1. Define markets
2. Explain the laws of supply and demand
3. Identify the determinants of supply and demand
4. Understand how supply and demand curves can shift
5. Analze the effects of taxes and subsidies
6. Explain the process of market equilibrium
7. Analysis the impact of price controls

1. Markets and Law of Demand
Activities:
View and take notes on PP Slides 13 to 27
Read Triple A
Locate an article using the following search terms: demand, price and bookmark it on Diigo (tag it demand, price, “Section 2.1″)
Write a blog post on the following topic: How the Law of Demand Impacts Markets.
Make a Voicethread by uploading and explaining a diagram on any of the determinants of demand.
View the following videos:
Microeconomics by John Stossel: Clip 4 Why steak gets to New York
Paul Solman Videos: Onwards and Upwards (Law of Demand)
Paul Solman Videos: Get Down
Data Set Demand: Lesson 1 Activity 9 and 10

2. Markets and the Law of Supply

View and take notes on PP Lecture Slides 28 – 39.
Read Triple A
Locate an article using the following search terms: supply, price and bookmark it on Diigo (tag it supply, price, “Section 2.1″)
Write a blog post on the following topic: How the Law of Supply Impacts Markets.
Make a Voicethread by uploading and explaining a diagram on any of the determinants of supply.
View the following videos:
Microeconomics by John Stossel: Clip 5 Subsidized flood insurance
Microeconomics by John Stossel: Clip 8 Politics, economics and farm subsidies
Data Set Supply: Lesson 2 Activity 12 and 13
Data Set Equilibrium Price Lesson 3 Activity 14
Paul Solman Videos: Meeting in the Middle
Paul Solman Videos: Changes

3. Markets and Price Controls
View and take notes on PP Lecture Slides 40-46
Work in pairs to find articles on price ceilings and price floors and share your findings.
Microeconomics by John Stossel: Clip 5 Rent Control
Microeconomics by John Stossel: Clip 6 Are prescription drugs prices too high?
Data Set Price Controls: Lesson 5 Activity 22

4. Problem Based Learning from Buck Institute of Education
“Make More Money” A short activity to introduce students to the problem-solving process used in all PBE units.
The Invisible Hand

5. Assessment

Focus: Data Response

A series of formative data response practice activities that will culminate in a summative in class data response test (40 minutes)

Resources:

IA Guide

There is also an excellent article on the Moodle Site and an exemplar for you to view.

See Moodle: “Internal Assessment – how to get the best from it”

Suggested Format:

Introduction:

A short paragraph that sums up the article and introduces the theory/concept that will explain developments real or anticipated. If the article is making a prediction say whether or not this is supported by economic theory.

Body:

1. The  …. (development/event/data) can be explained by the ….

2. Draw diagram and refer to this in you writing.

3. If there is a second focus add something like “In addition the …. (development/event/data) can be explained

by the ….”

4. Draw second diagram

Evaluation

Use CRAMPSS

Conclusion

Write a short summary.

Commentary Number 1

1. Become familar with the rules and regluation governing the IA in Economics
2. Read exemplars
3. Foucs on the major concepts of Section 2 and research to find a suitable article
4. Bookmark your article on Diigo and tag it “IA 2011″
5. In the Description you need to identify the following so that I can then approve your article choice:
   1. The concepts or theories you will use to explain the article (2 concepts would be best)
   2. The exact diagram you will use e.g leftward shift of the demand curve
   3. Which CRAMPSS you will sue to evaluate.
6. If I think you article has potential if will give it the “Thumbs Up” icon.
7. I have an example for you here.

“Approach your exams the IB way: Economics”

After you receive your copy you should pay particular attention to

1. Getting to know your exam paper
2. Danger zones
3. The Examiners reports

Reflect on your exam performance to date. Look over your past writing and identify times when you entered the danger zones.

As part of the writers workshop that will focus on 3.6, you will write a number of formative responses for feedback and evaluation.

At the end of the workshop you will sit a summative inclass test.

SL and HL

1. With the use of examples, explain the difference between a progressive tax and a regressive tax. (200-300 words)

2. With the use of examples explain the difference between direct and indirect taxes.  (200-300)

3. Identify two ways that the government can use taxation to redistribute income. (200 – 300)

4. Discuss the advantages and disadvantages of using taxation to redistribute income (200-300)

HL Only

5. Using the Laffer Curve, evaluate the likelihood that a cut in personal income taxes will result in a increase in government revenue. (200-300)

6. Discuss methods that can be used to meaurse the degree of equality  or inequality of income distribution. (200-300)

Summative Test will be held on the last lesson of the week starting 30 August.

Essential Questions:

1. How can governments use macroeconomic policy to achieve a “fairer” distribution of income?
2. What insights do the Laffer Curve, the Lorenz Curve and the Gini Coefficient provide to policy makers who aim to achieve greater income equity? (HL only)

Focus:

What are the underlying issues of these two controversies: gay marriage and tax cuts?

Activities

Objectives:

1. You will gain an understanding of the IB Economics Course
2. You will practice using technology in the IB Economics Classroom
3. You will gain an understanding of basic economic concepts and start to think and write like an economist
4. You will begin to use diagrams and data analysis to illustrate your understanding

Topics  and Activities

Week 1-Week 4

1. Technology in the IB Economics Classroom

View and complete:

PP IB Economics and Technology

Technology Checklist

Once you have these technology tools you are well on the way to becoming a “21st Century Learner”! (View this to see what I mean.)

2. The discipline of ecomonics

Why Study Economics? After completing your first blog post on why you enrolled in IB Economics watch this video.
A more lighted hearted approach to summing up economics in one picture.
Read the blog post “Whereto the dismal science” and write a response by adding a comment.
What is the economics model? View Paul Solman Videos “The Butcher, the Baker and the Candlestick Maker” and “Rational Is as Rational Does”.

3. Key concepts

PP Presentation
View this video on Scarcity and Economics.
Visit Netvibes and working in pairs, identify one article each that illustrate normative and positive economics. If you are still unsure watch this video.
View Paul Solman’s video on Opportunity cost.
Read the class blog post on opportunity cost and watch the video.  Undertake group work on the cost of life

Extension: Have economist put a cost on the value of life?

Find a news article on any of the key concepts of scarcity, opportunity costs or utility and add it to Diigo. (Tag it “key concepts” and also the concept your are discussing.)

4. Factors of Production

PP Presentation
Find information about Richard Branson or Bill Gates and add the link to Diigo. (Tag it “entrepreneur”)
Using one of the articles on the Diigo tagged “key concepts” write a blog post that explain the concepts and links it to a real world example.

Watch a video podcast by Dan Ariely who writes within the field of behavioral economics and contrast this with Mankiw’s 10 principles (easily found through google).
Read one of the articles found on Diigo (tagged “entrepreneur”) and blog it.

4. Economic Growth and Development

What is the difference between economic growth and economic development?

PP Presentation Slides 27 – 39.
The Production Possibility Frontier (Curve)

View Youtube explanation of the PPC.

Complete Economic activities (Lesson 2 Activity 2)
Practice drawing the PPC diagram.
Find an article on a developing economy and after reading the article draw an appropriate PPC diagram. Use Voicethread to explain your diagram.

5. Formative and Summative Assessment

Writing workshop.
See PP “Writing the IB Economics Exam”
See typical questions on Section 1 PPP.
In Class Essay Test Summative 10 September 2010

1. Opportunity Cost is what must be given up in order to pursue a particular action.
2. The true cost of something is what you give up to get it. This includes not only the money spent in buying (or doing) the something, but also the economic benefits  that you did without because you bought (or did) that particular something and thus can no longer buy (or do) something else. (Economist)
3. Opportunity cost or economic opportunity loss is the value of the next best alternative foregone as the result of making a decision. (Microeconomics, By Campbell R. McConnell, Stanley L. Brue, Campbell R. R 2005).
   
4. There is no such thing as a free lunch. (Anon.)

Activities:

Phil Holden Video on Opportunity Costs

Blog Response: What was one opportunity cost of an economic decision you made recently?

Write on your reflections to the “You can not place a value on life activity”.

Two events, one global and one local have dominated the news over the last year: the economic crisis as highlighted by the collapse of Lehman Brothers  and the election of the Nato Kan at the head of the  Japanese government that has pledged itself to reform of the economy in general and reduce government debt in particular.

Undertake research on either one of these issues. Find at least three sources of information from what you consider to be reputable sites. Write a blog post of no more than 300 words describing the news event and adding at least one analytical conclusion.

For example: What was the most important cause of the financial collapse of Lehman Bros? What was the most important reason for Kana’s rise to power.

The BBC has compiled this slideshow of the impact of the biggest failure in American corporate history.

As the first year of your IB Economics Course comes to an end now is a good time to complete two tasks:

1. Reflection on your progress and your performance on the exam.

Write a blog post evaluating your performance during the course. What have you learnt about yourself as a learner of IB Economics? What are your strengths and areas of your performance that need improvement? What are your resolutions for next year?

2. Evaluation of the course and my role as your teacher. Please complete the survey on the course, the class and the teacher that you will be given in class.

Can you also complete this online survey.

There remains a number of opportunities for you to consolidate your learning and demonstrate your understand in the last weeks of your Year IB Economics course.

1. All Section 3 Online Quizzes will close on 30 May.

2. Data Response #2 Period A and B 24 and Period H 25 May.

3. Problem Bases Learning Presentation: H Period 29 May, A and B Periods 31 May.

4. End of Year Exam (Exam period 3 June – 8 June)

Data Response:

Covers Section 2 and Section 3

Focus:

The characteristics of market economy

Demand-side and Supply-side policices

Diagrams that show the impact of subsidies

AD/AS Diagrams that show shifts in AD and AS

Evaluating an economy with references to Macroeconomic goals and stakeholders

Exam

SL Paper 1

Option 1

Review: PPC, Merit Goods, Market Forces of Supply and Demand

Option 2

Demand-side and Supply-side Policies and Unemployment

SL Paper 2

Option 1

Review: Opportunity Costs, GDP, shifts in S and D negative externalities, Supply-side policies pros and cons

Option 2

Consumption , unemployment, components of GDP, normative and positive statements, evaluating Demand-side and Supply-side policies

HL Paper 1

Option 1

Review: Price Discrimination, the goals of a firm in the Theory of the Firm

Option 2

Rate of inflation and how it is measured/Polices used to influence the rate of inflation

HL Paper 2

Option 1

Review: Consumption , unemployment, components of GDP, normative and positive statements, evaluating Demand-side and Supply-side policies

Option 2

Review: Characteristics of a market, normal profit, abnormal profit in monopolistic competition, costs and benefits of monopolistic competition for stakeholders

Problem Based Learning as presented by the Buck Institute for Education is based on the idea that a unit of instruction that presents students with an engaging realistic problem with more than one reasonable solution leads to deeper understanding. Students solve a problem through collaborative resource-gathering, investigation and decision-making. The teacher acts as coach and delivers problem based teaching.  Problem based learning will be most effective when it is a collaborate effort between the teacher and students with the teacher as the senior partner.

The President’s Dilemma

The PBL unit begins with a memo that outlines the dilemma facing  the President’s economic management team.  Due to a rapid rise in oil prices, the United States faces a severe economic crisis with high levels on inflation, unemployment, and negative economic growth . The President, fearing prospects for reelection, has asked a Special Task Force of the Council of  Advisors to recommend a policy that does not increase the national debt . You are to imagine yourself as a member of this  Task Force who will make an oral presentation with visual aides to a panel composed of representatives of various constituencies. The President also asks the Task Force, as a first step, to compare current economic indicators with statistics from the past .

Activities:

1. As a class, discuss the memo from the President.
2. Develop an initial What we Know list
3. As a class develop an initial problem statement
4. As a class develop a What we Need to Know list
5. Lecture #1 : What are Economic Indicators?
6. In your group write a memo using Google Docs comparing the current economic crisis with the past. (You will receive a table of data.)
7. As a class, discuss a  letter from Maria Bautista.
8. Lecture #2: Fiscal Policy Tools
9. Individually write your first problem blog entry: “How can fiscal policy be used to help workers like Joe Brezinski?”
10. As a class, discuss a letter from Angela Sorracco.
11. Lecture #3: Monetary Policy Tools
12. Review What we Know and What we Need to Know lists
13. Individually write your second problem blog entry: “How can monetary policy help people represented by Silver Cougars?”
14. As a class discuss the letter from William M. Jorgenson.
15. Individually write your last problem blog entry: “How can the government use demand side and/or supply side policies to respond to the differing views of corporate leaders, unemployed workers and retired people?”
16. Group work on policy recommendations.
17. Receive last memo from Chief of Staff
18. Finalize What we Know and What we Need to Know lists
19. Finalize Problem Statement
20. Group work on presentation
21. Group Presentation of Policy Recommendations
22. Debrief and reflection

PP Summary of 3.4 and 3.5

Stagflation and policy options