Absences and Make-up Work: It is the student’s responsibility to get missed work for the days he/she was absent from the homework website. • Upon returning, homework from the last class meeting is due. • If the student is absent on the day of a quiz or test, the student will be required to take the quiz/test on the day the student returns to class. That quiz/test may or may not be the same quiz/test given on the original exam day. Cheating Policy: Cheating, copying, allowing someone to copy your work, or plagiarism of any kind will not be tolerated. All students involved will receive a zero and parents will be notified. Cell Phone & Personal Items: Cell phones will be collected at the start of each period. Keep personal items out of sight during class. Tutoring: If extra help is needed, I am available during my 7 th period study hall, brunch, and afterschool by appointment.
Course Outline Unit Objectives Textbook Chapter Unit I: Basic Economic Concepts and Production Possibilities Basic Economic Concepts 1. Scarcity, choice, and opportunity cost 2. Production possibilities curve 3. Marginal analysis 4. Comparative advantage, absolute advantage, specialization, and trade 5. Economic systems 6. Property rights and the role of incentives Performance Objectives You must be able to: • Define scarcity, choice, and cost. • Define and compute opportunity cost. • Distinguish between positive and normative statements. • Construct and interpret production possibilities schedules and graphs. • Define how production possibilities schedules and graphs illustrate the issues of scarcity, choice, and cost. • Define and calculate absolute and comparative advantage for production and exchange. • Define allocation, efficiency, and equity. • Explain ways in which societies determine allocation, efficiency, and equity. Ch. 1: What Economics Is About Ch. 2: Trade, Tradeoffs, and Economic Systems Unit II: Supply and Demand Model and Consumer Choice Topic #1: Supply and Demand 1. Determinants of supply and demand 2. Market equilibrium 3. Price and quantity controls 4. Elasticity a. Price, income, and cross-price elasticities of demand b. Price elasticity of supply 5. Consumer surplus, producer surplus, and allocative efficiency 6. Tax incidence and deadweight loss Performance Objectives You must be able to: • Define and illustrate supply and demand through schedules and graphs. • Distinguish between changes in supply and demand and between changes in quantity demanded and supplied. • Explain the inverse and positive relationships between price and quantity demanded and quantity supplied. • Identify and explain the variables that cause changes in supply and demand. • Define and illustrate equilibrium. • Define and illustrate surpluses and shortages. • Define effects of surpluses and shortages on prices and quantities.