Ms. Leon Email: exl0373@lausd.net
Room H21
Course Introduction and Description: This course is an introduction to microeconomics. The study of economics deals with scarcity, resource allocation and the methods and processes by which choices are made in the satisfaction of human wants.
Course focuses on economic theories of microeconomics which deal with economic variables and how they affect the decisions made by individuals, firms, organizational structures, markets, governments, and societies. Microeconomics introduces students to the cost-benefits analysis that is the economic way of thinking. This analysis is applied to the real world, to understand smaller agents of the economy-specifically, consumers and producers-as they interact in output markets and resource markets, and to understand the government’s impact on these specific economic units. We will examine the economic principles concerning individual decision makers within an economy. The main areas of concentration include basic economic concepts; the nature and functions of product markets; factor markets; and efficiency, equity, and the role of government and international trade. Supply and demand analysis is developed to demonstrate how market prices are determined, how those prices determine an economy’s allocation of goods and services, how factors of production are allocated in the production process, and how goods and services are distributed throughout the economy. Furthermore, we evaluate the strengths and weaknesses of economic decision makers by using the concepts of efficiency and equity. We also analyze and evaluate the effects of government intervention. Emphasis is placed on reasoned logical argument so that we can use economics as a method and model for decision making. This course encourages students to develop international perspectives, fosters a concern for global issues, and raises students’ awareness of their own responsibilities at a local, national and international level. This course seeks to develop values and attitudes that will enable students to achieve a degree of personal commitment in trying to resolve these issues, appreciating our shared responsibility as citizens of an increasing interdependent world.
Students are expected to apply their critical thinking skills.
Course Requirements : This course will involve both lecture and discussion. Students will be expected to prepare assignments carefully and thoughtfully and to participate actively. For a successful class, all must be present and ready to question, discuss, and debate the material and issues. Your active participation in class is required.
In addition, students must follow news events that are relevant to United States Economy,
Government and Politics. Many classes begin with the discussion of a current event taken from a newspaper, magazine or online source.
Objectives o Strengthen students inquiry and critical thinking skills o Promote research, economic questioning and analysis skills. o Increase students analytical skills by examining a wide ranger sources o Promote collaboration, and discussions in debates and Socratic seminars.
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o Increase students’ ability to read for understanding o Implement cooperative learning, group projects o Analyze the development of modern economic theory. o Read and analyze graphs and tables in a critical manner. o Make well-substantiated decisions and relate them to the real-world contexts. o Encourage the systematic and critical study of: human experience and behavior; physical, economic and social environments; and the history and development of social and cultural institutions o Capacity to identify, to analyze critically and to evaluate theories, concepts and arguments about the nature and activities of the individual and society

Dnable the student to collect, describe and analyze data used in studies of society, to test hypotheses, and to interpret complex data and source material

Promote the appreciation of the way in which learning is relevant both to the culture in which the student lives, and to the culture of other societies

Develop an awareness in the student that human attitudes and beliefs are widely diverse and that the study of society requires an appreciation of such diversity

Develop an appreciation of the impact on individuals and societies of economic interactions between nations

Develop an awareness of development issues facing nations as they undergo the process of change.
Expectations: Students are expected

To read, study and analyze all assigned readings before class every night

Complete, examine and study all class and homework assignments

Come to class with all required materials, prepared and ready to learn and discuss

Bring their text, notebook and supplies to class everyday.

Attend class and be on time daily
A.
Notebook: With all notes dated and organized, and all assignments must be kept in the notebook.
B.
Assignments: A 5-6 page typed doubled space research case study of two countries’ economic systems and power-point presentation is due at end of the semester.
Paper will follow MLA style and a minimum of 3 resources are required.
C.
Grading Policy: Grades will be earned by points/grades earned on test, quizzes, case analysis, projects, class-work, homework, and class participation.
A= 90-100% B= 80-89% C= 70-79% D= 60-69% F= 0-59%
Case studies
Short Response Essay
25PTS
30 PTS
Research Paper
Test
100 PTS
50 PTS
Current Event
Presentation
Quiz
Final Exam
25 PTS
50 PTS
20-25 PTS
100 PTS
Homework Policy: All homework and assignments are to be turned in on due date. No late assignments accepted! Exceptions are only for excused illness, emergency or
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absences. Students must make-up missed assignments upon returning to class, not weeks after returning. No Extra Credit Assignments!
For missed exams and quizzes, students are responsible for reminding teacher of their previous absence on the day of the exam or quiz and need to make up. Teacher not responsible for reminding students of missed assignments or exams.
Text Course Required Reading:
1. Miller, Roger LeRoy. Economics: Today and Tomorrow.
Columbus, OH: McGraw Hill Glencoe, 2005.
Current Events:
Students must keep abreast of events in the U.S. or world that are relevant to this course.
They must familiarize themselves with a major newspaper’s headlines (ex.
Wall Street
Journal, Washington Post, New York Times, or Los Angeles Times) either through a hard copy or on the Internet in order to participate in current event discussions. Students must also listen to or watch a news program of their choosing on a regular basis such as NPR or CNN. Four current events are required throughout the semester.
WEEK 1-2 Required Reading & Cornell Notes: Ch 1. What is Economics?
Objectives/Focus Questions:
1.
What is the basic problem in Economics?
2.
Define Scarcity, choice, and cost.
3.
Define and compute opportunity cost.
4.
List and define the axioms of economic reasoning.
5.
Define and calculate absolute and comparative advantage for production and exchange.
6.
Explain ways in which societies determine allocation, efficiency, and equity.
7.
Explain wants verses needs.
Required Assignments:
Chap. 1—Sec 1, 2, & 3 Assessment

Understanding Key Terms, *Reviewing Objectives, *Economic Concepts
Chap .1 Assessment and Activities

Recalling Facts and Ideas, *Thinking Critically, *Applying Economic Concepts
WEEK 2-3 Reading & Notes: Ch 2 Economic Systems and The American Economy
Objectives/Focus Questions:
1.
Describe and compare the different economic systems?
2.
List and explain the economic questions facing all nations.
3.
How do economist determine what should be produced?
4.
Explain how economists determine how products should be produced.
5.
How do economists determined who the product should be produced for?
6.
Explain Adam Smith’s theory on a fair economic system.
7.
Define allocation, economic efficiency, and economic equity.
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Required Assignments:
Chap. 2—Sec 1, 2, & 3 Assessment

Understanding Key Terms, *Reviewing Objectives, *Applying Economic
Concepts
Chap. 2 Assessment and Activities

Recalling Facts and Ideas, *Thinking Critically, *Applying Economic Concepts
WEEK 3- 4 Ch. 4 Going into Debt
Objectives/Focus Questions:
1.
Explain how Credit works here in America?
Chap. 4—Sec 1, 2, & 3 Assessment

Understanding Key Terms, *Reviewing Objectives, *Applying Economic
Concepts
Chap. 4 Assessment and Activities

Recalling Facts and Ideas, *Thinking Critically, *Applying Economic Concepts
WEEK 5 Reading & Cornell Notes Ch. 5. Buying the Necessities (sect 3& 4 only)
Objectives/Focus Questions:
1.
Explain how a rational individual decides what to purchase, given necessary information about utility, prices, and income.
2.
Define and differentiate between normal and inferior goods.
Chap. 5—Sec 3 & 4 Assessment

Understanding Key Terms, *Reviewing Objectives, *Applying Economic
Concepts
Chap. 5 Assessment and Activities

Recalling Facts and Ideas, *Thinking Critically, *Applying Economic Concepts
WEEK 6 Readings & Cornell Notes Ch. 6 Saving and Investing
Objectives/Focus Questions:
1.
Why save?
Chap. 6—Sec 1, 2, & 3 Assessment

Understanding Key Terms, *Reviewing Objectives, *Applying Economic
Concepts
Chap. 6 Assessment and Activities

Recalling Facts and Ideas, *Thinking Critically, *Applying Economic Concepts
WEEK 7-8 Reading & Cornell Notes Ch.7 Demand and Supply
Objectives/Focus Questions:
1.
Explain Demand and Supply concepts.
2.
Define and illustrate supply and demand through schedules and graphs.
3.
Identify and explain the variables that cause changes in supply and demand.
4.
Define and illustrate Equilibrium.
5.
Define and illustrate surpluses and shortages.
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6.
What are the effects of surpluses and shortages on prices and quantities?
7.
Predict and explain the changes in prices and quantities given changes in demand and
/or supply.
8.
Define and explain the effects of price ceilings and price supports.
9.
Define and explain the price elasticity of demand.
10.
Calculate and explain the price elasticity of supply.
Chap. 7—Sec 1, 2, & 3 Assessment

Understanding Key Terms, *Reviewing Objectives, *Applying Economic
Concepts
Chap. 7 Assessment and Activities

Recalling Facts and Ideas,*Thinking Critically,*Applying Economic Concepts
Present Graphs: Graphs must demonstrate the following:

Illustrate and correctly label a supply and demand graph.

Show changes in supply/demand.’

Demonstrate the effects of a price ceiling and price floors.

Show a change in demand (supply) versus a change in quantity demanded
(quantity supplied)]
Graphs:

Illustrate an elastic and an inelastic demand curve.
WEEK 8-9 Reading & Cornell Notes Ch.8 Business Organizations
Objectives/Focus Questions:
1.
How can we start a business? Explain the process.
2.
Define and differentiate among different businesses.
3.
Define and explain the concepts of firm and industry.
4.
Define and explain the concepts total product, marginal product, and average product, and describe the relationship among these products.
5.
Explain production functions.
6.
Explain the relationship between production and cost.
7.
Differentiate between explicit and implicit costs.
8.
Define and calculate cost graphs.
9.
Define: fixed, variable, average, marginal, and total costs
Required Assignments:
Chap. 8—Sec 1, 2, & 3 Assessment

Understanding Key Terms, *Reviewing Objectives, *Applying Economic
Concepts
Chap. 8 Assessment and Activities

Recalling Facts and Ideas, *Thinking Critically, *Applying Economic Concepts
WEEK 9-10 Reading & Cornell Notes Ch. 9 Competition and Monopolies
Objectives/Focus Questions:
1.
Explain and describe Monopoly, Oligopoly, and Monopolistic.
2.
Define and explain Perfect competition and imperfect competition.
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3.
Define maximization of profits.
4.
Apply the concepts of marginal cost and marginal revenue to determine maximization of profits.
5.
Explain the rule MR=MC.
6.
Explain the concept of minimization losses.
7.
Explain the concept of bilateral monopoly.
Chap. 9—Sec 1, 2, & 3 Assessment

Understanding Key Terms, *Reviewing Objectives, *Applying Economic
Concepts
Chap. 9 Assessment and Activities

Recalling Facts and Ideas, *Thinking Critically, *Applying Economic Concepts
Compare and Contrast
Essay: Compare and Contrast two countries’ economic systems
WEEK 10-11 Reading & Cornell Notes Ch. 10 Financing and Producing Goods
Objectives/Focus Questions:
1.
Explain the concept of derived demand.
2.
Construct a short-run demand schedule for a resource.
3.
Explain the relationship between MP and the demand for an input.
4.
Explain and apply the concept of least-cost combination of inputs to novel data.
5.
Explain and apply the rule for finding least-cost combination.
6.
Explain how the marginal productivity theory of resource demand applies to wage rate determination.
Chap. 10—Sec 1, 2, & 3 Assessment

Understanding Key Terms, *Reviewing Objectives, *Applying Economic
Concepts
Chap. 10 Assessment and Activities

Recalling Facts and Ideas, *Thinking Critically, *Applying Economic Concepts
WEEK 11-12: Reading & Cornell Notes Ch. 11 Marketing and Distribution
Objectives/Focus Questions:
1.
Why market products?
2.
When should market research be done?
3.
How has marketing developed and changed in the U.S.?
4.
Explain the 4 Ps of Marketing.
Chap. 11—Sec 1, 2, & 3 Assessment

Understanding Key Terms, *Reviewing Objectives, *Applying Economic
Concepts
Chap. 11 Assessment and Activities

Recalling Facts and Ideas, *Thinking Critically, *Applying Economic Concepts
WEEK 12-13: Reading & Cornell Notes Ch. 12 The American Labor Force
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Objectives/Focus Questions:
1.
What is the purpose of labor unions and their organization?
2.
Explain the effects of unions and specific union tactics on wages and employment in both competitive and monopolistic labor market.
3.
How is the wage rate determined?
4.
Distinguish between pure economic rent, and quasi rent.
5.
Distinguish between nominal and real interest rate.
Chap. 12—Sec 1, 2, & 3 Assessment

Understanding Key Terms, *Reviewing Objectives, *Applying Economic
Concepts
Chap. 12 Assessment and Activities

Recalling Facts and Ideas, *Thinking Critically, *Applying Economic Concepts
WEEK 14 & 15 Presentations and Review for Final Exam
WEEK 16: Final Exam
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