Ib Economics Unit 1 Micro

IB
Economics

Class Assignments: Week #2
Tuesday September 8, 2015
View Simon Sinek's TED Talks Golden Circle Theory
We will analyze the video clip and answer questions related to it (see below).

Wednesday September 9, 2015
Assign take home textbooks, class texts will be arriving soon.

What is Scarcity?
What are the 3 Basic Economic Questions each economy must ask and answer?
What is Fair in the Economy? Does Fairness mean Efficiency?

Thursday September 10, 2015
Review 5 Corporate Slogans/Logo assignment
Think Like an Economist Blog Entry by Jason Welker

Friday September 11, 2015
Economics as a Social Science Activity:
How is Economics related to the other Social Sciences?
Related News Article: Economist vs. Economics
Homework Assignment: Week #2
Read the Blog Post by Jason Welker
Thoughts on Scarcity and the Big Questions of Economics

Answer these questions: Be ready to share them out in class on Wednesday
September 9th
What are the 3 basic economic questions that each economy must answer?
What is scarcity and why does it exist?
What are some scarce resources in the world outside of school?
How should scarce resources be allocated between competing wants and needs?
Who should get the stuff that scarce resources go towards producing?
What is fair? And what is efficient?
What kind of system for allocating scarce resources is both efficient and fair?

Research 5 corporate slogans/logos and determine how effective they are? Do they
match up next to the "Golden Circle Theory" discussed on Tuesday? Why or Why
Not?

Ex: Nike; "Just Do It"

Watch 30-60 minutes of television with commercials.
Identify the program, station and time slot that you viewed.
Examine 5 commercials that were broadcast during viewing period.
Were these commercials appropriate for the content and audience (consumers)?
Explain why the creator of the commercial (producer) would want to advertise
during the time identified.

Read pages 1-3 from Textbook: Section 1.1 Economics as a Social Science and 1.2
Scarcity (including the "Case Study")
Be prepared to discuss your opinions in class on Monday September 14th.


Monday September 14, 2015
Review pages 1-3 from Textbook:
Section 1.1 Economics as a Social Science and 1.2 Scarcity (including the "Case
Study")
PPT Notes on Economic Basic Concepts

Examine: 1.4 (pg 10) The Use of Models in Economics.
Define: Positive and Normative Economics (pgs. 11 & 12)
Explain: The Production Possibilities Frontier Curve (pgs. 12 & 15)

Discuss: 1.5 Central Themes in Economics (pgs. 16-19)
Examine: 1.6 Theory of Knowledge and Economics (pgs. 19-20)

Examine: 2.1 Competitive Markets: Demand and Supply page 20
Discuss: Exercises 1 & 2 on page 22
Analyze: Competitive Markets, Market Structures, Perfect Competition, Monopolistic
Competition, Oligopoly and Monopoly.
Notes: Figure 2.1 on page 26

IB Economics Text Worksheet 1.4: An Intro to the Economic Way of Thinking
NY Times Article: Freakonomics "Laid Back Labor" May 2007


Read Case Study: "Cuba to lay off 500,000 workers"
Answer Exercises #1-4 associated with the case study


Practice ToK Questions: Page 20
1 (a) & (b) select one. Answer in 250-500 words.

Practice ToK Questions: Page 20
2 (a) & (b) select one. Answer in 250-500 words.

Exercises # 3, 4 & 5 on page 26


Identify 5 Substitute goods/services and their cost relationship with each other
Identify 5 Complimentary Goods/Services and their cost relationship with each
other.
Bring this to class on Monday


Recap 2.1 Nature of Markets
Review NY Times Article and Text Worksheet 1.4

Read & Discuss: 2.2 (pg. 27-30) Demand.
Define: Demand (pg. 27) in your notebooks.
Explain: The Law of Demand
Examine: Individual Demand and Market Demand
Analyze: Shift in Demand and Movement Along a Demand Curve
Describe: Demand Curve and Demand Schedule

Read & Discuss: 2.3 Determinants of Demand (pgs. 30-35)
Define: Change of Demand (pgs. 31)
Examine: Non-Price Determinants of Demand (pgs. 31-34)
Analyze: Expectations of Future Prices and Income (pgs. 34-35)
Describe: The Changes in the Demand Curve
PLEASE NOTE: WE WILL OMIT SECTION 2.4 (HL ONLY)

Read & Discuss: 2.5 Supply page 40-42
Define: Supply (page 40) in your notebooks
Explain: The Law of Supply (page 41)
Examine: Individual Supply and Market Supply (pg. 41)
Analyze: The Profit Incentive (pg. 41)
Period 1 Notebook Check.

Read & Discuss: 2.6 Determinants of Supply (pgs. 42--47)
Analyze: Shift in Supply (pg. 42)
Examine: Non-Price Determinants of Supply (pg. 43)
Describe: Government Intervention (pgs. 45-47)
Periods 3 & 7 Notebook Check.


Identify 5 Substitute goods/services and their cost relationship with each other
Identify 5 Complimentary goods/services and their cost relationship with each
other.

Exercises: # 6, 7, 8 & 9 on page 29

News articles on Demand or Supply are due today
Exercise #10 i-vii (a, b, c, d) on page 35

Exercises #17, 18, 19 & 20 on page 42

Exercise # 21 i-v (a, b, c, d) on page 47

News Article Assignment:
Write a 250-500 word response to your selected news article. Be sure to apply at
least 2 economic concepts we learned in class thus far. This is due October 1st.


Recap Law of Demand and Law of Supply
PPT Slides: 11-35
Notes:
Determinants of Demand Figure 2.6 on page 31
Determinants of Supply Figure 2.16 on page 43
Table 3.1: Demand and Supply Schedule of Potato Chips
Figure 3.1: Market Equilibrium on page 54

Read & Discuss: 3.1 (pg. 53-58) Equilibrium.
Define: Market Equilibrium (pg. 53) in your notebooks.
Explain: Market Disequilibrium (Surpluses and Shortages)
Examine: Changes in Supply and Demand
Analyze: Shifts of Demand and Shifts of Supply

Read & Discuss: 3.3 Role of Price in Resource Allocation (pgs. 64-66)
Define: Resource Allocation (pg. 65)
Examine: Signaling and Incentive Functions of Price (pg. 64)
Analyze: Shifts of Demand on the Supply Curve (pg. 65)
Describe: The Changes in the Supply Curves (pg. 66)
Practice Questions: #3 on page 71
PLEASE NOTE: WE WILL OMIT SECTION 3.2 (HL ONLY)

Thursday October 1, 2015
Read & Discuss: 3.4 Market Efficiency page 66-71
Define: Consumer Surplus (page 67) in your notebooks
Define: Producer Surplus (page 68) in your notebooks
Notes: Figure 3.6 Community Surplus

Explain: Allocative Efficiency and Competitive Markets (page 41)
Examine: Community Surplus (pg. 69)
Analyze: Practice Question #4 (pg. 71)

Friday October 2, 2015
60 Minutes:
Luxottica & Chinese Housing Bubble


Read: Market Disequilibrium pgs. 54-55
Excess Supply and Excess Demand
Figure 3.2: Equilibrium with Shortages and Surpluses

Exercises: #1 (a) & (b) i-ix (all of them) on page 58
Be ready to share these out tomorrow!!

Exercises # 5, 6,7 & 8 on page 66

Exercises #9, 10, 11, 12 & 13 on page 70
New Article Response is Due

Read & Discuss: Content Extra 2.1
Analyze: NY Times News Article The Devil Sells Prada
Practice Question #5 on page 71 (answer in your notebooks)

News Article Assignment:
Write a 250-500 word response to your selected news article. Be sure to apply at
least 2 economic concepts we learned in class thus far. This is due October 1st.


Monday October 5, 2015
Read & Discuss: 4.1 Defining Elasticity (pgs. 72-73)
Discuss: Implications for Business & Implications for Governments
Read and Discuss: 4.2 Price Elasticity of Demand (pgs. 73-75)
Define: Price Elasticity of Demand PED (pg. 74) in your notebooks.
Examine: The PED Coefficient with worked examples

Tuesday October 6, 2015

Read & Discuss: Interpreting the PED Coefficient (pg. 75-77)
PED < 1: Inelastic Demand
PED > 1: Elastic Demand
PED = 1: Unit Elastic Demand
PED = 0: Perfectly Inelastic Demand
PED = Infinity: Perfectly Elastic Demand
Discuss: S.P.L.A.T.
Explain: Number of Substitutes & Proportion of Income
Examine: Luxury or Necessity? & Addictive or Not?
Analyze: Time to Respond

Wednesday October 7, 2015
Early Release Day: Periods 1 & 3 (Period 7 will do it October 14, 2015)
Content Extra 4.1: Understanding Price Elasticity of Demand

Read & Discuss: 4.3 Applications of PED page 80-83
Notes: Table 4.1 Total Revenue Test, A Quick Reference pg. 83
Explain: The Total Revenue Test of PED (page 81)
Examine: PED and Indirect Taxes (pg. 83)

Internal Assessment Overview, Requirements and Rubrics


Exercises: #1, 2 & 3 on page 75
Be ready to share these out tomorrow!!

Identify the Determinants of PED Using: S.P.L.A.T

Identify a Unit 1: Microeconomics article to use for Internal Assessment #1
New Article is Due Tuesday October 13, 2015 (all periods are responsible for this)

Exercises #4, 5, 6 & 7 on page 82

Worked Problem #4a
Q(D1) = 500-20(5) = 400
Q(D2) = 500-20(6) = 380

%Change in Q = (380-400)/400 = 0.05 X 100 = 5%
%Change in P = (6-5)/5 = 0.2 X 100 = 20%

Worked Problem #4b
Q(D1) = 500 - 20(10) = 300
Q(D2) = 500 - 20(11) = 280

%Change in Q = (280-300)/300 = 0.067 X 100 = 6.7%
%Change in P = (11-10)/10 = 0.1 X 100 = 10%

PED = 6.7/10 = .067

Identify a Unit 1: Microeconomics article to use for Internal Assessment #1
New Article is Due Friday October 16, 2015


Columbus Day: No School

Read & Discuss: 4.4 Cross-Price Elasticity of Demand (XED) pages 83-87
Explain: The XED Coefficient
Examine: Complimentary Goods; Negative XED Coefficient
Analyze: Worked Examples on page 85
Examine: Substitute Goods; Positive XED Coefficient
Analyze: Worked Examples on page 86

PSAT Periods 1-4

Read & Discuss: 4.5 Income Elasticity of Demand (YED) pages 87-90
Explain: The YED Coefficient
Examine: Interpreting the YED Coefficient on page 89
Analyze: Applications of Income Elasticity of Demand on page 90

Read & Discuss: 4.6 Cross-Price Elasticity of Supply (PES) pages 90-97
Explain: The PES Coefficient
Examine: The Determinants of Price Elasticity of Supply (Notes in Notebook)
Analyze: Mobility of the Factors of Production
Examine: The Ability to Store Stocks & The Amount of Unused Capacity
Analyze: Applications of PES
Analyze: Price Controls and PES

Continue you search for news article for Internal Assessment #1

Exercises 8, 9 &10 on page 86

Case Study: Cross Price Elasticity in the News; Camel Demand Soars in India
Exercises: 11, 12 & 13 on page 87

Exercises #14, 15 & 16 on page 89
#14 YED= 12/8 = 1.5

#15
% Change in Q= (40-45)/45 = -0.11 X 100 = - 11%
% Change in Y= (55,000 - 40,000)/40,000 = 0.375 X 100= 37.5%
YED = -11/37.5 = -0.293

#16
a) Inelastic because it is less than 1. YED is positive, so its a normal good
b) Elastic because it is greater than 1. YED is negative, so its an inferior good
c) Elastic because it is greater than 1. YED is positive, so it is a normal good

Practice Questions: Select One on page 97
#1 (a) & (b)
#2 (a) & (b)
#3 (a) & (b)


IA #1 Unit 1 Microeconomics Exemplar Review.

Read & Discuss: 5.1 Indirect Taxes pages 98-100
Explain: Why governments impose indirect taxes
Examine: Specific Taxes and Ad valorem tax
Analyze: The Effect of Taxes; Stakeholder consequences
We will Omit Section 5.2 as it is HL Only

Read & Discuss: 5.3 Subsidies pages 107-100
Explain: Why governments provide subsidies, and describe examples of subsidies.
Examine: Specific Taxes and Ad valorem tax

Analyze: The Effect of Taxes; Stakeholder consequences
We will Omit Subsidy and Linear functions as it is HL Only

Read & Discuss: 5.4 Price Controls; Maximum Price Controls pages 113-116
Explain: Why governments impose price ceilings, and describe examples of price
ceilings.
Examine: The effects of price ceilings
Analyze: Examples of price ceilings

Read & Discuss: 5.5 Price Controls; Minimum Price Controls pages 116-119
Explain: Why governments impose floors, and describe examples of price floors.
Examine: The effects of price floors
Analyze: Examples of price floors
Examine: Fixed Prices


Continue your search for news article for Internal Assessment #1
Begin your rough draft of Internal Assessment #1

Exercises 1 & 2 on page 99

Exercises: 19, 20 & 21 ONLY on page 109
Read: Split-The-Cheque Phenomenon and answer both prompts

Examine Bar Graph on Black Market Goods on page 115
Answer all four prompts.

Practice Questions: Select One on page 122
#1
#2
#3 (a) & (b)
#4 (a) & (b)
#5 (a) & (b)


Read & Discuss: 6.1 The Meaning of market failure and externalities pages 123-100
Explain: The meaning market failures
Examine: The meaning of externalities
Analyze: The concept of externalities "mathematically" page 126

Read & Discuss: 6.2 Negative Externalities pages 126-133
Explain: Negative production externalities
Examine: Potential solutions to Negative Externalities
Analyze: Negative consumption externalities

Read & Discuss: 6.3 Positive Externalities pages 133-137
Explain: Positive externalities of production
Examine: Potential solutions to positive externalities
Analyze: Positive externality of consumption

Read & Discuss: 6.4 Lack of Merit Goods and Public Goods pages 137-116
Explain: Under-Supply of merit goods
Examine: Under-Supply of Public Goods
Analyze: Oversupply of demerit goods

Read & Discuss: 6.5 Common Access resources and the threat to sustainability pages
139-143
Explain: The tragedy of the commons
Examine: Fossil Fuel Consumption
Analyze: Potential Solutions to sustainability problems
Examine: Poverty in less developed countries

Continue your rough draft of Internal Assessment #1 on Unit 1 Microeconomics
Identify examples of externalities found in our community

Exercises 1, 2 & 3 on page 133

Identify the positive and negative externalities of the Buffalo Niagara Medical
Campus on the residential area surrounding the location. Explain in 100-250 words.


Identify:
2 Merit Goods
2 Public Goods
2 Demerit Goods

Exercises #4, 5 & 6 page 140

Ib Economics Unit 1 Micro

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Tuesday September 15, 2015

Class Assignments: Week #4

Notes: Figure 3.6 Community Surplus

Tuesday October 6, 2015

%Change in P = (6-5)/5 = 0.2 X 100 = 20%

Examine: Specific Taxes and Ad valorem tax

Class Assignments: Week #9

Thursday October 29, 2015

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