Wednesday, January 29, 2020

Economics Jan/Feb

Agenda 1/29 Read this agenda daily & update log sheets http://nampolecon.blogspot.com
New semester. Fresh start to graduation. New seating chart next week.

Defining economics: Economic questions – scarcity, alternatives, opportunity cost, trade offs
Readings 1) What is Economics 2) Economic Systems
1)What is economics? 2)Describe the different economic systems 3) Rank how economic goals should be prioritized? Why?
Readings 3) Free market 4) Modern Economies
4) Should capitalism be characterized as a free enterprise/market system? For whom? Explain

Mainstream economics – efficiency and innovation, with focus on people as consumers, not workers? Amazon

Assignment Log
Log 1.1 Defining economics



Agenda 1/31  Read this agenda daily. Update log sheets http://nampolecon.blogspot.com
Variations of Economic Systems – mixer activity
More information about each country’s economy
Example of planned economics in OR – WPA and the New Deal

Syllabus review- office hours, late work, cell phones, binders, grading logs, supporting details

Note to Mr Nam – write on a separate sheet of paper and turn in today
1 Please write an informal note to me. Include any information that will help me get to know you as a student and an individual. (This will be confidential.) Tell me about any special needs or concerns, vision/seating considerations, your gender pronouns, etc. How are you feeling about approaching the end of high school? What are your plans for next year?
2 Also tell me about what you think about studying political and economic issues. How aware are you about political and economic issues? How do you get information about political and economic issues? What are some issues you are most interested in or want to learn more about? What should we get out of this class?


Assignment Log
Log 1.1 Defining economics
Note to Mr. Nam

Log 1.2 Economic Systems Mixer



Agenda 2/4 SEATING CHART, http://nampolecon.blogspot.com
What does Economics have to do with Black Lives Matter?  https://www.youtube.com/watch?v=mI7eHX9u4Q0
Racial economic realities – Outcome of free markets?  https://inequality.org/facts/racial-inequality/
What accounts for such differences? Racial differences? What is race?
How many races are there? What are they? How can you determine someone’s race? Are races genetically (DNA) different? Do each have certain characteristics and abilities?

The Eyes of Nye: Episode 8- Race  https://www.youtube.com/watch?v=HyXhS_KHjBQ

http://www.pbs.org/race/000_About/002_04-background-01-x.htm

What new learning about race is most important? Why?
What does it mean that race is a social construct?
What questions do you have about race now?
Race- a social construct, NOT genetic. It is mixed up with ancestry, ethnicity, nationality, geographic region, language and religion.
Race is ambiguously defined by physical characteristics that are only skin deep. Racial characteristics/stereotypes- intellect, athletic ability, morality, civilized, primitive, criminal, lazy, etc. are cultural/social ideas. Our concept of race has changed over time. Racism and discrimination are real and historical, racial stereotypes and social hierarchies are not biological.
Why are economic demands important for BLM? Explain what you think are the most important demands?
Assignment Log
Log 1.1 Defining economics
Note to Mr. Nam
Log 1.2 Economic Systems Mixer
Log 1.3 Race
Log 1.4 Economics and BLM


Agenda 2/6  SEATING CHART, http://nampolecon.blogspot.com
How do we know how the economy is doing? Does a good economy make Trump re-election more likely?
Economic Growth and Stability, Macro-economics, GDP, poverty https://www.youtube.com/watch?v=d8uTB5XorBw
Essentials reading handout and review questions
Recessions (Depression) -2 consecutive quarters of negative economic growth as measured by GDP

Economics of Black Lives Matter – Michael Brown and Ferguson, MO
Why did Ferguson rely on fines and fees from black residents? Consequences? What are alternatives?
Turn in logs 1.1-1.6

Banking and personal finance questions for Monday?

Assignment Log
Log 1.1 Defining economics
Log 1.2 Economic Systems Mixer
Log 1.3 Race
Log 1.4 Economics and BLM
Log 1.5 Economic growth and stability
Log 1.6 Economics of Ferguson


Agenda 2/10  SEATING CHART, http://nampolecon.blogspot.com
Turn in late logs 1.1-1.6

Guest presenters from Financial Beginnings – Banking and Personal Finance
https://www.financialbeginnings.org/


Agenda 2/12  Read agenda and update logsheets, http://nampolecon.blogspot.com
Turn in late logs 1.1-1.6
Market (micro) economic theory essentials- do all review questions, examine and practice diagrams
We will have a test on this next week
Demand and Supply “curve” models
Price is the signal coordinating the market, Q is the dependent variable to P, intersection of S and D
Difference between movement along the curve vs shifts of curves
Effective demand – be willing and able to pay, not about needing or wanting
Theory not Law Buyer and sellers in capitalist market, price and quantity determined in market exchange, equilibrium
Elasticity – sensitivity to price changes https://www.investopedia.com/terms/p/priceelasticity.asp
Surpluses and shortages

Assignment Log
Log 2.1 Demand models
Log 2.2 Supply and demand


Agenda 2/14  TURN IN LATE WORK  http://nampolecon.blogspot.com
USE TUTOR TIME TO MAKE UP WORK
Market (micro) economic theory essentials – Practice and real world applications of theory
How does this theory of supply and demand explain real issues? Applying theory to gas prices
(Real World Micro article) –
How do shortages cause different effects on gas prices in the short run and long run on?
Elasticity – sensitivity to price changes: (change in Q)/(change in P)
How can small shortages cause huge price spikes? Should the government intervene? If so, how? 
Market forces (S&D), greed, speculation, price gouging? Other factors affecting oil prices in 2011?
Speculation of futures contracts by Wall Street investors, Commodities Future Trading Commission regulation?

Assignment Log
Log 2.1 Demand models
Log 2.2 Supply and demand
Log 2.3 Gas Prices 


TURN IN LATE WORK  
Review for test. IF YOU WERE ABSENT FOR 2.1 AND 2.2, YOU WILL NEED TO MAKE UP TEST 2/27 tutor time.
Role of markets in organizing society – a market society?
Market (micro) economic theory essentials – Practice and real world applications of theory
How does it compare with what people want in democratic societies? Min wage, rent control, ed, healthcare?
Surpluses and shortages, equilibrium, market allocation, market forces and rationing
Explain how markets ration by price. Explain why this is or is not, good economics for food, medicine, housing, education, pollution, etc. Remember the definition of economics and the fact that we have mixed economies.
https://www.tutor2u.net/economics/reference/functions-of-the-price-mechanism

Portfolio review of Unit 1 logs

Assignment Log
Log 2.1 Demand models
Log 2.2 Supply and demand
Log 2.3 Gas Prices
Log 2.4 Rationing by price
Supply and Demand test


TURN IN LATE WORK  
IF YOU WERE ABSENT FOR THE TEST, YOU WILL NEED TO MAKE UP TEST on 2/27 at tutor time.
Make sure you can draw diagrams and that you have done and reviewed 2.1 and 2.2.

John Rees
Presenter on Budgeting and Personal Finance from Financial Beginnings

Assignment Log
Log 2.1 Demand models
Log 2.2 Supply and demand
Log 2.3 Gas Prices
Log 2.4 Rationing by price
Supply and Demand test


MAKE UP TEST and RETAKES ON 2.1/2.1 & DIAGRAMS – TUTOR TIME THURS. UNIT 2 LOGS DUE THURS.
Testing assumptions in mainstream (neoclassical) economic theory: marginal utility
Ultimatum game: proposal for distributing 10 extra credit participation points
Proposer (make offer) and responder (only accept or reject offer) – points awarded only if offer is accepted
What would a mainstream economist predict? Why? What do the results mean for this economic theory?
Homo economicus: rational, utility maximizing individual vs. emotional, irrational, altruistic and social beings
Capitalism and human nature- Are people really mainly selfish individuals? Examples of different economies.
Explain the idea that economics is a political argument. What are some examples? How does this contrast with the conventional view?

Assignment Log
Log 2.1 Demand models
Log 2.2 Supply and demand
Log 2.3 Gas Prices
Log 2.4 Rationing by price
Supply and Demand test
Log 2.5 Ultimatum game
Log 2.6 Econ argument


MAKE UP TEST and RETAKES ON 2.1/2.1 & DIAGRAMS – TUTOR TIME
Reading: Shaking the Invisible Hand: the Uncertain Foundations of Free-market Economics
What are the problematic foundations and assumptions of free market economics? What do you think about the fact that only free market economics is typically taught in schools?
Summarize in your own words and use evidence and examples -
Market failures, power, competition, externalities, waste/efficiency, public goods, etc.
Do self-grade on logs (keep log sheets) and turn in logs 2.1-2.7. 
V+, V,  V-     complete understanding with relevant and accurate supporting details.
Assignment Log
Log 2.1 Demand models
Log 2.2 Supply and demand
Log 2.3 Gas Prices
Log 2.4 Rationing by price
Log 2.5 Ultimatum game
Log 2.6 Econ argument
Log 2.7 Assumptions of theory

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