Unit One: Basic Economics Principles
1. Introduction to class. Introduced article by John Morton, The Economic Way of Thinking. Began by pre-reading the article. Mark the Text and summarize with a 50-word sentence by tomorrow, Thursday September 5.Turn in Signed Slip tomorrow, too, [9/4]
2. Conducted activity, the Tragedy of the Commons, which introduced several economic concepts, such as opportunity costs, scarcity, etc. Issued textbooks. Assignments: read Chapter 1-Sections 1 and 2; complete a Vocabulary Chart for Chapter 1, due tomorrow. [9/5]
3. Engaged in activity, Survival, in which students were given a situation (a summer canoe trip in the Aleutian Islands gone awry) in which they were stranded on an uninhabited island, with only a few meager supplies and were given a directive to come up with a group (3-4 students in a group) survival plan by the end of the period. Reflect on activity in notebook. Assignment: read Chapter 1-Sections 3 & 4. [9/6]
4. Discussed what a Production Possibilities Curve (also known as a Production Possibilities Frontier) is, how it is constructed, and how to use it. Students directed to enter into their notebooks their choice of two products, make up production numbers for each good, plot them on a graph, and then create a PPC by connecting the points, turning in before leaving. [9/9]
5. Discussed the differences between microeconomics and macroeconomics, and positive versus normative economics. Discussed the ideas of Adam Smith as written in his book, The Wealth of Nations, and how those thoughts led to the creation of capitalism. Read the Fast Facts (from the textbook) about Adam Smith. In class, drew a sketch that represents the differences between positive and normative economics. Assignment: read Chapter 2-Section 1 [9/10]
6. Discussed the differences between economic models and economic systems. Discussed what the five (5) Social Goals of an economy are (Efficiency, Equity, Freedom, Growth, and Stability) and each society has to prioritize them in order to determine which economic system will be chosen, Assignments: Read Chapter 2-Section 2; complete worksheet, Act. 1-10: Economic Systems, complete and save as notes; read FDR's Second Bill of Rights, and complete the questions attached to it, due Friday. [9/11]
7. Discussed the features of command economies, and how the most prominent example of one in the 20th century was the Soviet Union. Led students through a presentation, as they took notes, on Karl Marx and his theory of economic system evolution. Assignments: Read Chapter 2-Section 3; read excerpts from The Communist Manifesto, and completed a Clarifying and Summarizing worksheet for extra credit.
[9/12]
8. Discussed the advantages and disadvantages of a market economic model. Discussed ways to analyze and evaluate how free a nation is, based on criteria established by Freedom House and the Heritage Foundation. Using those numbers, complete analysis worksheet by Monday. [9/13]
9. Discussed the modern, mixed economics found around the world today. Read packet that summarized the ideas of five economists: Adam Smith; David Ricardo; Karl Marx; John Maynard Keynes; and Friederich von Hayek. Took quiz on Chapter 2 of the textbook. Read Chapter 3-Sections 1 & 2 Received Unit 1 Review. [9/16]
10. Discussed the features of the free enterprise system in the United States. Activity: Consumer Choice. Read Chapter 3-Section 3. [9/17]
11. Discussed what happens when the free market system does not work; that is, market failure. Examples include negative externalities, positive externalities, free riders, etc. Read summary of externalities. Assigned Activity 5-26-1: Public Goods and Private Goods, due Friday. [9/18]
12. Reviewed for Unit 1 Exam (chapters 1-3). [9/19].
13. Took Unit 1 Exam on Basic Economic Concepts and Principles. Read Chapter 4--Sections 1 and 2 by Monday. [9/20]
Black Lives Matter in School Week, February 4-8, 2019
February 20th, ACT Day, Juniors only. Seniors get the day off.
Engaged in activity, Is Life Truly Precious, in which students were asked to reflect in their notebooks on the statement, "Is human life truly precious?" This was followed up by reading about a rescue effort to a natural disaster. (The article, about rescue efforts in wake of the Haitian earthquake of January 2010, can be found here.) Students Marked the Text (circled vocabulary words and made note of any questions) while reading the article. Students then reflected on how the article affected their position on the preciousness of life, then discussed their answers with a partner. Complete Activity 3 and turn in the marked text of the article by Monday.
2. Conducted activity, the Tragedy of the Commons, which introduced several economic concepts, such as opportunity costs, scarcity, etc. Issued textbooks. Assignments: read Chapter 1-Sections 1 and 2; complete a Vocabulary Chart for Chapter 1, due tomorrow. [9/5]
3. Engaged in activity, Survival, in which students were given a situation (a summer canoe trip in the Aleutian Islands gone awry) in which they were stranded on an uninhabited island, with only a few meager supplies and were given a directive to come up with a group (3-4 students in a group) survival plan by the end of the period. Reflect on activity in notebook. Assignment: read Chapter 1-Sections 3 & 4. [9/6]
4. Discussed what a Production Possibilities Curve (also known as a Production Possibilities Frontier) is, how it is constructed, and how to use it. Students directed to enter into their notebooks their choice of two products, make up production numbers for each good, plot them on a graph, and then create a PPC by connecting the points, turning in before leaving. [9/9]
5. Discussed the differences between microeconomics and macroeconomics, and positive versus normative economics. Discussed the ideas of Adam Smith as written in his book, The Wealth of Nations, and how those thoughts led to the creation of capitalism. Read the Fast Facts (from the textbook) about Adam Smith. In class, drew a sketch that represents the differences between positive and normative economics. Assignment: read Chapter 2-Section 1 [9/10]
6. Discussed the differences between economic models and economic systems. Discussed what the five (5) Social Goals of an economy are (Efficiency, Equity, Freedom, Growth, and Stability) and each society has to prioritize them in order to determine which economic system will be chosen, Assignments: Read Chapter 2-Section 2; complete worksheet, Act. 1-10: Economic Systems, complete and save as notes; read FDR's Second Bill of Rights, and complete the questions attached to it, due Friday. [9/11]
7. Discussed the features of command economies, and how the most prominent example of one in the 20th century was the Soviet Union. Led students through a presentation, as they took notes, on Karl Marx and his theory of economic system evolution. Assignments: Read Chapter 2-Section 3; read excerpts from The Communist Manifesto, and completed a Clarifying and Summarizing worksheet for extra credit.
[9/12]
8. Discussed the advantages and disadvantages of a market economic model. Discussed ways to analyze and evaluate how free a nation is, based on criteria established by Freedom House and the Heritage Foundation. Using those numbers, complete analysis worksheet by Monday. [9/13]
9. Discussed the modern, mixed economics found around the world today. Read packet that summarized the ideas of five economists: Adam Smith; David Ricardo; Karl Marx; John Maynard Keynes; and Friederich von Hayek. Took quiz on Chapter 2 of the textbook. Read Chapter 3-Sections 1 & 2 Received Unit 1 Review. [9/16]
10. Discussed the features of the free enterprise system in the United States. Activity: Consumer Choice. Read Chapter 3-Section 3. [9/17]
11. Discussed what happens when the free market system does not work; that is, market failure. Examples include negative externalities, positive externalities, free riders, etc. Read summary of externalities. Assigned Activity 5-26-1: Public Goods and Private Goods, due Friday. [9/18]
12. Reviewed for Unit 1 Exam (chapters 1-3). [9/19].
13. Took Unit 1 Exam on Basic Economic Concepts and Principles. Read Chapter 4--Sections 1 and 2 by Monday. [9/20]
Black Lives Matter in School Week, February 4-8, 2019
February 20th, ACT Day, Juniors only. Seniors get the day off.
Engaged in activity, Is Life Truly Precious, in which students were asked to reflect in their notebooks on the statement, "Is human life truly precious?" This was followed up by reading about a rescue effort to a natural disaster. (The article, about rescue efforts in wake of the Haitian earthquake of January 2010, can be found here.) Students Marked the Text (circled vocabulary words and made note of any questions) while reading the article. Students then reflected on how the article affected their position on the preciousness of life, then discussed their answers with a partner. Complete Activity 3 and turn in the marked text of the article by Monday.