GDP Webquest: Complete for Monday 10/30

All work should be completed on the handout from class.  If you were absent you should print the form and complete for Monday.


http://www.sartell.k12.mn.us/sites/default/files/u197/Gross%20Domestic%20Product

Chapter Title: Measuring Domestic Output and National Income (Check table of contents for ch. #. My version is ch. 7)

Due Tuesday, 10/24


1.  Why is it important for the Bureau of Economic Analysis to compile GDP data quarterly?
2.  Explain and provide an example of each type of transaction included in GDP:
a.  Consumption
b.  Investment
c.  Government Purchases
d.  Net Exports
3.  Contrast planned investment and unplanned investment.


Get outdoors!




Due Wednesday, 10/25


1. What is double counting in terms of GDP? Why is it an important error to avoid?
2.   Explain and provide an example of each type of transaction excluded from GDP:
a.  Intermediate products
b.  Secondhand sales
c.  Transfer payments
d.  Nonmarket transactions
e.  Non-productive transactions
f.  The Underground Economy

Ch. 3 Assignment 1: Due tues 10/2

1.  Review both reasons D curve is downward sloping.
2.  Contrast normal goods and inferior goods.  Provide examples.
3.  Explain the income effect and substitution effect.
4.  Go outside!  it is a beautiful day.

Blog Assignment 2: Due Friday 9/29

An easy but interesting assignment!  Please be well prepared for class.


We have been talking about scarce resources, efficiency, and opportunity costs for two weeks.   usually when we think of resources it conjures images of iron, farm crops, and machinery.  But the most important resource is how we all use our time.  Please listen to the podcast linked below.  All you need to do is write 3 interesting and open-ended questions to serve as discussion starters tomorrow for our discussion.   You need not post your questions, just have them written for class.  We will be checking participation tomorrow (not like last time) so please listen and even read the comments and do some additional research on your own.  I think this is a great topic everyone!




HOW TO BE MORE PRODUCTIVE! 

http://freakonomics.com/podcast/how-to-be-more-productive/

t/how-to-be-more-productive/

Assignment #3: Due Monday, 9/25

Read ch. 2 in its entirety. 




1.  Be conversant all 3 economic systems as we studied in class.  Use the text to review and refine your understanding.


2.  Explain the significance of Adam Smith's publication of the Wealth of Nations.  Specifically explain his statements on:


a.  Specialization.


b.  The "invisible hand"


3.  Understand the Circular Flow Model as a representation of the market economy.  Define:
a.  Factor Market
b.  Product Market
c.  Businesses/Firms
d.  Individuals/Households


Be able to refine and provide examples of each.  Attempt to understand the relationships (arrows) that connect each sector the market economy.




4.  Review all other ch. 2 material including:
a.  Fundamental questions
b.  Factors of production
c.  Enjoying a long weekend and celebrating a holiday with family if you observe!

Assignment #2: Chapter 1 Due Friday 9/15

1.  How would an economist view and explain the promotional advertisement below?





2.  Write a model statement/example for each of the following:


a.  Loaded Terminology
b.  Fallacy of Composition
c.  Correlation versus Causation






3.  Assess the validity of this statement using information from the chapter:


"Economics is a science because it utilizes data and statistics to prove or disprove theories through experimentation and observation."

Does Money Equal Happiness? Post your response by class time on Thursday 9/14.

Once you have created a "Blogger" login, read the assigned article and respond in a paragraph or more to one of the questions below.  You can choose to address more than one of the choices or come up with your own alternative response. 

1.  Have your ever thought about the money/happiness relationship before?  What were your original thoughts and did they change at all as a result of what you read?  Explain with great detail!

2.  What is the author's main thesis?  Evaluate the argument based on your own experience or that of family and friends.  Spend some time researching an alternative thesis and explain how it critiques your assigned article. 

3.  Will you change the way you live today or your career/life goals as a result of the ideas expressed in the article?  Explain with great detail.