Watch a 16 mm silent film that shows Laurel and Hardy as door to door Christmas tree salesmen. We will also watch another short film.
Audible Tone: Explain the biggest problem of a centrally planned economy. Turn in.
Watch a 16 mm silent film that shows Laurel and Hardy as door to door Christmas tree salesmen. We will also watch another short film.
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Audible Tone: Explain the biggest problem of a true market economy.
We will go over the four pillars of free enterprise including a very short video with Milton Friedman on the price system. In groups of four or less, explain what is good and bad about centrally planned economies (chap 2 section 3) Audible Tone: Explain each of the two items needed for the invisible hand to work.
Discuss problems for the invisible hand in today's economy. Notes on the four pillars of free enterprise. Audible Tone: What is a market economy?
Today we will discuss what is needed for the invisible hand to work effectively (according to Adam Smith). There will be the in class writing on Adam Smith. Afterwards, we will discuss the writing assignment. Adam Smith argued that as long as there is self-interest (looking out for what is best for you) and competition (lowers prices and more choices), the invisible hand will regulate the market. There will be no need to have government regulation since the invisible hand will do that. However, today we have all sorts of regulations from the government (minimum wage, health inspectors, car safety standards, pollution controls). Why is this? What problems are there for Adam Smith and the idea of the invisible hand in today’s economy? ½-1 page. 10 points Audible Tone: Explain the difference between opportunity cost and marginal cost/benefit.
Begin chapter 2. Discuss the 3 economic questions and traditional economies (section 1). We will define the key terms for section 2 and discuss market economies. The Adam Smith writing will be assigned. Audible Tone: Explain opportunity cost. Give an example. Turn in.
We will go over the chapter 1 section 2-3 worksheet in class. Begin chapter 2. Discuss the 3 economic questions and traditional economies from chapter 2 section 1. Possibly do Chapter 2 section 2 key terms. Audible Tone: Why include entrepreneurship as a factor of production?
We will go over the Chapter 1 sections 2-3 terms that were assigned yesterday. Particular attention will be placed on opportunity cost, marginal cost/benefit, and production possibilities frontiers. Students will be given worksheets on chapter 1 sections 2-3 for homework. Audible Tone (daily question). Why is scarcity important to economics? Write down the date and the answer to the question. Hold onto it. On Friday, you will turn in the week's answers.
Today we will continue on with the other factors of production. There will then be a group work involving the factors of production. Choose your own good or service and list what is needed for each factor of production. 10 points. We will then read/define key terms for chapter 1 sections 2-3. If time, we will begin discussing those terms. Today we are going to get textbooks and check them out. We will then read chapter 1 section 1 and define the key terms. We will then discuss those terms focusing on the four factors of production.
First day of the new trimester. We went got our seating chart, went over the syllabus, and took the pre-test. Hardly gets much better than that. Well, OK, I hope it gets much better than that.
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