Economics Unit 2: The Economic Way of Thinking

Monday February 6, 2006 Obj: Re-group for Stock Market Game

1. Make up tests go out. Call students for all make up work. Quizzes and assignments due now.

2. Go over test

3. Sit in teams in a circle. pull out contract

4. a. tell the class your rules and consequences

5. Step by step jobs

6. a. stock quote look up and write down on big board

7. b. print acct summary

8. c. reasearch and copy address to one folder

9. d. graph dated

10. e. show to me

Period 7

Guest speaker on banking

Tuesday February 7, 2006 Obj: What is economics, scarcity, Opp Cost, incentives, economic way of thinking

1. Unit 1 overview as we go through the play keep track of your vocabulary

2. View the scarcity video and list 3 elements of scarcity

3. Who wants a Hershey Kiss? 1 Available, Many Wants. "The Economic problem of Scarcity" refer back to the 3 elements of scarcity

4. Define: Economics is the study of choice individuals and society face tradeoffs Wants and needs.

5. Read "No Such Thing as a Free Lunch"

6. Candy bar activity (Choosing is Refusing) Wants>Available = Scarcity (Choice)

7. Make a list of all decisions you made this morning. Choose two and think about what you gave up. What other options did you have?

8. Pick a volunteer. Pick between the two candy bars. The one you want requires you to grade papers for me for a week. You choose the other now? Why? Perople respond to incentives

9. Volunteer. Which candy bar do you like? Ask another person? Switch their choices and watch them trade. People trade to benefit themselves. Economic problems affect individuals at this level all the way up to global levels.

10. Economic Way of Thinking: Framework allowing you to analyze solutions to each economic problem.

Wednesday February 8, 2006 Obj: Scarcity, Opp cost, Economic way of thinking, economic systems, allocation mechanisms

1. Tardy quiz

2. Economic Way of Thinking: Framework allowing you to analyze solutions to each economic problem

3. update stocks

4. Warm up: List in one column things you would buy with a $100 gift. In a second column the things you would buy if you had a second $100/col. 2 are the opp cost

5. scarcity the dreaded disease

Thursday February 9, 2006 Obj: Means of Production

1. Obj. Factors of production PP. 2-3 scarcity and decision making

2. Complete voluntary exchange

3. read handout on factors of production “3.1” “Ahooga”

4. Go over quiz material so far.

Friday February 10, 2006 Obj: Prod Poss Curve, means of prod.

Update portfolios
Read Ahooga
View the clip on “Productive Resources”
classroom production activity production possibility curve
Production possibility curve/ means and resources of production

Monday February 13, 2006 Obj: Economic questions, Economic Systems, Pillars of Market Economy(Systems of Allocation of Resources)

1. production possibility simulation

Tuesday February 14, 2006 Obj: Prod. Poss. Curve, expanding and inside frontier

1. Quiz review

2. Graph the numbers on our board

3. Law of increasing opportunity cost: Obtaining more of a good in equal amounts requires giving up even larger amounts of the alternative good.

Inside frontier: unemployed resources or resources used inefficiently

Expanding frontier: occurs when resources are increased or technology allows for their

4. read page 6 to selves. What is point A, x, y, b. Complete workbook page 7

Wednesday Feb. 15, 2006 Obj: Economic questions, Economic Systems, Pillars of Market Economy(Systems of Allocation of Resources)

1. quiz

2. Three economic questions notes

3. Economic systems notes

4. Begin and complete packet on scarcity Lesson 2 Activity 2 due tomorrow

Thursday Feb. 16, 2006 Obj: circular flow model, property rights

1. Complete econoland

2. Correct and collect the worksheet

3. fish activity

a. Focus on potential versus actual, as well as property rights, and the tragedy of commons

b. Pillars of free enterprise overhead. Show the questions. Ask them to read pp7-9 defining the questions, macro and micro economics

Tue. February 21, 2006 Obj: Utility Theory economic systems

1. Discuss econoland

a. what happened if you sat?

b. what was the incentive? Did incentive move the market?

c. who was efficient? Per 7 or

Period 1

1. Test Warm up then define two types of economies

2. Commanding heights siberia, gorbachev,FDR

3. Airplane activity

4. Pillars of a market economy shoe Circular Flow model and complete worksheets

5. scarcity worksheet

Wed. Feb. 22, 2006Utility Theory,

1. test warm up

2. Reading on Utility (satisfaction) keep giving hershey kisses or coca cola cups from a 2 liter bottle until the utility diminishes

3. Define: Utility

b. Total utility

c. Marginal Utility

d. Law of diminishing marginal utility

Increasing marginal returns activity: produce a good 1 person, 2 people, up to 8 check cost benefit; diminishing marginal returns after 4 people

Thursday February 23, 2006  Obj: Utility Theory, mb, mc explicitMarginal Cost/Benefit  Check pages 8-10 for 10 points

Graph yesterday's utility activity

Show spongebob episode class decides on marginal utility

Go over M&M worksheet answers and graph it/ discuss sunk cost

Friday February 24, 2006 Obj: Cost Benefit Analysis, opp. cost, scarcity, Marginalism explicit, implied, sunk, ignored cost

1. check page 8

2. Quiz warm up #3

3. Warm Up #3 visual 6.4, students are to choose which statement they agree with and explain.

4. Show them the money for our city budget.  

a. What things does government have to pay for with this money?  Add cleaning the environment to the list.  

b. divide up the money into piles for each 10 pieces for the environment

c. This is an experiment in scarce resources and cost benefit analysis.  Choose 2 students to clean the carpet.

d. .20 to clean it by only picking up crumbs with hands.

e. We measure by checking out amount in trash bag

f. Ask  Is rug clean?

g. Repeat experiment 4 more times paying them each time they clean

h. At what point is the environment clean enough?  Should we continue past the 5^{th cleaning?  How
do we pay for it?  We must weigh marginal benefits with marginal costs.}

i. MB>MC  Keep going; MB = MC Stop;  MB<MC gone too far, Show overhead of this. 6.5

5. Overhead of implicit cost, explicit cost, sunk cost (Pay for a trip to Disneyland and get injured, do you go?)

Obj: Macro/Micro. ,

Using your book complete Warm up from quiz and define macro and microeconomics.

Monday Feb 27, 2006

Period 1

implicit, explicit, sunk, ignored cost notes

assigned pp 1-12, 22-23 in workbook chapter reviews

Period 7 Guest speaker

Tue. Feb 28, 2006

go over answers to reviews.

take online review

view 2 segments of commanding heights on the fall of the Soviet economy

Wed. march 1, 2006

Test