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
6. The Basic Economic Goals for Government:
Reduced Public Debt
Increased Productivity and Efficiency
Equitable Distribution of Income
Viable Balance of Payments and a Stable Currency
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:
- The Times
- 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:
Tangible vs. Intangible Resources
The Environment for firms and individuals- economic systems
The 3 basic questions for any economy
The decision making framework:
- by tradition
- by command
- 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
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 Tuesday): 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).
Review Normative and Positive Economics – activity
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
Essay Assignment – New Due Date – Friday Feb.15th
Unit Test – Wednesday February 19th
- Essay Assignment
- Please read Chapters 1-2-3 and take notes as required
- You should be able to answer the “Check Your Understanding” questions from the textbook from your notes and have the Key Terms
- Make notes on the Production Possibilities Curve/Frontier
- Please take a look at the In Our Time Project page and begin investigating topics/issues
Due anytime on Friday February 15th – submit to Google Classroom and D2L
Please review your first essay assignment:
Submit to D2L for Turnitin.com originality check