IB Economics Class Assignments: Week #2 Tuesday September 8, 2015 View Simon Sinek's TED Talks Golden Circle Theory We will analyze the video clip and answer questions related to it (see below). Wednesday September 9, 2015 Assign take home textbooks, class texts will be arriving soon. What is Scarcity? What are the 3 Basic Economic Questions each economy must ask and answer? What is Fair in the Economy? Does Fairness mean Efficiency? Thursday September 10, 2015 Review 5 Corporate Slogans/Logo assignment Think Like an Economist Blog Entry by Jason Welker Friday September 11, 2015 Economics as a Social Science Activity: How is Economics related to the other Social Sciences? Related News Article: Economist vs. Economics Homework Assignment: Week #2 Tuesday September 8, 2015 Read the Blog Post by Jason Welker Thoughts on Scarcity and the Big Questions of Economics Answer these questions: Be ready to share them out in class on Wednesday September 9th • What are the 3 basic economic questions that each economy must answer? • What is scarcity and why does it exist? • What are some scarce resources in the world outside of school? • How should scarce resources be allocated between competing wants and needs? • Who should get the stuff that scarce resources go towards producing? • What is fair? And what is efficient? • What kind of system for allocating scarce resources is both efficient and fair? Wednesday September 9, 2015 Research 5 corporate slogans/logos and determine how effective they are? Do they match up next to the "Golden Circle Theory" discussed on Tuesday? Why or Why Not? Ex: Nike; "Just Do It" Thursday September 10, 2015 Watch 30-­‐60 minutes of television with commercials. •
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Identify the program, station and time slot that you viewed. Examine 5 commercials that were broadcast during viewing period. Were these commercials appropriate for the content and audience (consumers)? Explain why the creator of the commercial (producer) would want to advertise during the time identified. Friday September 11, 2015 Read pages 1-­‐3 from Textbook: Section 1.1 Economics as a Social Science and 1.2 Scarcity (including the "Case Study") Be prepared to discuss your opinions in class on Monday September 14th. Class Assignments: Week #3 Monday September 14, 2015 Review pages 1-­‐3 from Textbook: Section 1.1 Economics as a Social Science and 1.2 Scarcity (including the "Case Study") PPT Notes on Economic Basic Concepts Tuesday September 15, 2015 Examine: 1.4 (pg 10) The Use of Models in Economics. Define: Positive and Normative Economics (pgs. 11 & 12) Explain: The Production Possibilities Frontier Curve (pgs. 12 & 15) Wednesday September 16, 2015 Discuss: 1.5 Central Themes in Economics (pgs. 16-­‐19) Examine: 1.6 Theory of Knowledge and Economics (pgs. 19-­‐20) Thursday September 17, 2015 Examine: 2.1 Competitive Markets: Demand and Supply page 20 Discuss: Exercises 1 & 2 on page 22 Analyze: Competitive Markets, Market Structures, Perfect Competition, Monopolistic Competition, Oligopoly and Monopoly. Notes: Figure 2.1 on page 26 Friday September 18, 2015 IB Economics Text Worksheet 1.4: An Intro to the Economic Way of Thinking NY Times Article: Freakonomics "Laid Back Labor" May 2007 Homework Assignment: Week #3 Monday September 14, 2015 Read Case Study: "Cuba to lay off 500,000 workers" Answer Exercises #1-­‐4 associated with the case study Tuesday September 15, 2015 Practice ToK Questions: Page 20 1 (a) & (b) select one. Answer in 250-­‐500 words. Wednesday September 16, 2015 Practice ToK Questions: Page 20 2 (a) & (b) select one. Answer in 250-­‐500 words. Thursday September 17, 2015 Exercises # 3, 4 & 5 on page 26 Friday September 18, 2015 Identify 5 Substitute goods/services and their cost relationship with each other Identify 5 Complimentary Goods/Services and their cost relationship with each other. Bring this to class on Monday Class Assignments: Week #4 Monday September 21, 2015 Recap 2.1 Nature of Markets Review NY Times Article and Text Worksheet 1.4 Tuesday September 22, 2015 Read & Discuss: 2.2 (pg. 27-­‐30) Demand. Define: Demand (pg. 27) in your notebooks. Explain: The Law of Demand Examine: Individual Demand and Market Demand Analyze: Shift in Demand and Movement Along a Demand Curve Describe: Demand Curve and Demand Schedule Wednesday September 23, 2015 Read & Discuss: 2.3 Determinants of Demand (pgs. 30-­‐35) Define: Change of Demand (pgs. 31) Examine: Non-­‐Price Determinants of Demand (pgs. 31-­‐34) Analyze: Expectations of Future Prices and Income (pgs. 34-­‐35) Describe: The Changes in the Demand Curve PLEASE NOTE: WE WILL OMIT SECTION 2.4 (HL ONLY) Thursday September 24, 2015 Read & Discuss: 2.5 Supply page 40-­‐42 Define: Supply (page 40) in your notebooks Explain: The Law of Supply (page 41) Examine: Individual Supply and Market Supply (pg. 41) Analyze: The Profit Incentive (pg. 41) Period 1 Notebook Check. Friday September 25, 2015 Read & Discuss: 2.6 Determinants of Supply (pgs. 42-­‐-­‐47) Analyze: Shift in Supply (pg. 42) Examine: Non-­‐Price Determinants of Supply (pg. 43) Describe: Government Intervention (pgs. 45-­‐47) Periods 3 & 7 Notebook Check. Homework Assignment: Week #4 Monday September 21, 2015 Identify 5 Substitute goods/services and their cost relationship with each other Identify 5 Complimentary goods/services and their cost relationship with each other. Tuesday September 22, 2015 Exercises: # 6, 7, 8 & 9 on page 29 Wednesday September 23, 2015 News articles on Demand or Supply are due today Exercise #10 i-­‐vii (a, b, c, d) on page 35 Thursday September 24, 2015 Exercises #17, 18, 19 & 20 on page 42 Friday September 25, 2015 Exercise # 21 i-­‐v (a, b, c, d) on page 47 News Article Assignment: Write a 250-­‐500 word response to your selected news article. Be sure to apply at least 2 economic concepts we learned in class thus far. This is due October 1st. Class Assignments: Week #5 Monday September 28, 2015 Recap Law of Demand and Law of Supply PPT Slides: 11-­‐35 Notes: Determinants of Demand Figure 2.6 on page 31 Determinants of Supply Figure 2.16 on page 43 Table 3.1: Demand and Supply Schedule of Potato Chips Figure 3.1: Market Equilibrium on page 54 Tuesday September 29, 2015 Read & Discuss: 3.1 (pg. 53-­‐58) Equilibrium. Define: Market Equilibrium (pg. 53) in your notebooks. Explain: Market Disequilibrium (Surpluses and Shortages) Examine: Changes in Supply and Demand Analyze: Shifts of Demand and Shifts of Supply Wednesday September 30, 2015 Read & Discuss: 3.3 Role of Price in Resource Allocation (pgs. 64-­‐66) Define: Resource Allocation (pg. 65) Examine: Signaling and Incentive Functions of Price (pg. 64) Analyze: Shifts of Demand on the Supply Curve (pg. 65) Describe: The Changes in the Supply Curves (pg. 66) Practice Questions: #3 on page 71 PLEASE NOTE: WE WILL OMIT SECTION 3.2 (HL ONLY) Thursday October 1, 2015 Read & Discuss: 3.4 Market Efficiency page 66-­‐71 Define: Consumer Surplus (page 67) in your notebooks Define: Producer Surplus (page 68) in your notebooks Notes: Figure 3.6 Community Surplus Explain: Allocative Efficiency and Competitive Markets (page 41) Examine: Community Surplus (pg. 69) Analyze: Practice Question #4 (pg. 71) Friday October 2, 2015 60 Minutes: Luxottica & Chinese Housing Bubble Homework Assignment: Week #5 Monday September 28, 2015 Read: Market Disequilibrium pgs. 54-­‐55 Excess Supply and Excess Demand Figure 3.2: Equilibrium with Shortages and Surpluses Tuesday September 29, 2015 Exercises: #1 (a) & (b) i-­‐ix (all of them) on page 58 Be ready to share these out tomorrow!! Wednesday September 30, 2015 Exercises # 5, 6,7 & 8 on page 66 Thursday October 1, 2015 Exercises #9, 10, 11, 12 & 13 on page 70 New Article Response is Due Friday October 2, 2015 Read & Discuss: Content Extra 2.1 Analyze: NY Times News Article The Devil Sells Prada Practice Question #5 on page 71 (answer in your notebooks) News Article Assignment: Write a 250-­‐500 word response to your selected news article. Be sure to apply at least 2 economic concepts we learned in class thus far. This is due October 1st. Class Assignments: Week #6 Monday October 5, 2015 Read & Discuss: 4.1 Defining Elasticity (pgs. 72-­‐73) Discuss: Implications for Business & Implications for Governments Read and Discuss: 4.2 Price Elasticity of Demand (pgs. 73-­‐75) Define: Price Elasticity of Demand PED (pg. 74) in your notebooks. Examine: The PED Coefficient with worked examples Tuesday October 6, 2015 Read & Discuss: Interpreting the PED Coefficient (pg. 75-­‐77) PED < 1: Inelastic Demand PED > 1: Elastic Demand PED = 1: Unit Elastic Demand PED = 0: Perfectly Inelastic Demand PED = Infinity: Perfectly Elastic Demand Discuss: S.P.L.A.T. Explain: Number of Substitutes & Proportion of Income Examine: Luxury or Necessity? & Addictive or Not? Analyze: Time to Respond Wednesday October 7, 2015 Early Release Day: Periods 1 & 3 (Period 7 will do it October 14, 2015) Content Extra 4.1: Understanding Price Elasticity of Demand Thursday October 8, 2015 Read & Discuss: 4.3 Applications of PED page 80-­‐83 Notes: Table 4.1 Total Revenue Test, A Quick Reference pg. 83 Explain: The Total Revenue Test of PED (page 81) Examine: PED and Indirect Taxes (pg. 83) Friday October 9, 2015 Internal Assessment Overview, Requirements and Rubrics Homework Assignment: Week #6 Monday October 5, 2015 Exercises: #1, 2 & 3 on page 75 Be ready to share these out tomorrow!! Tuesday October 6, 2015 Identify the Determinants of PED Using: S.P.L.A.T Wednesday October 7, 2015 Identify a Unit 1: Microeconomics article to use for Internal Assessment #1 New Article is Due Tuesday October 13, 2015 (all periods are responsible for this) Thursday October 8, 2015 Exercises #4, 5, 6 & 7 on page 82 Worked Problem #4a Q(D1) = 500-­‐20(5) = 400 Q(D2) = 500-­‐20(6) = 380 %Change in Q = (380-­‐400)/400 = 0.05 X 100 = 5% %Change in P = (6-­‐5)/5 = 0.2 X 100 = 20% Worked Problem #4b Q(D1) = 500 -­‐ 20(10) = 300 Q(D2) = 500 -­‐ 20(11) = 280 %Change in Q = (280-­‐300)/300 = 0.067 X 100 = 6.7% %Change in P = (11-­‐10)/10 = 0.1 X 100 = 10% PED = 6.7/10 = .067 Friday October 9, 2015 Identify a Unit 1: Microeconomics article to use for Internal Assessment #1 New Article is Due Friday October 16, 2015 Class Assignments: Week #7 Monday October 12, 2015 Columbus Day: No School Tuesday October 13, 2015 Read & Discuss: 4.4 Cross-­‐Price Elasticity of Demand (XED) pages 83-­‐87 Explain: The XED Coefficient Examine: Complimentary Goods; Negative XED Coefficient Analyze: Worked Examples on page 85 Examine: Substitute Goods; Positive XED Coefficient Analyze: Worked Examples on page 86 Wednesday October 14, 2015 PSAT Periods 1-­‐4 Thursday October 15, 2015 Read & Discuss: 4.5 Income Elasticity of Demand (YED) pages 87-­‐90 Explain: The YED Coefficient Examine: Interpreting the YED Coefficient on page 89 Analyze: Applications of Income Elasticity of Demand on page 90 Friday October 16, 2015 Read & Discuss: 4.6 Cross-­‐Price Elasticity of Supply (PES) pages 90-­‐97 Explain: The PES Coefficient Examine: The Determinants of Price Elasticity of Supply (Notes in Notebook) Analyze: Mobility of the Factors of Production Examine: The Ability to Store Stocks & The Amount of Unused Capacity Analyze: Applications of PES Analyze: Price Controls and PES Homework Assignment: Week #7 Monday October 12, 2015 Continue you search for news article for Internal Assessment #1 Tuesday October 13, 2015 Exercises 8, 9 &10 on page 86 Wednesday October 14, 2015 Case Study: Cross Price Elasticity in the News; Camel Demand Soars in India Exercises: 11, 12 & 13 on page 87 Thursday October 15, 2015 Exercises #14, 15 & 16 on page 89 #14 YED= 12/8 = 1.5 #15 % Change in Q= (40-­‐45)/45 = -­‐0.11 X 100 = -­‐ 11% % Change in Y= (55,000 -­‐ 40,000)/40,000 = 0.375 X 100= 37.5% YED = -­‐11/37.5 = -­‐0.293 #16 a) Inelastic because it is less than 1. YED is positive, so its a normal good b) Elastic because it is greater than 1. YED is negative, so its an inferior good c) Elastic because it is greater than 1. YED is positive, so it is a normal good Friday October 16, 2015 Practice Questions: Select One on page 97 #1 (a) & (b) #2 (a) & (b) #3 (a) & (b) Class Assignments: Week #8 Monday October 19, 2015 IA #1 Unit 1 Microeconomics Exemplar Review. Tuesday October 20, 2015 Read & Discuss: 5.1 Indirect Taxes pages 98-­‐100 Explain: Why governments impose indirect taxes Examine: Specific Taxes and Ad valorem tax Analyze: The Effect of Taxes; Stakeholder consequences We will Omit Section 5.2 as it is HL Only Wednesday October 21, 2015 Read & Discuss: 5.3 Subsidies pages 107-­‐100 Explain: Why governments provide subsidies, and describe examples of subsidies. Examine: Specific Taxes and Ad valorem tax Analyze: The Effect of Taxes; Stakeholder consequences We will Omit Subsidy and Linear functions as it is HL Only Thursday October 22, 2015 Read & Discuss: 5.4 Price Controls; Maximum Price Controls pages 113-­‐116 Explain: Why governments impose price ceilings, and describe examples of price ceilings. Examine: The effects of price ceilings Analyze: Examples of price ceilings Friday October 23, 2015 Read & Discuss: 5.5 Price Controls; Minimum Price Controls pages 116-­‐119 Explain: Why governments impose floors, and describe examples of price floors. Examine: The effects of price floors Analyze: Examples of price floors Examine: Fixed Prices Homework Assignment: Week #8 Monday October 19, 2015 Continue your search for news article for Internal Assessment #1 Begin your rough draft of Internal Assessment #1 Tuesday October 20, 2015 Exercises 1 & 2 on page 99 Wednesday October 21, 2015 Exercises: 19, 20 & 21 ONLY on page 109 Read: Split-­‐The-­‐Cheque Phenomenon and answer both prompts Thursday October 22, 2015 Examine Bar Graph on Black Market Goods on page 115 Answer all four prompts. Friday October 23, 2015 Practice Questions: Select One on page 122 #1 #2 #3 (a) & (b) #4 (a) & (b) #5 (a) & (b) Class Assignments: Week #9 Monday October 26, 2015 Read & Discuss: 6.1 The Meaning of market failure and externalities pages 123-­‐100 Explain: The meaning market failures Examine: The meaning of externalities Analyze: The concept of externalities "mathematically" page 126 Tuesday October 27, 2015 Read & Discuss: 6.2 Negative Externalities pages 126-­‐133 Explain: Negative production externalities Examine: Potential solutions to Negative Externalities Analyze: Negative consumption externalities Wednesday October 28, 2015 Read & Discuss: 6.3 Positive Externalities pages 133-­‐137 Explain: Positive externalities of production Examine: Potential solutions to positive externalities Analyze: Positive externality of consumption Thursday October 29, 2015 Read & Discuss: 6.4 Lack of Merit Goods and Public Goods pages 137-­‐116 Explain: Under-­‐Supply of merit goods Examine: Under-­‐Supply of Public Goods Analyze: Oversupply of demerit goods Friday October 30, 2015 Read & Discuss: 6.5 Common Access resources and the threat to sustainability pages 139-­‐143 Explain: The tragedy of the commons Examine: Fossil Fuel Consumption Analyze: Potential Solutions to sustainability problems Examine: Poverty in less developed countries Homework Assignment: Week #9 Monday October 26, 2015 Continue your rough draft of Internal Assessment #1 on Unit 1 Microeconomics Identify examples of externalities found in our community Tuesday October 27, 2015 Exercises 1, 2 & 3 on page 133 Wednesday October 28, 2015 Identify the positive and negative externalities of the Buffalo Niagara Medical Campus on the residential area surrounding the location. Explain in 100-­‐250 words. Thursday October 29, 2015 Identify: 2 Merit Goods 2 Public Goods 2 Demerit Goods Friday October 30, 2015 Exercises #4, 5 & 6 page 140