Intro+to+Economics+Calendar

[|Boundless Learning]: Additional resources specifically developed for the textbook chapters below can be found by clicking the link to the left. **Beware**: You will have to sign up with Boundless Learning and choose Mankiw's textbook first. Then, you will have to search for the right chapter.

=**__September 11__:** Introduction to IB Economics =


 * __Homework Due__: None


 * __Assessments and Activities__: Today, we will be getting textbooks and taking care of basic business. We will talk about the things you’ll need to to know to get along in this course, including familiarity with Edline and my IB Econ wiki.

=__**September 13**__**:** Mankiw's Ten Basic Economic Principles ("thinking like an economist") =


 * __Homework Due__: Read Chapters 1 and 2 (Mankiw)


 * __Assessments and A__ __ ctivities __ : Lecture **(click link, print and bring document below to class)**


 * [[file:1 - Ten Principles of Economics Handout.pdf]]


 * __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'] (recorded lecture)

=**__September 15__:** Scarcity, opportunity cost and the production possibilities model =


 * __ Homework Due __ : Read Mankiw (Chapter 3) and watch the following videos.


 * [|Click here to watch a short video on this topic].
 * __Khan Academy__
 * [|Production Possibilities]
 * [|Opportunity Cost]
 * [|Increasing Opportunity Cost]
 * [|Allocative Efficiency]
 * [|Economic Growth through Investment]


 * __Assessments and Activities__: Free-response/problem and lecture


 * __//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__.


 * 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.


 * __//Lecture//__: Scaricity, opportunity cost and the production possibilities model (PDF below)


 * [[file:2- The Economizing Problem.pdf]]


 * Related Readings
 * 1) [|Scarcity].
 * 2) [|Opportunity Cost]
 * 3) [|Human Capital]
 * 4) [|Entrepreneurial Ability]
 * 5) [|Investment]
 * 6) [|Population]
 * 7) [|Profits]

=__**September 19**__**:** Specialization, trade and comparative advantage=


 * __Homework Due__: Read Mankiw (Chapter 3) and watch the following videos.
 * media type="youtube" key="vc324aHB2m8" height="315" width="560"
 * __Khan Academy__
 * [|Comparative advantage, specialization, and gains from trade]
 * [|Comparative and absolute advantage]


 * __Assessments and Activities__: Free-response/problem and lecture
 * __//Free-response/problem//__: You will work cooperatively with your partner to construct a response to the following prompt.
 * __//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.


 * __//Lecture//__: Specialization, trade and comparative advantage
 * [[file:3 - Comparative Advantage.pdf]]


 * __Additional Resources__


 * **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 21**__**:** Rationing systems and the circular flow model=


 * __Homework Due__: Read McGee (Pages 34-46) and watch the following video.
 * __Khan Academy__
 * [|Circular flow]


 * __Assessments and Activities__: Free-response/problem and lecture


 * __//Free-response/problem//__: You will work cooperatively with your partner to construct a response to the following prompt.


 * 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.


 * __//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 25**__**:** Intro to Economics Discussion=


 * __Homework Due__: Read //Roundabout Production// (link below)


 * [[file:2 - Roundabout Production.pdf]]


 * __Assessments and Activities__
 * __//Free-response/problem//__: You will work cooperatively with your partner to construct a response to the following prompt.


 * 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.


 * __//Class Discussion//__: Once you have completed your response, there will be a discussion on today's reading.

=__**September 27**__**:** Introduction to Economics Test (Multiple-choice)=

=__**September 29**__**:** Introduction to Economics Test (Papers)=