*****Demand Economics and Supply the World with Resources*****

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    . Saturday, February 15th, 2020.

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  • Last day of instruction is Monday, June 15th, 2020.

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    Economics (Spring) Expectations
    Sunday, February 23, 2020

     
      
     .  Senior Class of 2020 Page (Check out the scholarship information!!!)
     
    Board of Elections (put in your address)
     

     
    An investment in knowledge pays the best interest. Benjamin Franklin 
     
    Education then, beyond all other devices of human origin, is the great equalizer of the conditions of men, the balance-wheel of the social machineryHorace Mann 
     

     

     USH&G Key More

     

    Monday, January 27, 2020: Emergency-Drills Procedures; Engage students in team-building exercises with, “What does economics mean to you?” “What do you know about the study of economics?”, “What real-world examples can you use to explain economics systems?”, “What are resources and can you identify several types?”

     

    With adequately-charged laptops, you will access your Economics files in your Office365 Notebook-. ;

    In teams (2-3), each identify a time when you made an economic decision that took into account the "unseen" factors, discuss with team and develop individual thoughts, and then each write-out an economic analysis of your decision-making opportunities describing the factors, economic decision, and the economic reasons why that decision was made.  Economic decision making can be rather complex if you truly take everything in to account…funds, time, effort, alternatives, convenience…

     

    Example (very simplistic): As I modeled in class, I actually would buy two (2) one-pound bag of frozen vegetables at $1.00 per bag ($2.00 total) rather than one (1) two-pound bag at $1.90 ($0.95 per pound each) because the additional financial cost ($0.10) for the two (2) bags does not out way the cost of convenience--1) not trying to fit a two-pound bag in freeze and 2) not having to find and use a wire bread tie to reclose the bag for future use.

     

    Tuesday, January 28, 2020: From Social Studies Framework: 12.E1a In making economic decisions in any role, individuals should consider the set of opportunities that they have, their resources (e.g., income and wealth), their preferences, and their ethics. Economic making decisions based on opportunities and resources

     

    Impact of the shifting economy on individuals, families, business, governments, economic decisions and their consequences on all, and the physical, psychological, and emotional costs.

     

    Begin to Watch.  Compose questions. Answer my prompting questions for discussion.  (We will continue viewing, so save notes and record questions for final discussions)

     

    Watch .  FRONTLINE (Season 36: Episode 16):  Left Behind America: Intimate stories of one Rust Belt city’s struggle to recover in the post-recession economy. FRONTLINE and ProPublica report on the economic and social forces shaping Dayton, Ohio, a once-booming city where nearly 35 percent of people now live in poverty.

    As you watch, be prepared to discuss the economic impact of what was happening, both directly and indirectly, immediately, in the short-term, and in long-term/generationally on fabric of the community--persons, groups, businesses, governments, and institutions (health care/hospitals, law enforcement, and such.)

     

     

     

    Wednesday, January 29, 2020: Access .  JA Economics Chapter 01 in content library. 

     

     .  NAME ON DIPLOMA VERIFICATION

     

    Continue watching .   FRONTLINE (Season 36: Episode 16):  Left Behind America: Intimate stories of one Rust Belt city’s struggle to recover in the post-recession economy. FRONTLINE and ProPublica report on the economic and social forces shaping Dayton, Ohio, a once-booming city where nearly 35 percent of people now live in poverty.

     

    As you watch, be prepared to discuss the economic impact of what was happening, both directly and indirectly, immediately, in the short-term, and in long-term/generationally on fabric of the community--persons, groups, businesses, governments, and institutions (health care/hospitals, law enforcement, and such.)

     

     

     

    Thursday, January 30, 2020: Access .  JA Economics Chapter 01 in content library. 

     

     .  NAME ON DIPLOMA VERIFICATION

     

    Finish watching .   FRONTLINE (Season 36: Episode 16):  Left Behind America and begin asking and attempting, as a whole class, to answering questions from individuals observations, understandings, and feelings.  Discuss the economic impact of what was happening, both directly and indirectly, immediately, in the short-term, and in long-term/generationally on fabric of the community--persons, groups, businesses, governments, and institutions (health care/hospitals, law enforcement, and such.)

     

    Analyze and discuss which economic impacts are avoidable, may be managed, and are unavoidable and the social, political, and economic consequences of each.

     

    . In-Class Assignment for Friday, January 31, 202050%-Having adequately-charged, District-provided laptop; 50%-silently and individually record (print or write-out vocabulary on paper.


     

     

     

    Friday, January 31, 2020:  Using your adequately-charged, District-provided laptop: Silently and Individually, read .  JA Economics Chapter 01 pp. 1-8, answer (define) ALL the associated vocabulary (that are bolded with reading and are noted on bottom of reading's pages) by printing or writing-out on loose-leaf paper or within a spiral binder, and be prepare to discuss significance and understanding of terminology on Monday.  Your written reponse/vocabulary will be collected at the end of class.

     

    . In-Class Assignment: 50%-Having adequately-charged, District-provided laptop; 50%-silently and individually record vocabulary (16) on paper.

    1. Economics
    2. Production
    3. Distribution
    4. Consumption
    5. Land
    6. Labor
    7. Capital
    8. Factors of Production
    9. Entrepreneurship
    10. Scarcity
    11. Opportunity Cost
    12. Benefits
    13. Costs
    14. Incentives
    15. Disincentives
    16. Trade

     


     

    Monday, February 03, 2020: .  BRAINCRAFT Is Google Killing Your Memory?: We're all living in the age of Google. What are search engines doing to our memory?

     

    How to Make Better Decisions (with science)

     

    Using your adequately-charged, District-provided laptop: Silently and Individually, read .  JA Economics Chapter 01 pp. 9-14, answer (define) ALL the associated vocabulary (that are bolded with reading and are noted on bottom of reading's pages) by printing or writing-out on loose-leaf paper or within a spiral binder, and be prepare to discuss significance and understanding of terminology on Monday.  Your written response/vocabulary will be collected at the end of class.

     

    . In-Class Assignment50%-Having adequately-charged, District-provided laptop; 50%-silently and individually record vocabulary (6) on paper.

    1. Marginal
    2. Profit
    3. Market Economy
    4. Market
    5. Macroeconomics
    6. Microeconomics

     

     

    Tuesday, February 04, 2020: Introduction to the study of behavioral economics--a method of economic analysis that applies psychological insights into human behavior to explain economic decision-making.

     

    Watch video segment, Behavioral Economics: Crash Course Economics #27, and learn about the basic economic thought presented within the presentation that explains certain decision-making behaviors.

     Behavioral Economics: Crash Course Economics #27Why do people buy the stuff they buy?  In classical economics, most models assume that consumers behave rationally.  As you've probably noticed in your real life, in case after case, people don't actually make rational decisions.  There can be emotional or social reasons for all this irrationality, and behavioral economics tries to address this.  We'll talk about risk, nudge theory, prices and perception, and the ultimatum game.  So, let's get irrational, in a logical way, of course.

     

    Lets Look For Understanding as to:

    How do prices commonly change peoples' perceptions of something value? (What do we commonly assume if something has a high price?  Or low price?)

    How do people commonly behave when playing the Ultimatum Game?  Agree to only to 50-50 splits?  No to anything less than 50%?  Something is better than nothing? (Rational behavior or irrational behavior?)

    Explain how the Framing Effect can manipulate buyers/consumers? One in 1,000 people will win and 999 in a 1,000 people will lose?  Same effect on behavior?

    Explain the Nudge Theory, to push behavior towards an attractive option by drawing attention to it or to point someone in the right direction.  The Nudge Theory doesn't deny choices, just make advantages choices more convenient or more readily available.

    Explain Loss Aversion (because the potential of loss is too painful for some.) 50:50 Chance Game: Get $100 if you win and play $50 if you lose.  If 50:50 odds, you'd be ahead in the long run, but some people will not play.  Loss of $50 is more painful than the pleasure of winning $100.  Plastic bags: Having to pay $.05 was a greater incentive than getting $.05 for not using.

     

    In teams (2-3), discuss generally-accepted consumer behavior (as prices increase, how do consumers respond?).  After review, with team's support, each team member should individually come up with a single, unique, simple, real-world example, to share with class, that could explain consumers’ rational, predictable behavior when consumers perceive an increase in the price of a good or service to demonstrate each's understanding.

     


     

    . EFFECTIVE STARTING Wednesday, February 5th, any person who fails to come to class properly prepared to learn and to participate on three (3) separate dates will be assigned an afterschool, teacher detention.  For example, failing to bring an adequately-charged, District-provided laptop or failing to bring necessary school supplies (pen, loose-leaf paper) to class--items that are required to allow a student to engage in the learning process and to allow for active participation, on three (3) dates will be assigned to stay after school for one (1) hour: 2:25-3:25 PM.  On the assigned date for the afterschool, teacher detention, early-dismissal privileges will be lost.  Failure to stay for the afterschool, teacher detention will be reported to the HS Office and multiple detentions may be assigned by the HS Office for not staying.

    Everyone makes mistakes and forgets sometimes; but it cannot be a habit.  Each class that a student demonstrates a great willingness to positively and respectfully participate in class discussions and to significantly aids the class in learning, an elimination of a date may occur solely at my discretion.

     


     

    Wednesday, February 05, 2020: Expand on the study of behavioral economics--a method of economic analysis that applies psychological insights into human behavior to explain economic decision-making.

     

    Watch video segment, 5 Ways People Are Dumb About Money (PBS: Two Cents), and further learn about the basic economic thought presented within the presentation that explains certain decision-making behaviors.

     

    In teams (2-3), 1) reflect on the video presentation, 2) discuss when each of you had "irrationally" behaved or when someone that each of you know had "irrationally" behaved, and 3) discuss the reason each of you think the behavior was "irrational"—without complete economic reasoning. (Discuss the study of behavioral economics.)

    Now, on a sheet of loose-leaf paper, with your full name atop for collection, individually 1explain in writing one of the aforementioned behaviors that was discussed and 2why you could identify the behavior as irrational--not rational, not logical, not reasonable.  (If time permits, swap with team member for constructive, peer editing.)

     

    You should have on paper:

    1) your name;

    2) the definition of behavioral economics that was provided;

    3) your example of a behavior that was irrational and why the aforementioned behavior should be perceived as irrational (not financially sound)

      

     

     

    Thursday, February 06, 2020: Reinforcement on basic understanding of consumer's economic behavior: study of behavioral economics--a method of economic analysis that applies psychological insights into human behavior to explain economic decision-making.

     

    . Endowment Effect: In psychology and behavioral economics, the endowment effect is the finding that people are more likely to retain an object they own than acquire that same object when they do not own it.

    . Sunk cost fallacy. Individuals commit the sunk cost fallacy when they continue a behavior or endeavor as a result of previously invested resources (time, money or effort) (Arkes & Blumer, 1985). ... For example, individuals sometimes order too much food and then over-eat just to “get their money's worth”.

    . Transaction Utility: The perceived value of getting a good deal; the difference between the amount paid and a notional reference price.

    . Mental accounting is a concept in the field of behavioral economics. Developed by economist Richard H. Thaler, it contends that individuals classify funds differently and therefore are prone to irrational decision-making in their spending and investment behavior.

     

    2nd-period: In teams (2-3), prepare to 1) identify an area of discussion in the study of behavioral economics from either day's video presentation, 2) prepare to explain the area of discussion (such as Framing Effect or Mental accounting), and 3) prepare an example for your classmates to understand.

    6th-period: In teams (2-3), 1) reflect on the list above, 2) discuss when each of you had "irrationally" behaved or when someone that each of you know had "irrationally" behaved for each behavior, and 3) discuss the reason each of you think the behavior was "irrational"—without complete economic reasoning. (Discuss the study of behavioral economics.)  Be prepare to discuss with the class.

     

    Chapter 01's Vocabulary: Individual reinforce understanding of key economic vocabulary: Chapter 01 Password: "money" (JA Economics Chapter 01 Vocabulary)

    .  Must bring adequately-charged, District-provided laptop in order to receive in-class grade.

     

    Friday, February 07, 2020:  .  /. Chapter 01

     

    .  Must bring adequately-charged, District-provided laptop in order to receive in-class grade.

     

    1. Economics - social science that studies how people, acting individually and in groups, decide to use scarce resources to satisfy their wants
    2. Production - a process that combines economic resources so the result is a good or service that is available for sale
    3. Distribution - to process of getting a product or service to consumers
    4. Consumption - using a product or service
    5. Land - Natural resources are unaltered gifts of nature, such as soil, minerals, timber, and fresh water
    6. Labor - Human resources; physical and mental efforts people use to create goods and services
    7. Capital - buildings, tools, and machines people create and use to produce final goods and services.
    8. Factors of Production - land, labor, and capital resources
    9. Entrepreneurship - the imagination, innovative thinking, and management skills needed to start and operate a business
    10. Scarcity - an inequality exists between wants and the resources available to satisfy them
    11. Opportunity Cost - the highest valued alternative given up as a result of making a choice
    12. Benefits - gains
    13. Costs - losses
    14. Incentives - positive rewards for making some kind of choice or behaving in a certain way
    15. Disincentives - fines or punishments
    16. Trade - exchanging something for something else
    17. Marginal - extra or additional costs or benefits of a decision
    18. Profit - a positive difference between total sales and total costs.
    19. Market Economy - an economy that relies on voluntary trade as the primary means organizing and coordination production
    20. Market - an arrangement that allows buyers and sellers to make exchanges
    21. Macroeconomics - the study of the economy as a whole
    22. Microeconomics - the study of individual consumers and businesses

     

    . For those going on the Attica trip: Expectations.

     

     


     

     

     

    Monday, February 10, 2020: Building on basic understanding of economic vocabulary, including scarcity and cost-benefit analysis.

     

    If present, and not on field trip, Intro to Economics: Crash Course Economics #1 (Microeconomics versus Macroeconomics): 

    Watch video segments and discuss, as whole class and teams, sections and the understanding of basic, rational/reason-based economic thought

     

    If time permits, SILENTLY & INDEPENDENTLY . Chapter 01 Password: "money"

     

     

     

    Tuesday, February 11, 2020:  . SILENTLY & INDEPENDENTLY read JA Economics Chapter 02 pp. 15-17, answer (define) the associated vocabulary (that are noted on bottom of reading's pages and below) on loose-leaf paper or within a spiral binder or electronically word processed, and discuss significance and understanding.

     

    Free Enterprise

    Private Property

    Public Property

    SpecializationSave

     

    If time permits, SILENTLY & INDEPENDENTLY start JA Economics Chapter 02, pp. 18-28, Price System; Market Competition; Command Economy; Traditional Economy; Mixed Economy; Money; Barter

     

    If time permits, SILENTLY & INDEPENDENTLY . JA Economics Vocabulary Chapters 01 & 02 (password: "Profits")

     

    If you did not watch on Monday due to absence (or you simply want to re-watch for better understanding): Intro to Economics: Crash Course Economics #1 (Microeconomics versus Macroeconomics)

     

     

     

    Wednesday, February 12, 2020:  . SILENTLY & INDEPENDENTLY read JA Economics Chapter 02 pp. 18-28, answer (define) the associated vocabulary (that are noted on bottom of reading's pages and below) on loose-leaf paper or within a spiral binder or electronically word processed, and discuss significance and understanding.

     

    Price System

    Market Competition

    Command Economy

    Traditional Economy

    Mixed Economy

    Money

    Barter

     

    If time permits, SILENTLY & INDEPENDENTLY . JA Economics Vocabulary Chapters 01 & 02 (password: "Profits")

     

    If you did not watch on Monday due to absence (or you simply want to re-watch for better understanding): Intro to Economics: Crash Course Economics #1 (Microeconomics versus Macroeconomics)

     

     

      

    Thursday, February 13, 2020: Building on basic understanding of economic vocabulary, including scarcity and cost-benefit analysis.

     

    If you did not watch on Monday due to absence (or you simply want to re-watch for better understanding): Intro to Economics: Crash Course Economics #1 (Microeconomics versus Macroeconomics)

     

    Building on basic understanding of economic vocabulary, including scarcity and basis of economic, decision-making choices--what gets produced, who gets it, and at what price.

     

     Specialization and Trade: Crash Course Economics #2 

    Watch video segments and discuss, as whole class and teams, sections and the understanding of basic economic thought-about specialization and trade, and how countries decide whether they're going to make stuff or trade for stuff. You'll learn about things like comparative advantage, the production possibilities frontier and how to make pizza!

     

    Why Americans Are Failing the Grade at Financial Literacy

     06/18/2019 | 6m 32s : Americans tend to get basic financial questions wrong compared to other Western countries… why is that? And what can be done about it?

     

      

     

    Friday, February 14, 2020: Basic/General understanding of the relationship between prices and quantities demanded and quantities supplied, and equilibrium price, and introducing concept of shortages (Qd>Qs) at a particular price point and surpluses (Qd<Qs) at a particular price point in markets.

     

    Behavioral Economics: Is there a difference between irrational and irresponsible behaviors?  Same?  Different?  Depends?  . Explain.

     

    Irrational-not logical or reasonable  Irrational behavior is one of the most difficult behaviors to deal with. When someone is being irrational, they don't listen to reason, logic, or even common sense.  They are laser focused to fulfill a need.  (Impulsive purchase?)

    Irresponsible-not showing a proper sense of responsibility (careless) The definition of irresponsible is not capable of handling assignments or taking responsibility.  An example of an irresponsible person is someone who constantly forgets to do her assignments.  (Not bothering to be aware of what behavioral economists do and then choosing to avoid negative consequences of such irrational behaviors.)

     

    Supply and Demand: Crash Course Economics #4

    Watch video segments and discuss, as whole class and teams, sections and the understanding of basic economic thought--about one of the fundamental economic ideas, supply and demand. What is supply and demand?  Well, you’ll have to watch the video to really understand it, but it’s kind of important for everything economically.  Supply and demand sets prices, and indicates to manufacturers how much to produce.  Also, it has a lot to do with strawberries.

     

    . Happy Discounted-Valentine's-Day-Candy Eve

     


    Monday, February 17, 2020:   Presidents Day .

    Tuesday, February 18, 2020: 

    Wednesday, February 19, 2020: 

    Thursday, February 20, 2020: 

    Friday, February 21, 2020: 


     

    Monday, February 24, 2020: REVIEW: Why Americans Are Failing the Grade at Financial Literacy

     06/18/2019 | 6m 32s : Americans tend to get basic financial questions wrong compared to other Western countries… why is that? And what can be done about it?

     

    Parkinson's law is the adage that "work expands so as to fill the time available for its completion".  Remember, Parkinson's Law is more than a fancy term for procrastination – it means that work expands to fill the allotted time.  Procrastination is serious and possibly life-threatening that demands immediate attention tomorrow, or maybe on Friday; June is also available, but late-June.

     

     

    Tuesday, February 25, 2020: Basic/General understanding of the relationship between prices and quantities demanded and quantities supplied, and equilibrium price, and introducing concept of shortages (Qd>Qs) at a particular price point and surpluses (Qd<Qs) at a particular price point in markets.

     

    Supply and Demand: Crash Course Economics #4

    Watch video segments and discuss, as whole class and teams, sections and the understanding of basic economic thought--about one of the fundamental economic ideas, supply and demand. What is supply and demand?  Well, you’ll have to watch the video to really understand it, but it’s kind of important for everything economically.  Supply and demand sets prices, and indicates to manufacturers how much to produce.  Also, it has a lot to do with strawberries.

     

    Wednesday, February 26, 2020: 

     

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    Monday, March 02, 2020: No School


     

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    . Daylight-Saving Time begins Sunday, March 8th


     

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    Friday, March 20, 2020: No School


     

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    Friday, April 10, 2020:  Good Friday 

    Monday, April 13, 2020: 

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    Monday, May 04, 2020: No School


     

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    Friday, May 15, 2020: 1/2 Day


     

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    Friday, May 22, 2020: No School

    Monday, May 25, 2020:  Memorial Day


     

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    Monday, June 15, 2020:  Last Day of Instruction

     

    End-of-Course Test will be: