Intro and housekeeping matters.
Assigned seating chart and randomly generated student classroom number (this is separate from your regular student I.D. number; it is for the purposes of this class only).
Your class number will consist of three numbers: the first number designates the Period, the second number is the row you sit in, and the third number is your seat in that row.
For example, if a student in 1st Period is sitting in the first row (my left), and in the first seat, their number will be #111. Likewise, the student sitting in 8th Period, in the sixth row, in the sixth seat, will be #866. Every student should easily be able to determine their class number.
The number is used for anything you post online so no one can identify you other than the people you know right in class with you. Of course, nothing about your real name, school, or any personal information about you should ever be posted online.
Textbooks:
Textbooks are available in the room and you will have an assigned textbook.
In addition, I have material online and will supply work that can be done in-class as well. Anything you need is available in-class; any material available online is a supplement to in-class work. My policy towards technology is that all material and supplements should be accessible or tried: no technology is required.
For example, this is your first Homework assignment (a cry of enthusiasm goes up from the crowd).
Cf. http://mp3s.soundscalpel.com/27/33648_1246033810160.mp3
Answer the question. Note that it can be answered online, emailed to me at gmsmith@shanahan.org, or as a hard copy. All three ways of doing your HW are acceptable. Nonetheless, it is most likely easiest to answer online.
Grading:
The class grade is calculated automatically by GradeConnect using the Category Weighted Assessments feature.
"Each assessment is assigned to a category (ex [sic] Tests, Labs, Presentations,etc [sic]) and the category is assigned a weight (ex [sic] Tests - 40%, Presentations - 20%, etc). Individual assessment weights are then automatically calculated by GradeConnect.com based on these category weights."
Tests 65%
HW & Daily Class Work 20%
Quizzes 15%
Grading is based on Quizzes, Tests, and other participatory work such as in-class work, daily participation, and other assignments.
Quizzes are smaller exams and may be unannounced.
Tests are always scheduled, announced well in advance, and worth more points.
Homework & Daily in-class work is required. There is HW and Daily in-class work due every day. HW is due daily barring absence, and with your absence, HW is due the day you return.
If you are absent for a longer period simply inform me and we can make separate arrangements. HW is posted and available online even when you are absent.
Emailed HW and daily in-class assignments might be best, but it is not required if you do not have access to a computer. I am in seven places during our eight period day thus I am not tethered to a specific room. I am connected online most of the day so I generally will be available.
Class participation includes debate, discussion, reactions, games, and projects of various sorts, details will be provided as we come to these more involved assignments.
All written work follows the Honor Code stating:
This is my work and I have not cheated in any way.
Access to a bathroom during class time is a privilege, not a right, and of course it is necessary in case of an emergency. The admonition here is that you are to remain on task throughout the period. You should not have access to materials for other classes or other distractions in this class. I consider this behavior to be defiance and you will receive demerits.
Students are using learning tools--such as the creation of an avatar--that reflects the use of vastly different materials than the types of learning aids that students traditionally used. In fact, learning for your generation is so different than previous learners that you have often been described as the "Digital Generation" (the first generation living entirely since the Internet has been invented) or as the "Millennials" (since you were born around the turn of the Millennium). Your cohort is characterized by:
Doting parents
Confidence
Connected
Open to Change
Value Collaboration
The list describes the leading characteristics of the Digital Millenials. Next, we will consider what endeavors you should strive for as a student. In short, your task as a student should be the (what was described by Sr. last year as Quadrant D) dedicated endeavors that Sr. reviewed at our Faculty Orientation this week to (they are listed in descending order):
Create
Evaluate
Analyze
Apply
Understand
Remember
You will realize that you have arrived as a student when you can apply yourself to real world, unpredictable situations. I am fond of saying that the old chaos is the new normal. In short, this is the unpredictable world that we are living in currently. Events are taking place rapidly, change is constant, and the challenges are enormous. Yet, this is an exciting time to be studying disciplines such as history or Economics for their practical application.
Honors Economics
Economics: Principles and Practices
Participating in the Fed Challenge
Mankiw Macroeconomics Presidential Game
Please note: this game requires the Shockwave version 7.0 or higher: test page for Shockwave.
Set in the year 2035, JA Titan creates a world in which players are CEOs of their own companies. The game is associated with Junior Achievement.
There is an abundance of economics resources for Mankiw (edition 5e) as well.
What is Economics (Video Library)? 2:07
Cf. http://www.glencoe.com/video_library/index_with_mods.php?PROGRAM=9780078747649&VIDEO=4756&CHAPTER=1&MODE=2
1. What was the effect of Hurricane Katrina on the local economy?
2. What is the problem?
3. What do recruiters have to do to find workers?
Loss of jobs
Housing
Pursue job fairs
Current Events and Interactive Time Line
Interactive Graphic Organizers, Chapter 1, Section 1 - Reading Strategy
Graphic Organizer: Chapter 1, Section 1 - Review
National Geographic MapMachine
Principles of Macroeconomics by John Kane - Department of Economics, SUNY-Oswego has an abundance of material useful for economics notes and PowerPoint presentations.
A similar set of resources, PowerPoint, Flash, and QuickTime, are available for Microeconomics as well.
Schmoop for Economics includes, plain-spoken analysis, charts galore, and role-playing games where you make the tough decisions. Music videos to help burn key concepts into your memory.
Unit 1 Fundamental Economic Concepts
Chapter 1: What Is Economics?
Chapter Overviews
Section 1: Scarcity and the Science of Economics
Economics is a social science that deals with the fundamental economic problem of scarcity—a condition caused by the combination of seemingly unlimited wants and limited resources. Because of this, people are forced to make choices and decisions about how they will use their resources. People have needs such as food, clothing, and shelter; people have wants, which are nonessential ways of expressing needs. The notion of TINSTAAFL, which stands for There Is No Such Thing As A Free Lunch, is often used to remind us that resources are scarce and that we must make careful economic decisions regarding WHAT, HOW, and FOR WHOM to produce. Other concepts relevant to economics are the four factors of production: land, capital, labor, and entrepreneurs. And the four key elements to this study are description, analysis, explanation, and prediction.
Section 2: Basic Economic Concepts
The concepts of goods, services, consumers, markets, factor markets, product markets, productivity, economic growth, and economic interdependence are explained and are linked in the circular flow diagram. Productivity is necessary for economic growth, and growth takes place when specialization and the division of labor are present. In addition, human capital, the sum of our skills, abilities, health, and motivations are other important components of growth.
Section 3: Economic Choices and Decision Making
Choices are explained in terms of trade-offs, or alternatives that are available whenever a decision is made. The cost of every decision is measured in terms of its opportunity cost, which is the cost of the next best alternative use of money, time, or resources when one choice is made rather than another. Trade-offs can be analyzed with a production possibilities frontier, a diagram representing various combinations of goods and services an economy can produce when all its resources are in use. Furthermore, economists use cost-benefit analysis to evaluate choices.
Prayer
Current Event
Chapter 1: What Is Economics?
Estimated Length of Study in Class Days: 8
Chapter Overview
Section 1: Scarcity and the Science of Economics
Economics is a social science that deals with the fundamental economic problem of scarcity—a condition caused by the combination of seemingly unlimited wants and limited resources. Because of this, people are forced to make choices and decisions about how they will use their resources. People have needs such as food, clothing, and shelter; people have wants, which are nonessential ways of expressing needs. The notion of TINSTAAFL, which stands for There Is No Such Thing As A Free Lunch, is often used to remind us that resources are scarce and that we must make careful economic decisions regarding WHAT, HOW, and FOR WHOM to produce. Other concepts relevant to economics are the four factors of production: land, capital, labor, and entrepreneurs. And the four key elements to this study are description, analysis, explanation, and prediction.
Why It Matters, p. 4
The BIG Idea
The Essential Question in the chapter launch activity ties in to the Big Idea and helps students think about and understand important chapter concepts.
Activity: Launching the Chapter, p. 4
Students should brainstorm common needs and wants such as food items, clothing or entertainment expenses. Explain why each item proves important to many people.
Essential Question
How do limitations on people's time and income affect these needs and wants?
In addition, the Hands-On Chapter Project relates the content from each section to the Big Idea. This Chapter Project is:
Participating in the Fed Challenge
The steps in each section build on each other and culminate in the Wrap-Up Activity on the Visual Summary page (p. 27).
Economics and You Video
What is Economics (Video Library)? 2:07
Cf. http://www.glencoe.com/video_library/index_with_mods.php?PROGRAM=9780078747649&VIDEO=4756&CHAPTER=1&MODE=2
1. What was the effect of Hurricane Katrina on the local economy?
2. What is the problem?
3. What do recruiters have to do to find workers?
Loss of jobs
Housing
Pursue job fairs
Definition of Economics
This problem of limited resources and unlimited wants also applies to society as a whole. Can you think of any societies in which all wants are satisfied? Most societies would prefer to have better health care, higher quality education, less poverty, a cleaner environment, etc. Unfortunately, there are not enough resources available to satisfy all of these goals.
Thus, economists argue that the fundamental economic problem is scarcity. Since there are not enough resources available to satisfy everyone’s wants, individuals and societies have to choose among available alternatives. An alternative, and equivalent, definition of economics is that economics is the study of how such choices are made.
Section 1: Scarcity and the Science of Economics, p. 5
Section Preview
Content Vocabulary
Academic Vocabulary
Interactive Graphic Organizers, Chapter 1, Section 1 - Reading Strategy, p. 5 (Cf. Fill-in, p. 7).
HOW to Produce
FOR WHOM to Produce
People in the News
Teens in the Red
The Fundamental Economic Problem, p. 6
Scarcity
Scarcity, 2:54
According to the video, why are goods and services scarce? What is in short supply? What three elements supply the economy?
Scarcity & Choice (Shhh, the volume is low), 4:36
According to the video, what is Economics? What is scarcity? Can you provide an example of a choice that is not rational nor is it in your self-interest?
Definition of Economics
TINSTAAFL (There Is No Such Thing As A Free Lunch)
Reading Check
Contrasting
What's the difference between a need and a want?
Three Basic Questions, p. 7
WHAT to Produce
HOW to Produce
FOR WHOM to Produce
Reading Check
Analyzing
Why are societies faced with the three basic questions of WHAT, HOW, and FOR WHOM?
The Factors of Production, p. 8
Graphic Organizer: Chapter 1, Section 1 - Review, The (4) Factors of Production, p. 8
Land
Capital
Labor
Entrepreneurs, p. 9
A good is said to be an economic good (also known as a scarce good) if the quantity of the good demanded exceeds the quantity supplied at a zero price. In other words, a good is an economic good if people want more of it than would be available if the good were available for free.
A good is said to be a free good if the quantity of the good supplied exceeds the quantity demanded at a zero price. In other words, a good is a free good if there is more than enough available for everyone even when the good is free. Economists argue that there are relatively few, if any, free goods.
An item is said to be an economic bad if people are willing to pay to avoid the item. Examples of economic "bads" include things like garbage, pollution, and illness.
Goods that are used to produce other goods or services are called economic resources (and are also known as inputs or factors of production). These resources are often categorized into the following groups:
1. Land,
2. Labor,
3. Capital, and
4. Entrepreneurial ability.
The category of "land" includes all natural resources. These natural resources include the land itself, as well as any minerals, oil deposits, timber, or water that exists on or below the ground. This category is sometimes described as including only the "free gifts of nature," those resources that exist independent of human action.
The labor input consists of the physical and intellectual services provided by human beings. The resource called "capital" consists of the machinery and equipment used to produce output. Note that the use of the term "capital" differs from the everyday use of this term. Stocks, bonds, and other financial assets are not capital under this definition of the term.
Entrepreneurial ability refers to the ability to organize production and bear risks.
The resource payment associated with each resource is listed in the table below:
Economic Resource Resource Payment
land rent
labor wages
capital interest
entrepreneurial ability profit
And, again here below:
Production
Reading Check
Interpreting
What would happen if one of the factors of production was missing?
The Global Economy & You
Global Entrepreneurs Drive the Economy
The Scope of Economics
Description
Analysis, p. 10
Explanation
Prediction
Reading Check
Explaining
Why is economics considered to be a social science?
Web Activity Lesson Plans
The Student Web Activity is based on the class lesson. For example, students should look up and define these three terms before the Activity begins:
human capital
trade-offs
opportunity cost
Terms defined:
Chapter 1: What Is Economics?
Student Web Activity
"Learning About an Occupation"
Introduction
The freedom to make our own economic decisions, including our occupations, employers, and when and where we work, is one of our most cherished freedoms. Information available on the World Wide Web makes these choices increasingly easier to explore. One useful source is the Occupational Outlook Handbook from the U.S. Bureau of Labor Statistics. It has detailed information on hundreds of occupations—from "able seamen" to "zoologists"—including job descriptions, earnings, job outlooks, and educational requirements. It is never too early to think about an occupation. The Handbook may even help you to decide which courses you want to take before you graduate. One occupation you might want to consider is that of an economist. Economists have one of the higher paying jobs in the economy and it's a career worth considering.
The class will be divided into four groups and one of the questions below will be assigned to your group. Your group is expected to find a suggested answer to your assigned question.
1. Read the description under "Nature of the Work." Then, describe several aspects of the job that appeal to you.
2. If you were to decide to become an economist, what other academic disciplines would you have to study in college? Why is this so?
3. Where do economists find employment, and what salaries can economists expect to make?
4. What are the opportunity costs that you are likely to encounter if you decide to become an economist?
Textbook site:
Economics: Principles and Practices
Economics Web Links
Games & Simulations
Stock Market Game (SMG)
"Student teams are $15 each."
Mankiw Macroeconomics Presidential Game
Please note: this game requires the Shockwave version 7.0 or higher: test page for Shockwave.
There is an abundance of economics resources for Mankiw (edition 5e) as well.
The outro video is a student project on scarcity.
Tyler Gaston - Scarcity, 4:37
ECN211 Macroeconomics Video Project
'Scarcity' - words and music by Tyler S. Gaston
~Lyrics~
When theres nothing to do, nothing to say, when nothing in life is going your way thats economics, oh, scarcity
When you want that car, that will get you far, but all youve found you got an empty penny jar thats economic, oh scarcity,
Scarcity, nothing in the world for free yeah scarcity, cause money dont grow on trees yeah scarcity just look around and see
When you want that grade, and your bed to be made, but wasted all that time tryin to hit a fade thats economics, oh scarcity,
When you want that steak, and then that cake, but give the hungry kids a break thats economics, oh scarcity
Scarcity, nothing in the world for free yeah scarcity, cause money dont grow on trees yeah scarcity just look around and see
With so many wants, and much fewer needs, its up to you what kind of life youll lead thats economics, oh scarcity,
So make the choice, and make it wise, cause you may not get another try thats economics, oh scarcity
Scarcity, nothing in the world for free yeah scarcity, cause money dont grow on trees yeah scarcity just look around and see
References
Textbook site:
Economics: Principles and Practices
Economics Web Links
Games & Simulations
National Geographic MapMachine and maps to illustrate areas.
Study-to-Go: download a portable version of your textbook-related materials onto your Palm or Pocket PC, including Self-Check Quizzes.
ECONOMY WATCH
This Index page collects all of the stories that we have written about the nation’s economic and financial crisis.
Cf. http://blog.glencoe.com/blog/2010/08/25/economy-watch/
Cf. Scarcity
Energy Crisis: Resource Scarcity, Oil Wars & Climate Change, 1:25:18
Participants: George Soros; Mary Kaldor; Yahia Said; Sir Nicholas Stern. Chaired by Howard Davies
Description: This event seeks to promote their political agenda and thinking about energy security, and marks the launch of the publication Oil Wars, edited by Mary Kaldor, Terry Karl and Yahia Said.
July 4, 2007 at the London School of Economics.
(Audio only unfortunately)
Sometimes, a Song Says it Better: Welcome to Paradise, by Green Day, 3:46
Once you move out of your parent’s home, you may be “feelin' so alone” and find the creature comforts that Mom and Dad have are scarce.
Official version of the song
Dear Mother
Cant you hear me whining?
It's been 3 whole weeks
Since I have left your home
This sudden fear has left me trembling
'cause now it seems that I am out here on my own
& I'm feelin so alone
Pay attention to the cracked streets & the broken homes
Some call it slums some call it nice
I wanna take you through a wasteland I like to call my home
Welcome to paradise
A gunshot rings out at the station
Another urchin snaps & left dead on his own
It makes me wonder why I'm still here
For some strange reason it's now feelin like my home
& I'm never gonna go
Pay attention to the cracked streets & the broken homes
Some call it slums some, call it nice
I wanna take you through a wasteland I like to call my home
Welcome to paradise
Dear Mother
Can you hear me laughing?
It's been 6 whole months
Since I have left your home
It makes me wonder why I'm still here
For some strange reason it's now feelin like my home
& I'm never never gonna go
Pay attention to the cracked streets & the broken homes
Some call it slums, some call it nice
I wanna take you through a wasteland I like to call my home
Welcome to paradise
Paradise....
Lyrics are reproduced for educational purposes only; copyright remains in the hands of the legal owners.
Song version with lyrics