Current Events:
Discussing supply-side economics, with Dick Armey, FreedomWorks; Andrew Busch, BMO Capital Market and David Goodfriend, former Clinton White House staffer.
Today's lesson plan and HW is available on the blog: http://gmicksmithsocialstudies.blogspot.com/
Email: gmsmith@shanahan.org
The Shanawiki page (http://shanawiki.wikispaces.com/) has updated class information.
LibraryThing has bibliographic resources.
I moved the "Blog Archive" to the top right on the blog page so it should be easier to find the daily lesson, HW, and other class material.
Chapter 4 Market Efficiency, Market Failure, and Government Intervention
Chapter Outline
Chapter 4 Market Efficiency, Market Failure, and Government Intervention
Markets are efficient mechanisms for allocating resources. However, in the real world, markets can “fail” as a result of departures from the idealized competitive market structure. This chapter assesses the efficiency of markets in terms of maximizing consumer and producer surplus, and explains the circumstances under which market failures can occur. Government intervention in markets in the forms of price floors, price ceilings, and taxes is also examined.
Handout 4.1
Work in small groups.
We will review and answer the questions from Handout 4.1.
Then, we will cover the Chapter 4 True and False Questions (30 questions in round-robin fashion, you may work with a partner). Review and have the answers (to review in-class) to #1-30, True and False Questions on Chapter 4. You do not have to email the answers; we will cover this material in class (Cf. http://shanawiki.wikispaces.com/AP+Economics+Ch.+4+True+and+False+Questions). You may, of course, answer T or F on Shanawiki outside of class and collaborate on this exercise.
Thereafter, we have Ch. 4 Short Answer Questions to consider.
HW: gmsmith@shanahan.org
1. If we do not get to it during class today, for HW answer Ch. 4 Short Answer Questions, #1-8. You may, of course, answer these Short Answer questions on Shanawiki outside of class and collaborate on this exercise before emailing them to me. We can review these Short Answer questions in class as well.
