Economics 2019

Economics
2019

Course Description:
This course serves as an introductory look into the major themes and concepts of economics. Students will explore the key themes of economics from both a microeconomic and macroeconomic lens. Students will be exposed to the basic underlying economic principles of wants vs. needs, market structures, scarcity, economic systems, and supply and demand to determine the extent that individuals within a marketplace shape economy-wide trends. Emphasis is placed on the U.S. mix-market system, but students are also given the opportunity to analyze competing economic systems with the desired result being that students are best able to answer the universal economic question – how does one deal with the economic reality of unlimited wants vs. limited resources?

Course Purpose:
Upon completion of this course, students will be able to demonstrate the ability to identify and use academic terminology, critical thinking skills, writing standards, and applications of the major concepts of economics and the social sciences as a whole. Through participation in this course, students will participate in an applied theory-based course that serves to introduce students into the basic concepts of both Microeconomics and Macroeconomics. Students will be introduced into the major principles and concepts of economics and students will be better able to identify the foundations of economic practice through a real-world application-based approach. Students will be able to analyze both how our own economic system works, as well as the role of global economies within the context of the modern world. Students will understand and learn to apply topics ranging from: scarcity, the law of supply and demand, price and money, business development and product marketing, financial markets, government finances and influences on global economics, and comparative economic systems. Lastly, students will acquire the thinking skills needed to evaluate their own role in shaping economies and the role in which their own lives’ are shaped by economic ideas and theories.

Units of Study and Driving Essential Questions:

Unit 1: Economic Choice – Essential Question #1: How can we make the best economic choices?
Unit 2: How Markets Work – Essential Question #2: Who benefits from the free market economy?
Unit 3: Measuring Economic Performance – Essential Question #3: Why does it matter how the economy is doing?
Unit 4: Personal Finance – Essential Question #4: What constitutes a sound investment?

Unit 1: Economic Choice

Unit Objective:

Students will be able to analyze the differences between economic wants vs. economics needs through the lens of three parts: (A) What is Economics?, (B) How are the three economic questions addressed within economies?, and (C) How does America’s trade policy reflect or refute a free enterprise style system? With the desired results being that all students are able to identify the role that scarcity plays in economic decision making both on a microeconomic and a macroeconomic level.

Lesson Sequence:

Part A: What is economics
Lesson 1) Informational Text Analysis Lesson, I, Pencil – Leonard Read
Lesson 2) What is Scarcity, Collaborative Zoo Design Lesson
Lesson 3) The Factors of Production, Deductive Reasoning Lesson using The Lorax by Dr. Seuss
Lesson 4) What are the attributes of an Entrepreneur, Collaborative case study lesson

Part B: Economic Systems
Lesson 5) Three Economic Questions, Collaborative case comparison lesson using 3 case study nations

Part C: Trade Policy
Lesson 6) What is the correct trade policy, Whole class debate on Free/Fair Trade policies within the United States

Unit 1: Warm-ups

Warm-up #1 01/07/19
1) Please respond to one specific story from the CNN Student News broadcast:
Link 1: www.cnn.com/cnn10

Warm-up #2 01/8/19
1) Where do eggs come from?

Warm-up #3 01/9/19
1) Look through each of the photographs within the attached article on America's last pencil factory, and select one image that best tells of the complexities found within a pencil. Have fun with this, but do explain your image and the reasoning for your choice.
Link: https://www.nytimes.com/2018/01/12/magazine/inside-one-of-americas-last-pencil-factories.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=photo-spot-region&region=top-news&WT.nav=top-news&_r=0

Warm-up #4 01/10/19
1) One thing you learned this week?
2) One thing you need more help with?
3) Summarize the general idea of Leonard Read's "I, Pencil.":

Warm-up #5 01/14/19
1) Please respond to one specific story from the CNN Student News broadcast:
Link 1: www.cnn.com/cnn10

Warm-up #6 01/15/19
1) Define Opportunity Cost and give an example of one.

Warm-up #7 01/16/19
1) Develop a list of all the opportunity costs you notice with how Apricot Lane Farms operates. Be specific, please.
-- Start clip at 18 minutes --
Link: https://www.kcet.org/shows/socal-connected/episodes/who-approved-that-super-soil-and-oil-activist
Link to ALF's site: http://www.apricotlanefarms.com/

Warm-up #8 01/17/19
1) One thing you learned this week?
2) One thing you need more help with?
3) What are some of the opportunity costs that ACE has?

Warm-up #9 01/22/19
1) Please respond to one specific story from the CNN Student News broadcast:
Link 1: www.cnn.com/cnn10

Warm-up #10 01/23/19
1) When entering a building, Mark diverts his path to go through an open door rather than make the physical effort to open the closed door that is directly in his path. This is an example of:
A) Irrational behavior
B) A lazy person
C) A Cost-benefit analysis
D) Programmed learning

Warm-up #11 01/24/19
1) One thing you learned this week?
2) One thing you need more help with?
3) The statement that "there is no free lunch" means that:
A) There are always trade-offs between economic goals
B) All production involves the use of scare resources and thus the sacrifice of alternative goals
C) Analysis is not used in economic reasoning
D) Choices need not be made if behavior is rational

Warm-up #12 01/28/19
1) Please respond to one specific story from the CNN Student News broadcast:
Link 1: www.cnn.com/cnn10

Warm-up #13 01/29/19
1) The below graph is called what?
2) It demonstrates what economic concept?

Warm-up #14 01/30/19
During World War II, auto production was cut drastically. The resources available could be used to produce Jeeps or passenger cars. The resources could be used in the following ways.
Number of Jeeps (1000’s)   Number of Cars (1000’s)
A. 0                  A. 500
B. 125                  B. 375
C. 250                       C. 250
D. 375                   D. 125
E. 500                       E. 0

Graph the above information on a PPF to the right:
Why could you not increase the production of cars without decreasing the production of jeeps?

Warm-up #15 02/01/19
1) One thing you learned this week?
2) One thing you need more help with?

Warm-up #16 02/04/19
1) Please respond to one specific story from the CNN Student News broadcast:
Link 1: www.cnn.com/cnn10

Warm-up #17 02/05/19
1) Economic equality is not what?

Warm-up #18 02/06/19

Read the two quotes below and answer the questions:
1) What similarities and differences do you notice?
2) What do you see as the common message of the two?

"The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist." -- John Maynard Keynes

The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
-- F.A. Hayek

Warm-up #19 02/07/19
1) One thing you learned this week?
2) One thing you need more help with?
3) Contrast Supply Side Economics with Demand Side Economics
4) Contrast fiscal policy with monetary policy

Warm-up #17 02/07/19
1) One thing you learned this week?
2) One thing you need more help with?

Warm-up #18 02/11/19
1) Please respond to one specific story from the CNN Student News broadcast:
Link 1: www.cnn.com/cnn10

Warm-up #19 02/12/19
1) What are the claims that this graph is making?
2) Which statistic surprises you the most and why?

Warm-up #20 02/13/19
1) What are the claims that this graph is making?
2) Which Statistic surprises you the most and why?

Warm-up #21 02/14/19
1) One thing you learned this week?
2) One thing you need more help with?
3) What is the difference between human capital and physical capital?

Warm-up #22 02/19/19
1) Please respond to one specific story from the CNN Student News broadcast:
Link 1: www.cnn.com/cnn10

Warm-up #23 02/20/19
Please follow the attached link and complete my poll questions:
Link -- https://pollev.com/johnmiddleto240

Warm-up #25 02/21/19
1) One thing you learned this week?
2) One thing you need more help with?
3) Define leadership to you:

Warm-up #26 02/25/19
1) Please respond to one specific story from the CNN Student News broadcast:
Link 1: www.cnn.com/cnn10

Warm-up #27 02/26/19
1) Human capital investment consists of:
a. any activity that enhances the quality of labor
b. expenditures for formal schooling only
c. expenditures for on-the-job training only
d. any activity that leads to the substitution of physical capital for labor

Warm-up #28 02/27/19
1) Conduct a quick (5 minutes top) search of someone who you feel best represents the attributes of an entrepreneur. Answer the questions below with that individual or group:
A) Who?
B) Runs what?
C) Key character trait demonstrated?

Warm-up #29 02/28/19
1) One thing you learned this week?
2) One thing you need more help with?
3)

Warm-up #30 03/04/19
1) Please respond to one specific story from the CNN Student News broadcast:
Link 1: www.cnn.com/cnn10

Warm-up #31 03/05/19
Use the image below to answer the two inquiry questions:
1) What do you notice within the image?
2) What do you think the image is showing?

Warm-up #

1) In your opinion, can Entrepreneurship be taught?
2) What attributes appear make Syrian immigrants ( at 11%) more likely to own a U.S. business than U.S. born residents ( at 3%)?
Link: https://www.marketplace.org/2017/01/24/wealth-poverty/syrian-immigrants-are-incredibly-entrepreneurial

Warm-up #

1) Please respond to one specific story from the CNN Student News broadcast:
Link 1: www.cnn.com/cnn10

Warm-up #

1) Do you agree or disagree with Ms. Cope's argument about the Entrepreneural mindset? Give a personal antidote if you can as proof.
Link: https://www.youtube.com/watch?v=JiGJttyiqFs

Warm-up #

1) In your opinion, should government ever take over industries that are struggling? Consider choosing one of the industries written below and use it as a case study to explain your point of view. Attempt to look at it from both perspectives?
1) Rail
2) Garbage Collection
3) Health Care
4) Money lending services (Student Loans)

Warm-up #

1) One thing you learned this week?
2) One thing you need more help with?
3) Contrast a market economy with a command economy.

Warm-up #

1) Please respond to one specific story from the CNN Student News broadcast:
Link 1: www.cnn.com/cnn10

Warm-up #
Follow the below link and read through each summary of the Six Living Generations in America and answer the questions below.
Link: www.marketingteacher.com/the-six-living-generations-in-america/
1) What attribute or trait seems to change the most from generation to generation?
2) For your generation, which trait do you most associate with and why, or do you?
3) Which trait do you feel is the most beneficial to fostering systems for entrepreneurship and why?

1) From this list below, which entrepreneurial influencing skills are not beneficial to growing a company and why?
A) Leadership and vision
B) Criticism and punishment
C) Helping and resolving conflict
D) Teamwork and people management

3) Summarize your takeaways from the "Start-up of you" article?

Warm-up #

1) List one thing that surprised you from your nations research project. What and why? What have you learned from it?

Warm-up #

1) One thing you learned this week?
2) One thing you need more help with?
3) Considering the data that you have heard regarding each economy, which type appears the best prepared

Warm-up #

1) Please respond to one specific story from the CNN Student News broadcast:
Link 1: www.cnn.com/cnn10

Warm-up #

1) What do you know about free trade? And what do you know about free trade within the American economy?

Warm-up #
1) Please respond to one specific story from the CNN Student News broadcast:
Link 1: www.cnn.com/cnn10

Warm-up #
1) Protectionist arguments against globalization include:
A) the idea that international trade promotes economic growth and raises living standards.
B) the argument that international trade destroys jobs.
C) the suggestion that open foreign markets help the American economy.
D) lower barriers to cross-border trade in agriculture builds domestic jobs.

Warm-up #
1) True/False: U.S. workers compete with lower paid foreign workers in industries in which the U.S. has a comparative advantage.
2) Why?

Warm-up #
1) One thing you learned this week?
2) One thing you need more help with?
3) Free Trade has created positives and negatives across the US economy, international economies, and the developing world. Please argue both perspectives for each player.

Warm-up #
1) Please respond to one specific story from the CNN Student News broadcast:
Link 1: www.cnn.com/cnn10

Warm-up #
Watch the video below to answer the following questions:
1) Define the concept "Brain Drain."
2) Do you agree or disagree, and why, with the statement, "Free trade promotes Entrepreneurship."
Video Below:

Warm-up #
1) Compare the two data sets on China between 2007 and 2012, what trends do you notice?
2) What do you think accounts for the noted shift in China's poverty?

Warm-up #
1) One thing you learned this week?
2) One thing you need more help with?
3) Considering the different points and arguments that you have studied relating to Free Trade and economic Globalization, how would you address it to ensure that the benefits of a globalized economy are more equally distributed across nations and socioeconomic strata?

Unit 2: How Markets Work

Unit Objective:

Students will be able to analyze the differences between economic wants vs. economics needs through the lens of three parts: (A) How do the concepts of supply and demand guide market trends?, (B) How is price determined?, and (C) What role do market structures have in influencing market forces? With the desired results being that all students are able to identify the role that economic externalities play within all market systems.

Lesson Sequence:

Part A: Supply and Demand
Lesson 1) What is Supply and Demand, Direct instruction lesson

Part B: Price
Lesson 2) What is Equilibrium, Group Investigation lesson
Lesson 3) Inflation and Price Bubbles, Inductive Reasoning lesson
Lesson 4) The Pearl Exchange, Whole class snowball lesson
Lesson 5) Influences on Price, Collaborative research project lesson

Part C: Market Structures
Lesson 6) Competition within a market place, Secondary source analysis lesson
Lesson 7) Monopolies, Secondary source analysis lesson

Unit #2 Warm-ups

Warm-up #32 03/06/19
Follow the link below and answer the following questions with it:
1) According to "Export" visualization, the largest US export is?
2) According to "Import" visualization, the largest US import is?
3) Overall, the US has a positive or negative trade balance and at?
Link: http://atlas.media.mit.edu/en/profile/country/usa/#Trade_Balance

Warm-up #33 03/07/19
1) One thing you learned this week?
2) One thing you need more help with?

Warm-up #34 03/12/19
1) Please respond to one specific story from the CNN Student News broadcast:
Link 1: www.cnn.com/cnn10

Warm-up #35 03/13/19
1) No Warm-up -- Career Day

Warm-up #36 03/14/19
1) One thing you learned this week?
2) One thing you need more help with?
3) Which Career-day presentation did you best relate to and why?

Warm-up #37 03/18/19
1) Please respond to one specific story from the CNN Student News broadcast:
Link 1: www.cnn.com/cnn10

Warm-up #38 03/19/19
Please listen to the radio story and answer the questions below:
Link: http://www.npr.org/blogs/parallels/2013/05/14/181587969/Vietnams-Appetite-For-Rhino-Horn-Drives-Poaching-In-Africa
1) If the price for Rhino horns is comparable to the price of gold, what are two specific factors that are influencing that price?
2) Explore the following website/graphs and explain how it lends evidence to the claims of the NPR story.
Link: http://www.savetherhino.org/rhino_info/rhino_population_figures

Warm-up #39 03/20/19
Link: http://www.npr.org/blogs/parallels/2013/05/14/183914773/The-Enemy-Inside-Rhinos-Protectors-Sometimes-Aid-Poachers
1) With demand for Rhinos high, why is the supply of their horns so low?
2) What are some of the factors that are keeping national governments from fully protecting Rhinos?

Warm-up #40 03/21/19
Link: http://www.npr.org/sections/money/2011/11/03/141943008/when-governments-pay-people-to-have-babies
1) What are the primary reasons fertility rates are lower in the rich world than they are in the developing world?
2) What are the economic consequences of lower birth rates? What are the environmental consequences of lower birth rates?
3) Do you believe that governments can create strong enough incentives for parents to have more babies? If not, what will become of the populations of Western Europe and the rich countries of Asia given today’s low fertility rates? Should we be worried?

Warm-up #41 03/25/19
1) Please respond to one specific story from the CNN Student News broadcast:
Link 1: www.cnn.com/cnn10

Warm-up #42 03/26/19
Use the video below to answer the four questions on supply and demand of meat within China. View this as a quiz.
1) What are some of the external market factors that are influencing the raising demand for meat in China?
2) How much has meat consumption increased within China over the last 30 years?
3) What are some of the specific challenges facing China in light of this increase in demand?
4) Projecting forward, what do you think meat production within China is going to look like? Consider the population of Chinese people and Supply and Demand within your answer.

Warm-up #43 03/27/19
1) What questions do you have on the Unit 2 concepts prior to our test?

Warm-up #44 03/28/19
1) One thing you learned this week?
2) One thing you need more help with?

Curve 1 Curve 2

Warm-up #
Use the linked TED Talk to answer the following three questions on economic choice:
1) What does it mean to "democratize" or "find universal happiness" in choice?
2) Do you agree or disagree with Mr. Gladwell's vision that economic choice is linked to individual happiness and not market trend/norms? Why?

Curve 1 Curve 2

Warm-up #
Match the curve with the statement below, and justify why.
A) Increase in supply
B) Decrease in supply

Curve 1 Curve 2

Warm-up #
1) Please respond to one specific story from the CNN Student News broadcast:
Link 1: www.cnn.com/cnn10

Unit #3:
Essential Question #3:

Sequence/Activities:

Overview:

Lesson Sequence:

Lesson 1) Globalization and Trade

Unit #3 Warm-ups

Warm-up #45 04/08/19
1) Please respond to one specific story from the CNN Student News broadcast:
Link 1: www.cnn.com/cnn10

Warm-up #46 04/09/19
1) Define Free Trade:
2) Define Voluntary Exchange:

Warm-up #47 04/10/19
1) Using all three charts, select the stat that is most interesting to you, and state why?
2) Across the three charts, what themes do you notice?

Warm-up #48 04/11/19
1) One thing you learned this week?
2) One thing you need more help with?
3) Is free trade and economic globalization (integration) good for the world? Why? Use evidence.

Warm-up #49 04/15/19
1) Please respond to one specific story from the CNN Student News broadcast:
Link 1: www.cnn.com/cnn10

Warm-up #50 04/16/19
1) Why does a shrinking middle class matter?

Warm-up #51 04/17/19
1) How does United States compare to other countries before taxes and after redistribution programs such as Social Security?

Warm-up #52 04/18/19
1) One thing you learned this week?
2) One thing you need more help with?

Warm-up #53 04/22/19
1) Please respond to one specific story from the CNN Student News broadcast:
Link 1: www.cnn.com/cnn10

Warm-up #54 04/23/19
1) Why would a government be willing to levy a 20% tax on a luxury item, such as a yacht, but refrain from taxing everyday items, such as food and medicine? Do you believe this is fair? Explain why or why not.

Warm-up #55 04/24/19
Read the scenario and use it to answer the two questions below. Rosario and Dylan both smoke two packs of cigarettes a day. They are the same age. Rosario grew up in a wealthy household, went to private schools, attended college, and now works at a job paying $150,000 per year. Dylan grew up in a poor household, could not afford college, and went to work at a low-paying job right after high school. He works for $25,000. The state they both live in charges a $5 tax on each pack of cigarettes to fund youth sports programs.
1) Governments establish "vice taxes" for what reasons?
2) Are "vice taxes" fair? Why or why not?

Warm-up #56 04/25/19
1) One thing you learned this week?
2) One thing you need more help with?

Warm-up #57 04/29/19
1) Please respond to one specific story from the CNN Student News broadcast:
Link 1: www.cnn.com/cnn10

Warm-up #58 04/30/19

Develop a set of questions regarding the data within the three charts below.

Warm-up #59 05/01/19
Free Space

Warm-up #60 05/02/19
1) What are your intentions for your senior presentations?

Unit #4: Personal Finance
Essential Question #4: What constitutes a sound investment?

Sequence/Activities:

Overview:

Students will be able to analyze how the concepts of economic wants vs. economics needs and scarcity are addressed by individuals through financial market systems. Students will evaluate both national and international finance markets through the underlining question: (A) How should I manage my own finances? The desired results for this unit of study are for the students to understand how and why markets are structured the way that they are, for students to analyze the role of risk vs. return in investment strategies, and for students to evaluate how specific types of investment strategies can facilitate the attainment of either short-term or long-term goals.

Lesson Sequence:

Part A: Student Financial Literacy
Lesson 1) Investment Types, Deductive Reasoning Lesson
Lesson 2) Saving Markets, Deductive Reasoning Lesson
Lesson 3) Personal Income, Taxes, and Debts, Individual student source analysis
Lesson 4) Measuring individual successes/Individual Happiness, secondary source analysis

Unit #4 Warm-ups

Warm-up #61 05/16/19 (Last one ever?)
1) Please respond to one specific story from the CNN Student News broadcast:
Link 1: www.cnn.com/cnn10

Old warm-ups

Warm-up #9 01/24/17
Imagine you wish to purchase a bicycle. In the space below, brainstorm all of the resources that will go into making the bicycle and selling the bicycle to you, the consumer. List as many specific resources as you can. Make sure you add on to the four types of resources within your graphic organizer.

Warm-up #10 01/25/17

Warm-up #61 05/07/18
1) Please respond to one specific story from the CNN Student News broadcast:
Link 1: www.cnn.com/cnn10

Warm-up #62 05/08/18
1) What is one short-term goal (5 years of less) and one long-term goal (15 years or more) you have for yourself?
2) What are some of the fiscal costs you see associated with those two goals?

Warm-up #63 05/09/18
Follow the link and answer the question:
Link: PollEv.com/JOHNMIDDLETO240

Warm-up #64 05/10/18
1) Please follow the link and complete your senior survey:
Link: https://classroom.google.com/u/0/c/MTA5MzI2MTIw/a/MTQ1MDg2OTI0NjFa/details
1) The statement that "there is no free lunch" means that:
A) There are always trade-offs between economic goals
B) All production involves the use of scare resources and thus the sacrifice of alternative goals
C) Analysis is not used in economic reasoning
D) Choices need not be made if behavior is rational

Warm-up #11 01/26/17
1) When entering a building, Lucas diverts his path to go through an open door rather than make the physical effort to open the closed door that is directly in his path. This is an example of:
A) Irrational behavior
B) A lazy person
C) A Cost-benefit analysis
D) Programmed learning

Warm-up #12 01/30/17
1) Please respond to one specific story from the CNN Student News broadcast:
2) Please respond to one specific statement from President Trump:
Link 1:   http://www.cnn.com/studentnews/
Link 2:   https://www.youtube.com/watch?v=N0CSUhF4tyA

Warm-up #13 01/31/17
1) Think of two activities that you spent time doing yesterday. Write them below. Then, for each, write two other things that you realistically could have done instead. Explain why you chose the activities you did over the ones you could have done.
2) This question is a question which concept term:
A) Marginal Cost
B) Opportunity Cost
C) Cost/Benefit Analysis
D) Economic Choice

Warm-up #14 02/01/17
1) In your opinion, what attributes make an Entrepreneur an Entrepreneur?

Warm-up #15 02/02/17
1) In your opinion, can Entrepreneurship be taught?
2) What attributes appear make Syrian immigrants ( at 11%) more likely to own a U.S. business than U.S. born residents ( at 3%)?
Link: https://www.marketplace.org/2017/01/24/wealth-poverty/syrian-immigrants-are-incredibly-entrepreneurial

Warm-up #16 02/06/17
1) Please respond to one specific story from the CNN Student News broadcast:
2) Please respond to one specific statement from President Trump:
Link 1:   http://www.cnn.com/studentnews/
Link 2:   https://www.youtube.com/watch?v=cSew1jkb_40

Warm-up #17 02/07/17
Follow the link below and answer the question:
1) What is the most important attribute of an entrepreneur?
Link: https://pollev.com/johnmiddleto240

Warm-up #18 02/08/17
1) Conduct a quick (5 minutes top) search of someone who you feel best represents the attributes of an entrepreneur. Answer the questions below with that individual or group:
A) Who?
B) Runs what?
C) Key character trait demonstrated?

Warm-up #19 02/09/17
1) Which of the following is not one of the recognized entrepreneurial influencing skills? Is it
A)Leadership and vision
B)Criticism and punishment
C)Helping and resolving conflict
D)Teamwork and people management

Warm-up #20 02/13/17
1) Please respond to one specific story from the CNN Student News broadcast:
2) Please respond to one specific statement from President Trump:
Link 1:   http://www.cnn.com/studentnews/
Link 2: https://www.youtube.com/watch?v=Am1DfjmGcvc

Warm-up #21 02/14/17
1) Do you agree or disagree with Ms. Cope's argument about the Entrepreneural mindset? Give a personal antidote if you can as proof.
Link: https://www.youtube.com/watch?v=JiGJttyiqFs

Warm-up #22 02/15/17
1) Human capital investment consists of:
a. any activity that enhances the quality of labor
b. expenditures for formal schooling only
c. expenditures for on-the-job training only
d. any activity that leads to the substitution of physical capital for labor

Warm-up #23 02/16/17
1) Explain how each of the following circumstances is likely to affect a nation's production possibilities frontier:
Hint: Show the movement either right or left on the PPF and justify.
A) The opening of a new college of engineering
B) An earthquake in the nation's main framing region
C) A new type of chemical fertilizer
D) A shortage of oil

Warm-up #24 02/21/17
1) Please respond to one specific story from the CNN Student News broadcast:
2) Please respond to one specific statement from President Trump:
Link 1:   http://www.cnn.com/studentnews/
Link 2:   https://www.youtube.com/watch?v=F0rpawGF1mU

Warm-up #30 03/01/18
1) One thing you learned this week?
2) One thing you need more help with?
3) Contrast a market economy with a command economy.

Warm-up #26 02/23/17
Follow the link below and answer the question:
1) Should people ever be stopped from voluntarily exchanging with each other? For what reason?
Link: https://pollev.com/johnmiddleto240

Warm-up #27 02/26/17
1) Please respond to one specific story from the CNN Student News broadcast:
2) Please respond to one specific statement from President Trump:
Link 1:   http://www.cnn.com/studentnews/
Link 2:   https://www.youtube.com/watch?v=F0rpawGF1mU

Warm-up #28 03/01/17
1) In your opinion, should government ever take over industries that are struggling? Consider choosing one of the industries written below and use it as a case study to explain your point of view. Attempt to look at it from both perspectives?
1) Rail
2) Garbage Collection
3) Health Care
4) Money lending services (Student Loans)

Warm-up #29 03/02/17
1) Some individuals feel that the establishment of a minimum wage has caused U.S. companies to turn to foreign labor markets to "buy" their labor. Also, retailers often buy goods for resale that are made cheaply by low-paid workers in foreign counties. Some economists feel that the minimum wage should be abolished in the United States for this reason. Rather than pay the higher wages, companies will simply buy their labor elsewhere. Do you think the minimum wage should be abolished? Why or why not? Explain your answer.

Warm-up #30 03/06/17
1) Please respond to one specific story from the CNN Student News broadcast:
2) Please respond to one specific statement from President Trump:
Link 1: http://www.cnn.com/studentnews/
Link 2:  https://www.youtube.com/watch?v=k_qVjMYpl9o
Link 3: https://www.youtube.com/watch?v=sQE5HkER070

Warm-up #31 03/07/17
1) Globalization is not:

Warm-up #32 03/08/17
1) Protectionist countertrends to globalization include:
A)the idea that international trade promotes economic growth and raises living standards.
B)the argument that international trade destroys jobs.
C)the suggestion that open foreign markets help the American economy.
D)lower barriers to cross-border trade in agriculture.

Warm-up #33 03/09/17
1) ID one specific way globalization helps the global economy:

Warm-up #34 03/13/17
1) Please respond to one specific story from the CNN Student News broadcast:
2) Please respond to one specific statement from President Trump:
3) Please respond to one specific story from the ACE Student News broadcast:
Link 1: http://www.cnn.com/studentnews/
Link 2:  https://www.youtube.com/watch?v=VaNZ4Gm1ylM
Link 3: https://www.youtube.com/watch?v=j_nMbVk6zh4&t=10s

Warm-up #35 03/14/17
True/false: International trade lowers wages in poor nations.

Warm-up #36 03/15/17
True/False: U.S. workers can compete with lower paid foreign workers in industries in which the U.S. has a comparative advantage.

Warm-up #37 03/16/17
1) Define the concept "Brain Drain."
2) Do you agree or disagree, and why, with the statement, "Free trade promotes Entrepreneurship."
Video:

Warm-up #38 03/20/17
1) Please respond to one specific story from the CNN Student News broadcast:
2) Please respond to one specific statement from President Trump:
3) Please respond to one specific statement from ACE Student news
Link 1: http://www.cnn.com/studentnews/
Link 2: https://www.youtube.com/watch?v=NMoL-fZK64A
Link 3:

Warm-up #39 A Day 03/21/17
1) According to infographic below, Ireland has a positive of a negative trade balance with the USA?
2) According to the link below, Ireland has a overall positive or negative trade balance?
Link: http://atlas.media.mit.edu/en/profile/country/irl/

Warm-up #41 03/23/17
Follow the link below and answer the following questions with it:
1) Select the career industry you most likely want to enter at this moment. What is it?
2) If you are to go to college for this career, which major would you statistically most likely have?
Link: https://www.census.gov/dataviz/visualizations/stem/stem-html/

Warm-up #42 03/27/17
1) Please respond to one specific story from the CNN Student News broadcast:
2) Please respond to one specific statement from President Trump:
3) Please respond to one specific statement from ACE Student news
Link 1: http://www.cnn.com/studentnews/
Link 2: https://www.youtube.com/watch?v=ZGt6lkLApuo
Link 3: https://www.youtube.com/watch?v=SwPv4L5G1gk&feature=youtu.be

Warm-up #32 A Day 04/19/16
1) Please respond to one specific story from the CNN Student News broadcast:
2) Please respond to one specific statement from President Obama:
Link 1:   http://www.cnn.com/studentnews/
Link 2:   https://www.whitehouse.gov/briefing-room/weekly-address

Warm-up #23 B Day 03/09/15 and A Day 03/10/15
1) Please respond to one specific story from the CNN Student News broadcast:
2) Please respond to one specific statement from President Obama:
Link 1:   http://www.cnn.com/studentnews/
Link 2:    https://www.youtube.com/watch?v=l8n96bmJUWQ

Warm-up #21 B Day 03/11/15
1) Define economic freedom in your own words:
2) Define economic equality in your own words:
3) How do you see each as similar or different?

Unit 2: Demand

Unit Objectives and Scope
Unit 2 introduces students to the principals of demand-side economics. The desired results for this unit of study are for students to be able to understand the law of demand, to begin practicing with that law through real-world applications, and for students to analyze and then evaluate the extent that economic predictions can be made through application of demand-based observations of product markets. Students will use the primary text, direct instruction, and graph analysis to understand the economic concepts of: demand vs. quantity demanded, the law of demand, demand curves vs. schedules, the factors of production, and product perception factors (i.e. market size or consumer expectations). Students will utilize these concepts to evaluate the role that demand predictions play in marketing decisions through a collaborative group research assignment that asks students to develop a product and sell that product at the highest revenue possible.

Unit Assessment Date: April 24th

Unit Study Guide

ant
Warm-up #43 03/28/17
Please listen to the radio story and answer the questions below:
Link: http://www.npr.org/blogs/parallels/2013/05/14/181587969/Vietnams-Appetite-For-Rhino-Horn-Drives-Poaching-In-Africa
1) If the price for Rhino horns is comparable to the price of gold, what are two specific factors that are influencing that price?
2) Explore the following website/graphs and explain how it lends evidence to the claims of the NPR story.
Link: http://www.savetherhino.org/rhino_info/rhino_population_figures

Warm-up #44 03/29/17
Link: http://www.npr.org/blogs/parallels/2013/05/14/183914773/The-Enemy-Inside-Rhinos-Protectors-Sometimes-Aid-Poachers
1) With demand for Rhinos high, why is the supply of their horns so low?
2) What are some of the factors that are keeping national governments from fully protecting Rhinos?

Warm-up #45 03/30/17
Link: http://www.npr.org/sections/money/2011/11/03/141943008/when-governments-pay-people-to-have-babies
1) What are the primary reasons fertility rates are lower in the rich world than they are in the developing world?
2) What are the economic consequences of lower birth rates? What are the environmental consequences of lower birth rates?
3) Do you believe that government can create strong enough incentives for parents to have more babies? If not, what will become of the populations of Western Europe and the rich countries of Asia given today’s low fertility rates? Should we be worried?

Warm-up #46 04/03/17
1) Please respond to one specific story from the CNN Student News broadcast:
2) Please respond to one specific statement from President Trump:
3) Please respond to one specific statement from ACE Student news
Link 1:   http://www.cnn.com/studentnews/
Link 2:   https://www.youtube.com/watch?v=l_f5gtYOHhM
Link 3:   https://www.youtube.com/watch?v=SwPv4L5G1gk&feature=youtu.be

Warm-up #47 04/04/17
1) Please develop a demand schedule for the following information:
Coffee, price per-pound: 8.00, 7.75, 7.50, 7.25, 7.00, 6.75, & 6.50
Quantity demanded: (In pounds): 250, 225, 200, 175, 150, 125, & 100
2) Please develop a demand curve for that same information.

Warm-up #48 04/05/17
1) What is the relationship between Price Elasticity of Demand and the Quantity Demanded for a good within the marketplace?

Warm-up #49 04/06/17
1) Price elasticity of demand for a product is different in the long run compared to the short run. Imagine that the price of coffee increased dramatically because of a poor growing season. How would its short-run price elasticity of demand compare with its long-run price elasticity (say 10 years) of demand?

Warm-up #50 04/12/17
1) Please respond to one specific story from the CNN Student News broadcast:
Link 1:   http://www.cnn.com/studentnews/

Warm-up #51 04/13/17
1) Label the change that (A) shows:
2) Label the change that (B) shows:

Warm-up #52 04/24/17
1) Please respond to one specific story from the CNN Student News broadcast:
2) Please respond to one specific statement from President Trump:
3) Please respond to one specific statement from ACE Student news
Link 1: http://www.cnn.com/cnn10
Link 2: https://www.youtube.com/watch?v=0qo0WTXMH8U
Link 3: https://www.youtube.com/watch?v=a04CrBqbQN8

Warm-up #53 04/25/17
Link: http://www.nytimes.com/video/dining/100000002200325/navigating-the-aisles.html?src=vidm
1) Count the number of times that the video alludes to any of the demand perception factors?
2) Explain two specific examples?

Warm-up #54 04/26/17
1) Define the what, how, and why behind your product.
Link: https://www.youtube.com/watch?v=l5Tw0PGcyN0&t=11s

Warm-up #55 04/27/17
1) How do you relate to the concept of "why"?
Link: https://www.youtube.com/watch?v=Wb8KpHqU5tg

Warm-up #56 05/01/17
1) Please respond to one specific story from the CNN Student News broadcast:
2) Please respond to one specific statement from President Trump:
3) Please respond to one specific statement from ACE Student news
Link 1: http://www.cnn.com/cnn10
Link 2: https://www.youtube.com/watch?v=u7oOmkXYznU
Link 3: https://www.youtube.com/watch?v=a04CrBqbQN8

Warm-up #57 05/02/17
1) Which demand factor appears to you to be the most important and why for:
A) Short term buying habits
B) Long term buying habits

Warm-up #58 05/03/17
1) What is your current career objective and why?

Warm-up #59 05/04/17
1) List two interesting takeaways from the revenue graph?
2) Which industry appears to best align with your career intentions and therefore what do these figures indicate to you?

Warm-up #60 05/08/17
1) Please respond to one specific story from the CNN Student News broadcast:
2) Please respond to one specific statement from President Trump:
3) Please respond to one specific statement from ACE Student news
Link 1: http://www.cnn.com/cnn10
Link 2: https://www.youtube.com/watch?v=BrCl3pb7F5I
Link 3: https://www.youtube.com/watch?v=nH-2U5gPyhM

Use the linked TED Talk to answer the following three questions on economic choice:
Link: http://www.youtube.com/watch?v=iIiAAhUeR6Y&list=PL3nFGrtbkwqRl9Gw9Vi-1tbdtr0T-nx4V
1) Define variability:
2) What does it mean to "democratize" choice?
3) Do you agree or disagree with Mr. Gladwell's vision of what economic choice should be and why?

Unit 2: Warm-ups and nightly homework assignments
Warm-up #
1) Create a Haiku for either land, labor, capital, or entrepreneur:
Remember to follow a 5-7-5 syllable count.
Helpful Link: http://www.creative-writing-now.com/how-to-write-a-haiku.html

Warm-up #
1) Scarcity is not.......

Warm-up #
1) Please respond to one specific story from the CNN Student News broadcast:
2) Please respond to one specific statement from President Obama:
Link 1:   http://www.cnn.com/studentnews/
Link 2:   https://www.whitehouse.gov/briefing-room/weekly-address

Warm-up #
1) What did Ben Franklin mean when he said "we must all hang together or most assuredly we will all hang separately"?

Warm-up #
1) Please write a letter of apology to Andrew Ohl for your class' collective rudeness towards him on Tuesday when he was trying to help you best learn.

Warm-up #18
1) Please respond to one specific story from the CNN Student News broadcast:
2) Please respond to one specific statement from President Obama:
Link 1:   http://www.cnn.com/studentnews/
Link 2:   https://www.whitehouse.gov/briefing-room/weekly-address

Warm-up #
1) What are some of the challenges facing ranchers today?
2) How are the ranchers reacting to these changes?
3) How might these changes affect food production within the US?
Link: http://www.nytimes.com/video/us/100000002669905/changes-in-the-cattle-business.html?playlistId=1194811622182

Warm-up #
1) Please respond to one specific story from the CNN Student News broadcast:
2) Please respond to one specific statement from President Obama:
Link 1:   http://www.cnn.com/studentnews/
Link 2:   https://www.whitehouse.gov/briefing-room/weekly-address

Warm-up #
1) Creative Destruction is not:

Warm-up #
1) Moving forward in your own life, you will attempt to account for economic choice by:

Warm-up #
1) Please respond to one specific story from the CNN Student News broadcast:
2) Please respond to one specific statement from President Obama:
Link 1:   http://www.cnn.com/studentnews/
Link 2:   https://www.whitehouse.gov/briefing-room/weekly-address

Warm-up #
1) Define the Law of Demand

Warm-up #
1) Please respond to one specific story from the CNN Student News broadcast:
2) Please respond to one specific statement from President Obama:
Link 1:   http://www.cnn.com/studentnews/
Link 2:   https://www.whitehouse.gov/briefing-room/weekly-address

tion:

Warm-up #
1) What is the relationship between Price Elasticity of Demand and the Quantity Demended for a good within the marketplace?

Warm-up #
1) Please respond to one specific story from the CNN Student News broadcast:
2) Please respond to one specific statement from President Obama:
Link 1:   http://www.cnn.com/studentnews/
Link 2:   https://www.whitehouse.gov/briefing-room/weekly-address

Warm-up #
Please answer the three analysis questions below:
1) Suppose that Noah earns $5,000 in year 1 and $50,000 in year 2, while Nitza earns $50,000 in year 1 and $5,000 in year 2. Is there income inequality for the two individuals:
A) Both the annual and the 2-year data indicate equality.
B) Both the annual and the 2-year data indicate inequality.
C) The annual data indicate inequality, but 2-year data indicate equality.
D) The annual data indicate equality, but 2-year data indicate inequality.

2) The fact that some individuals are willing to take riskier jobs or assume more risk in their business is one reason why there are differences in:
A) Social insurance programs
B) Measures of poverty
C) Welfare
D) Income

3) The case for (why it's a good thing) income inequality is often made on the basis that income inequality:
A) Is reduced by the transfer payment programs for the poor
B) Creates economic incentives to increase output
C) Depends on luck and chance, which cannot be corrected by government action
D) Is created by education and training programs that distort the distribution of income

Warm-up #29 A Day 04/12/16
1) Please respond to one specific story from the CNN Student News broadcast:
2) Please respond to one specific statement from President Obama:
Link 1:   http://www.cnn.com/studentnews/
Link 2:   https://www.whitehouse.gov/briefing-room/weekly-address

Warm-up #30 A Day 04/14/16
1) What is standard of living?
2) What are non-monetary components of one's standard of living?
3) According to the data sets provided by Robert Reich, what has been the trend in US standard of living for the middle class over the last 35 years?

Warm-up #31 A Day 04/15/16
Use the link and graph for question #1
Link: 1
http://www.gallup.com/poll/166565/one-five-worldwide-living-extreme-poverty.aspx

1) What is the current trend in global extreme poverty:
2) Does is information relate or not with current trends in China?
Warm-up #34 A Day 04/28/16
Link: http://www.nytimes.com/video/dining/100000002200325/navigating-the-aisles.html?src=vidm
1) Count the number of times that the video alludes to any of the demand perception factors?
2) Explain two specific examples?

Warm-up #35 A Day 04/29/16
Please listen to the radio story and answer the questions below:
Link: http://www.npr.org/blogs/parallels/2013/05/14/181587969/Vietnams-Appetite-For-Rhino-Horn-Drives-Poaching-In-Africa
1) If the price for Rhino horns is comparable to the price of gold, what are two specific factors that are influencing that price?
2) Explore the following website/graphs and explain how it lends evidence to the claims of the NPR story.
Link: http://www.savetherhino.org/rhino_info/rhino_population_figures

Warm-up #36 A Day 05/03/16
1) Please respond to one specific story from the CNN Student News broadcast:
2) Please respond to one specific statement from President Obama:
Link 1:   http://www.cnn.com/studentnews/
Link 2:   https://www.whitehouse.gov/briefing-room/weekly-address

Warm-up #38 A Day 05/10/16
1) Please respond to one specific story from the CNN Student News broadcast:
2) Please respond to one specific statement from President Obama:
Link 1:   http://www.cnn.com/studentnews/
Link 2:   https://www.whitehouse.gov/briefing-room/weekly-address

Warm-up #31 B Day 04/08/15 and A Day 04/09/15
1) List three products that you are familiar with, for those three products please:
A) Approximate a general price for each.
B) Which product, if any, do you have demand for?
C) What specific factors influence your demand for those specific products?
D) How can your demand for those specific products change over time?

Warm-up #32 A Day 04/10/15 and B Day 04/17/15
1) Please develop a demand schedule for the following information:
Coffee, price per-pound: 8.00, 7.75, 7.50, 7.25, 7.00, 6.75, & 6.50
Quantity demanded: (In pounds): 250, 225, 200, 175, 150, 125, & 100
2) Please develop a demand curve for that same information:

Warm-up #33 B Day 04/13/15 and A Day 04/14/15
1) Please respond to one specific story from the CNN Student News broadcast:
2) Please respond to one specific statement from President Obama:
Link 1:   http://www.cnn.com/studentnews/
Link 2:   https://www.youtube.com/watch?v=nZwcirxVf7g

Warm-up #34 B Day 04/15/15
Label the demand change that (A) shows:
Label the demand change that (B) shows:

Warm-up #35 A Day 04/16/15
Link: http://www.nytimes.com/video/dining/100000002200325/navigating-the-aisles.html?src=vidm
1) Count the number of times that the video alludes to any of the demand perception factors?
2) Explain two specific examples?

Warm-up #36 B Day 04/17/15
1) Please develop a demand schedule for the following information:
Coffee, price per-pound: 8.00, 7.75, 7.50, 7.25, 7.00, 6.75, & 6.50
Quantity demanded: (In pounds): 250, 225, 200, 175, 150, 125, & 100
2) Please develop a demand curve for that same information:

Warm-up #37 B Day 04/20/15 and A Day 04/21/15
1) Please respond to one specific story from the CNN Student News broadcast:
2) Please respond to one specific statement from President Obama:
Link 1:   http://www.cnn.com/studentnews/
Link 2:   https://www.youtube.com/watch?v=_csblV1PJ4o

Warm-up #38 B Day 04/22/15
Link: http://www.nytimes.com/video/dining/100000002200325/navigating-the-aisles.html?src=vidm
1) Count the number of times that the video alludes to any of the demand perception factors?
2) Explain two specific examples?

Warm-up #39 A Day 04/23/15
1) Label the demand change that (A) shows:
2) Label the demand change that (B) shows:

Warm-up #40 A Day 04/24/15
1) Create a demand curve for the following demand schedule of soda prices:
2) Determine if the shift shows an increase or a decrease in demand for soda.

Unit 2: Lesson Documents

Lesson #1 What is Demand?
Objective: Students will be able to predict based off prior know what the law of demand is. Students will then compare and contrast their prior knowledge to the academic concepts of: Demand, Law of Demand, Demand Schedules, Demand Curves, Incentives, and quantity demanded.
Essential Questions:
1) What is the law of demand?
2) What is the relationship between demand for a specific product and the price of that product within a marketplace?

econ_unit_demand_lesson_1,_what_is_demand_plan.docx
File Size:	19 kb
File Type:	docx