Calendar1+-+Intro+to+Economics

= = Section 1.1 Introduction to Economics
 * Economics as a Social Science
 * Scarcity
 * Choice and Opportunity Cost
 * Central Themes

September 4/ Day 1


 * Homework Due:
 * Read Chapter 1 &2 of Mankiw
 * Study the attached notes related to the reading


 * [[image:http://c1.wikicdn.com/i/mime/32/application/pdf.png width="32" height="32" caption="1 - Ten Principles of Economics Handout.pdf" link="file:ib-eonomics/1 - Ten Principles of Economics Handout.pdf"]]
 * [|Details]
 * [[file:ib-eonomics/1 - Ten Principles of Economics Handout.pdf|Download]]
 * 93 KB


 * Assessment and Activities:

>>
 * Lecture
 * Download the following File and review before class:
 * [|Details]
 * [[file:ib-eonomics/1.0 Introduction to Economics.pdf|Download]]
 * 5 MB


 * Related Readings:


 * __[|Marginalism]__
 * [|Microeconomics]
 * [|Behavioral Economics]
 * [|Charity]
 * [|Economic behavior and the role of incentives in sports]
 * [|How reliable are the social sciences?]
 * [|Daniel Kahneman on the trap of 'thinking that we know']

September 06 / Day 2


 * Homework Due:
 * NA


 * Assessment and Activities:
 * Revision
 * Internal Assessment


 * Related Readings:

NA

September 10 / Day 3 PPC


 * Homework Due:
 * IA Article
 * read opportunity cost and PPC model of the ppt.
 * read chapter three of the Mankiw


 * __Khan Academy__
 * [|Production Possibilities]
 * [|Opportunity Cost]
 * [|Increasing Opportunity Cost]
 * [|Allocative Efficiency]
 * [|Economic Growth through Investment]

>>
 * Assessment and Activities:
 * Lecture con. on PPC
 * __//Free-response/problem//__: You will work cooperatively with your partner to construct a response to the following prompt.
 * __Classify each of the of the following statements as positive or normative and explain__.
 * __Classify each of the of the following statements as positive or normative and explain__.
 * 1) Society faces a short-run trade-off between inflation and unemployment.
 * 2) A reduction in the rate of money growth will reduce the rate of inflation.
 * 3) The central bank should reduce the rate of money growth.
 * 4) Society ought to require welfare recipients to look for jobs.
 * 5) Lower tax rates encourage more work and more saving.


 * Related Readings:


 * [|Scarcity].
 * [|Opportunity Cost]
 * [|Human Capital]
 * [|Entrepreneurial Ability]
 * [|Investment]
 * [|Population]
 * [|Profits]

September 12 / Day 4 Comparative advantage

>> || 3 - Comparative Advantage.pdf ||
 * Homework Due:
 * Read 1.0 Intro (lecture ppt.) to ECON ppt.[[file:1.0 Introduction to Economics.pdf]]
 * watch this video: []
 * read chapter three of the Mankiw
 * || [[image:http://c1.wikicdn.com/i/mime/32/application/pdf.png caption="3 - Comparative Advantage.pdf" link="file:ib-econ/3 - Comparative Advantage.pdf"]] ||


 * [|Details]
 * [[file:ib-econ/3 - Comparative Advantage.pdf|Download]]
 * 293 KB
 * __Khan Academy__
 * [|Comparative advantage, specialization, and gains from trade]
 * [|Comparative and absolute advantage]


 * Assessment and Activities:
 * Lecture con. comparative advantage
 * __//Free-response/problem//__: You will work cooperatively with your partner to construct a response to the following prompt.
 * __Imagine a society that produces capital goods and consumer goods__.
 * 1) Draw a production possibilities frontier for capital goods and consumer goods. Using the concept of opportunity cost, explain why it most likely has a bowed-out shape.
 * 2) Show a point that is impossible for the economy to achieve. Show a point that is possible to achieve but inefficient.
 * 3) Identify a point that is productively effiicient and explain why it is productively efficient.
 * 4) Define allocative efficiency. Identify a point that might be allocatively efficient and explain what must be true for this to be an allocatively efficient outcome.
 * 1) Define allocative efficiency. Identify a point that might be allocatively efficient and explain what must be true for this to be an allocatively efficient outcome.


 * Related Readings:
 * **Video:** [|Click here to watch a short video on this topic].
 * **Reading:** [|Click here to read more about free trade].
 * **Reading:** [|Click here to read more about comparative advantage].

September 16 / Day 5 Markets and circular flow

>>> __Khan Academy__
 * Homework Due:
 * PPC homework
 * Read McGee (Pages 34-46) and watch the following video.
 * [|Circular flow]
 * __Assessments and Activities__: Free-response/problem and lecture
 * __Assessments and Activities__: Free-response/problem and lecture


 * __//LECTURE://__ Circular flow simulation
 * __//Free-response/problem//__: revision question for Intro test


 * American and Japanese workers can each produce 4 cars a year. An American worker can produce 10 tons of grain a year, whereas a Japanese worker can produce 5 tons of grain a year. Assume each country has 100 million workers.


 * 1) Graph the production possibilities frontier of the American and Japanese economies.
 * 2) For the United States, what is the opportunity cost of a car? Of grain?
 * 3) For Japan, what is the opportunity cost of a car? Of grain?
 * 4) Which country has the absolute advantage in the production of cars? Grain?
 * 5) Which country has the comparative advantage in the production of cars? Grain?
 * 6) Assume that originally there is no trade between Japan and the U.S. Identify an example in which trade makes both countries better off.


 * HMW- answer the attached questions
 * [[file:circular flow questions.docx]]
 * Draw a circular flow diagram. Identify the parts of the model that correspond to the flow of goods and services and the flow of dollars for each of the following activities.

>> >> >>
 * 1) Selena pays a storekeeper $1 for a quart of milk.
 * 2) Stuart earns $4.50 per hour working at a fast-food restaurant.
 * 3) Shanna spends $30 to get a haircut.
 * 4) Sally earns $10,000 from her 10 percent ownership of Acme Industrial.
 * *** __//Lecture//__: Rationing systems and the circular flow model
 * [[file:4 - Economic Systems and Circular Flow.pdf]]
 * __Additional Resources__
 * **Reading:** [|Click here to read more about free markets].
 * **Reading:** [|Click here to read more about capitalism].
 * **Reading:** [|Click here to read more about communism].
 * **Reading:** [|Click here to read more about socialism].
 * **Reading:** [|Click here to read more about fascism].
 * **Reading:** [|Click here to read more about economic freedom].
 * **Reading:** [|Click here to read more about mercantilism.]
 * **Reading:** [|Click here to read more about the "German Economic Miracle"]

September 18 / Day 6 Intro test revision

==

=You will be revising for your Intro test (multiple choice and data response)on Thursday September 20th.=

September 20 / Day 7 Intro test = =