Back to Homework Parish Home Page

Mr. Ostroff

Government / Economics

Last modified on: 15 May 2008

Economics: Trimester Exam Review

Exam Details

· Tuesday, May 27^th, at 11:00 AM

· Chapters 1-6 in ECON textbook and class notes

· Section 1: Multiple Choice (best 60 of 63)

· Section 2: Document Study / Current Events – documents and short answer questions

· Section 3: Case Study / Hypothetical – short answer questions / brief essay

Identifications

Economics (definition)	Household and Firm	Demand	Equilibrium
Scarcity	Adam Smith	Law of Demand	Disequilibrium
Shortage	Laissez Faire	Quantity Demanded	Excess Demand
Factors of Production	Rational actors	(Market) Demand Schedule	Excess Supply
Factor Payments	Self-interests	(Market) Demand Curve	Price Ceiling
Land, labor, and capital	Incentives	Elasticity of Demand	Price Floor
Human capital			Search Cost
Entrepreneur	Marginal Product of Labor	Supply	Supply Shock
	Marginal Returns	Law of Supply	Rationing
Opportunity cost	Fixed Cost	Quantity Supplied	Black Market
Thinking at the margin	Variable (Operating) Cost	(Market) Supply Schedule	Spillover Costs
Marginal cost / marginal benefit	Total Cost	(Market) Supply Curve
	Marginal Cost		Subsidy
Substitution Effect	Marginal Revenue	Traditional economy	Excise Tax
Substitutes	Profit	Market economy	Regulation
Complements	Shutdown decision	Command economy
Normal Goods		Mixed economy	M1 / M2 and Liquidity
Inferior Goods	Ceteris paribus	Free Enterprise System	Micro / Macro economics

Essential Questions

· Why is the idea of scarcity a starting point for thinking about economics?

· What’s the difference between scarcity and shortage?

· What does it mean to “think at the margin”?

· What causes shifts in quantity supplied? Shifts in quantity demand?

· When is keeping a money-losing business open a better choice than shutting it down?

· Aside from government policies, what important factors affect supply?

· Why does a price-based system work more efficiently than a centrally-planned economy?

· What is the difference between a good and a service?

· Why must the opportunity cost of a decision always be something desirable?

· Compare and contrast traditional, market, command, and mixed economies.

· How does specialization make economies more efficient?

· What is profit?

· Explain what Adam Smith meant by “the invisible hand of the marketplace”?

· What is the connection between incentives and consumer sovereignty in a free market economy?

---

Economics: Problems and Solutions Project

Project Description - Economics is the study of how societies get the most out of their limited resources. Economics, therefore, encompasses almost all human activities. This project will provide focus for each student to dig deeper and become more of an expert in a single facet of economics that is of particular interest. Students will collaborate with classmates and present their collective efforts to the class. The skills each student will develop include: collaboration, research, critical thinking, writing, and presentation – skills that will be useful in college, in the workplace, and in life. The project will be worth 220 points in third trimester.

Group Project – The instructor, with input from students, will select groups of two or three. Any changes to group composition must be cleared through the instructor. Groups will need to reach consensus on a topic. Groups may select one from the list below or make a proposal to the instructor. Groups will be consulting with the instructor at every stage in this project. Students should expect to do about half the work outside of class.

Potential Topics:

1. Children working in developing countries

2. The warming of the climate and its causes

3. The warming of the climate and its effects

4. Consumer debt

5. The working poor: people who work full-time in the U.S. and are still poor

6. How to get rich from the stock market

7. Americans are working longer hours for less money

8. White-collar criminals: what do they do and what happens to them?

9. The underground economy - describe black markets in the United States

10. Why do 40+ million Americans not have health insurance?

11. Why do an increasing number of children in the U.S. live in poverty?

12. What is fiscal policy? How is money made and sold?

13. War as a business opportunity- who makes money?

14. Rising costs of College and other economic issues facing college students

15. Working teens in the U.S. - what issues do they face?

16. What's up with minimum wage?

17. Oil shortages and prices- what's the future look like?

18. Does the US government have an energy policy? Does it work?

19. Go back to our Day One list and revise any of the questions.

20. Propose your own question.

Economics: Problems and Solutions Project – The Details

Phase One - Getting Your Feet Wet as a Group (Class Periods 1 and 2)

1. Get familiar with your topic. Search www.Google.com and/or www.Wikipedia.com or other sources for general information. You may NOT use encyclopedias as sources; however, they are good for getting familiar with a topic.

2. List the sub-issues, terms, government agencies, industries, and people, related to your topic problem.

3. Restate your problem in the form of a general question – your thesis question.

4. Do a second search for answers to that question.

5. Develop a list of sub-questions that must be answered to answer the thesis question.

6. Create a group list of sub-questions, add it into a document along with your thesis question, call it "YourTopic_Questions.doc" and e-mail it to dostroff@parishepiscopal.org at the conclusion of phase one. (20 pts)

Outside of class – continue search for general information, polish thesis question, and develop sub-questions.

---

Phase Two - Research (Class Periods 3 and 4)

1. Do intensive research to find answers to your sub-questions. Divide the work among your group members.

2. Keep a journal of your work in a Word document noting what you did each day you worked on it.

3. Call the journal "YourName_Journal.doc". Note the questions you have been assigned to research and URLs and brief quotes you may use to develop your answers.

4. E-mail a copy of your journal to yourself at the end of each class session so that you may work from home. Keep a backup of this file on your Parish network drive.

Ø You must have a URL for each web site that you use in your research. You must also do the same for any images you use. Failure to do so will cost you a good grade. Plagiarism is an honor violation.

Ø Each group member must contribute at least three quality sources of information (no encyclopedias) to the project.

5. Each group member must e-mail a journal to dostroff@parishepiscopal.org at the end of phase two. (20 pts)

Outside of class – continue to work on research, keep up with your journal, and revise research notes from the journal into annotated research summaries.

---

Phase Three - Combining Research and Developing a Presentation (Class Periods 5 and 6)

1. Group members decide how to combine the group’s information.

2. Produce a single, annotated listing of all the sources used in the project. For our purposes, annotation means that, along with each source, responsible group members will have written a summary in their own words. Each group member’s contribution should run at least 400 words.

3. Call it "YourTopic_Sources.doc". E-mail the group’s document to dostroff@parishepiscopal.org. (50 pts)

4. Decide on a presentation format: Web Page, PowerPoint, Spreadsheet, etc.

5. Write an introduction, project body and conclusion for your presentation. Decide what images/video you will use for illustration.

6. During the presentation, note when sources are used.

7. Develop your group’s presentation. Call it "YourTopic_Presentation.doc" and e-mail the presentation to dostroff@parishepiscopal.org at the end of phase three. (100 pts)

Outside of class – complete annotated research summaries and polish presentations.

---

Phase Four – Reflection (After the group’s presentation has been delivered in class)

1. Discuss with the class your experience of doing this project - what you contributed and what you got out of doing the project.

2. Each group member must then write a 150 word reflection on what he/she contributed and learned from doing the project. Call it "YourName_Reflection.doc".

3. Each group member must rate the contributions of all members of the group (on a scale of 1-10 where 10 is “perfect” and 1 is “comatose”).

4. Add your ratings to the end of your reflection document and e-mail it to dostroff@parishepiscopal.org . (20 pts)

Outside of class – complete, polish, and submit reflections along with ratings…

Criteria for Evaluating Students’ Writing

Category	Full Credit	Partial Credit	Low to No Credit	# of points
Questions	Thesis question is clear and thoughtful; sub-questions are logical.	Thesis question is clear. Clarifying questions remain for the reader.	Thesis question is too simplistic; sub-questions are missing or disjointed.	20
Journals	At least three quality sources of information are used. Writing shows evidence of sustained, thoughtful participation in and out of class.	At least three sources of information are used. Student sometimes participates thoughtfully.	Few quality sources are used. Student is too often off-task and/or doesn’t prepare outside of class.	20
Research Summaries	Writing is clear, writing is in students' own words, and writing demonstrates understanding of the topic. Quotes are explained and not over used.	Writing is inconsistent, between clear and confused.  Some demonstration of knowledge of the subject matter is evident.	Writing shows little or no understanding of the topic. There is evidence of copying and pasting without knowing what the content means. Students often use words they don't know the meaning of.	50
Format	Reports follow a logical format is easily read and adheres to design principles agreed upon in class.	Reports are readable and in the proper format.	Reports are confusing and or difficult to read.	10
Individual Reflection	Well-developed thoughts on individual contributions that are evident in the work and the project's impact on you as a learner.	Reflection is somewhat present, but leaving a clarifying question or two in the reader.	Little or no reflection evident.	20

---

Criteria for Evaluating Students’ Presentations

v Follow this tutorial on how to create a PowerPoint presentation. (Go to http://www.actden.com/pp/index.htm)

v Note these style guidelines for PowerPoint presentations:

Ø Keep transitions, backgrounds and fonts uniform.	Ø No more than 4-5 bullet points per slide.
Ø No more than one image/chart per slide	Ø No more than 10-12 words per bullet point.

	Standard (100-76)	Near Standard (75-65)	Not Present (64-0)
Slide Format (20%)	Slides follow the guidelines articulated for the assignment	Slides approximate guidelines articulated for the assignment	Guidelines not followed.
Speaker Articulation (40%)	Speakers discuss each bullet point without reading, may use cue cards, in a manner that demonstrates understanding using frequent eye contact with the class.	Speakers rely heavily on cue cards or written notes, little eye contact. Some understanding of material is present.	Speakers just read what's on the screen, mumble and are inaudible.
Content Quality (30%)	The principal points are addressed in a concise manner. Graphics are appropriate and illustrate the point presented.	Some important points missing and/or not summarized well. Graphics present are not illustrative of the content.	No important content presented or content is presented in an incomprehensible manner.
Presentation Creativity (10%)	Attractive and novel graphic elements are used without sacrificing viewability.	Standards of formatting are met making presentation tolerable to look at.	Style guidelines not followed.

Source: John Elfrank-Dana. See also www.elfrank.com

Economics Part II – Supply and Demand

4/3 or	Chapter 4 - Demand	ECON: Read pp. 79-83 / 85-88;
4/4		Do p. 83: 2, 5, 6; Do p. 88: 7, 8 (10 pts)
4/9 or	Chapter 5 - Supply	ECON: Read pp. 100 – 106;
4/10		Do Questions 1 – 4 on p. 106 (10 pts)
4/11 or	ISAS Fine Arts Festival… Supply and Demand (cont)	ECON: Read pp. 108 - 114;
4/12		Do Questions 1 – 4 on p. 114 (10 pts)
4/18 or	Chapter 6 - Price	ECON: Read pp. 125 - 131;
4/21		Do Questions 1 – 4 on p. 131 (10 pts)
4/22	Chapter 6 Part III - The Role of Prices	ECON: Read p. 138 and 145; Do
4/23		Questions 1 and 2 on each pg (10 pts)
4/24 or	Reinforcement and Review: Chapters 4, 5, and 6
4/25
4/30 or	TEST: Supply and Demand (Chapters 4, 5, and 6)
5/1	(100 points)

Essential Questions

· Why does the law of demand only apply in a market economy?

· What causes shifts in demand?

· When is keeping a money-losing business open a better choice than shutting it down?

· Aside from government policies, what important factors affect supply?

· Why does a price-based system work more efficiently than a centrally-planned economy?

Identifications

Chapter 4	Chapter 5	Chapter 6	Others from Class
Demand	Supply	Equilibrium
Law of Demand	Law of Supply	Disequilibrium
Quantity Demanded	Quantity Supplied	Excess Demand
Demand Schedule	Supply Schedule	Excess Supply
Market Demand Schedule	Market Supply Schedule	Price Ceiling
Demand Curve	Supply Curve	Price Floor
	Market Supply Curve	Rent Control
Substitution Effect	Elasticity of Supply	Minimum Wage
Income Effect
	Marginal Product of Labor	Shortage
Ceteris paribus	Marginal Returns	Search Cost
Normal Goods	Fixed Cost
Inferior Goods	Variable (Operating) Cost	Supply Shock
Complements	Total Cost	Rationing
Substitutes	Marginal Cost	Black Market
	Marginal Revenue	Spillover Costs
	Subsidy
	Excise Tax
	Regulation

Economics Part I – Basic Concepts

Date	Lecture/Discussion Point	Assignment (complete for today)
	Stock Market Project presentations… (see details below)
3/3 or