Friday, 26 February

Class began by finishing viewing and discussing the Khan Academy lectures on Production Possibilities Frontier.

Then students were given the following assignment; students had time to work together, consult Mr. Zartler and begin drafting ideas and completing their story boards:

Telling an Economic Story

Name ________________________________________ Date ____________________ Period _______

Due Date: Monday, March 7th

This assignment is designed for you to show your knowledge of and practice using important Economics vocabulary and concepts. You may work individually, in pairs, or in a group of three (projects completed by two or three people will need to show more effort, quality, and content than those completed by single persons in order to receive an equivalent grade).

The Assignment: is to show understanding of the concepts and vocabulary words listed below in the form of a story. The story could be written in prose (short story) form; in the form of a comic, or in video format (other options may be acceptable, but you should confirm with Mr. Zartler before proceeding). An “A” project will address all topics in category A AND all topics in category B. Projects that address on category A OR category B will not be able to earn higher than a C+. Students who address all required AND extra material, or whom produce unually high quality projects may earn extra credit. Both category A and Category B concepts will be on the unit test.

Your story / project may have two different parts or sub plots if you find it easier to tell sepeate but related stories on concept A and concept B. For instance if you wish to tell one story line about PPF and a different but related and intertwined story about supply and demand that is ok.

Timeline: 2/26 Intro of Project; brainstorming; clarifications 3/1 Game Theory Lesson PM Substitute; group work time; “story boards” or rough drafts should be completed 3/3 Concept & Vocab Quiz; group work time 3/7 Presentation of Projects

Required Concepts:

Concept A (Demand): Law of Demand; Demand Curve; Change in Demand; Quantity Demanded; Change in Quantity Demanded;

Concept B: Production Possibilities Frontier; Efficient Production; Inefficient Production; Moving the Production Possibilities Frontier; Opportunity Cost;

Required Vocabulary Words: ceteris parabis; substitutes; compliments; value; cost

Extra Credit Concepts: Compounding interest; Return on Investment (ROI)

Extra Credit Vocabulary Words: Inflation; Money Supply; supply; scarcity; budget; cartel; market share

	NOTES	IN STORY BOARD	IN FINAL DRAFT
Required Concepts
for Concept A
Law of Demand
Demand Curve
Change in Demand
Quantity Demanded
Change in Quantity Demanded
for Concept B
Production Possibilities Frontier (PPF)
Efficient Production
Inefficient Production
Moving the Production Possibilities Frontier
Opportunity Cost
Extra Credit Concepts
Compounding Interest
Return on Investment (ROI)
Required Vocabulary (A & B)
Ceteris parabis
substitutes
compliments
value
cost
Extra Credit Vocabulary
Inflation
Money Supply
scarcity
budget
cartel
Market share
commodity

Wednesday, 24 February

Class began with a review of the reading in the text book Chapter 2.2 "Production Possibilities Frontier".

Mr. Zartler then gave examples of PPF and allocation of time (what should a Senior do?)

The class then viewed Khan Academy lectures on the Production Possibilities Frontier".

Monday, 22 February

Class continued to work through the readings posted on the previous entry (one on OPEC was added).

Students were assigned the chapter on Production Possibilities Frontier pages 41-46 in the Economics text book for next class.

The class considered what choices that a producer might make based on costs of production and marginal profit. The class considered how these choices might be affected by Quantity Demanded and desire for market share.

The class added the word "cartel" to the current vocabulary list.

Thursday, 18 February

2nd period homework: complete the chart on supply and demand in the oil industry using the article linked below.

We will begin class by listening to a story about the value and price of gold; and we will discuss how the story helps demonstrate the ideas we have been studying: Law of Demand.

Then we will examine recent news stories about the price of oil and the economy of Venezuela to further apply our knowledge and examine real world implications of Demand.

Graphs of the price of gold.

NEW VOCABULARY WORDS: Federal Reserve; Inflation; Money Supply

Questions for the day:
Is gold unique? Unusual?
Why is gold considered a good investment?

Why does the price of oil vary? Is gas the same as oil?

Are low oil prices good? Bad?

What substitutes and and compliments are there for oil? (for gold?)

Predictions?

Questions?

How does the Law of Demand apply to money?

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Oil Prices: What’s Behind the Drop? Simple Economics: NyTimes.com

Venezuela president raises fuel price by 6,000% and devalues bolivar to tackle crisis

OPEC and Oil Prices 16 February

Tuesday, 16 February

Class will begin with an examination of the facts surrounding the current vacancy on the Supreme Court.

However, the majority of class will focus on understanding more about Demand, the Law of Demand, the difference between Demand and Quantity Demanded.

We will continue to use the lectures from Khan Academy, as well as examples provided in class.

Eventually (probably next class) we will listen to this Planet Money Podcast on Demand and Price of Gold.

Students were told to add the following words to their vocabulary list: ceteris parabis; demand; demand curve; demand schedule; quantity demanded. This list also contains the word: commodity at this point.

Students were given a variety of activities to practice plotting demand, and to test their knowledge of issues related to demand.

Students were asked to bring their economics text to the next class.

Thursday, 11 February

Class began with a test on the introductory vocabulary.

Next students were given a quote by Adam Smith, a pioneer in thinking about economics.

After students thought about this quote, the class watched a Khan academy lecture on what Economics is, and the differences between Micro-economics and Macro Economics.

Then the class was introduced to supply and demand and cost. The class viewed a Khan Academy lecture on the Law of Demand.

 An Inquiry into the Nature and Causes of the Wealth of Nations, Book IV, Chap. 2 

by Adam Smith.
London: Methuen and Co., Ltd., 1904. Edwin Cannan, ed. First published 1776. 

Paired with the Khan Academy Lecture: https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/economics-introduction/v/introduction-to-economics

But the annual revenue of every society is always precisely equal to the exchangeable value of the whole annual produce of its industry, or rather is precisely the same thing with that exchangeable value. As every individual, therefore, endeavours as much as he can both to employ his capital in the support of domestic industry, and so to direct that industry that its produce may be of the greatest value; every individual necessarily labours to render the annual revenue of the society as great as he can. He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was no part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good. It is an affectation, indeed, not very common among merchants, and very few words need be employed in dissuading them from it. [Par. IV.2.9]