• Micro Unit 1 - Fundamental Principles of Economics 
     
    Unit I-1: Intro to AP Economics
    Objectives:
    1. Students will understand the course expectations and overview of AP Economics course content
    2. Students will define and explain the core concepts underlying the study of economics
     
    Homework:
    1. Read Ebolanomics Article and answer questions 1-5 on the back of the sheet.
    2. Read/Highlight Pages 1-2 on Fundamental Principles of Economics within the packet.
     
    Unit I-2: Fundamental Principles of Economics
    Objectives:
    1. Students will define and provide example of the core Economic Reasoning Principles
    2. Students will understand the role of incentives and rationing mechanisms through examination of real world “economic mysteries”.
     
    Homework:
    1. Read/Highlight Page 3 on Types of Economic Systems (Self-Study)
    2. Outline Chapter 1: Ten Principles of Economics (Pages 3-16) from your textbook.  Make sure to identify major points of focus throughout the chapter, any vocabulary words, and any graphs that may be found throughout. Due Thursday (10 Points)
     
    Unit I-3: The Pillars of Economics: Scarcity 
    Objectives:
    1. Students will define the three basic economic questions that flow from the underlying condition of scarcity.
    2. Students will identify the types of economics systems and describe the way in which each system answers the basic economic questions.
    3. Students will compare/contrast market and command economies and analyze the strengths/weaknesses of each. 
    4. Students will describe the role of price mechanism in a market economy in terms of efficient use of resources. 
    5. Students will understand how voluntary trade creates wealth and benefits both parties to trade.
     
    Homework:
    1. Read Price Gouging Article http://www.econlib.org/library/Columns/y2007/Mungergouging.html (Pages 7-10 in packet)
    2. Be ready to discuss questions found on Pg. 11 in class... 
     
    Unit I-4: The Pillars of Economics: Opportunity Cost
    Objectives:
    1. Students will identify the types of economics systems and describe the way in which each system answers the basic economic questions.
    2. Students will compare/contrast market and command economies and analyze the strengths/weaknesses of each. 
    3. Students will describe the role of price mechanism in a market economy in terms of efficient use of resources.
     
    Homework:
    None 
     
    Unit I-5: Explicit/Implicit Opportunity Costs
    Objectives: 

    1. Students will define and provide examples of the basic underlying problem of economic scarcity.

    2. Students will define and explaind the concept of opportunity cost and recognize opportunity costs in economic decisionmaking.
     
    Homework: 
    1. Chapter 1 Outline Due tomorrow (10 Points)
    2. Read/Highlight Pg. 17 in Packet (Fallacies of Composition, Decomposition, and Post Hoc) 
     
    Unit I-6: The Four Factors of Production
    Objectives:

    1. Students will define and categorize examples of the fallacy of composition, fallacy of decomposition, and post-hoc fallacy

    2. Students will identify and provide examples of the four factors of production and explain the role each plays in the firm.

    3. Students will analyze real world examples of opportunity cost in outsourcing everyday tasks. 
     
    Homework:
    2. Below is a great online resource with online quiz at the end to reinforce what we learned in class today!
     
    Unit I-7: The Circular Flow Model Begins
    Circular Flow Notes  
    Objectives:

    1. Students will demonstrate proficiency with concepts covered thus far in class

    2. Students will analyze the circular flow of economic activity diagram, identifying each component of the diagram and explaining its importance. 
     
    Homework: 
    1. Outline Chapter 2 in Mankiw textbook (10 Points) Due Thursday 9/11. ***Reminder to Hand Draw in Circular Flow and PPC!!!
     
    I-8: Circular Flow Review and Intro to PPF
    Objectives:
    1. Students will review injections/leakages with respect to the circular flow model.
    2. Students will complete practice problems based on the circular flow model. 
    3. Students will define and draw a production possibility curve and explain how the PPC demonstrates scarcity and opportunity cost 
     
    Homework: 
    1. Complete circular flow drawing activity on handout received in class. (5 Points)
    2. Review Page 23 in packet for class and watch the video below for class tomorrow!
    Production possibilities frontier: Tradeoffs for a hunter gatherer and the production possibilities frontier. Ceteris Paribus
    I-9: The Production Possibility Frontier
    Objectives:
    1. Students will analyze the PPC and describe which points are attainable, unattainable and desirable.
    2. Students will explain why PPC’s demonstrate the principle of increasing opportunity cost.
    3. Students will identify the effect of economic growth and trade on the PPC
     
    Homework:
    1. Outline Chapter 2 in Mankiw textbook (10 Points) Due Thursday 9/11. ***Reminder to Hand Draw in Circular Flow and PPC!!!
     
     
     
    I-10: Finish the PPF
    Objectives:
    1. Students will explain why PPC’s demonstrate the principle of increasing opportunity cost.
    2. Students will identify the effect of economic growth and trade on the PPC
    3. Students will define full employment and productive efficiency and demonstrate where these points lie on the PPC
    Homework:
    1. Complete ExitTicket (5 Points) on Circular Flow and PPC's.
    2. Chapter 2 Review Quiz tomorrow (9/12 for 10 Points) 
    I-11: Chapter 2 Quiz + Intro to Trade
    Objectives:
    Homework:
    Read Chapter 3 (Gains from Trade) 
     
    I-12: Advantages Gained through Trade
    Objectives:
    1. Students will define comparative and absolute advantage and explain why comparative advantage is the basis for trade.
    2. Students will calculate opportunity cost in various scenarios and identify which entity has the comparative advantage in producing which goods.
    Homework:
    Watch the videos below...
     
     
    Unit I-13: Comparative/Absolute Advantage Practice
    Objectives:
    TSW practice all types of problems dealing with trade and comparative/absolute advantages.
     
    Homework:
    Pg. 46-55 in Packet. (5 Points) 
     
    Unit I-14: Micro Unit 1 Test Day 1
    Objectives:
    TSW take the Multiple Choice Section of the Micro Unit 1 Test
     
    Unit I-15: Micro Unit 1 Test Day 2 
    Objectives:
    TSW take the Free Response Section of the Micro Unit 1 Test 
     
Last Modified on September 18, 2014