend that is diabetic that must take insulin daily. In the last year he cost of insulin has doubled. Using the principle of demand elasticity, explain you friend's choices.
2.10
  1. Exam Econ Chapters 4, 5 and 6 due by 2/13
  2. Exam Review
  3. Econ Ch. 6 - Vocab Quiz
2.11 to 2.13
2.13
 Economist group reports

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