VOCABULARY:

 SCARCITY
CHOICE
OPPORTUNITY COST
PROFIT
INCENTIVE
POSITIVE/OBJECTIVE
NORMATIVE/SUBJECTIVE
INVESTMENT
MARGINAL ANALYSIS
MICROECONOMICS
AGGREGATE
MACROECONOMICS

Preview

• Course Syllabus
• Academic Expectations
• Academic Honesty Policy
• Course Schedule

Read:  Read Course Academic Expectations and Course Schedule

Watch: ACDC Economics Flip Video Introduction to Macroeconomics

Lesson 2

ESSENTIAL QUESTION: What is the Economic Perspective?

• The Basic Principles of Economics
  • Scarcity and Choice
  • Opportunity Cost
  • Profit Motive
  • Rational Behavior
  • Marginal Thinking
  • Trade is Good.

Quiz: Six Principles Quiz

Quick Notes: Unit 1 Powerpoint Lesson 1

Read:  Krugman,  Module 1 pp. 2-8

Watch: ACDC Economics Flip Video 1.1 Fundamentals

Lesson 3

ESSENTIAL QUESTION: What is Economic Theory?

• Theoretical (Positive) Economics
  • Objective
• Policy (Normative) Economics
  • Subjective
• Pitfalls to Economic Theory

o    Bias

o    Post Hoc

o    Composition

o    Causation

Activity: Read and discuss the Economic Fallacy Worksheet

Quick Notes: Unit 1 Powerpoint Lesson 2

Read:  Krugman,  Section 1 Appendix pp. 34-37

Lesson 4

ESSENTIAL QUESTION: How do economists use models?

• 4 Fundamental Questions
• 4 Economic Resources
• 6 Economic Goals
• 3 Economic Systems
• Models
  • Relationships
  • Graphs

Watch:  Excerpt from Brewster's Millions

Be prepared to answer a short quiz based on the questions listed after the video, and discuss the answers.

QuickNotes: Unit 1 Powerpoint Lesson 3

Read:  Krugman,  Module 3 pp. 16-21, and  the online synopsis of Economics U$A #1

Remember: Electronic Device TOMORROW for Textbook registration!

Bring:  Pencil for Video Quiz

Lesson 5

Watch: Economics U$A #1: Resources and Scarcity

This video will illustrate how unlimited wants and 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.

Watch: ACDC Economics Flip Video 1.2 Production Possibilities Frontiers

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

1. Watch Economics U$A #1 online here.
2. Take the 10 question online quiz here.
3. After completing the quiz, email your score to rcrawford@nova.edu

LESSON

IN CLASS

HOMEWORK

Lesson 6

ESSENTIAL QUESTION: What does the Production Possibilities Frontier represent? 

• Production Possibilities Frontiers
  • Maximum Efficiency
  • Full Production
  • Full Employment
• Economic Growth
  • Technology
  • Trade
  • Resources

QuickNotes: Unit 1 Powerpoint Lesson 4

Activity: Complete and discuss PPF Worksheet #1

Watch: ACDC Economics Flip Video 1.3 Production Possibilities Frontiers and Growth

Bring:  Pencil for PPF Worksheets

Read:  Krugman,  Module 3 pp. 16-21

Lesson 7

ESSENTIAL QUESTION: How does trade promote specialization?

·         Comparative Advantage

o    OC = L/G

·         Absolute Advantage

·         Terms of Trade

·         Relative Price

·         Gains from Trade

QuickNotes: Unit 1 Powerpoint Lesson 5

Assignment: Complete the Comparative Advantage 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

Lesson 9

Read:

·         Unit 1 Content Map

·         Unit 1 Review Powerpoint

·         Unit 1 Review Notes

Review: Use online Textbook site chapter notes and  practice section quizzes

• Watch:

• ACDC Video Review 1.1 Fundamentals

• ACDC Video Review 1.2 PPF

• ACDC Video Review 1.3 Comparative Advantage

Remember: ALL TESTS ARE CUMULATIVE!

Lesson 11