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
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
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.
Changing Census http://thesocietypages.org/socimages/2010/03/29/the-census-and-the-social-construction-of-race/
Changing ideas about race in
history – http://herb.ashp.cuny.edu/items/show/638 http://herb.ashp.cuny.edu/items/show/1224
Economics and Black
Lives Matter https://money.cnn.com/2016/08/02/news/economy/black-lives-matter-the-economy/index.html
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
How do we know how
the economy is doing? Does a good economy make Trump re-election more likely?
How
do we measure the health of the economy?
https://www.npr.org/sections/money/2014/02/28/283477546/the-invention-of-the-economy
State of the Union and the economy https://www.usatoday.com/story/money/2020/02/04/trump-state-union-2020-claims-fact-check-sotu/4659841002/
Economic Growth
and Stability, Macro-economics, GDP,
poverty https://www.youtube.com/watch?v=d8uTB5XorBw
Essentials reading handout and review questions
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
Turn in late logs 1.1-1.6
Guest presenters from Financial Beginnings – Banking and Personal Finance
https://www.financialbeginnings.org/
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
Price signals, S/D: Reality https://www.vox.com/the-goods/2018/9/17/17852294/fashion-brands-burning-merchandise-burberry-nike-h-and-m
Assignment Log
Log 2.1 Demand models
Log 2.2 Supply and demand
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?
Surge pricing and Uber https://www.pbs.org/newshour/show/how-data-drives-ubers-efficient-but-controversial-business-model
Assignment Log
Log 2.1 Demand models
Log 2.2 Supply and demand
Log 2.3 Gas Prices
Agenda 2/19 http://nampolecon.blogspot.com
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
Agenda 2/21 http://nampolecon.blogspot.com
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
Agenda 2/25 http://nampolecon.blogspot.com
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.
How to use economics https://www.huffingtonpost.co.uk/hajoon-chang/economics-ha-joon-chang_b_5503490.html
Explain the idea that economics is a political argument. What are some
examples? How does this contrast with the conventional view?
Different Economic
Schools http://www.mkt.hu/wp-content/uploads/2018/03/Ha-Joon_Chang_Why_Do_We_Need_Pluralism_in_Economics.pdf
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
Agenda 2/27 http://nampolecon.blogspot.com
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.
Really existing capitalism vs theory https://time.com/4955327/john-oliver-corporate-consolidation-last-week-tonight/
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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