Mr. Ingram's
Introduction to Economics

Woodland Park High School
2007-2008

My philosophy  is, "Any student who shows EFFORT will do well in my class."  My method is to assign a small amount of homework nearly every class, which I estimate will take 15 - 20 min. to complete.  This provides the basic information for the next day's lesson.  All homework and tests must be made up if class is missed.  For unexcused absence the student must contact the teacher the next day in school or receive a zero for assignments done that day.  Class rules are designed by the students in a class Honor Code.

 

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Dear Parents,

I am so pleased to be working with your son/daughter in this Introduction to Economics course. This course has been designed as a one semester overview of the American free enterprise system. In this course the students will learn the "Economic way of thinking" which is essential for them to understand the competitive nature of Capitalism. Such issues as Scarcity, Economic Decisions, Supply & Demand, the role of business in the community, the role of government in the economy, and fiscal policy will be covered.  In addition, international trade, our balance of payments and other economic systems Ex: Socialism and communism, will be investigated.

Students will have many opportunities to analyze such issues as:

- why do workers with more education and experience usually earn more.

- What makes wages rise over time.

- Why does the price of gasoline rise or fall.

- Does a higher minimum wage help or hurt workers.

- Is there a cost of going to school? Is there a cost of not going to school?

During these investigations the students will learn that Economics is far from being "cut and dried." Even the most qualified, and experienced economists will often disagree on economic solutions to economic problems. Because of this it is necessary for students to achieve that "Economic way of thinking"so they can better make choices for themselves and their family.

My method for teaching is to assign a small amount of homework one or two nights a week. This is designed to give the student the basic information to understand the lesson presented the next day. The homework will consist of defining vocabulary words and answering three to five questions about that nights reading. I estimate that it will take only 15 to 20 minutes to complet the homework assignment.

During the lesson, the homework will be reviewed and facts covering tghe assigned chapter will be discussed. Activities which will help the student understand the subject will be completed in class. Videos and overhead projector transparencies will be used to bring events and people to life. Accessment will be done by grading homework completition formal chapter tests, and projects.

Required School Supplies:   Text Book, 3-Ring Binder and loose leaf paper.
                                             Pencils for daily work and pens for tests.

If your son/daughter begins to have problems with the school work or has a discipline problem, I will contact you to discuss this. If the problem continues, I will request that we meet face to face, along with your child to resolve the problem. Parents, let us work together to support your son/daughter and encourage them to succeed. The success of your child is my highest priority. If you have any questions or concerns, please send a note though your son/daughter or call the school at 686-2067. E-Mail agcsret@hotmail.com  Together, we can provide the best learning experience possible.

Day 1: Introduction
- Student Information
- Requirements and Activities

Day 2: Issue Books
- Hand out books
- Set up Stock Market Activity
- Overview of Chap 1

Day 3: Chapter 1, Section 1:(#1.1, 1.2)
Topics: Economic choices, - The role of Entrepreneurs
 Elect class officers,  Using Larry's Links
HW-1
Read Pg 3 - 6 :
Vocabulary Terms: Need, Want, Economics, Goods, Services, Scarcity, Land, Labor, Capital, Entrepreneur
Questions:
Pg 6 : Assessment: 1, 2, 3, 6, 7

Day 4: Chapter 1, Section 2 : (#1.1)
Topics: Trade offs, Opportunity Cost, Thinking at the Margin
HW-2
Read Pg 8 - 18 :
Vocabulary Terms: Trade-off, Opportunity Cost, Thinking at the margin, Efficiency,
Cost, Thinking at the margin
Questions:
Pg 11 : Assessment: 1, 2, 9

Day 5: Quiz: Chap 1
Chapter 2, Section 1 (#1.3, 2.1)
Topics: Key economic questions, Economic systems
HW-3
Read Pg 23 - 27 :
Vocabulary Terms: Economic system, safety net, Standard of living, Traditional economy,
Market economy, Mixed economy
Questions:
Pg 27 : Assessment: 2, 3, 4, 7

Day 6: Chapter 2, Section 2 (#2.1, 2.2)
Topics: Free Market Economy, Profit & Self Interest, Incentive & competition
HW-4
Read Pg 28 - 32 :
Vocabulary Terms: Market, Specialization, Profit, Self interest, incentive, competition.
Questions:
Pg 32 : Assessment : 1, 2, 4, 7, 8

Day 7: Chapter 2, Section 4 (#2.1, 2.2)
Topics:  The Mixed Economy, Product Market, Comparing Free market and other foreign economies
HW-5
Read Pg 40 - 44 :
Vocabulary Terms: Free enterprise, continuum, transition, privatize
Questions:
Pg 44 : Assessment : 1, 3, 4, 5

Day 8: Quiz Chap 2
Economic Activity: Introduction

Day 9: Chapter 3, Section 1,2  (#2.3)
Topics: Government protection of the economy, Government regulation
HW-6
Read Pg 51-60 :
Vocabulary Terms: Public interest, Public policy, Interest group, Poverty threshold, Welfare,
in-kind benefits.
Questions:
Pg 55 : Assessment : 1, 2, 4
Pg 60 : Assessment : 1, 6

Day 10: Chapter 3, Section 3,4  (#2.1, 2.3)
Topics: Public Goods,  Public sector vs. Private sector,  Business cycle
HW-7
Read: Pg 62 - 70
Vocabulary Terms: Public good, Public sector, Private sector, Microeconomics, Macroeconomics,
Gross Domestic Product (GDP), Business cycle.
Questions:
Pg 66: Assessment 1, 2
Pg 70: Assessment 4, 5, 6

Day 11: Test : Unit 1
- Economic Activity: (1)

Day 12: Chapter 4, Section 1 - 3 (#1.2, 2.2)
Topics: Law of Demand,  Demand and price effect,  Price Elasticity of Demand
HW-8
Read: Pg 79 - 96
Vocabulary Terms: Law of Demand, Demand Schedule, Demand curve, Normal good, Total revenue
Questions:
Pg 83: Assessment 2, 3
Pg 88: Assessment 1, 2, 3
Pg 96: Assessment 1, 3

Day 13: Chapter 5, Section 1 - 3 (#2.2)
Topics: Law of Supply, Elasticity of Supply,  Changes in Supply
HW-9
Read: Pg 101 - 120
Vocabulary Terms: Law of Supply, Supply schedule, Supply curve, Elasticity of supply, Marginal product of labor, Operating cost
Questions:
Pg 106: Assessment 2, 3
Pg 114: Assessment 3, 5
Pg 120: Assessment 1, 2, 3

Day 14: Quiz Chap 4/5
Chapter 6, Section 1 (#2.2)
Topics: Balance in the marketplace, Market equilibrium, Price ceiling / floor
HW-10
Read Pg: 125 - 131
Vocabulary Terms: Equilibrium, Disequilibrium, minimum wage.
Questions:
Pg 131: Assessment 2, 3, 4, 6

Day 15: Chapter 6, Section 2,3  (#2.2)
Topics: Price changes in the market, Changes in Supply & Demand
HW-11
Read Pg: 133 - 144
Vocabulary Terms: Surplus, shortage, search cost, Black market, spillover cost
Questions:
Pg 137: Assessment 1, 2, 4
Pg 144: Assessment 1, 2, 3

Day 16: Quiz Chap 6
Economic Activity (2)

Day 17: Chapter 7, Section 1 (#1.3)
Topics: Conditions of a competitive market, Barriers to an open market
HW-12
Read Pg: 151 - 154
Vocabulary Terms: Perfect competition, imperfect competition, commodity, start-up costs
Questions:
Pg 154: Assessment 1, 2, 5, 7

Day 18: Chapter 7, Section 2,3 (#1.2)
Topics:  Monopoly, Monopolistic competition and Oligopoly
HW-13
Read Pg: 156 - 171
Vocabulary Terms: Monopoly, economies of scale, patent, franchise, license, nonprice competition, collusion, price fixing
Questions
Pg 164: Assessment 1, 3, 7
Pg 171: Assessment 1, 2, 6

Day 19: Chapter 7, Section 4 (#1.3, 2.3)
Topics: The Power of the market, Regulation and Deregulation
HW-14
Read Pg: 172 - 176
Vocabulary Terms: Predatory pricing, antitrust laws, trust, merger, deregulation
Questions:
Pg 176: Assessment 1, 3, 5, 7

Day 20: Test : Unit 2
- Economic activity (3)

Day 21: Chapter 8, Section 1, 2 (#1.3)
Topics: The role of Proprietorships, Partnerships
HW-15
Read Pg: 181 - 193
Vocabulary Terms: Business organization, sole proprietorship, fringe benefit, Partnership,
limited partnership, assets
Questios:
Pg 188: Assessment 3, 4
Pg 193: Assessment 2, 3, 6

Day 22: Chapter 8, Section 3,4 (#1.3)
Topics: Corporations and Mergers, Franchise, Cooperative, Non-profits
Hw-16
Read Pg: 195 - 204
Vocabulary Terms: Corporation, Stock, bond, dividend, royalty, cooperative, nonprofit organization
Questions:
Pg 200 : Assessment 1, 2, 6, 7
Pg 204 : Assessment 1, 4, 6

Day 23: Quiz Chap 8
Chapter 9, Section 1(#1.3)
Topics: Organized labor,  The power of the union
HW-17
Read Pg: 211 - 218
Vocabulary Terms: Labor union, strike, Industrial union, Craft union, blue-collar worker,
white- collar worker, Collective bargaining
Questions:
Pg 218 : Assessment 2, 4, 5

Day 24: Chapter 9, Section 2,3 (#1.3)
Topics: Labor vs. Wages,  Wages vs. Skill level,  Occupational trends
HW-18
Read Pg: 220 - 234
Vocabulary Terms: Productivity, unskilled labor, skilled labor, professional labor, affirmative action, contingent employment
Questions:
Pg 227 : Assessment1, 2, 5
Pg 234 : Assessment 1, 2, 3

Day 25: Quiz Chap 9
- Economic Activity (4)

Day 26: Chapter 10, Section 1 (#3.1)
Topics: The uses of money,  The Value of Money
HW-19
Read Pg: 243 - 248
Vocabulary Terms: Money, medium of exchange, barter, currency,
Questions:
Pg 248 : Assessment 1, 2, 3, 7, 10

Day 27: Chapter 10, Section 2,3 (#3.1)
Topics:  History of American Banking, Services Banks provide, Financial institutions
HW-20
Read Pg: 250 - 264
Vocabulary Terms: Bank, Federal Reserve system, Money supply, Liquidity, default, mortgage, interest, principal
Questions:
Pg 256 : Assessment 1, 2, 3
Pg 264 : Assessment 2, 3

Day 28: Quiz Chap 10
Chapter 11, Section 1 (#3.2)
Topics: Saving and Investing,  Borrowing,  Risk, Liquidity, & Return
HW-21
Read Pg: 271 - 275
Vocabulary Terms: Investment, mutual fund, diversification, portfolio, return
Questions:
Pg 275 : Assessment 1, 2, 4, 7

Day 29: Chapter 11, Section 2,3 (#3.1)
Topics: Bonds and the Bond Market,  The Stock Market
HW-22
Read Pg: 277 - 292
Vocabulary Terms: Maturity, savings bond, municipal bond, Securities and Exchange commission, share, capital gain, stock split, speculation
Questions:
Pg 283 : Assessment 1, 3, 4
Pg 292 : Assessment 1, 3, 5, 7

Day 30 : Test : Unit 3/4
- Economic activity (5)

Day 31 : Chapter 12, Section 1 (#2.3)
Topics:  Gross Domestic Product,  Influences on GDP
HW-23
Read Pg: 301 - 308
Vocabulary Terms: National income accounting, durable goods, depreciation,
Questions:
Pg 308 : Assessment 1, 3, 5, 6

Day 32 : Chapter 12, Section 2, 3 (#2.3)
Topics:  Business cycles,  Forecasting ups and down
HW-24
Read Pg: 310 - 324
Vocabulary Terms: Business cycle, economic growth, recession, depression, savings rate
Questions:
Pg 316 : Assessment 1, 3 , 5
Pg 324 : Assessment 1, 3, 7

Day 33: Quiz Chap 12
Economic Activity (6)

Day 34: Chapter 13, Section 1 (#1.3, 3.2)
Topics: Unemployment,  Bureau of Labor statistics,  Tends of Unemployment
HW- 25
Read Pg: 331 - 336
Vocabulary Terms: census, unemployment rate, full employment, underemployed,
discouraged worker
Questions:
Pg 336 : Assessment 1, 4, 6

Day 35: Chapter 13, Section 2, 3 (#2.1, 3.2)
Topics: Causes and effects of Inflation,  Poverty,  Distribution of income
HW-26
Read Pg: 338 - 350
Vocabulary Terms: Inflation, purchasing power, Inflation rate, fixed income, deflation, workfare
Questions:
Pg 243 : Assessment 2, 3 , 6
Pg 350 : Assessment 1, 2, 5

Day 36: Test : Unit 5
- Economic activities (7)

Day 37: Final Exam Projects Due
- Stock game finals
- Economic Activity (Finals)

Day 38: Presentations of Final Exam Projects

Day 39: Presentations of Final Exam Projects

Standard 1: Students understand that because of the condition of scarcity, decisions must be made about the use of scarce resources.

1.1 Students know That economic choices are made because resources are scarce and that the act of making economic choices imposes opportunity costs.
- Explain how economic choices made by individuals, households, business, governments, and societies impose opportunity costs on societies as a whole; and
- analyze the relationship between economic goals and the allocation of scarce resources.

1.2 Students understand that economic incentives influence the use of scarce human, capital, and natural resources.
- Analyze how economic incentives influence the economic choices made by individuals, households, businesses, governments, and societies to use scarce human, capital, and natural resources more efficiently to meet their economic goals.

1.3 Students understand resources can be used in many ways and understand costs of alternative uses.
- Explain how changes in the investment of resources and specialization by individual, households, businesses, governments, and societies affect productivity (for example, a firm’s investment in training enables its individual workers to produce more.)
- Analyze the costs of alternative uses of resources with respect to present and future productivity.
- Analyze how the use of technology and the investment in human and physical capital can affect long-range productivity.
 

Standard 2: Students understand how different economic systems impact decisions about the use of resources and the production and distribution of goods and services.

2.1 Students understand that different economic systems employ different means to produce, distribute, and exchange goods and services.
- Compare and contrast economic systems in terms of their ability to achieve economic goals.
- Explain the benefits of the United States economic system.

2.2 Students understand the fundamental characteristics of the United States economic system.
- Explain how businesses, including sole proprietorships, partnerships, corporations, and franchises, are organized and financed in the U.S. Economy.
- Describe how changes in income, tastes, and preferences, and the prices of substitutes and complements can cause changes in demand.
- Describe how changes in the number of producers, production costs, or the prices of substitute and complementary products cause changes in supply.
- Compare and contrast the characteristics of different market structures, including pure competition, oligopoly, monopoly, and monopolistic competition.

2.3 Students understand that government actions and policies including taxes, spending, and regulations influence the operation of economies.
- Interpret measurements of inflation rates and unemployment rates and relating these to general economic health of the national economy.
- Explain the impact of government taxing and spending decisions on specific individuals, households, businesses, governments, and societies (for example, social security and Small Business Administration, national debt)
- Compare and contrast different types of taxes, including progressive, regressive, and proportional taxes.
- Describe the economic roles of government, such as establishing fiscal policy, providing public goods and services, maintaining competition, generating and using revenues, promoting employment, stabilizing prices, and sustaining reasonable rates of economic growth (for example, Medicaid, and public education)
- Describe the effects of specific government regulations on different groups, including consumers, employees, and businesses (for example, unfunded mandates)
- contrast the concept of customer and consumer.
 

Standard 3: Students understand the results of trade exchange, and interdependence among individual, households, businesses, governments, and societies.

3.1 Students understand that the exchange of goods and services creates economic interdependence and change.
- Give examples of international differences in resources, productive, and prices that provide a basis of international trade.
- Describe the factors that lead to a nation having a comparative advantage in trade.
- Explain effects of domestic policies of international trade.
- Explain why nations often restrict trade by using quotas, tariffs, and non-tariff barriers to trade (for example cars entering the U.S. market must have a catalytic converter.
- Compare and contrast the characteristics of free trade and restricted trade.

3.2 Students understand how a country’s monetary system facilitates the exchange of resources.
- Explain the costs and benefits of credit.
- Describe the use of monetary and fiscal policies
- Describe how fiscal or monetary policies can affect exchange rates and international trade.