Tuesday, August 30, 2011
Today's Powerpoint on Production Possibilities Curve and Circular Flow
https://docs.google.com/present/edit?id=0AbxQN7GyomHPZGNzdHpkY3FfNTd2ZzhkYmZ4&hl=en_US
Monday, August 29, 2011
Free Exam Prep Website: SHMOOP!
Register for a Shmoop Account! The school district has allowed us access to a great AP Macroeconomics test preparation website.
It will be especially helpful for you first semester students that do not take the test until May.
www.shmoop.com/signup/belton
password is BELTONISDRULES (has to be in all caps!)
Thanks to Belton Independent School District you get free access to:
It will be especially helpful for you first semester students that do not take the test until May.
www.shmoop.com/signup/belton
password is BELTONISDRULES (has to be in all caps!)
Thanks to Belton Independent School District you get free access to:
- AP Macroeconomics Exam Prep
- AP Microeconomics Exam Prep
- AP Psychology Exam Prep
- AP English Literature Exam Prep
- AP US History Exam Prep
- AP English Language Exam Prep
- AP US Government & Politics Exam Prep
- AP Calculus Exam Prep
- ACT Prep
- PSAT Prep
- SAT Prep
Friday, August 26, 2011
Link to the TED talk we watched and discussed in class today
http://www.ted.com/talks/lang/eng/tim_jackson_s_economic_reality_check.html
Make sure you to chime in on Edmodo and share your response to the three discussion prompts.
Have a good weekend!
Make sure to have Chp 2 read by Tuesday!
Make sure you to chime in on Edmodo and share your response to the three discussion prompts.
Have a good weekend!
Make sure to have Chp 2 read by Tuesday!
Thursday, August 25, 2011
8/25 Notes: Think Like An Economist (from Dallas Jordan and Billi Farr)
25.8.11 Dallas Jordan AP Economics
Economics Defined
-The social science that studies the production, distribution, and consumption of resources.
-Resources: anything that has value, e.g. Gas, water, coal
Impact of Economics
-Like it or not, economics impacts every aspect of your life.
-Most of the ideologies of the modern world (even religion) are shaped by economics.
-The study of resources and how we use them forms the foundations for most philosophical disciplines.
Economic Awareness
-It is vital that you understand economics so that you can be a well-informed, productive member of society. You need to understand economic issues- such as healthcare, taxes, wages, unemployment- and make the right decisions when voting.
Economic Application
-As a consumer, you need to understand economics to make wise choices in purchasing.
-You need to understand marginal cost and benefit as well as opportunity costs to
to make the right decisions.
How do we study economics?
-Descriptive or Empircal Economics
-Concerned with gathering facts to form theories about economic problems.
-Economists form theories and principles and then generalize about economic behaviour.
Induction vs. Deduction
-Induction
-Creating principles from facts
-Deduction
- Hypothetical method
-You make a generalization and try to prove it.
-I&D aren't opposing techniques of investigation-they actually compliment each other. Economists use both.
Economic Policies
-Talk about the general knowledge of economic behaviour
- Policies are potential solutions to problems. It isn't a given solution, but a potential solution, because you have tried it yet. Make the policy based on deduction, see if it works, then take the data and use induction to revise your policy.
Generalizations
-Economic principles are generalizations.
-They apply to the group as a whole
-It may not, however, apply to each individual person.
-Of course, you have outliers on either end. There are people that make millions, while there are those on welfare. These are on the margin.
Ceteris Paribus
-"The other things equal assumption"
-To construct a generalization, you must hold all other variables in an experiment as constant, except for the one in question. If not, your results will be tainted.
Abstractions
-An abstraction is a concept or idea not associated with any specific instance.
-Economic principles are by necessity an abstraction and do not reflect the full complexity or the full reality.
Macroeconomics (what we are studying this semester)
-Deals with the economy as a whole with basic subdivisons and aggregates.
-Ex.
-Gov't
- Households
- Business Sectors
-How will a tax increase affect the economy?
Microeconomics
-Deals with specific economic units and a detailed consideration thereof.
-Basically, you are putting a small unit of the economy under a microscope,
-Ex. Which TV will sell the most units?
Positive vs. Normative Statements
-Positive Statements
-Deals with facts and avoids value judgments.
-A purely objective and scientific approach.
-Normative Statements
-Involves value judgments about what the economy looks like.
-What is versus what should be.
THREE BASIC ECO QUESTIONS
What to produce?
-what good/service should I provide?
-decision has to be based on scarcity
Example: the rise in fuel-efficient, hybrid vehicles
How to produce?
-build yourself or outsource?
For whom to produce?
-who is your target market?
FACTORS OF PRODUCTION
FOP are the resources required to produce goods and/or services
-land; surface land and water
-labor; either in mental or physical form
-capital; tools, factories, and equip. used in making goods and services
-entrepreneurs; innovators and risk takers
HOW TO IDENTIFY AN ENTREPRENEUR
1. initiative: a spark plug to economic activity
2. Decision making: makes non-routine decisions and thinks outside of the box
3. Innovator: creates a new product or service
4. Risk taker: no guarantee of profit with a huge risk of loss. Also potential for huge gain.
Economics Defined
-The social science that studies the production, distribution, and consumption of resources.
-Resources: anything that has value, e.g. Gas, water, coal
Impact of Economics
-Like it or not, economics impacts every aspect of your life.
-Most of the ideologies of the modern world (even religion) are shaped by economics.
-The study of resources and how we use them forms the foundations for most philosophical disciplines.
Economic Awareness
-It is vital that you understand economics so that you can be a well-informed, productive member of society. You need to understand economic issues- such as healthcare, taxes, wages, unemployment- and make the right decisions when voting.
Economic Application
-As a consumer, you need to understand economics to make wise choices in purchasing.
-You need to understand marginal cost and benefit as well as opportunity costs to
to make the right decisions.
How do we study economics?
-Descriptive or Empircal Economics
-Concerned with gathering facts to form theories about economic problems.
-Economists form theories and principles and then generalize about economic behaviour.
Induction vs. Deduction
-Induction
-Creating principles from facts
-Deduction
- Hypothetical method
-You make a generalization and try to prove it.
-I&D aren't opposing techniques of investigation-they actually compliment each other. Economists use both.
Economic Policies
-Talk about the general knowledge of economic behaviour
- Policies are potential solutions to problems. It isn't a given solution, but a potential solution, because you have tried it yet. Make the policy based on deduction, see if it works, then take the data and use induction to revise your policy.
Generalizations
-Economic principles are generalizations.
-They apply to the group as a whole
-It may not, however, apply to each individual person.
-Of course, you have outliers on either end. There are people that make millions, while there are those on welfare. These are on the margin.
Ceteris Paribus
-"The other things equal assumption"
-To construct a generalization, you must hold all other variables in an experiment as constant, except for the one in question. If not, your results will be tainted.
Abstractions
-An abstraction is a concept or idea not associated with any specific instance.
-Economic principles are by necessity an abstraction and do not reflect the full complexity or the full reality.
Macroeconomics (what we are studying this semester)
-Deals with the economy as a whole with basic subdivisons and aggregates.
-Ex.
-Gov't
- Households
- Business Sectors
-How will a tax increase affect the economy?
Microeconomics
-Deals with specific economic units and a detailed consideration thereof.
-Basically, you are putting a small unit of the economy under a microscope,
-Ex. Which TV will sell the most units?
Positive vs. Normative Statements
-Positive Statements
-Deals with facts and avoids value judgments.
-A purely objective and scientific approach.
-Normative Statements
-Involves value judgments about what the economy looks like.
-What is versus what should be.
THREE BASIC ECO QUESTIONS
What to produce?
-what good/service should I provide?
-decision has to be based on scarcity
Example: the rise in fuel-efficient, hybrid vehicles
How to produce?
-build yourself or outsource?
For whom to produce?
-who is your target market?
FACTORS OF PRODUCTION
FOP are the resources required to produce goods and/or services
-land; surface land and water
-labor; either in mental or physical form
-capital; tools, factories, and equip. used in making goods and services
-entrepreneurs; innovators and risk takers
HOW TO IDENTIFY AN ENTREPRENEUR
1. initiative: a spark plug to economic activity
2. Decision making: makes non-routine decisions and thinks outside of the box
3. Innovator: creates a new product or service
4. Risk taker: no guarantee of profit with a huge risk of loss. Also potential for huge gain.
Wednesday, August 24, 2011
Aug 24th Notes - Scarcity
| Scarcity
Scarce: when a resource is in limited supply. Ex. Water, oil, money. fundamental problem of economics. There aren't enough resources to satisfy the wants of people. *nothing is free!!!!!!!!!!!!! Think about where it came from. Every choice you make has a cost -opportunity cost: when you make the decision to buy an item, you lose the potential or ability to buy something else. -every decision involves opportunity cost. "needs vs wants" -a need is a basic requirement for survival. -A want is a way of expressing your need. -In order to make choices, you need to understand your needs and wants. "Maslow's Hierarchy of Needs" 1. Self actualization 2. Esteem needs 3. Social needs 4. Safety needs 5. Physiological needs "Rational Behavior and Balance" -Scarcity forces us into a system of rational behavior. -You have to balance your needs and wants against your limited resources. -Economics is grounded in the assumption of rational self-interest. "Perspective and Incentives" Why do people behave differently if everyone else is working under rational self-interest? It comes down to perspective. They feel that the incentive from doing these things is worth working towards. "Margin" -Is a border or an edge. -A choice made on the margin is a choice made by comparing all the relevant alternatives. -Most economic choices change the "Status Quo" "Marginal Benefit" What you gain when you acquire one more unit of something. "Marginal Cost" What you lose when you acquire one more unit of something. You have to weigh the Marginal Benefit vs the Marginal Cost to decide if a decision is worth it or not Sent from my iPad |
Tuesday, August 23, 2011
3rd Period AP class working on the iPads
Great job today setting up and learning to use the iPads. They will be a valuable part of the course.
Don't forget to check Edmodo and the blog at least every other night for updates and discussion board topics.
Monday, August 22, 2011
What A Great First Day!
Guys and Gals-
What a great way to start the year. Ya'll are a really fun group and I'm looking forward to getting to know you better as we work our way through the economics course. Tomorrow we will introduce the iPad expectations and begin using the devices.
Don't forget to turn in your Advanced Academic Honor Code and your Student Information Sheets.
What a great way to start the year. Ya'll are a really fun group and I'm looking forward to getting to know you better as we work our way through the economics course. Tomorrow we will introduce the iPad expectations and begin using the devices.
Don't forget to turn in your Advanced Academic Honor Code and your Student Information Sheets.
If you haven't checked out your textbook you need to do so tomorrow. Reading assignments start tomorrow night!
Tuesday, August 16, 2011
Welcome to the start of another school year!
The new school year is soon to be upon us. I'm glad that you have chosen to accept the challenge of taking the AP Macroeconomics class. It will be a learning experience for us all.
I will use this blog to communicate with you, my students, as well as your parents. I will be posting links to videos and articles to supplement our daily activities as well as examples of student work.
I will be sending home a student information survey on the first day. If you do not want your student's picture or video of your student posted on this blog, make sure to check "no" on that portion of the information sheet.
One student each day will be randomly selected to post their notes onto this blog. This will allow students who were absent or missed a portion of their notes to fill in the blanks. Each student will also be required at some point in the semester to create a video (under 3 mins) to explain a designated topic. I have a flip video camera to lend if the student does not have access to a video recording device.
Also, please check the links to the right. They will direct you to the class calendar, discussion group (access code is 09thds), Skyward Parent Access, Skyward Student Access, and AP Central web pages. AP Central contains a wealth of information for AP students and their parents.
I will use this blog to communicate with you, my students, as well as your parents. I will be posting links to videos and articles to supplement our daily activities as well as examples of student work.
I will be sending home a student information survey on the first day. If you do not want your student's picture or video of your student posted on this blog, make sure to check "no" on that portion of the information sheet.
One student each day will be randomly selected to post their notes onto this blog. This will allow students who were absent or missed a portion of their notes to fill in the blanks. Each student will also be required at some point in the semester to create a video (under 3 mins) to explain a designated topic. I have a flip video camera to lend if the student does not have access to a video recording device.
Also, please check the links to the right. They will direct you to the class calendar, discussion group (access code is 09thds), Skyward Parent Access, Skyward Student Access, and AP Central web pages. AP Central contains a wealth of information for AP students and their parents.
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