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