SHAWANO COMMUNITY HIGH SCHOOL
Micro Economics
Dr. Grams 526-2175 x1113gramsm@ssd.k12.wi.us
A Basic Reader by Bettina Bien Greaves http://mises.org/books/reader.pdf
Economics by JA
One Lesson by Henry Hazlitt
Lessons for the Young Economist by Robert Murphy
The course will consist of these major areas: Assignments and outline are subject to change.
I.WHAT IS ECONOMICS?
A. PRAXEOLOGY (STUDY OF HUMAN ACTION)
B. BASIC ECONOMIC QUESTIONS EACH SOCIETY MUST DECIDE
C. ECONOMICS AND THE KEY CONCEPTS WITHIN ITS SCOPE
D. KEY TERMS USED IN THE STUDY OF ECONOMICS
E. EXAMPLES OF THE FACTORS OF PRODUCTION
F. THINKING LIKE AN ECONOMIST
II. ECONOMICS AND DECISION-MAKING
A. THE INDIVIDUAL AND SUBJECTIVE VALUES
B. TRADE
1. COMPARATIVE ADVANTAGES
2. GLOBALIZATION AND FREE TRADE!!
C. OPPORTUNITY AND MARGINAL COSTS
D. PPFs
E. DEFINE UTILITY AND DIMINISHING MARGINAL UTILITY
III. SUPPLY, DEMAND, AND PRICES
A. DEFINE DEMAND AS SCALES OF VALUE
B. EXPLAIN THE LAWS OF DEMAND AND SUPPLY
C. DISCUSS THE CONCEPT OF ELASTICITY
D. PERFORM ELASTICITY EQUATIONS
E. DISTINGUISH BETWEEN CHANGE IN QUANTITY DEMANDED/SUPPLIED AND
CHANGE IN LEVEL OF DEMAND/SUPPLY
F. DISCUSS THE FOUR “SUPPOSED” EXCEPTIONS TO THE LAWS OF DEMAND
G. UNDERSTAND IN WRITTEN AND GRAPHIC FORMS THE INTERACTION OF
SUPPLY AND DEMAND TO DETERMINE PRICES
H. DETERMINE THE DIFFERENCES IN PRICE IN DIFFERENT ECONOMIC
MARKETS
IV. FACTOR/RESOURCE MARKETS:
A. DEFINE LABOR, CAPITAL AND LAND
B. DISCUSS THE IMPACT OF IMMIGRATION, MINIMUM WAGE, AND
RESTRICTIONS ON LABOR.
C. ANALYZE DERIVED DEMAND FOR THE VARIOUS FACTORS OF
PRODUCTION
D. PARTICIPATE IN THE TITAN JA SIMULATION
E. DEFINE PRODUCTIVITY AVERAGE AND MARGINAL
F. EXPLAIN THE LAW OF VARIABLE PROPORTIONS
G. DISTINGUISH TYPES OF COSTS: FIXED, VARIABLE, AND MARGINAL
H. GRAPH PRODUCTION FUNCTIONS
I. DESCRIBE HOW TOTAL AND MARGINAL REVENUES INTERACT WITH COSTS
TO DETERMINE BUSINESS PROFITS
V. COMPETITION AND MARKET STRUCTURES:
A. IDENTIFY THE DIFFERENCES IN MAINSTREAM ECONOMICS OF THE
VARIOUS MARKETS
B. EXPLAIN HOW THE ECONOMIC MARKET OPERATES IN A FREELY
COMPETITIVE SYSTEM
C. DISCUSS THE IDEA OF ULTIMATE FIRM SIZE
VI. ECONOMIC SYSTEMS
A. DESCRIBE THE DISADVANTAGES OF TRADITIONAL AND COMMAND
ECONOMIES
B. DEFINE CAPITALISM AND FREE ENTERPRISE
C. DISCUSS SOME GOALS OF FREE ENTERPRISE
D. DISCUSS HOW THE ROLE OF GOVERNMENT INTERFERES IN THE
AMERICAN ECONOMY
E.INSTITUTIONAL ENVIRONMENT OF AMERICAN CAPITALISM
VII. “MARKET FAILURE” AND THE ROLE OF GOVERNMENT
A. EXTERNALITIES
B. PUBLIC GOODS
C. PUBLIC CHOICE
D. COASE’S THEOREM
E. GOVERNMENTAL VIOLENCES (INTERVENTIONS)
GRADES:
Grades are based on 5 areas 1) writing/reflections, 2) tests, 3) quizzes from daily
homework, 4) class preparedness/participation, and 5) application projects.
Tests
Participation
Quizzes
Projects
Writing
93-100
90-92
87-89
83-86
80-82
77-79
73-76
70-72
67-69
63-66
60-62
<60
25
10
25
25
15
100%
A
AB+
B
BC+
C
CD+
D
DF
COURSE SUPPLIES:
Bring the following to class each day:
Notebook (for Micro only)
Folder (for readings and handouts)
Pen or pencil
CLASSROOM EXPECTATIONS:
 RESPECT/RESPONSIBILITY/SAFETY
 Attendance: It is your responsibility to get missing work for absences,
planned absences, and school activities. You are expected to attend class, to
arrive on time and remain throughout the class period.
 If you miss class for any reason it is your responsibility to find out what you
missed. It is your responsibility to make up notes and get handouts before
the next class period and to make sure you understand the notes. THIS
MEANS YOU NEED TO USE THE RESOURCE TIME TO GET
CAUGHT UP. Any unexcused absence results in a zero on anything due or
assigned that day. This includes quizzes. This will affect your participation
grade. Remember- you must call in to the office within 24 hours to be
excused.
 Tardy: Be in the room when the bell rings, 1 without penalty. Each and
every one following will go against your participation grade.
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Failure to bring needed supplies will result in a tardy.
Absolutely no eating, drinking, in the Social Studies Pod. Gum is okay until
abused, and then privileges are lost.
Assignments must be done in a neat and professional manner.
Assignments without a name on it will receive a reduced grade.
Discipline! Doing what you are supposed to do when you are supposed to
do it. Being where you are supposed to be when you are supposed to be
there.
I expect you to read assigned material before coming to class. I expect you
to turn in assignments when they are due.
You are expected to abide by an honor code in all you do for this course.
Plagiarism is defined as “an act of academic dishonesty.” A student must not
adopt or reproduce ideas, words, or statements of another person without
appropriate acknowledgement.” Cheating, copying, and plagiarism on any
assignment will be an automatic F (zero).
I do not like late work! Late work is a burden on me from a grading
requirement, unfair to students who discipline themselves to turn in
assignments on time, and often leads to cheating. Recognizing that there
may be instances when you simply cannot get work turned in, I will make
the following accommodations: I will accept late assignments up to one
week after the due date, but will assess you a 20% penalty for being
late. Beyond one week, I will not accept late assignments.
Quizzes – We will have 10 quizzes over the course of the semester. Sometime toward the end of
the semester I will declare free quiz day and award a quiz number 11 score that is equal to your
highest quiz score earned during the semester to all students in attendance on that day. Of the total
11 possible quiz scores, I will count the ten highest scoring quizzes for grading purposes.
Journal Articles – The journal article reports are due on an almost bi-weekly schedule over the
course of the semester. They should be submitted electronically. I will give a due date for each
report and accept it until the next article is due. Once the due date for the succeeding article
arrives, no prior articles will be accepted.
The following learning style assignments can be done in lieu of first article.
http://www.humanmetrics.com
http://www.engr.ncsu.rdu/learningstyles
Myers/Briggs Learning Styles Quiz
Felder-Solomon Survey Learning Styles Quiz
Exams – We will have a total of six exams during the semester, of which five will be counted for
grading purposes. I will drop your lowest exam grade. If you miss an exam and want to make it
up, it will be subject to the Late Work penalty above. In addition, I will only allow you to make up
one exam during the semester.
Micro Economics Syllabus, I have read and understand…….
Student Name______________________________
Student Signature___________________________
Parental Name______________________________
Parental Signature___________________________
Date______________________________________