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 Activities: Lecture (click link, print and bring document below to class)




September 15: Scarcity, opportunity cost and the production possibilities model


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


  • 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)




September 19: Specialization, trade and comparative 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.

      • 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.


  • Additional Resources



September 21: Rationing systems and the circular flow model


  • Homework Due: Read McGee (Pages 34-46) and watch the following video.

  • 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


  • Additional Resources



September 25: Intro to Economics Discussion


  • Homework Due: Read Roundabout Production (link below)


  • 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)