HONORS ECONOMICS UNIT 3
1/27 - 10/23

UNIT 4 CONCEPTS AND VOCABULARY

Unit 3 Notes

Unit 3 Powerpoint

DEMAND
LAW OF DEMAND
QUANTITY DEMANDED
DEMAND CURVE
DEMAND SCHEDULE
SUBSTITUTION EFFECT
INCOME EFFECT

DIMINISHING MARGINAL UTILITY
SUPPLY
LAW OF SUPPLY
QUANTITY SUPPLIED
SUPPLY CURVE
SUPPLY SCHEDULE
INCREASING COSTS

EQUILIBRIUM
SURPLUS
SHORTAGE
INVISIBLE HAND
NON-PRICE DETERMINANTS
T.I.M.E.R.
G.O.N.I.C.E.

WEEK 4
1/27 - 1/31

LESSON

IN CLASS

HOMEWORK

Monday

Lesson 1

Portfolio Check

Essential Questions:

         How can the concepts we have learned so far be used to explain the fluctuations in the stock market?

         How are those fluctuations reflected in the changes in the value of your portfolio?

Activity: 

         Student teams will have individual conferences to discuss current stock portfolios.

         Using the SMG Portfolio rubric, each portfolio will be assessed on being current, complete, and accurate.

         Students will be assessed on their knowledge and explanation of their current holdings and their evaluation of current holdings, market movements, and future transactions.

PORTFOLIO RUBRIC

CATEGORY/POINTS

3

2

1

Current

Value

Complete, current, and accurate; printed

Either incomplete or inaccurate; printed

Inaccurate and Incomplete; handwritten

Comments

Complete clear comments on current holdings.

Incomplete or unclear comments on current holdings

Incomplete, unclear, or absent comments.

Company Research

Complete, accurate research reports on current holdings.

Incomplete or inaccurate research on current holdings.

Incomplete and inaccurate research; clearly done at last minute.

Portfolio

Explanation

Clear and complete understanding of current holdings and value.

Unclear or incomplete understanding

of current holdings.

Student does not seem at all prepared

Bring:  laptop, portfolio, and pencil for worksheet.

Due: Your printed Stock Portfolio will be assessed Monday—it must be complete, clear, and accurate.  This is SUMMATIVE!  Here is the Rubric.

Current stock portfolio values are due on Blackboard Blog!

Read:
Textbook, Chapter 4, pp. 84-86

Tuesday

Lesson 2

Demand

Essential Questions:

         How can the Law of Demand be used to explain business decisions?

         How is diminishing marginal utility reflected on a Demand Curve?

Activity: 

         Small group discussion about the Law of Demand.

         Teacher led discussion about how the Law of Demand can be seen in the real world.

         Students will use the Law of Demand to explain self-generated scenarios such as the college application process

Read: Textbook, Chapter 4, pp. 87-90

Wednesday

Teacher Work Day

Thursday

Lesson 3

Watch: The Apprentice Series 3.3

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

The candidates will develop and execute a marketing campaign for a premium coffee brand. Each team will work within a $75,000 budget and have been challenged to come up with a big idea to match. The team that creates the greatest demand, as judged by company marketing executives, will win. College grads (Magna) chose Danny as CEO; high school grads (Net Worth) chose Angie as CEO.

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

1.      Cost-Benefit Analysis

         Was each dollar spent profitably?

2.      Marketing

         How effective was the marketing in driving consumer interest and increasing demand for the product?

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 the assigned episode of the Apprentice online here.

  2. Complete the Apprentice Worksheet.Your answers 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

Demand Curves

 

Essential Questions:

         How can the Law of Demand be shown visually?

Activity: 

         Teacher created Demand Curve will be used to guide discussion.

         Students will present their scenarios in front of the class and answer student and teacher questions about the Law of Demand.

         Students will be asked to go to the board and create their own Demand Curve.

         Demand Worksheet, Part 1

Read: Textbook, Chapter 4, pp. 91-96

WEEK 5
2/3 - 2/7

LESSON

IN CLASS

HOMEWORK

Monday

Lesson 5

Shifts in the Demand Curve

 

Essential Questions:

         Why does the Demand Curve shift?

         What causes shifts in the Demand Curve?

Activity: 

         Teacher led discussion about non-price determinants.

         Small group work on change in Demand Curves when tastes, income, substitutions, and expectations are considered.

         Students will create two Demand Curves: one traditional and one representing the changes caused by specific determinants.

         Demand Worksheet, Part 2

         The students will write a one paragraph analysis of the change to the curve – why it happens and how the effect causes the change.

Due:  Current stock portfolio values are due on Blackboard Blog!

Read: Textbook, Chapter 5, pp. 108-115

Concepts to Master:

The Demand Curve:

         Inverse Relationship

         Diminishing Marginal Utility

         Determinants

o    Tastes

o    Income

o    More/Less Buyers

o    Expectations

o    Related Goods

Tuesday

Lesson 6

Supply

Essential Questions

         How is the Law of Supply shown on a graph?

         How can the Law of Supply be used to explain the agony of the college application process?

 

Activities

         Small group discussion about the Law of Supply.

         Teacher led discussion about how the Law of Supply can be seen in college application process.

         Students will use the Law of Supply to explain self-generated scenarios akin to the college application process.

         Students will present their scenarios in front of the class and answer student and teacher questions about the Law of Supply.

Read: Textbook, Chapter 5, pp. 116-122

Wednesday

Lesson 7

Supply Curves

Essential Questions

         How does one express the Law of Supply visually?

         How do the concepts of profit affect supply curves?

Activities

         Teacher created Supply Curve will be used to guide discussion.

         Students will be asked to go to the board and create their own Supply Curve.

         Supply worksheet, Part 1

Read: Textbook, Chapter 5, pp. 123-130

Thursday

Lesson 8

Watch: The Apprentice Series 3.4

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

This week’s task is to create a commercial for a new body wash product. Each team’s attempt will be judged by marketing experts based on its potential impact on product demand. College grads (Magna) chose Erin as project manager; high school grads (Net Worth) chose Kristen.

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

1.      Marketing

         How effective was the marketing in driving consumer interest and increasing demand for the product?

2.      Demand Shifts

         Which direction would each ad shift demand for the body wash? Why?

         Could you create a better advertisement? How?

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 the assigned episode of the Apprentice online here.

  2. Complete the Apprentice Worksheet.

  3. Your answers must be in complete sentences, paragraph format, and printed.
  4. 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 9

Shifts in the Supply Curve

Essential Questions:

         Why does the Supply Curve shift?

         What causes shifts in the Supply Curve?

Activity: 

         Student generated Supply Curve will be put up on the board.

         Teacher led discussion about profits and how they impact the producer focused Supply Curve.

         Students will collaboratively change the curve to reflect either shortage or surplus.

         Students will compare the two curves they generate.

         Students will create two Supply Curves: one traditional and one representing the change with either product surplus or shortage.

         The students will write a one paragraph analysis of the change to the curve – why it happens and how the effect causes the change.

         Supply worksheet, Part 2

 

Concepts to Master:

The Supply Curve:

         Direct Relationship

         Increasing Costs

         Determinants

o    Government

o    Other Opportunities

o    Number of Sellers

o    Investment in Capital

o    Costs of Resources

o    Expectations

WEEK 6
2/10 - 2/14

LESSON

IN CLASS

HOMEWORK

Monday

Lesson 10

Portfolio Check

Essential Questions:

         How can the concepts we have learned so far be used to explain the fluctuations in the stock market?

         How are those fluctuations reflected in the changes in the value of your portfolio?

Activity: 

         Student teams will have individual conferences to discuss current stock portfolios.

         Using the SMG Portfolio rubric, each portfolio will be assessed on being current, complete, and accurate.

         Students will be assessed on their knowledge and explanation of their current holdings and their evaluation of current holdings, market movements, and future transactions.

 

PORTFOLIO RUBRIC

CATEGORY/POINTS

3

2

1

Current

Value

Complete, current, and accurate; printed

Either incomplete or inaccurate; printed

Inaccurate and Incomplete; handwritten

Comments

Complete clear comments on current holdings.

Incomplete or unclear comments on current holdings

Incomplete, unclear, or absent comments.

Company Research

Complete, accurate research reports on current holdings.

Incomplete or inaccurate research on current holdings.

Incomplete and inaccurate research; clearly done at last minute.

Portfolio

Explanation

Clear and complete understanding of current holdings and value.

Unclear or incomplete understanding

of current holdings.

Student does not seem at all prepared

Due:  Current stock portfolio values are due on Blackboard Blog!

Bring:  laptop, portfolio, and pencil for worksheet.

Due: Your printed Stock Portfolio will be assessed Monday—it must be complete, clear, and accurate.  This is SUMMATIVE!  Here is the Rubric.

Read:
Textbook, Chapter 6, pp. 132-140

 

Tuesday

Lesson 11

Market Equilibrium

 

Essential Questions:

         How can combined Supply and Demand Curves be used to explain the creation and change in prices?

         How can the effects of governmental action be predicted by examining combined curves?

         How can market forces be analyzed with combined curves?

Activity: 

         Teacher led discussion about combined curves and equilibrium points.

         Teacher created combined curves will be analyzed.

         Small group creation of combined curves – students will create the curves and then discuss how prices change with changes to the curves.

         Teacher conferencing with each group to clarify impacts of changes on prices.

         Same small group activities with the curves except analyzing the effect of governmental action and market forces.

         Students will write a one paragraph summary of how combined curves explain changing prices in response to either a change in supply or demand.  They will have to create their own scenario in support of their explanation.

Read: Textbook, Chapter 6, pp. 141-147

Concepts to Master:

The Market:

         Market Equilibrium

         Surpluses

         Shortages

         Ceilings and floors

Wednesday

Lesson 12

Coffee Shop

 

Essential Questions:

         How can combined Supply and Demand Curves be used to explain market fluctuations?

         How can businesses use supply and demand curves to maximize profits?

http://www.crawfordsworld.com/rob/HEC/HECSIMCoffeeShop/imgF.jpg

Activity:  Coffee Shop Exercise

Students will operate a simulated online coffee shop and make decisions about variable and fixed costs, prices, and marketing in order to maximize their daily and annual profits. Students will then analyze their results by making cost-benefit analysis of shortage, surplus, and equilibrium situations and how they related to their coffee formula and the daily temperature.

Assignment: Complete The Coffee Shop Income Statement Worksheet

Answers must be In Your Own Words.

This MUST be turned in at the end of class today--any assignment turned in late will be penalized 1 point.

Read: Textbook, Chapter 6, pp. 148-156

*Makeup - to make this exercise up if you are excused absent the day of the simulation, follow these directions:

1. Log on to the Coffee Shop website.
2. Complete the Coffee Shop Income Statement Worksheet.
3. After recording your results and your explanations , attach it and Email your Coffee Shop Income Statement Worksheet to rcrawford@nova.edu
 

Thursday

Lesson 13

Watch: The Apprentice Series 3.5

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

For this task, each team will be given a 28-foot trailer and a $5,000 budget to create a mobile service business. The team that makes the most profit after their initial investment will win. Tana stepped up to be Project Manager of  Net Worth (Street Smarts), while College grads (Magna) chose Bren as CEO.

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

  1. Merchandising
  2. - Were the products or services creative?
  3. Were the products appropriate for the target consumer? for the location?
  4. Marketing
  5. -How effective was the marketing in driving consumer interest and increasing demand for the product?

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 the assigned episode of the Apprentice online here.

  2. Complete the Apprentice Worksheet.Your answers 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 14

Applying Supply and Demand to the Stock Market

Watch: Trading Places

Activity: Trading Places Exercise

You are to follow the transactions occurring on the floor of the BOT Frozen Concentrated Orange Juice trading pit as shown in the excerpt, and analyze the results of each transaction as well as the final outcome and the final market equilibrium.

Assignment:  Using the Trading Places worksheet, graph the changes in the commodity’s market on a supply and demand curve to estimate equilibrium over the course of the day.

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 Trading Places excerpt online here.
2. Complete the Trading Places Worksheet.
3. After completing the worksheet , attach it and Email your responses to rcrawford@nova.edu