Monday August 27, 2007 Obj:
Economic questions, Economic Systems, Pillars of Market Economy(Systems of Allocation of Resources)
1.
Check packet
2.
Complete packet
3.
Notes over Three economic questions notes. What, How, and for Whom?
Allocation mechanisms:
Take a candy bar and ask who wants it? We have a problem, scarcity. How can we allocate this resource? List the options to introduce systems
4.
Notes over economic systems. Add problems of each. Market problems: difficulty enforcing property rights. Some
people have few resources to sell, some firms try to monopolize markets, no public
goods private firms do not produce public goods, externalities Problems with
command: consumers get low priority, little freedom of choice
5.
Review for quiz
Tuesday August 28, 2007
1. Quiz
2. Grade allocation. Students take
the slip given to them and organize themselves into similar groups and then name
that way of allocating grades.
6.
fish activity Focus on potential versus actual, as well as
property rights, and the tragedy of commons
7.
Circular Flow Model simulations “Econoland”
Wednesday August 29, 2007
1. Continue “Econoland” simulation or debrief from yesterday
2. Debrief and guided practice as a class
using transparencies 10.1- 10.2 complete the worksheets 10.5-10.6 DUE TOMORROW
3. View “Ghost of Norilsk” and
“India” from “Commanding Heights” Examples of command
economy and then stifling beaurocratic market
4. Marginalism, Increasing marginal returns,
diminishing marginal returns: when at least one resource is fixed and the marginal output hits a point where it no
longer increases. The variable resource was number of workers, fixed resources were the number of staplers and the work space.
activity following the PPC activity in JA
Thurs.
August 30, 2007
1.
Picture day
2.
Check the worksheet
Tuesday Sept. 4, 2007 Economic Systems
1. Warm
Up: Read Pages 16-17 answer both margin questions
2. Airplane
activity: Have four groups of kids become airplane factories. Factories A and B must follow the diagram in making airplanes. Planes
must fly to earn payment. Factories C and D can make any airplane they want and
will be paid a fixed amount no matter how many they create or if they fly. This
demonstrates the difference between a market and a command system.
3. View
“Ghost of Norilsk” and “India” from “Commanding
Heights” Examples
of command economy and then stifling beaurocratic market
4. Notes
5. Page
13 due tomorrow
3. Marginal:
extra or additional costs or benefits of a decision.
Marginalism, Increasing marginal returns, diminishing marginal returns: when at least
one resource is fixed and the marginal output hits a point where it no longer increases. The variable resource was number
of workers, fixed resources were the number of staplers and the work space. activity following the PPC activity in JA
Wed. Sept. 5, 2007 Utility theory
1.
PowerPoint notes on three slides from questions economic systems answer to 6
characteristics of a market
2.
The fall of Communism in the USSR
was one of the most important events of the 20th century.
We will apply economic reasoning into why it collapsed
3.
Visual 1 showing one at a time
4.
Take quiz as a class Visual 2 all
are true
5.
Hand out the handout
6.
visual 4 market characteristics
7.
visual 5 command characteristics
8.
Rest of video on commanding heights
9.
Marginal reflections worksheet
Thursday Sept. 6, 2007
1. Notes over
costs then complete cost of college MB>MC ; MB<MC; MB=MC
2. Warm Up reading
on Marginal reflections have students complete the handout
3. Utility Theory
Reading
4. Get a volunteer to feed
candy and measure utility
Utility: Measure of happiness and satisfaction obtained by the consumer
from consuming a good
Marginal: Additional cost
Marginal Utility(MU): The extra utility from an additional unit of consumption
Total Utility:
Total of all satisfaction added together
Principle of diminishing
marginal utility: decrease in satisfaction occurs as the quantity of input increases
5. Show spongebob
episode class decides on marginal utility
6.
What is the significance of Utility Theory? Consumers generally allocate
their budget to maximize the utility from what they consume
As the price of a good increases the utility of the marginal dollar spent on the good decreases
since the marginal dollar buys less of the good. The consumer reallocates the
marginal dollar away from the good causing quantity demanded to fall in line with the law of demand
7. Increasing
marginal returns activity: produce a good 1 person, 2 people, upt to 8 check cost benefit; diminishing marginal returns after
4 people
.
Friday Sept. 7, 2007
1. Diminishing
Marginal Utility/ Economics Live #11 M&M’s
2. Complete
notes
