Current events: US tyre duties spark clash between China and the U.S. as Obama decided to impose a new duty of 35% on Chinese tyre imports in addition to the existing 4% tariff.
Obama is attempting an economic measure known as protectionism. The idea is to protect domestic production against foreign products. According to the Foundation for Teaching Economics, they state:
Despite resultant harm to consumers and other users of protected products that outweighs benefits to protected industries, these trade barriers remain politically viable because of stronger incentives for political action by concentrated interest groups than by individual citizens.
In this instance, Obama is appealing to a political base of his, the concentrated support of labor unions.
A recent related article describes "The Five Financial Shockwaves to Expect When China’s Yuan Swaps Places with the U.S. Dollar."
Review:
Quarter Grades
60% = Tests & Papers
The format, multiple choice & free response questions, will be similar to the AP Macroeconomics exam you will take in May. You must be able to apply the information from lecture notes, visual materials, and assignments (reading & written). Class materials should be reviewed on a nightly basis. Tests will be announced and posted in advance of the test date.
Papers will be assigned periodically and they will count as test grades. Each quarter you will submit an Article Analysis Report; it will count as a test grade.
25% = Assignments (class work & homework)
Since this course is modeled after a college course, you will be required to complete readings and answer content related questions, define terms, solve problems, write papers, perform projects, and participate in class simulation exercises. It is your responsibility to keep up with the work load in this class and to ensure that all assignments are completed and submitted on the assigned due date. Assignments will be posted by their due dates.
All assignments that are collected and graded will be checked for complete, fully detailed, and accurate answers.
Reading Assignments: you will be assigned reading to cover in preparation for discussion of the material in class. You must complete the reading by the assigned due date. You should be prepared for a quiz on the terms and reading material at any time; the quiz may or may not be announced.
Reading Questions & Terms: To complete these assignments, you must use the information from the reading to answer the questions and define the terms to post on the AP Economics Shanawiki page.
Practice Problems: All practice problems will be completed on the worksheets or loose leaf paper in blue or black ink; write out all formulas, show all work, and properly label all graphs. No graph paper or computer generated graphs will be accepted; draw all graphs on loose leaf paper.
Class Simulations: we will complete some class simulations during the school year. At the conclusion of these activities, or in-class lessons, you may be required to complete review questions or answer questions. If you are absent on a simulation day, you will be expected to make up the simulation in order to earn a grade for the follow up assignment; failure to make up the assignment will result in a zero.
Format for typed assignments (or emailed)
Heading:
Include your name, period, title of the assignment, AP Macro, and due date
15% = Quizzes (announced & unannounced)
Quizzes will check your comprehension of smaller portions of class content. The format will vary. Questions will require you to demonstrate comprehension of class notes, facts from video presentations, class simulations or lesson plans, reading and written assignments. Some questions will make you apply the material learned and use the facts to solve problems. They can be announced or unannounced.
Semester Grade
40% of each quarter grade and 20% of the semester exam grade
Final Year Grade
Average of the first and second semester grades.
Email procedure:
Email the introduction directly to me at: gmsmith@shanahan.org; never post personal information online. Never use any other email other than the shanahan.org address.
Who got a chance to view the "Broken Window Fallacy?"
Discussion: What is your reaction?
In-class new material: "The Story of Money," and, "The Story of Inflation" (hand-outs).
If not covered in class review the following material.
Material on scarcity is available online, e.g., on scarcity:
http://www.fte.org/teachers/programs/rightstart/curriculum/scarcityandopportunitycost.html
HW
1. Post the definitions (first come, first serve) on the back of the Federal Reserve Bank of New York's hand-outs "The Story of Money," and, answer the five (5) questions on "The Story of Inflation" on "The Story of Money and Inflation" Shanawiki page.
The five questions for "Inflation" are:
a. How is inflation defined?
b. What causes inflation?
c. What are the effects of inflation on individuals and the economy?
d. How is inflation measured?
e. How can inflation be prevented?
Anyone can add to the definitions, add to the materials already listed, or ask questions as well.
2. From the material on scarcity, at:
http://www.fte.org/teachers/programs/rightstart/curriculum/scarcityandopportunitycost.html
print out and bring to class your own copy of "Identifying Needs," "Identifying Needs – Again," and "ADAM and EVE: In the beginning there was a production possibility frontier."
We will be answering questions such as:
What could you be doing instead of being here for this session? (List your alternatives)
What is your opportunity cost for being here for the next hour?
How do economists use the concept of opportunity cost to explain a person making a mistake?
What is the Opportunity Cost for a high school student to study one hour for Economics?
