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Week 3/ August 21 to August 24

August 21 2017

Essential Question:

None due to Eclipse Attendance

Standard:

None due to Eclipse Attendance

Activator:

None due to Eclipse Attendance

Teaching Strategies:

Students will work on class note books

Summarizer:

None due to Eclipse Attendance

Differentiation:

None due to Eclipse Attendance

 

August 22 2017

Essential Question:

 SSEF2 The student will give examples of how rational decision making entails comparing the marginal benefits and the marginal costs of an action.

a. Illustrate by means of a production possibilities curve the trade offs between two options.

b. Explain that rational decisions occur when the marginal benefits of an action equal or exceed the marginal costs.

EQ: How does scarcity of resources influence the choices of individuals, businesses, and government?

 

Activator:

Students will answer the following as a class:

Assume that an economy produces two goods - watches and donuts using all of its resources.  If the society wants to increase production of watches, what must happen?  Why? Explain using a production possibilities curve. 

Teaching Strategies:

Students will work on a practice worksheet that addresses production possibility curves.

PPC Activity CLICK HERE

 

Summarizer:

Fist to five to check for understanding.

Differentiation:

Independent work, Flexible grouping

 

 

August 23 2017

Essential Question:

 SSEF2 The student will give examples of how rational decision making entails comparing the marginal benefits and the marginal costs of an action.

a. Illustrate by means of a production possibilities curve the trade offs between two options.

b. Explain that rational decisions occur when the marginal benefits of an action equal or exceed the marginal costs.

EQ: How does scarcity of resources influence the choices of individuals, businesses, and government?

 

Activator:

Given a set of data students will construct a PPC and be able to identify what certain events who do to this economy.  We will go over PPC activity as a class.

Activity is found under Unit 1 Fundamentals of Economics and is entitled Production Possibilities Curve Activity.

CLICK HERE

Teaching Strategies:

Students will take a quiz covering Production Possibilities Curves.

 

Summarizer:

Grade and go over quiz.

Differentiation:

None, Quiz Day

 

August 24 2017

Essential Question:

SSEF6 The student will explain how productivity, economic growth, and future standards of living are influenced by investment in factories, machinery, new technology, and the health, education, and training of people.

a. Define productivity as the relationship of inputs to outputs.

b. Give illustrations of investment in equipment and technology and explain their relationship to economic growth.

c. Give examples of how investment in education can lead to a higher standard of living.

EQ: How do individuals, businesses, and governments seek to make the most of their scarce resources?

 

Activator:

Classnotes:

Productivity is the relationship of inputs to outputs.  Productivity is increased through specialization, technology, investment in capital goods, and investment in education (human capital).

PPF

An increase in productivity will shift the production possibilities frontier to the right.

Specialization and voluntary exchange increase satisfaction of both parties.  Specialization means focusing on one particular area of expertise to increase productivity.  (One should specialize where they have their comparative advantage.)  In other words you do what you are best at.

 

Examples include:

Individuals-Lawyers, farmers, etc.

Businesses-Healthcare, factories, etc.

 

Division of labor is diving up the processes needed to complete a finished good.  Think an assembly line for cars.  One person works on doors, one person works on engines, one person works on seats, and so on.  Everyone specializes in one task in division of labor.

 

 

Then on the board have a PPC with an unobtainable point.  Ask students to submit on Todaysmeet how they would reach this point

 

 

Teaching Strategies:

Go over student responses to activator.  Students will be told that we will discuss the concept of productivity.  The class will become a "factory".

We will brainstorm the activity before we start.

Students in groups of 4 will become a book-making factory.  Students will be allowed one practice round to correctly make a book.

         Round 1:  All students must make their own books, start to finish.  Stop and record info on data sheet.  Ask students

            what they need to change to become more productive.  Students ALWAYS say an assembly line.

         Round 2: Specialization and Division of Labor.  Record data.

         Round 3:  Increased Capital Goods (another pen). Record data.

  Compare results at the end.  Why were some groups more productive than others?  Could there be other explanations

  for increase in productivity?

Productivity and Comparative Advantage Presentation CLICK HERE

Summarizer:

Students will be asked to put the concept of productivity in their own words and how the concept relates to growing and economy, thereby shifting a Production Possibilities Curve outward.  If time allows. students will be asked to write a letter to an absent student explaining the concept of Productivity and how it relates to the book making activity.

 

August 25 2017

Essential Question:

SSEF6 The student will explain how productivity, economic growth, and future standards of living are influenced by investment in factories, machinery, new technology, and the health, education, and training of people.

a. Define productivity as the relationship of inputs to outputs.

b. Give illustrations of investment in equipment and technology and explain their relationship to economic growth.

c. Give examples of how investment in education can lead to a higher standard of living.

EQ: How do individuals, businesses, and governments seek to make the most of their scarce resources?

 

Activator:

Classnotes:

Standard of living refers to the material well-being people in an economy enjoy. Usually, the higher the real GDP per capita a country has, the higher the standard of living of the people in that country will be.  The change in the standard of living for individuals in the economy will often depend upon the amount of human capital the individual members of the economy possess. Healthy, skilled, and well-educated participants in the economy are likely to enjoy a greater share of any increases in standard of living. In most cases, the higher the education level, the higher the wage and lower the likelihood of unemployment. Since wages play a large role in determining the amount of goods and services individuals can consume, it is clear that more education means a better material well-being.

Students will then examine a quote from Adam Smith that relates to productivity.  Relate to book creation activity, and draw linkages.  Look back to data from previous day activity.

 

Teaching Strategies:

Students will consider the question why does productivity matter.  Students will examine a chart that compares Japan and Nigeria.  They will be asked to come to a conclusion about why productivity matters.  Students will also be introduced to and discuss the idea of standard of living and how it directly relates to productivity.

Japan and Nigeria Chart CLICK HERE

We will also examine some World Mapper images that have different representations of countries success or struggles.

Summarizer:

Socrative Exit ticket

 

 

 

 

 

 

August 28 2017

Essential Question:

SSEF3 The student will explain how specialization and voluntary exchange between buyers and sellers increase the satisfaction of both parties.

a. Give examples of how individuals and businesses specialize.

b. Explain that both parties gain as a result of voluntary, non-fraudulent exchange.

SSEIN1 The student will explain why individuals, businesses, and governments trade goods and services.

a. Define and distinguish between absolute advantage and comparative advantage.

b. Explain that most trade takes place because of comparative advantage in the production of a good or service.

EQ: How do individuals, businesses, and governments seek to make the most of their scarce resources?

 

Activator:

Classnotes:

Absolute Advantage means being able to produce more output using given resources

Comparative Advantage means being able to produce with a lower opportunity cost than another producer.

Voluntary Exchange is the willingness to trade.  You will only make an exchange if it benefits you!  Nothing is forced.  Non-fraudulent means no one is lying, everything is what they say it is.

Both parties in a transaction gain from a voluntary, non-fraudulent exchange.

 

Students will then consider the following question on todaysmeet:

Sarah is a lawyer who can charge about $350 per hour when researching and planning cases.  She is also an accomplished typist who can type about 85 wpm, but she cannot

charge $350 an hour when simply typing.  Sarah is considering hiring Jill to do all of her word processing.  Jill can only type about 35 words per minute, but Sarah would pay her $11 per hour. 

Should Sarah hire Jill?

 

Teaching Strategies:

Students will be introduced to the ideas of absolute and comparative advantage and how these concepts relate to productivity.  They will work thorough several examples where they are asked to determine comparative and absolute advantage.

Students will be provided with a worksheet that works through the process of finding comparative and absolute advantage.  Work will be found in Unit 1 Fundamentals of Economics Folder and is titled Comparative and Absolute Advantage Practice Day 1.pdf.

Productivity and Comparative Advantage Presentation CLICK HERE

Comparative Advantage Practice CLICK HERE

Summarizer:

Students will revisit the question:  Should Jill hire Sarah?

or 

Students will be guided through review problems.

 

 

 

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