Some Possible Topics

Due: March 10th

You may select an issue in economics or a major event in economic history as your focus:

Some major events:

  1. The Great Depression
  2. Stagflation of the 1970’s
  3. The 70’s Energy Crisis and the Oil Shock of 1973
  4. The Savings and Loans Crises
  5. The Great Recession of 2008
  6. The Japanese Asset Price Bubble and the Lost Decade
  7. The Dot.Com Bubble
  8. The Greek Debt Crisis
  9. European Sovereign Debt Crisis

Pick from:

  1. Housing Affordability – Why are Prices Rising So Fast and What are the Consequences?
  2. Is Canada Getting Too Old?: Consequences of an Aging Population-An Economic Perspective.
  3. Organized Labor: Why Is Labor Unionism Declining?
  4. Women in the Labor Force: Are They Getting Their Due?
  5. Minorities in the Labor Force: Are They Getting Their Due?
  6. Canadian Tax Policy: Is the Canadian Tax System Fair?
  7. Poverty in Canada: Is the Middle Class Dream an Increasingly Impossible One?
  8. Modernization of Agriculture: Can Canadian Farmers “Make It” in the 21st Century?
  9. Socialism vs. Laissez-faire: What Direction for the New Millennium?
  10. Free Trade: are Free Trade Deals a Good Idea for Canada?

Thought, Systems & Decision Making

Concepts:

Tangible vs. Intangible Resources

The Environment for firms and individuals- economic systems

The 3 basic questions for any economy

The decision making framework:

  1. by tradition
  2. by command
  3. by market forces

 

Additional Practice and Review (30 min)
1.Read Pages 27-28
2.Read skill builder : Page 29 look at Questions 1-4
3. Come up with another example of adding value through additional processing or refinement of a product

The Production Possibilities Curve

The Production Possibilities Curve

You should be able to answer the following questions:

What point(s) are productively inefficient, efficient, and not possible?
Why is it called the production possibilities frontier?
What part of the graph illustrates diminishing returns?
What is opportunity cost and how does the graph illustrate this concept?

Assignment (For Submission on Wednesday): Prepare a chart demonstrating 6 production possibilities and the opportunity cost of one item. Label a point (L) that demonstrates unemployed resources (inefficient production) and a point unattainable with current resources and technology (M).

Video Resources:

Basic Fallacies, Laws and Theories of Economics

Review Normative and Positive Economics – activity

Learning Focus:

What you should be able to describe when we are done:

The Fallacy of Composition, The Post Hoc Fallacy, The Fallacy of Single Causation

Economic Laws and The Production Possibilities Curve

The Law of Increasing Relative Cost, The Law of Diminishing Returns, The Law of Increasing Returns to Scale

In Class Activity: Page 24  Communication Exercise 6 – in groups of three identify the fallacy in each scenario

Additional Practice and Review:

Read Pages  14-15

Complete Note Taking Worksheet

Respect, Achievement, Diversity, Citizenship, Responsibility