Monday, September 26, 2016

Optional Debate Assignment-Fact Checking The Debate

I'm glad you have taken the time to watch and enjoy last night's debate.  While so many issues were discussed, I would like you to focus on just one economic exchange between the candidates. 

Step 1:  Select an issue from the list below.

1.  International Trade

2.  Income Taxes (as a policy, not the release of candidates' tax returns)

3.  Unemployment rate/jobs/wages

Step 2:  Watch a the debate or review the sections you need

Step 3:  Identify the statements made on the issue by each candidate.

Summarize, in a paragraph for each candidate, the assertions made by each candidate.

Step 4:  Fact check the assertions made by each candidate.  Break down their statements into individual claims. Then, utilizing multiple sources which you will identify, attempt to verify the validity of each claim.  At the end, make a determination in your own view, as to which candidate is being more truthful and justify your explanation. 

Ch. 3 Reading Guide: Part I

1.  Define demand.

2.  Contrast normal goods and inferior goods.  Provide an example of each.

3.  Provide a real life example of the Law of Diminishing Marginal Utility.

4.  Create a chart identifying each of the non-price factors affecting demand.  Name each factor, illustrate the impact of an increase in that factor, illustrate the impact of a decrease in that factor.

That's it!

Thursday, September 22, 2016

Ch. 1 and 2 Review Sheet

In addition to the economic model practice from class today, you should study:

definition and purpose of economics
all other things equal assumption
positive/normative economics
macroeconomic goals
fallacies and logical problems in economics
comparative economic systems
components and relationships of the circular flow

Friday, September 16, 2016

Reading Guide Ch. 2 (part 2) Due Tues 9/20

1.  Define the Law of Increasing Opportunity Cost.

2.  Illustrate an increasing opportunity cost PPC.  Label point A as fully utilized resources.  Label point B as idle resources.  Label point C beyond the production possibilities frontier.  

3.  Identify a list of factors that may cause an economy to produce at each point.

4.  Pre-read the "economic systems" section beginning on P. 33.

5.  With respect to the Circular Flow Model of the Market Economy, define:
a.  Product Market
b.  Factor Market
c.  Businesses/Firms
d.  Consumers/Households

Have a great weekend!  Get outside!!

Wednesday, September 14, 2016

Ch. 2 Reading Guide (part I)

1.  Define the "economizing problem".

2.  Know that economists divide resources into four distinct categories often called the factors of production.  Create a chart that includes the name of each factor of production, a definition of each, and a real world example of that resource. 

That is all :)

Friday, September 9, 2016

Chapter I Reading Guide

Chapter 1: Reading Guide


  1. Consider the textbook definition of economics from page three.  If someone told you that a course in economics is the same as a course in business would you agree or disagree with them?  Justify your answer.
  2. What is the concept of scarcity?  Pick a good or service from your life?  Is it “scarce” in economic terms?  Explain why or why not.  Draw upon your definition of scarcity to do so.
  3. Economists argue that all economic decisions have “opportunity costs.”  What is meant by this concept?  Explain one example of how opportunity cost impacted you this past summer.
  4. Consider the section entitled “economic methodology.”  Do you think that economics is more of a science or more of an art?  Explain.
  5. Economists rely heavily on the assumption of “Ceteris Paribus” in developing economic theories.  What does this mean?  Why is it important to observe this assumption?  What problems may result from failing to do so?
  6. Identify the 8 macroeconomic goals of a market economy?  Are there any goals that seem contradictory to you?  Explain.
  7. Contrast microeconomics and macroeconomics. Provide an example of an issue that may be studies in each field. 
  8. Contrast positive economics and normative economics.  Provide an example of a positive statement and a normative statement.
  9. Explain how two variables may be “correlated” without necessarily having a cause/effect relationship?
  10. On a recent trip to Carvel you took advantage of the “Buy one Get one Free” sundae deal on Wednesdays.  Economists would argue that no such deal could exist because “nothing is free.”  Who is correct?  Explain.


Vocabulary Terms



Loaded Terminology                                                                         




Opportunity Cost



Ceteris Parabus

Correlation vs Causation



Positive Economics

Normative Economics


Friday, May 27, 2016

Economics 12 Extra Credit

Due in class no later than Friday, 6/3.  Hand deliver.  No e-mailed assignments accepted.

The Federal Reserve is at the center of our economy through its power to alter monetary policy.  When the Fed. was created in 1913, its purpose was to prevent the type of instability that plagued the US economy during the 19th century.  Today, the Fed. has many supporters and detractors.  Those who oppose the Fed. typically point out that a central bank is not mandated in the Constitution.  Others, however, take a more sinister view.  For extra credit you should:

1.  Watch the video by following the link:

2.  Identify 3 "conspiracy theories" asserted by the filmmakers about the Fed.  Fully explain each with details from the film.  Write about 1 paragraph per example.

3.  Research one of the conspiracy theories in greater detail.  To what extent does the assertion seem true or have merit?  To what extent does it seem fabricated?  If you believe it is true, why do you think the Fed. behaves this way?  If you think it is fabricated, what motives do you think the filmmakers have to misrepresent the Fed. in this way?
Provide a list of your research sources to accompany #3.