Thursday, September 09, 2010

Honors Business Economics Chapter 1 Section 1, 10 September 2010

Prayer
Current Events:



1. What languages did this current events video state were important to study?

2. How many more students are studying these languages in the Middle Eastern language Institute?

3. How much did the study of Arabic increase between 2002-2006?

4. How much for Farsi?

5. How much did all foreign language studies increase during the same years?

6. Why is there so much interest in these languages?

7. What type of jobs are available?

8. What school or academic level of students are studying these languages now?

Textbooks:

Textbooks are available in the room and you will have an assigned textbook.

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

Economics Web Links

Participating in the Fed Challenge

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.

About JA Titan

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

Making Sense of Economics

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

Study-to-Go: download a portable version of your textbook-related materials onto your Palm or Pocket PC, including Self-Check Quizzes.

Glencoe Graphing Tool: the Glencoe Graphing Tool allows users to create data tables and then use the data tables to create various types of graphs.

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 help to burn key concepts into your memory.

Unit 1 Fundamental Economic Concepts

Chapter 1: What Is Economics?

Web Activity Lesson Plans

Student Web Activity

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

The first thing that we should discuss is the definition of "economics." Economists generally define economics as the study of how individuals and societies use limited resources to satisfy unlimited wants. To see how this concept works, think about your own situation. Do you have enough time available for everything that you wish to do? Can you afford every item that you would like to own? Economists argue that virtually everyone wants more of something. Even the wealthiest individuals in society do not seem to be exempt from this phenomenon.

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
Guide to Reading

Section Preview

Content Vocabulary

Academic Vocabulary

Interactive Graphic Organizers, Chapter 1, Section 1 - Reading Strategy, p. 5 (Cf. Fill-in, p. 7).



WHAT to Produce

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



Definition of scarcity
Needs and Wants

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


p. 8: Descriptions of Land, Capital, Labor, and Entrepreneurs

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:







Student Web Activity
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


HW

Answer online, email me at gmsmith@shanahan.org, or in a hard copy hand in.

1. Answer the eight questions about this video (the current events video for today):



1. What languages did this current events video state were important to study?

2. How many more students are studying these languages in the Middle Eastern language Institute?

3. How much did the study of Arabic increase between 2002-2006?

4. How much for Farsi?

5. How much did all foreign language studies increase during the same years?

6. Why is there so much interest in these languages?

7. What type of jobs are available?

8. What school or academic level of students are studying these languages now?

A second task:

2.

Do you enjoy the use of an avatar (voki) in class?