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Week 4/ August 28 to September 1

August 28 2017

Standard:

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.

Differentation:

Direct instruction, Guided Practice

 

August 29 2017

Standard:

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:

With a neighbor students will review these questions: 
1) What does it mean to have the absolute advantage?
2) What does it mean to have the comparative advantage?
3) Explain the connection between specialization, ?comparative advantage, trade, and productivity.
4) Review Sarah and Jill problem.

Teaching Strategies:

Students will work a scenario that asks them to determine how a situation should be approached based on the principle of comparative advantage.  

Work will be found in Unit 1 Fundamentals of Economics Folder and is titled Comparative Advantage  practice Day 2 Bert and Betsy.pdf. CLICK HERE

 

Summarizer:

Socrative that assess comparative and absolute advantage.  This will be used to determine if more practice is needed.

Differentiation:

Students will be provided extra practice based on performance on Socrative.

 

 

August 30 2017

Essential Question:

All Unit 1 EQ's Apply Current Event Day

Standards:

All Unit 1 Standards Apply Current Event Day

 

Activator:

How have you seen economics in your everyday life.  Be ready to explain in your own words.

 

Teaching Strategies:

Using CNN Money or News ELA find 3 articles that relate to topics we have discussed in this unit.  These topics include; but are not limited to, scarcity, trade offs, opportunity cost, allocation, marginal thinking, productivity, absolute advantage, comparative advantage, benefits or trade, productivity etc.

On the 3 articles you locate, write at least one paragraph per article that discusses the major economic components.  It should be clear how the economic component applies to the article.  You may choose to address a single economic concept in an article, or you ma address multiple economic concepts, as long as you write a full paragraph for each of the three articles.  You will write a total of 3 paragraphs.  You may complete on paper or on IPAD.  Work will be submitted.

Class will do one article together.

Every article should begin by stating first the title of the article, where the article came from, what the article is about, and then a description of the economic concept in the article.

 

Summarizer:

Students will submit 3 paragraph summaries.  Students will share if time allows.

Students who finish early should begin work on Unit 1 Study Guide.  Study Guide can be found under Unit 1 Fundamentals of Economics Folder, entitled Unit 1 Study Guide.  Students should also utilize Unit 1 Key ideas under Unit 1 Fundamentals of Economics Folder.

Differentation:

Creative Writing

 

August 31 2015

Essential Question:

All Unit 1 EQ's Apply Test Review Day

All Unit 1 Standards Apply Test Review Day

 

Activator:

What questions do you have about the economics material we have discussed so far?  Think all the way back to scarcity.  Jot down any questions you have.

 

Teaching Strategies:

Class will either:

(1) Play a series of Kahoots that cover material from Fundamentals of Economics:

OR...

(2)

Divide into two groups and work on a study guide that covers material from Fundamentals of Economics.  Study Guide can be found under Unit 1 Fundamentals of Economics Folder, entitled Unit 1 Study Guide.  Students should also utilize Unit 1 Key ideas under Unit 1 Fundamentals of Economics Folder.

Study Guide CLICK HERE

Summarizer:

Answer any remaining questions related to Unit 1 Test.

Differentation:

None, Review Day

 

September 1  2017

Essential Question:

All Unit 1 EQ's Apply Test  Day

All Unit 1 Standards Apply Test  Day

 

Activator:

What final questions do you have before the test.

 

Teaching Strategies:

Answer any final questions.  Students will take test on Unit 1 material.

 

Summarizer:

None Test Day

Differentiation:

None, Day

 

 

September 5 2015

Essential Question:

All Unit 1 EQ's Apply Test  Corrections Day

All Unit 1 Standards Apply Test  Corrections Day

 

Activator:

What questions do you have on the material you were tested on yesterday?  List any specific questions you have.

 

Teaching Strategies:

Students will make corrections on their tests for 5 points on their final test grade.

 

Summarizer:

Students who finish test corrections will watch a quick video on youtube.  To watch the video, CLICK HERE.

After watching the video: students will then take a quick Socrative.  Socrative Room Code:880cce2d.  Quiz will be running throughout class.  This is an introduction, and some students may not get to.

 

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