Adam Smith, the father of capitalism

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EXAM SCHEDULE (tentative - subject to change)

Unit 1: Mon (B) - Tues (A), February 11-12, 2008       

Unit 2: Thurs (B) - Fri (A), February 28-29, 2008  

Unit 3: Wed (B) - Thurs (A), March 26-27, 2008

Unit 4: Thurs (B), April 17 & Mon (A), April 21, 2008

Unit 5: Tues (B) - Wed (A), May 6-7, 2008

Unit 6: Fri (B), May 16, & Mon (A), May 19, 2008

Notebook Test: Wed (B) - Thurs (A), May 28-29, 2008

Final Exam: B - Monday, June 2, 2008

                      A - Wednesday, June 4, 2008

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DAILY WORK

Section 1

• Production Possibilities Curves: Students analyze different Production Possibilities Curves to explore such concepts as opportunity cost, efficiency, and economic growth.
• Circular Flow Analysis: Students identify whether real-world situations take place in the Product or Factor markets.  Students then apply the Web of Trade diagram to two real-world companies and their products.   QUIZ

Section 2

• Supply-Demand Factors Activity: Students apply knowledge of factors that shift supply & demand to real-world scenarios to determine how each will change.
• Supply & Demand Graphs: Students apply knowledge of Supply & Demand factors to draw the changes graphically.  There are two assignments available to download
• Supply & Demand Scripting: Students apply knowledge of Supply & Demand principles to determine short- and long-run market changes.   

Section 3

• Business-Labor Activity: Students work through various concerns that a person starting a business would face, including production issues, employees, and costs.

Section 4

Section 5

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KEY GRAPHS & NOTES (This section will be updated periodically)

Section 1: Economic Goals & Production

This presentation illustrates connections among the concepts of scarcity, trade-offs, and opportunity cost.  It also highlights the main focus of economics - Choices - and it shows how choices ultimately create economic circumstances.  It then progresses to show the alternative production combinations available with a given set of resources--the Production Possibilities Curve.  This particular model compares Capital Goods to Consumer Goods.  Two slides present this graph - one illustrating the concept of Benefit and Cost, the other illustrating the concepts of Efficiency/Inefficiency and Growth.

Section 1: The Circular Flow of the Economy

This diagram exhibits how products change hands in a market-oriented economy.  It shows the two types of markets - Product and Resource - and classifies them according to the products exchanged.  Understanding this diagram is essential to comprehending the trade process, supply and demand, and the measurement and accounting of the economy.

Section 1: The Web of Trade

This diagram takes the Circular Flow a step further and applies a more real-world approach to the Product and Factor markets.  Suppliers ("the supply chain") provide capital products to manufacturers who then sell to the retail sellers, who sell to buyers in the Product market.  This model is simplified but can include distributors and wholesalers, as well.

Section 1: The Circular Flow - Sectors Model

This diagram exhibits how products change hands in a "mixed" economy that combines private and public sectors.  It shows all that appears in the previous Circular Flow model, then adds government to the mix in the public sector.  The public sector gives to and takes from the private sector, and government also impacts the financial sector, regulating the amount of money flowing in the private sector.  Understanding this diagram is essential to comprehending the trade process, supply and demand, the measurement and accounting of the economy, and fiscal and monetary policies implemented by the government.

Section 2: Demand

This presentation outlines the major concepts and information we've studied on Ch. 4 - Demand.

Section 2: Supply

This presentation outlines the major concepts and information we've studied on Ch. 5 - Supply.

Section 2: Prices - Supply & Demand Together

This graph places the Supply Curve and the Demand Curve together, showing all the major concepts that relate to their interaction.  These concepts generally exist separately, but this graph places them together for the sake of illustration.

Section 2: Market Objectives

This diagram illustrates the idea that, despite their apparent conflicting goals, both the Producer and the Consumer can win when the market expands the way it should.  Consumers profit through a combination of Quality, Quantity, and Utility of products, or by lower prices relative to their income.  Producers profit through greater quantities sold, or by greater productivity/lower costs.  The second page, referring to Market Principles, re-examines the 3 economic goals of Prosperity/Employment, Stability, and Growth.

Section 2: Life Cycle of a Market

This diagram illustrates how a market evolves, from monopoly through Perfect & Monopolistic Competition, then perhaps to Oligopoly & Monopoly, and back again.  Students should understand the nature of the Supply & Demand within the market as it changes.  Students should also be aware of the role of sellers as "Price-Takers" when the market is more competitive or "Price-Makers" when it's more monopolized.

Section 3: The Investment Process

This diagram exhibits how investors funnel money through stocks & bonds into businesses (specifically corporations), who then use these borrowed funds to produce and gain profit in the market.  It is an interdependent process, as businesses rely on investors' funds for growth, and investors rely on business to be productive and profitable.  It also furthers the process of creative destruction, as productive businesses will receive more investment funding, while unproductive businesses will lose this funding and may ultimately die.

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