Beyond the Sound Bites (if time after Quiz):
Clear your desk except for a pencil. Once everyone is quiet, and no talking during the Quiz, we can begin. Be sure to put your name on the Quiz and the Scantron. You may write on both the Quiz and the Scantron.
If you finish early, you may take out non-class materials; once everyone is finished, put away the non-class materials. Then, I will collect the Scantron first, and then I will collect the Quiz.
Be sure your name is on both the Scantron and the Quiz.
If your name is not on the Quiz it will not be returned.
The Ch. 5 Sec. 2 Quiz is today.
The Ch. 5 Sec. 1 Quiz Make-up is today.
The Ch. 5 Sec. 3 Quiz is on Friday.
Skip #16 and #35; do not answer on the Test.
The Chapter 4 Test Make-up is today.
Cf. http://shanawiki.wikispaces.com/Honors+Business+Economics+Chapter+4+Test+Prep+Page+Spring+2011
The Ch. 4 Sec. 3 Quiz Make-up is today.
Standard feature:
The electronic edition of the Philadelphia Inquirer is available. We have the Sunday edition, available on Mondays, in addition to the Tuesday through Friday editions on the other days.
Please follow the steps below:
URL: http://nie.philly.com
Click on the words "Access e-Inquirer" located on the gray toolbar underneath the green locker on the opening page.
Login:
Username: bshsinky@shanahan.org
Password: 10888
John Stossel - Economic Freedom in Free Fall
Scott Says NYSE Sale Shows U.S. Losing Competitiveness
http://www.youtube.com/watch?v=Qa96e3YkgUU
Feb. 15 (Bloomberg) -- Hal Scott, a professor at Harvard Law School, talks about Deutsche Boerse AG's agreement to buy New York Stock Exchange parent NYSE Euronext in a $9.53 billion all-stock deal. He speaks with Scarlet Fu on Bloomberg Television's "InBusiness." (Source: Bloomberg)
Reference
Cf. http://glencoe.mcgraw-hill.com/sites/0078747643/student_view0/unit2/chapter7/
Chapter 7: Market Structures
Section 2: Market Failures
Externalities, 7:39
negative externality
positive externality
Academic Vocabulary
Ch. 7 Sec. 2 Reading Strategy
In-class assignment, with a partner, complete the graphic organizer about why maintaining adequate competition is a worthwhile goal. Use the graphic organizer to list some of the effects of competition.
Enron
enron the smartest guys in the room - Trailer, 2:04
In-class assignment, with a partner, answer the following.
What was Enron's fatal flaw?
How would you characterize the type of people at Enron?
What did they find to make a profit?
What is the corporate crime of the century?
Types of Market Failures
Market Failures, 3:13
What is the definition of a market failure?
What are externalities?
Recall the cell phone example from externalities.
What is the second type of market failure?
What are two examples?
What is the next type of market failure?
What is one example?
What is the fourth type of market failure?
What is one example?
Inadequate Competition
Inadequate Information
Resource Immobility
Did You Know?
Expensive Memories
Sherman Antitrust Act
Public Goods
Externalities
Reading Check
Analyzing
What type of market failure do you think is most harmful to the economy?
Dealing With Externalities
Correcting Negative Externalities
Correcting Positive Externalities
Reading Check
Explaining
If externalities are positive, why should they be corrected?
BusinessWeek Newsclip
Lord of the Rings
Ch. 7 Sec. 2 Review
In-class assignment, with a partner, use the graphic organizer to identify and describe both types of externalities.
Section 3 The Role of Government
The role of government has expanded to preserve competitive markets. This has taken the form of antitrust legislation that outlaws trusts and various forms of price discrimination. As a result, the economy has been modified so that it is now a mixture of different market structures, different forms of business organizations, and some degree of government regulation.
Content Vocabulary
trust
price discrimination, 3:59
In-class assignment, with a partner, answer the following.
What does price discrimination mean?
Does a firm charge different prices for the same product?
Why (in an economic phrase) can they do this?
Explain the role of marginal revenue in price discrimination.
Why would a firm split their market like this?
(The practice can not be done if it lessens competition--cf. Clayton Antitrust Act)
http://www.youtube.com/watch?v=4NNGP9gWnSg
cease and desist order
public disclosure
Academic Vocabulary
Ch. 7 Sec. 3 Reading Strategy
In-class assignment, with a partner, complete the graphic organizer by describing how governments try to avoid market failures.
Products in the News
Electric Bass Recalled
Maintain Competition
Antitrust Legislation
Government Regulation
Do Government Regulations Actually Help Big Business? - Tim Carney, 4:26
Is third-party testing expensive?
Is it more difficult for a small business to comply with regulations?
Do the large companies get exemptions from compliance with regulations?
Can large companies use in-house testers for compliance?
Altria Group is the parent company of what tobacco company?
Did the Altria Group help draft the legislation to regulate tobacco companies?
Why did Nike favor regulation in the United States?
Where are their shoes manufactured: U.S. or abroad?
Are Nike's competitors harmed by regulations?
What is the effect of regulations on smaller businesses hoping to grow and compete with big businesses?
Tim Carney, Cato Enterprise Institute's Warren T. Brookes Journalism Fellow, is the author of The BIG Ripoff: How Big Business and Big Government Steal Your Money (Wiley, 2006).
He was a 2004-2005 Phillips Foundation Journalism fellow, and before that he was a political reporter for Bob Novak and Assistant Editor at Human Events. He is a columnist for America's Future Foundation's webzine Brainwash, and is a contributing editor to Human Events.
Reading Check
Describing
Why are some government regulations beneficial for consumers?
Improve Economic Efficiency
Promote Transparency
Provide Public Goods
The Rahn Curve and the Growth-Maximizing Level of Government, 5:43
When does providing public goods increase economic performance?
What happens if government spending increases too much?
Does this reduce prosperity?
What do scholars generally conclude that economic performance is maximized? Between what percentage of GDP?
What other policies also impact growth?
Most nations in Europe and North America had large or modest (small) levels of government for most of their history?
What can we say for sure?
Reading Check
Interpreting
What negative things could happen in a market without disclosure?
Modified Free Enterprise
Reading Check
Summarizing
Why do we use the term modified to describe the American free enterprise economy?
Ch. 7 Sec. 3 Review
In-class assignment, with a partner, use the graphic organizer to identify how the federal government can maintain competition and improve economic efficiency.
Case Study Pixar and Disney
References
Ch. 5 Prep
Chapter 5 Supply Multiple Choice Quiz
Cf. http://glencoe.mcgraw-hill.com/sites/0078747643/student_view0/unit2/chapter5/self-check_quizzes.html
Chapter 5 Puzzle
Cf. http://www.glencoe.com/olc_games/game_engine/content/gln_ss/epp_08/ch05/index.html
Chapter 5 Supply Flashcards
Cf. http://www.glencoe.com/qe/efcsec.php?qi=15424
Ch. 6 Prep
Chapter 6: Prices and Decision Making
Multiple Choice Quiz
Cf. http://glencoe.mcgraw-hill.com/sites/0078747643/student_view0/unit2/chapter6/self-check_quizzes.html
ePuzzle Concentration
Cf. http://www.glencoe.com/olc_games/game_engine/content/gln_ss/epp_05/chapter06/index.html
Academic, Glossary, People/Places/Events
Cf. http://www.glencoe.com/qe/efcsec.php?qi=15429
Chapter 7 Resources
Cf. http://glencoe.mcgraw-hill.com/sites/0078747643/student_view0/unit2/chapter7/
Preview
Unit 3: Economic Institutions and Issues
Chapters 8-11
Cf. http://glencoe.mcgraw-hill.com/sites/0078747643/student_view0/unit3/
Chapter 8: Employment, Labor, and Wages
Chapter 8 - The American Labor Force
Cf. http://www.glencoe.com/video_library/index_with_mods.php?PROGRAM=9780078747649&VIDEO=4763&CHAPTER=8&MODE=2
Section 1: The Labor Movement
A description is given of the growth of the labor movement from its roots in craft unions to industrial unions. Organized labor was generally unpopular until the Great Depression, but labor made great strides during the 1930s and did not lose public favor again until after the end of World War II when the Taft-Hartley Act was passed in 1947. During early development of union, the two types of unions are the craft or trade union and the industrial union, and their actions consisted of striking, picketing, and boycotting. In today’s society, the union arrangements consist of closed shop, union, shop, modified union shop, and agency shop.
Student Web Activity
"Labor Unions and the AFL-CIO"
Introduction
The American Federation of Labor (AFL) began in 1886 as an organization of craft unions. Later, it added several industrial unions. The trade and industrial unions did not always agree over the future of the union movement. Consequently, eight of the AFL industrial unions formed the Committee for Industrial Organization (CIO) in 1935. In 1955, after almost twenty years of disagreement, the AFL and CIO finally settled most of their differences and joined to form the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO). In this activity you will learn more about the AFL-CIO and its role in our modern economy.
Destination Title: AFL-CIO
Directions
Start at the AFL-CIO home page.
* Click on "About Us" for information about this labor organization
* Browse through the various categories and then answer the following questions.
1. What are the goals described in the AFL-CIO's mission statement?
2. What are some of the accomplishments of the AFL-CIO?
3. Select the "Union facts" link and read through the text on the page. What reasons are given for why people join unions?
4. Next, select the link "State and Local Union Movements" from the menu on the left. Select your state from the map. List at least two labor councils active in your state.
Figure 8.5 Market Theory of Wage Determination
Cf. http://glencoe.com/sites/common_assets/socialstudies/in_motion_08/epp/EPP_p209.swf
Interactive Graphic Organizers
Chapter 8, Section 1 - Reading Strategy
Cf. http://glencoe.com/sites/common_assets/socialstudies/igo_08/epp/ch_08/EPP_ch08_sec1_1.pdf
Chapter 8, Section 1 - Review
Cf. http://glencoe.com/sites/common_assets/socialstudies/igo_08/epp/ch_08/EPP_ch08_sec1_2.pdf
Chapter 8, Section 2 - Reading Strategy
Cf. http://glencoe.com/sites/common_assets/socialstudies/igo_08/epp/ch_08/EPP_ch08_sec2_1.pdf
Chapter 8, Section 2 - Review
Cf. http://glencoe.com/sites/common_assets/socialstudies/igo_08/epp/ch_08/EPP_ch08_sec2_2.pdf
Chapter 8, Section 3 - Reading Strategy
Cf. http://glencoe.com/sites/common_assets/socialstudies/igo_08/epp/ch_08/EPP_ch08_sec3_1.pdf
Chapter 8, Section 3 - Review
Cf. http://glencoe.com/sites/common_assets/socialstudies/igo_08/epp/ch_08/EPP_ch08_sec3_2.pdf
Cf. http://www.glencoe.com/olc_games/game_engine/content/gln_ss/epp_08/ch08/index.html
Cf. http://www.glencoe.com/qe/efcsec.php?qi=15443
Self-check Quiz
Cf. http://glencoe.mcgraw-hill.com/sites/0078747643/student_view0/unit3/chapter8/self-check_quizzes.html
Jaco Pastorius bass Solo at Live under the sky 1984, 4:18
Pat Kilbride Bass Solo (Paul Delong Drum Solo) on "Nothing Personal," 3:00
Email (or hand in hard copy) to gmsmith@shanahan.org.
Thursday HW
1. p. 172, Reading Check, Describing, Why does perfect competition serve as a theoretical market structure?
2. p. 173, How does the advertisement on this billboard differentiate this product from other colas?
3. p. 173, Reading Check, Comparing, How is profit maximization in a monopolistic firm different from that of a perfect competitor?
Friday HW
1. Think of an advertising jingle that influenced you to buy a product. Explain its effectiveness.
