One Semester Course: 2014-2015 September – January / January - June Economics Course Outline & Syllabus Overview: What is Economics? Economics is a social science that studies how people and businesses make decisions with unlimited needs and wants and limited resources. The economic law of scarcity means that no on can have everything he or he wants. It applies to you, to businesses and to governments as well. Basically; Economics is the study of choices. In Economics we look at two ways to study an economy. Microeconomics studies the small details of an economy. Microeconomics is like a microscope. It may look at how a company is using its resources, determining their prices, dealing with competition and managing its employees. Should a company outsource its workforce to a lesser developed nation without minimum wage laws or unions to keep prices low? Should individuals look to spend their money locally in order to keep jobs and improve the employment rate in this country; even if it involves spending more for the same product elsewhere? It also looks at how economic choices are made by individuals. Your current generation is the first in many years to experience difficulty finding employment in the United States. Jobs that used to go to teens, are now often filled by adults. Is finding a job at less pay better than a job at the mall 20 miles a way at a higher salary when you include the amount you will spend on gas? Macroeconomists looks at the big picture, instead of a microscope, picture them using a telescope. Macroeconomists look at the total amount of money in use, unemployment rates nationally or globally, how much a nation produces and/or imports. They look at the value of money in our nation and compare it to the value of the currency of other nations using International Monetary Policy. Where should our government spend our tax dollars? Should money go to defense or to domestic programs? We will discuss the huge role current events and politics plays in these decisions. The study of Economics covers many areas from how demand and supply effect prices, to how business organizations are created to maximize efficiency and profit to measuring our nation’s economic performance and creating jobs to creating fiscal policy, taxation and maintaining our infrastructure. We’ll discuss the stock market, demand deposit and savings plans, different types of savings accounts, the use and acquisition of credit and how our nation is slowly becoming almost a cashless society. Economics is part of your life everyday so understanding more about it, can help you make the best economic choices. Instructor: Lisa Korpics E-Mail: lisa.korpics@valleycentralschools.org Website: www.vcsd.k12.ny.us/Domain/246 Phone: 845-457-2400 Ext. 19355 Room: 145 Post Session: Tues through Friday Materials Notebook for notes and either a folder specifically for this course or a notebook with folders in it. Some students find binders work well. There is a lot of reading material involved in Economics – keeping track of it is important. Grading Policy Exams, Projects, Papers – 40% Quizzes, Class & Group work – 30% Participation & Tolerance – 20% Homework – 10% Midterms: One semester courses have midterms at the time you would usually have Quarterly Exams in Full Year Course Finals: Given during in-class Finals and Midterm (full semester courses) Weeks School Website: You will find that I use the website for a variety of purposes all designed to benefit you. Please familiarize yourself with it and I will explain further in class. Projects: We are striving to make Economics a project-driven student centered course. In order to do this, you will play an active role in your learning. This will range from creating your own businesses and advertising, creating commercials designed to create demand for your product, finding out about YOUR local economy and more. Economics Course Outline & Syllabus 1 Environmental Expectations: This course covers material that often borders on political science. There are a range of political and economic beliefs and respect for all of them is encouraged. We will discuss different economic systems in the world and the pros/cons of each. Maturity and tolerance are crucial in this class. Please “agree but disagree” politely and respect the viewpoints of others. This can be an active class where your voice is heard – but only if we all take turns listening. Class Guidelines: -Be on time. I am aware the hallways are crowded and that some of you travel from one end of the building to the other, however I can also check this fact for myself on my attendance program. Please do not take advantage of this. Constant unexcused tardiness will impact your participation grade. -Do not wait for me to tell you to take out your notebooks, start the “Do-Now”or stare at the reading and wait for me to ask you to begin You are seniors. You know the drill. Do not write on my brand new desks! I’ve waited 16 years for them and it would not be in your best interest to ruin them. Trust me on this. -Cellphones: unless we are doing an activity that involves the use of a cellphone (which does happen on occasion), please keep them on silent and out of sight. If you are looking into your purse or under your desk, or in your book and you are glowing, I’m not going to assume that you have suddenly been internally illuminated. The light of your phone means it is not out of sight. Best is off your desk entirely. I don’t think we need to waste time in an upper level course on cellphones. The policy is clear in your student handbook. -Bathrooms/water fountain. We are fortunate that Room 145 is right next to each of these. Therefore, if you need to use them please do so but try to do this early on or during the last few minutes unless it is an emergency. Make sure I’ve taken attendance and give me a signal, no pass needed. If I find that you have vanished for ten minutes or are found in the North Cafeteria – you alone will no longer have that privilege and will need to ask for a pass and sign out and back in. One strike rule. -If you miss notes, readings, articles, etc. you can find them on my website. If you miss a test or a quiz I can arrange for you to take it online. Please see me with any questions you may have about absences – we can usually work something out to make up absences. Since this is a one-semester course, after 5 unexcused absences you can be given no credit. Senioritis is a naturally occurring phenomenon – however remember that your graduation depends on a certain amount of credits. Economics is NOT AN ELECTIVE. It is a mandatory course in the Social Studies Department. Don’t let this half-credit class keep you from graduation. It happens every year. You can refer to your handbook for school policy on absences. -Be respectful; of your classmates and me. You will find that I can be your strongest advocate, but as your teacher I have a job to do that will benefit you in college and in life. If you disrupt the class and waste time, this is not respectful to any of us – even yourself. Economics Course Outline & Syllabus 2 Economics Syllabus: Introduction to Economics: Scarcity and Factors of Production, Opportunity Costs, Trade-offs, entrepreneurs, labor, land, capital, physical capital, human capital, shortage, goods, services, capital goods, guns or butter, margins, cost/benefit analysis, law of diminishing marginal utility, production possibilities curve, efficiency, growth, technology and global economy, use of data to produce/dissuade/cheat/prove/disprove: Film: “Freakonomics” Stephen Levitt and Malcolm Gladwell. Economic Systems: Key economic questions, factor payments, profit, safety net, standard of living, innovation, traditional economy, socialist economy, command economy, centrally planned economy, mixed economy, free market economy, markets, specialization, cirucular flow, household, firm, factor markets, self-interest, incentive, competition, invisible hand, consumer sovereignty, laisssez faire, private property, economic transition, free enterprise, profit motive, legal equality, interest group, eminent domain, public interest, disclosure laws, voluntary exchange, federal reserve system Growth, Stability, Business Cycles & Poverty Macro/micro economics, gross domestic product, referendum, recession, depression, recovery, prosperity, obsolescence, patent, copyright, work ethics, market failures, infrastructures, private/public sector, public good, poverty threshold, welfare, block grants, income distribution, workfare, cash transfers, EBT, inkind benefits, grants, programs, EEOC, Book: “ Nickel and Dimed: On (Not) Getting By in America” Barbara Ehrenreich. © 1996. Video: 20/20 Poverty in Appalachia: 50 Years after RFK and Johnson’s War on Poverty Demand, Supply, Prices & Market Structures Law of Demand, Law of Supply, demand, substitution effect, income effect, market demand schedule, demand curve, demand shifts, normal good, inferior good, demographics, complements, substitutes, advertising, elasticity of demand, inelastic, elastic, unitary elastic, total revenue, supply, quantity supplied, supply schedule, variable, supply curve, elasticity of supply, costs of Economics Course Outline & Syllabus 3 production, increasing/diminishing marginal returns, fixed/variable/total costs, average costs, operating costs, subsidies, excise tax. Equilibrium, shortage, surplus, price ceiling, rent control, price floor, minimum wage, inventory, fad, trend, perfect competition, commodity, start up costs, black market, rationing, monopolies, economies of scale, price discrimination, competition, cartel, price war, differentiation, regulations, Film: “Food Inc.” MIDTERM Business Organizations & Labor Sole proprietorships, business organization, business plan, zoning laws, cabaret and liquor licences, liability, fringe benefits, consultants, partnership, general partnership, limited partnership, limited liability partnerships, S corporations, assets, franchise, royalties, pros/cons of business types. Corporations, mergers, stock, publicly held corporation, bond, multinational corporations, types of mergers, llc, dividends, nonprofit, cooperatives, trade associations, consumer cooperatives, labor unions, labor force, outsourcing Video: “30 Days: Outsourced to India” , offshoring, learning effect contingent employment, guest workers, illegal work force, skilled labor, semi-skilled labor, unskilled labor, glass ceiling. Right to work laws, blue/white collar worker, strikes, collective bargaining Case Study: Careers that are Growing in the next 20 Years. Project: Create your Own Business – begin. Money, Banking & Finance Money, fiat, cashless society, barter, medium of exchange, currency, representative money, banks, foreclosure, bailouts, default, liquidity, money market fund, checking, debit card, credit card, interest, mortgage, mutual fund, investment diversification. Virtual Stock Market Game Competition: Stock Market, trades, stockbroker, stock exchanges, NASDAQ, bear/bull markets, New York Stock Exchange NYSE, Dow Jones Industrial Average, S&P 500, Nikkei, ACTIVITY: Buying a Car or Leasing? Gross Domestic Product, Taxes, Growth & Economic Challenges GDP, durable goods, nondurable goods, depreciation, GNP, aggregate demand and supply, quality of life, lag/lead indicators, stagflation, trough, frictional unemployment, structural unemployment, globalization, seasonal unemployment, unemployment rate, underemployed, discouraged workers, graduate school increased rates, the “bounce back” generation, inflation, price index, inflation rate, fixed income, taxes, revenue, types of taxes, tax rates, withholding, exemptions, credits, deduction, tax incentives, FAFSA for college, TAP for college, requirements for financial aid in NYS. Federal Spending, entitlement, and discretionary spending. Emerging economies, sustainability, globalization PRESENTATIONS: Businesses, Advertisements, Costs/Overhead/Profits, etc. Commercials. REVIEW FINAL EXAM Economics Course Outline & Syllabus 4 Economics Course Outline & Syllabus 5