All posts by Scorcia

Supply and Demand

The last time you purchased something:

1.Where did you buy it?

2. How much?

3.What determined where you bought it and the price you paid?

4.Would you buy more if it were cheaper?

For your notes:

  • Review four types of markets (page 73)
  • The law of demand (page 73)
  • The Law of Supply (page 76)

Activity:

Make a simply supply and demand graph
Demonstrate Surplus and Shortages (page 79)

What factors cause changes to demand and supply?

The Determination of Price – scenarios (page 89-90)

Increase in demand, decrease in demand, increase in supply, decrease in demand

Additional Practice and Review

Exercise 7 Application page 92-93

 

Some Possible Topics – In Our Time Part I

  1. Dealing With Poverty  – Why are current policies not working?
  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?
  11. Housing Affordability – Why are Prices Rising So Fast and What are the Consequences?

Economic and Political Systems

1. Background Readings to be Completed: Pages 27-37

2. Additional Practice and Review: You should have notes that allow you to answer these questions or you can complete Check your Understanding 1-5 Page 34 & 1-4 Page 37

3. Class Discussion:

Who/What determines the economic system that a country uses?
Two main classifications : 1.Democracy 2. Dictatorship
Discussion: Communism, Socialism, Democracy and Fascism – which is the best for economic stability and growth?
Discussion: Every political-economic system attempts to establish goals and a focus for resources – what are those goals? Who should determine them?

4. Does economics/international trade help or hinder human development?

  • Discussion: Gunder Frank and David Ricardo
  • Marxism/Dependency/modernization debate
  • Discussion: the North Atlantic Slave Trade Triangle and the Luddites

Video Resource:

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6. The Basic Economic Goals for Government:

Political Stability
Reduced Public Debt
Economic Growth
Increased Productivity and Efficiency
Equitable Distribution of Income
Price Stability
Full Employment
Viable Balance of Payments and a Stable Currency

 

Economic Thought

Groups of 4

Select one of the following Economic Thinkers:

  • Adam Smith
  • Thomas Malthus
  • David Ricardo
  • Karl Marx
  • John Maynard Keynes
  • John Kenneth Galbraith
  • Milton Friedman
  • Paul Krugman

Prepare a brief outline of:

  1. Biography
  2. The Times
  3. Ideas that Changed Economic Thought

Once you have completed your economist find other class members to complete your chart and share the information you have compiled.

All students need a complete a chart for each of the above:

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Thought, Systems and 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

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