Ch. 3 Reading Guide Pert. 2 Due Wed.

1.  Contrast a change in quantity demanded to a change in demand.  Use examples.
2.  Create chart for the factors that impact demand.  For each factor provide:  A clear definition/explanation, an example, and create two additional columns but leave them blank.

Ch. 3 Reading Guide: Part I Due Tues

1. Define "market" and describe the forces acting within a market.
2.  Illustrate a properly labeled demand curve.  What is its slope? What explanations are there for the nature of the slope of a demand curve?
3.  How is market demand demand different than individual demand?
4.  Contrast normal goods and inferior goods.
5.  Identify Law of Demand and Law of Diminishing Marginal Utility.

Home Ownership For All?

Ask an American on the street to paint you a picture of the American dream and I would bet 9 out of 10 include owning a home as part of their description.  From the earliest colonists to the homesteaders to the suburbanization of America, having that "piece of dirt" on which to plan roots has been at the core of American life.


Read the link below to an excellent article in The Economist from 2009- just as the housing market bubble was bursting.


In a blog post, consider some of the following:


1.  What are the advantage of home ownership?  What are the drawbacks?
2.  How is renting viewed in the US?  Do you think these views are accurate?
3.  What are the historical views on home ownership in America?  Are they still relevant today?
4.  What does the US government do to  foster home ownership?  Are these good public policies?
5.  How is home ownership viewed in other nations- contrasted with the US?  Explore the differences.
6.  Do you plan to own a home?  How does it fit with your other priorities?








http://www.economist.com/node/13491933

Reading Guide: Ch. 2

Yay!  I can now post from school again!


Due Friday:
1.  We have already defined scarcity and discussed it as the central theme in economics.  Create a chart that contains the following information:  The 4 factors of production (resources), their definition, and a real life example for each.
2.  Investigate the Production Possibilities Curve as an economic model.  Determine:  What concepts does it illustrate, what assumptions are made in its construction, and what can be inferred from the shape of the curve?
3.  Create a properly labeled PPC in your notes.  Label points for fully utilized resources, idle resources, and unattainable use of resources. 


Due Monday: 
1.  How do new technological developments impact the economy and thus the PPC?  Explain in words and illustrate.
2.  How does trade between nations impact the PPC?
3.  Review the three economic systems (the textbook leaves out traditional).
4.  Study the circular flow model on the last page of the chapter.  Attempt the m/c questions. 

Ch. 1 Review

25 MC questions/30 minutes
All ch. 1 material and class notes
simple review sheet below
extra help in the AM if desired

Definition and purpose of economics
Scarcity
needs/wants
marginalism
all other things equal assumption
mico/macro
positive/normative economics
macroeconomic goals
fallacies and logical problems in economics
comparative economic systems
Twitter news stories

Economic Systems HW

Consider the US economy in which you are an everyday participant.  Identify at least one example of how our economy contains elements of:

1. Traditional systems

2.  Command systems

3. Market systems

Answer in your notebook.

Money=Happiness?!?!?!?

If you've grown up in suburban America, it's hard to completely escape the consumer culture that is so pervasive.  It seems that one can prove her rejection of  "materialism" by showing off an I Phone more than one version old.  While this is certainly a generalization with plenty of exceptions, it is easy to see that most of the people we interact with-if not ourselves-seem to place great value on "stuff" and the money that buys that stuff.  And while it is easy to agree that "money isn't everything" it is hard to see where we actually seem to follow this old adage.

In your blog post of about 2 paragraphs, you will want to address some of the concerns below and perhaps add some of your own.

1.  What is the "conventional wisdom" with respect to money and happiness?   Have you experienced this view?
2.  What is the author's thesis and how does it relate to the conventional wisdom?
3.  The author gives a lot of attention to a critical "income threshold" for understanding the money/happiness relationship.   What is this all about?  What do you think of this assertion?
4.  Evaluate the author's thesis.  Is she correct?  To what extent?  What flaws, if any, are present in your view?
5.  How are the views on money expressed in the article compatible with the views expressed by your family?  Yourself?  This is a great opportunity to discuss at home!
6.  To what extent has money/income affected your college and career choice?  If salary was not an issue, would you pursue a different major?   Is this a valid criterion in the decision?
7.  You own questions or comments.