What is Economics?

Economic Concepts

  Scarcity
  opportunity costs
  production possibilites curve
  role of saftety nets
  3 economic questions
Traditional, Command, Market Economies

Microeconomics
Supply and Demand
Elasticity
Market Equilibrium and the role of prices
Perfect Competition
Monopoly 

Monopolistic Competition


Labor  and business organizations
Sole Proprietorships
Partnerships,
Corporations


Macroeconomics

Aggregate Supply and Aggregate demand
Fiscal Policy  

Government regulation and deregulation

Monetary Policy

The Role of the Federal Reserve

Economics class grading policy

Grading Policy:
Homework 15%
Class work 25%
Exams/presentations  60%


Bring a good attitude, a binder, and something to write with in class every day.  You will lose class participation points if you make the phone the center of your class.


You will have on average about an hour of homework each week.



I will be available for extra help almost every day, especially if you let me know you are coming.
My extra help day is Thursday 

Monopolies
https://www.hg.org/legal-articles/what-are-monopolies-and-why-are-they-bad-31592



Infamous anti trust cases
https://www.hg.org/legal-articles/infamous-antitrust-cases-6025


Hollywood anti trust
http://www.cobbles.com/simpp_archive/1film_antitrust.htm

Oxy maker
https://www.nbcnews.com/news/us-news/unredacted-lawsuit-against-oxycontin-maker-reveals-they-pushed-opioid-low-n965721

Net neutrality and the role of the government

https://abcnews.go.com/Politics/net-neutrality-rules-now-history-means/story?id=55808872

Week of February 4, 2019

Chpt 7 is past due,  Chpt 9 is due this week

Due next week

Chapter 12: Gross Domestic Product and Growth

12 (1) p. 301  identify each of the key terms in 7 words or less for each term.

Look at the chart on page 302.  How does expenditure approach differ from income approach?

List 3 facts about the underground economy (p. 305)

Answer questions #1-7 on page 308  (odd/even)

12(2) p. 310   Identify the key terms in 7 words or less for each term.

What does the graph on page 312 show

What does the Global connection on page 314 show the relationship between?

What does the green flag on page 316 show?

Answer questions 1-5 on page 316 (odd/even)

Answer questions #1+2 on page  317

12(3)  Identify the key terms on page 318 in 7 words or less for each term.

How is capital deepening shown on the chart on page 322?

How does the fast fact on page 323 explain how innovations impact business efficiency?

Answer questions # 1-5 on page 324. (odd/even)

Answer questions 1+ 2 on page 325.

Chapter 9, Labor

Labor and the objectives of this chapter

   We will discuss  the occupational trends and how these issues helped lead to the election of President Trump

     a.   occupational trends the last 60 years  and how trends in labor market are tracked
     b.  changes in US labor market, and explain how it was reflected in 2016 and 2020 voting
    
9-1  Labor Market Trends (211-217)
Identify
discouraged workers
learning effect
screening effect
contingent employment
Answer 1,2, 5, 6 on page 217

9-2 Labor and Wages (219-226)  goals
   a. explain supply and demand in labor market  (are pro atheletes overpaid?)
   b. explain how discrimination is econoically inefficient and how it impacts wages
   c. examine why wages, working conditions, and benefits differ
Identify
productivity
equilibrium wage
unskilled vs. semi skilled labor
professional (white collar) labor
glass ceiling
featherbedding

Look at the flow chart (220), how does the outcome of the scenario effect cooks and restraurants?
Look at the equilibrium wage (221) on the chart. Why do stable wages mean stable restraurant prices?
Look at the chart on 223, which  job has a less elastic supply?  Why?
Answer questions 2, 3, 4, 6 on page 226

Read Karl Marx (227) answer questions 1 +2


9-3 Organized Labor  (228-234)
     a. Look at growth and decline of the US labor movement
     b. explain collective bargaining 
define
right to work law
white collar
blue collar
mediation
arbitration 
Answer questions 1, 2, 7, 8

Chapter 7

Chapter 7 objectives
Describe prices and output in a perfectly competitive market, does perfect competition exist today?
Why are monopolies formed? 
What is a differentiated competition?
 What is the difference between a pure and differentiated oligopoly?
What role should government play in regulating business? 
Do different market structures need different forms of regulation?

7-1 (150-154)
Define or give examples of
perfect competition
commodity
barrier to entry
start up costs
Answer questions #1-4 on page 154

7-2 (156- 164)
Define or give examples
Monopoly
economies of scale (explain the graph on 157)
natural monopoly
patent
franchise
price discrimination
market power

What business was mentioned in the fast fact (159)
What monopoly is shown on 160 map?  Why are these cities listed?
Why did marginal revenue fall on the demand schedule (161) when production increased from 10,000 to 11,000 doses of BreathDeep?
Look at 7.7 (162) at what output does a monopolist maximize profit?
Answer #1, 2,3,4 6 on page 164

Read the Bill Gates profile (165)  answer #2

7-3 (166-171)
Define or give examples of
Monopolistic/differentiated competion
non price competition
oligopoly
collusion
price fixing
cartel
Answer questions #1-6 on page 171

7-4 (172-
Define or give examples of
predatory pricing
antitrust laws
trust
merger
deregulation

What was National City Lines (172) and what did it do after WWII?
Answer questions #1-5,7 on page 176