HONORS ECONOMICS UNIT 2
1/18 - 1/
28

UNIT 2 CONCEPTS AND VOCABULARY

Unit 2 Notes

Unit 2 Review Powerpoint

SCARCITY
CHOICE
RESOURCES
CAPITAL
LAND
LABOR

ENTERPRISE
TRADE-OFFS
OPPORTUNITY COST

MARGINAL THINKING

MICROECONOMICS

MACROECONOMICS

MARKETING

MERCHANDISING

POINT-OF-SALE

PROFIT

POSITIVE/OBJECTIVE
NORMATIVE/SUBJECTIVE

FULL EMPLOYMENT

FULL PRODUCTION
TECHNOLOGY
TRADE

PRODUCTION POSSIBILITIES

UTILITY

CAPITALISM

INVISIBLE HAND

SPECIALIZATION

CONSUMER SOVEREIGNTY
SOCIALISM

TRADITIONAL

CIRCULAR FLOW

BARTER

COINCIDENCE OF WANTS

MONEY

GAINS FROM TRADE

WEEK 2
1/13 - 1/17

LESSON

IN CLASS

HOMEWORK

Monday Holiday

Tuesday

Lesson 1

Essential Questions:

   How do we make economic decisions?

   How do we make cost/benefit analyses in our everyday decisions?

Activity: 

    Small group activity to develop a definition for scarcity and to give a scenario that fits for a cost-benefit analysis.

   Teacher conferencing with groups for validity of cost benefit analysis.

   After student generated scenarios, the class will look at the idea of college acceptances and how the results of ED/EA and rolling admissions are reflected in the concept of scarcity.

    Cost/benefit will be analyzed relative to the decision about where to apply to college.

Homework: Textbook, Chapter 1.1

Wednesday

Lesson 2

Essential Questions:

    How do we see opportunity costs in action when we make a decision?

    How does utility factor into decision making?

Activity:

   Class discussion about the nature of decision making and how opportunity costs factor into the cost/benefit analysis.  The issue of utility will be added later in the discussion.

    Students will be asked to defend their opinions about the utility of certain economic options.

Homework: Textbook, Chapter 1.3


Thursday

Lesson 3

Watch: The Apprentice Series 3.1

http://www.crawfordsworld.com/rob/HEC/HECVIDApprentice3/apprentice3logo.jpg

This series illustrates how economic theories are implemented in a practical business environment. In this episode, the teams operate a franchise for the day and offer a new burger to the public. The team that earns the most profit from sales of their new burger will win. 

Activity: Students should pay particular attention to grading the teams on:

  • Marketing
  • Merchandising
  • Point of Sale

 

Assignment:

Complete the Apprentice worksheet.

Answers must be In Your Own Words.

 

This MUST be turned in at the END of class -- any assignment turned after class will be penalized 1 point

Bring Pencil for Video Quiz

*Makeup - to make the quiz up if you are excused absent the day of a video, follow these directions:

1. Watch appropriate episode of
Apprentice online here.
2. Complete the
Apprentice Worksheet. Your answe
rs must be in complete sentences, paragraph format, and printed.
3. After completing the worksheet , attach it and Email your responses to
rcrawford@nova.edu 
4. Apprentice Evaluation Sheets must be turned in before the next episode!

Friday

Lesson 4

Essential Questions:

     How have economies evolved over time?

 

Activity:

  • Apprentice Boardroom Discussion

  • Class discussion about how economies have evolved from traditional to barter to monetary exchange.

  • Small group discussion and scenario generation about the division of labor and the role of specialization on evolution of economies – teacher will conference with each group to guide scenario development.

  • Historical basis of a laissez faire economic policies and how they impacted U.S. economic growth.

Concepts to Master:

         The Circular Flow:

http://www.crawfordsworld.com/rob/HEG/HEG_Economics/img14.gif

         Resource Markets

         Product Markets

         Households

         Businesses

         Money Flow

o    Spending

o    Income

o    Costs

o    Revenue


Remember: Post your Stock Portfolio results on the Blackboard Blog site by Monday!

WEEK 3
1/20 - 1/24

LESSON

IN CLASS

HOMEWORK

Monday

Lesson 5

 

Essential Questions:

  • How can we use the circular flow diagram to understand economic booms and busts?
  • How does knowledge of the circular flow help us to predict the economic impacts of certain decisions?

Activity:

  • Teacher directed creation of a circular flow diagram with student input on the elements of the economy represented

  • Small group discussion about the EQ’s above

  • Teacher conferencing on issues.

  •  Students will go to the board and create their own circular flows and answer questions about the circular flows from fellow students as well as teacher.

 

Homework: Textbook, Chapter 1.2

Tuesday

Lesson 6

Essential Questions:

  • How does a Production Possibility Frontier (PPF) illustrate the concepts of opportunity cost?

  • How are land, labor and capital reflected on the PPF?

  • How does moving production on the PPF illustrate cost/benefit?

Activity:

  • Teacher directed creation of a PPF with student input on the elements of the economy being measured.

  • Small group discussion about the PPF’s (at right).

  • Teacher conferencing on issues.

  • Students will go to the board and create their own PPFs and answer questions about the PPF from fellow students as well as teacher.

Concepts to Master:

         Production Possibilities Frontier:

http://crawfordsworld.com/rob/AP_Macro_Semester/APM2_Images/Review1.jpg

         Full Production

         Full Employment

         Maximum Efficiency

         Growth

o    Technology

o    Trade

Resources

Wednesday

Lesson 7

Watch: The Apprentice Series 3.2

http://www.crawfordsworld.com/rob/HEC/HECVIDApprentice3/apprentice3logo.jpg

This episode will illustrate how scarce resources lead to trade-offs and choices, and how those choices and limits can be represented through graphs and models. Be prepared to answer a short quiz based on the questions listed during the video, and discuss the answers.

 

Assignment:

Complete the Apprentice worksheet.

Answers must be In Your Own Words.

 

This MUST be turned in at the END of class -- any assignment turned after class will be penalized 1 point

 

Bring Pencil for Video Quiz

*Makeup - to make the quiz up if you are excused absent the day of a video, follow these directions:

1. Watch appropriate episode of the
Apprentice online here.
2. Complete the
Apprentice worksheet.Your answe
rs must be in complete sentences, paragraph format, and printed.
3. After completing the worksheet , attach it and Email your responses to
rcrawford@nova.edu 
4. Apprentice Evaluation Sheets must be turned in before the next episode!

Thursday

Lesson 8

Essential Questions:

         How can a PPF explain the differences in approaches to economic production between capitalism and socialism?

Activity:

  • Apprentice Boardroom discussion

  • Split class into two groups: one looks up capitalism the other looks up socialism.

  • Each group presents findings to the class.

  • Students will create two formative PPFs – one that shows capitalism and one that shows socialism.

  • Teacher led discussion about how the PPF can explain the differences in economic priorities between the two.

Remember: Post your Stock Portfolio results on the Blackboard Blog site by Monday!

Friday

NO SCHOOL