Economics Unit 2: Microeconomics – Supply and Demand

We will have  our Unit Two Test on Wednesday, 25 October. In this unit, you will:

  • Illustrate a circular flow diagram
  • Explain the flow of goods, services, resources, and money between and among households and firms
  • Define the Law of Supply and the Law of Demand
  • Understand the difference between supply and quantity supplied and demand and quantity demanded
  • Examine how market equilibrium is achieved and illustrated on a graph, including the role of price ceilings and price floors
  • Identify the determinants of demand and the determinants of supply

Unit 2 Notes

Dates:

  • 10/17: The Circular Flow of Goods and Services
  • 10/18: The Law of Demand
  • 10/19: The Law of Supply
  • 10/20: Lab for Budget Project Work
  • 10/23: Combing Supply and Demand – Equilibrium and the Market Clearing Price
  • 10/24: Price Controls
  • 10/25: Test

Economics Unit One: Fundamentals

We will begin having weekly vocabulary quizzes, with the first being on Friday, 6 October. Our unit test will be administered on Monday, 16 October.

In this unit, students will:

Explain why limited productive resources and unlimited wants result in scarcity, opportunity costs, and tradeoffs for individuals, businesses, and governments

  • Compare marginal benefits and marginal costs to explain rational decision making
  • Explain how specialization and voluntary exchange influence buyers and sellers
  • Compare and contrast different economic systems and how each answers the three economic questions of what to produce, how to produce and for whom to produce
  • Describe the roles of government in the United States economy
  • Explain how productivity, economic growth, and future standards of living are influenced by investment in factories,machinery, new technology, and the health, education, and training of people

Unit 1 GSE Notes

Topic Agenda (and associated assignments):

  • 10/2: Scarcity, Trade-offs, and Opportunity Cost
  • 10/3: The Production Possibilities Curve
  • 10/4: Rational Decision Making and Marginal Analysis
  • 10/5-10/6: Economic Systems and the Broad Social Goals of Economics
  • 10/9: The Role of Government in Economics
  • 10/10-10/12: Specialization and Productivity
  • 10/13: Review
  • 10/16: Unit One Test

Welcome to Economics!

Economics is the study of how individuals satisfy their wants and needs, how goods and services are produced as well as a study of how nation’s economies interact with other economies.  Students must pass both the Economics course and the Georgia Milestones Economics End-of-Course Test in order to graduate. The EOC for Economics will be administered on Monday, 11 December.

Syllabus_F17

Production Possibilities Webquest (courtesy of EconEdLink)

Production Possibilities WebQuest

Introduction

How will the public choice to provide health care effect what will be produced? What will be the costs? Is it possible to have free health care without forgoing consumption of another good? In this lesson, you will study a powerful tool for analyzing decisions. You will learn about scarcity, opportunity cost, and efficiency–three of the most fundamental economic concepts.

Task

At the end of this lesson, you will be able to plot a production possibilities curve and calculate the opportunity cost of a choice. On a graph, you will be able to (1) show how an increase in an economy’s technology affects the production possibilities curve; (2) explain efficiency using the production possibilities model; and (3) finally, using a production possibilities curve, show which points are attainable, efficient, and unattainable.

Process

  • Take notes over the video presentation below.

  • Read the material on FlatWorld Knowledge on the Production Possibilities Curve.
  • Complete the Production Possibilities Curve worksheet (you will need to get a copy of this from me after you have completed the two previous steps). This worksheet will be submitted to me at the end of class for a grade.
  • Finally, so that I can see how well you understand PPCs, their purposes and uses, answer the following questions ON YOUR OWN to demonstrate your newfound knowledge and skills. Record your answers on the back of the Production Possibilities worksheet and then turn in your worksheet.
  1. Which of the following are assumptions underlying the PPC?
    1. Only two goods are produced
    2. Technology, population, and capital are variable.
    3. Prices determine the position on the PPC.
    4. All the above.
  2. Efficiency along the PPC implies,
    1. Goods are produced quickly
    2. The state of technology is maximized
    3. In order to get more of a good, some of another must be given up
    4. Goods are distributed equitably
  3. Which of the following would not shift an economy’s PPC?
    1. An increase in population
    2. Doubling the amount of capital in the economy
    3. An increase in the money supply
    4. A technological advance
  4. What determines the opportunity cost along a PPC?
    1. The kinds of goods being produced
    2. The slope of the PPC
    3. Choices made by the economy
    4. The area under the PPC
  5. An economy has a constant cost PPC. What do you know about the slope?
    1. A straight line
    2. Bowed in
    3. Bowed out
    4. Convex to origin
  6. What statement below implies that a PPC will be an increasing cost curve?
    1. Resources are scarce
    2. Most resources are more productive in certain uses than others
    3. Underemployment of productive resources
    4. Diminishing marginal returns to scale
  7. A PPC shows,
    1. The best combination of goods to produce
    2. The plans for increasing output in the short run
    3. What can be produced with various combinations of resources
    4. Resources are constrained by choices

SOURCE: http://www.econedlink.org/lesson/852/Production-Possibilities-Curve

Wheeler Budget Project AP Edition

This project will account for 15% of your grade and is due on Monday, 4 December. It may, however, be turned in without penalty until 8:20am on Friday, 8 December. After this time, an additional 25% will be deducted at the beginning of each school day. After 8:20am on Wednesday, 13 December, the project will no longer be accepted for any credit whatsoever.

Wheeler Budget Project AP Edition

AP Budget Project Evaluation

Choosing a Career

Calculating Student Debt and Resume

Disposable Income

Your Meal Plan

Finding an Apartment or Buying a House

Buying a Car

Investing

Creating a Budget

Life-Changing Event (coming soon…)

Final Analysis

Supreme Interpreters Webquest (courtesy of iCivics)

What does it mean to interpret the Constitution? Why is interpretation necessary? Who gets to do it? In this WebQuest, students explore the answers to these questions and more. Using examples from the First and Eighth Amendments, students try their own hand at interpreting sticky situations—and compare their findings to actual Supreme Court opinions

https://quest.icivics.org/web-quests/supreme-interpreters

Government Unit 5: The Judicial Branch

We will have a quiz over the judicial branch on Wednesday, 13 September, and we will have our Unit 5 Test on Friday, 15 September.

Unit 5 Packet and Vocabulary

review-guide

  • 9/8: The Courts in a Nutshell Webquest
    • Please see Mr. White for a copy of the webquest
  • 9/11: Important Supreme Court Cases
  • 9/12: Overview of the Judicial Branch
  • 9/13: The Criminal Justice Process (AND UNIT 5 QUIZ!)
  • 9/14: Civil Rights and Civil Liberties
  • 9/15: UNIT 5 TEST

Government Unit 4: The Presidency and the Executive Branch

We will have a quiz over Unit 4 on Wednesday, 30 November, and our unit test on Friday, 2 December.

  • 8/29: Roles of the President
  • 8/30: The Executive Branch
  • 8/31: Lab for Presidents Project
  • 9/1: The Federal Bureaucracy (and Unit 4 Quiz!)
  • 9/5-9/6: Electing the President
    • Please see Mr. White to get a copy of the Mini-Q!
  • 9/7: Unit 4 Test