Micro Unit 1 - Fundamental Principles of EconomicsUnit I-1: Intro to AP EconomicsObjectives:1. Students will understand the course expectations and overview of AP Economics course content2. Students will define and explain the core concepts underlying the study of economicsHomework:1. Read Ebolanomics Article and answer questions 1-5 on the back of the sheet.2. Read/Highlight Pages 1-2 on Fundamental Principles of Economics within the packet.Unit I-2: Fundamental Principles of EconomicsObjectives:1. Students will define and provide example of the core Economic Reasoning Principles2. Students will understand the role of incentives and rationing mechanisms through examination of real world “economic mysteries”.Homework:1. Read/Highlight Page 3 on Types of Economic Systems (Self-Study)2. Outline Chapter 1: Ten Principles of Economics (Pages 3-16) from your textbook. Make sure to identify major points of focus throughout the chapter, any vocabulary words, and any graphs that may be found throughout. Due Thursday (10 Points)Unit I-3: The Pillars of Economics: ScarcityObjectives:1. Students will define the three basic economic questions that flow from the underlying condition of scarcity.2. Students will identify the types of economics systems and describe the way in which each system answers the basic economic questions.3. Students will compare/contrast market and command economies and analyze the strengths/weaknesses of each.4. Students will describe the role of price mechanism in a market economy in terms of efficient use of resources.5. Students will understand how voluntary trade creates wealth and benefits both parties to trade.Homework:1. Read Price Gouging Article http://www.econlib.org/library/Columns/y2007/Mungergouging.html (Pages 7-10 in packet)2. Be ready to discuss questions found on Pg. 11 in class...Unit I-4: The Pillars of Economics: Opportunity CostObjectives:1. Students will identify the types of economics systems and describe the way in which each system answers the basic economic questions.2. Students will compare/contrast market and command economies and analyze the strengths/weaknesses of each.3. Students will describe the role of price mechanism in a market economy in terms of efficient use of resources.Homework:NoneUnit I-5: Explicit/Implicit Opportunity CostsObjectives:
1. Students will define and provide examples of the basic underlying problem of economic scarcity.2. Students will define and explaind the concept of opportunity cost and recognize opportunity costs in economic decisionmaking.Homework:1. Chapter 1 Outline Due tomorrow (10 Points)2. Read/Highlight Pg. 17 in Packet (Fallacies of Composition, Decomposition, and Post Hoc)Unit I-6: The Four Factors of ProductionObjectives:
1. Students will define and categorize examples of the fallacy of composition, fallacy of decomposition, and post-hoc fallacy
2. Students will identify and provide examples of the four factors of production and explain the role each plays in the firm.3. Students will analyze real world examples of opportunity cost in outsourcing everyday tasks.Homework:2. Below is a great online resource with online quiz at the end to reinforce what we learned in class today!Unit I-7: The Circular Flow Model BeginsObjectives:
1. Students will demonstrate proficiency with concepts covered thus far in class2. Students will analyze the circular flow of economic activity diagram, identifying each component of the diagram and explaining its importance.Homework:1. Outline Chapter 2 in Mankiw textbook (10 Points) Due Thursday 9/11. ***Reminder to Hand Draw in Circular Flow and PPC!!!I-8: Circular Flow Review and Intro to PPFObjectives:1. Students will review injections/leakages with respect to the circular flow model.2. Students will complete practice problems based on the circular flow model.3. Students will define and draw a production possibility curve and explain how the PPC demonstrates scarcity and opportunity costHomework:1. Complete circular flow drawing activity on handout received in class. (5 Points)2. Review Page 23 in packet for class and watch the video below for class tomorrow!
I-9: The Production Possibility FrontierObjectives:1. Students will analyze the PPC and describe which points are attainable, unattainable and desirable.2. Students will explain why PPC’s demonstrate the principle of increasing opportunity cost.3. Students will identify the effect of economic growth and trade on the PPCHomework:1. Outline Chapter 2 in Mankiw textbook (10 Points) Due Thursday 9/11. ***Reminder to Hand Draw in Circular Flow and PPC!!!I-10: Finish the PPFObjectives:1. Students will explain why PPC’s demonstrate the principle of increasing opportunity cost.2. Students will identify the effect of economic growth and trade on the PPC3. Students will define full employment and productive efficiency and demonstrate where these points lie on the PPCHomework:1. Complete ExitTicket (5 Points) on Circular Flow and PPC's.2. Chapter 2 Review Quiz tomorrow (9/12 for 10 Points)I-11: Chapter 2 Quiz + Intro to TradeObjectives:Homework:Read Chapter 3 (Gains from Trade)I-12: Advantages Gained through TradeObjectives:1. Students will define comparative and absolute advantage and explain why comparative advantage is the basis for trade.2. Students will calculate opportunity cost in various scenarios and identify which entity has the comparative advantage in producing which goods.Homework:Watch the videos below...Unit I-13: Comparative/Absolute Advantage PracticeObjectives:TSW practice all types of problems dealing with trade and comparative/absolute advantages.Homework:Pg. 46-55 in Packet. (5 Points)Unit I-14: Micro Unit 1 Test Day 1Objectives:TSW take the Multiple Choice Section of the Micro Unit 1 TestUnit I-15: Micro Unit 1 Test Day 2Objectives:TSW take the Free Response Section of the Micro Unit 1 Test