Friday, October 3rd

During class work on the following:

1) With your Syracuse Partner complete the following problems on pgs. 150-155 (1-4, 6, 9, 12, 13, 14, 17) in their textbook.  Answer all questions and turn in completed work in tray by the end of the period.  

*Students will need computers to complete questions 9 and 12 – they can use the computers in the back of the room.

 

HW - No homework unless you are absent-then you must complete the classwork listed above.

 

Unemployment

In class we reviewed gross Domestic Product (GDP) before moving on to unemployment.  Students need to be familiar with how to calculate unemployment and know the difference between frictional and structural unemployment.

The notes are attached and the homework is listed below.

Notes - GDP (cont.)

Notes - Unemployment

HW -  complete Module 12 & 13 questions
        -  read Module 14 & 15

GDP - Output

In class students took quiz #2 on the supply/demand curve. 

Afterwards, we continued to take notes on GDP - differentiating between nominal GDP (total of goods/services at current year price level) vs. real GDP (total of goods/services at a baseline price level).

The notes are attached and the homework is listed below.

Notes - GDP

HW - Complete Module 11 Questions
          Read Module 12 and Module 13
          GDP question

Circular Flow Model and GDP

In class students were introduced to the circular flow model which identifies the movement of goods, service and resources with the economy.  Afterwards, students were introduced to Gross Domestic Product (GDP) which is a measurement of aggregate output in the economy.  While there are three ways that GDP is calculated, income approach, production approach and spending approach. 

The notes are attached and the homework is listed below.

Notes - The Circular Flow Model and GDP

HW - Read Module 11 - Interpreting GDP
          Study for Quiz #2 - Supply/Demand Curve

Supply and Demand Curve cont.

In class we continued talking about the supply/demand curve and market equilibrium.  We also discussed the two acronyms that can be used to remember changes in demand and changes in supply. 

We can use the word SEPTIC (Substitutes, Expectations, Population, Tastes, Income, Compliments) to remember changes in demand. 

We can use the word TIES (Technology, Inputs, Expectations, Suppliers) to remember changes in supply.

The homework is listed below and the notes are attached, as well as the practice quiz with answer key. 

Notes - Supply/Demand cont.

Practice Quiz - Modules 5-7

Answer Key - Practice Quiz - Modules 5-7

HW - Study for Quiz #2
          Read Module #10

Supply,Demand and Market Equilibrium

In class students first reviewed the downward sloping demand curve and demand schedule.  Students must be able to differentiate a movement along the demand curve vs. a shift in demand. 

Afterwards, students were introduced to the supply schedule and the upward sloping supply curve.  Like the demand curve, students must differentiate between movements along the curve and a shift in supply.  Shifts or changes in supply are as follows:

1.  Changes in input prices
*2.  Changes in related goods (substitutes/compliments in production)
3. Changes in technology
4.  Changes in expectations
5.  Changes in number of producers


**We will discuss #2. changes in related goods in greater detail next class.

The notes are attached and the homework is listed below.

Notes - Supply, Demand and Market Equilibrium

HW - Reread Module 7, complete Module 7 questions.

**Make-up for Quiz #1 by Monday 9/22

The Demand Curve

In class, students took their first quiz on Modules 1-4, which was an introduction to the field of economics, the Production Possibilities Frontier and the benefits of trade.

Afterwards, students were introduced to the Demand Schedule and the Demand Curve (downward sloping).  Students should know the difference between movements along the demand curve and shifts in the demand curve. 

The is listed below and the notes are attached.

Notes - Module 5 - The Demand Curve

HW - Finish Module 5 questions
        - Read Module 6 and 7

Review Module 1-4

In class we reviewed module 1-4 to prepare students for quiz #1 which will be administered Friday 9/12.

Students should be familiar with all the vocabulary terms we have covered and with the our first economic model - the Production Possibilities Curve or Frontier. 

HW - Study for Quiz #1 (review the questions at the end of each module)
          Read Module 5

Productions Possibilities Curve and the benefits of trade

In class we went over module 3 and module 4.

In module 3, students were introduced to their first economic model, The Productions Possibility Curve."  Students learned about efficient production/allocation, inefficiency and impossibilities. Also remember, economic growth occurs through (1) increase in resources and/or (2) increase in technology.

 In module 4, students were introduced to the benefits of trade.  We looked at absolute advantage and comparative advantage.  *Mutual gains do not depend on person/country being better at producing one type of good-just need a comparative advantage. Trade is always beneficial.

The notes are attached and the homework is listed below.

Notes - Module 3

Notes - Module 4

HW - Complete Module 4 Questions
       - Quiz #1 - Modules 1-4, Friday
       - Read Module 5 for Friday

Economics & Macroeconomics

In class students went over the different types of economics and introduced macroeconomics.  In macroeconomics, we are going to take a look at the impact of and interaction between overall growth/decline (GDP), overall price levels (CPI) and unemployment. 

The homework is listed below and the notes are attached.

Notes - Module 1 and 2

HW - Complete Module 2 questions
        - Read Module 3

First Day!

Welcome Back! I enjoyed meeting all of you today and getting back into the swing of things.  Below, I have attached the course syllabus.

Macroeconomics - Syllabus

HW - Signed Syllabus
        - Read Textbook - Module 1 and 2