G. Mick Smith, PhD: Honors Business Economics: 8 February 2011

Monday, February 07, 2011

Honors Business Economics: 8 February 2011

Prayer
Beyond the Sound Bites:

Feb. 7 (Bloomberg) -- Mortimer Zuckerman, chief executive officer of Boston Properties Inc., talks about Obama's economic policies. Zuckerman, speaking with Margaret Brennan on Bloomberg Television's "InBusiness," also discusses AOL Inc.'s agreement to buy the Huffington Post for $315 million. (Source: Bloomberg)

"If we're fighting to reform the tax code and increase exports, the benefits cannot just translate into greater profits and bonuses for those at the top. They have to be shared by American workers, who need to know that opening markets will lift their standard of living as well as your bottom line," Obama told the Chamber of Commerce on Monday morning.

The Ch. 4 Test is on Thursday.

The Ch. 4 Sec. 3 Quiz is on Wednesday.

The Ch. 4 Sec. 2 Quiz Make-Up is today.

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What's Raining on Solar's Parade?

Solar Power: Why Economics Matters

In-class assignment: with a partner, answer the following questions.

Which influence is greatest on this "green" company?
What issue was preeminent in the 70s?
What two issues are the focus of this company?
What is the number one "pocketbook" issue?
Does the skepticism (after Climategate) change their sales pitch?
Why not?
What are their ideas about global warming like? What type of thing?
Nevertheless, what argument is convincing for some people?
What is to stop concerns about solar from happening again?
What happened to oil prices after Reagan was elected?
Is the world-wide demand for oil rising or falling? (As a result of supply and demand)

Ch. 6 Sec. 2 Review

Chapter 6 Section 3 Social Goals and Market Efficiency

Guide to Reading

Section Preview

Content Vocabulary

price ceiling

Price Floors and Price Ceilings

In-class assignment: with a partner, answer the following:

What happens when the government interferes with the market mechanism by artificially imposing a "better" price?

What may interfere with the market?
How does the video define price floor?
Who is the price floor meant to protect?
What is the seller protected from?
What kinds of businesses would warrant such help?
Rather than impose an artificial price on the market resulting in all manner of other problems is there any way to manage the market to get the equilibrium price up to Pf?
Define price ceiling.
Who is a price ceiling meant to protect?
Would you rather pay a higher price for gas if you knew you could get it, or, would you rather pay a lower price for gas but take the chance none would be available?
Are there ways to make a lower price of gas available instead of imposing a government price?

minimum wage

Minimum Wage, 2:30

In-class assignment, with a partner, answer the following:

Before Congress, who testifies in favor of minimum wage?
Do labor unions generally work for minimum wage?
Why do labor unions favor a minimum wage?
Which groups are often harmed by the minimum wage?
Are small businesses harmed?

price floor
target price
nonrecourse loan
deficiency payment

Academic Vocabulary

Reading Strategy

Issues in the News

Minimum Wage Rise Hurts Students

Distorting Market Outcomes

Price Ceilings

Figure 6.4 Price Ceilings

Price Floors

Figure 6.5 Price Floors

Reading Check

Analyzing

What are the negative and positive aspects of price ceilings and price floors?

Agricultural Price Supports

Loan Supports

Deficiency Payments

Figure 6.6 Deficiency Payments

Conservation "Land Banks"

Reforming Price Supports

Continued Agricultural Support

Reading Check

Summarizing

What has been the effect of agricultural price supports?

When Markets Talk

Reading Check

Examining

Can you think of any other examples of markets "talking"? Explain

In-class assignment, with a partner, use the graphic organizer to illustrate how price floors affect quantity demanded and supplied.

Did You Know?

Profiles in Economics

Margaret (Meg) Whitman, eBay

Debates in Economics

Should College Athletes Be Paid?

Should College Athletes Get Paid?" 3:14
In-class assignment, with a partner, summarize the perspectives from players, a coach, and an administrator, about whether college athletes should get paid or not.

Ch. 4 Prep

Cf. http://glencoe.mcgraw-hill.com/sites/0078747643/student_view0/unit2/chapter4/

Multiple Choice Quiz

Cf. http://glencoe.mcgraw-hill.com/sites/0078747643/student_view0/unit2/chapter5/self-check_quizzes.html

Crossword Puzzle

Cf. http://www.glencoe.com/olc_games/game_engine/content/gln_ss/epp_08/ch05/index.html

Flashcard

Cf. http://www.glencoe.com/qe/efcsec.php?qi=15424

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 Preview

Cf. http://glencoe.mcgraw-hill.com/sites/0078747643/student_view0/unit2/chapter7/

Ian Hunter- Shrunken Heads, 7:46