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AP ECON 2011-12 Name:_____________________________ Unit 1: Basic Economic Concepts (8-12%) **Reminder, information is posted on the AP Econ website along with a blog, videos, and other helpful resources. www.mrkeconomics.weebly.com Tuesday Sept. 6: Day 1: What is Economics? *Concepts: Economic Way of Thinking, Positive vs. Normative Economics, Scarcity, Trade-Offs, Opportunity Cost *Big Deal Questions: -What is Economics? -How does an Economist think? -What is the importance of scarcity to an economist? -What is the relationship between scarcity and economics? *Reading: Economics by Example Ch. 1, Textbook Ch. 1 pg. 3-17 Wednesday Sept. 7: Day 2: Resources and Scarcity, What is Economics all about? Resource Scarcity Game *Reading: Textbook Ch. 2 pg. 28-29 & 38-43 Thursday Sept. 8: Day 3: What shall we give up…? Trading can create value *Concepts: Opportunity Cost, Trade-Offs, Factors of Production, Production Possibilities: “Links and Smiles” *Big Deal Questions: -What is the opportunity cost of going to college? -What are the trade offs of not going to college? -What is the role of an entrepreneur? -What can we learn from a production possibilities graph? *WB Activity #1 *Reading: Handout pg. 23-29 Friday Sept. 9: Day 4: How do we gain from trade? *Concepts: Production Possibilities, Constant Costs, Law of increasing Costs, Comparative and Absolute Advantage, specialization, terms of trade *Big Deal Questions: -Why does the U.S. have the comparative advantage in producing commercial planes? -Why doesn’t an individual produce all of their needs on their own? -How does an individual or country know to accept a trade from another country? *Writing Assign. Free Response #1 Due Monday *WB Activity #2 *Reading Textbook Ch. 3 pg. 55-63 AP ECON 2011-12 Name:_____________________________ Monday Sept. 12: Day 5: Who generates demand? Consumer choice A market in Wheat *Concepts: Law of Demand, Consumer Surplus, Change in Quantity Demanded, Change in Demand, Demand Determinants *WB Activity #3, 4 *Reading Textbook Ch. 3 pg. 64-76 Tuesday Sept. 13: Day 6: Producer Choice, and How Demand and Supply Interact? *Concepts: Law of Supply, Producer Surplus, Change in Supply, Change in Quantity Supplied, Determinants of Supply, Equilibrium, Economic Efficiency *WB Activity #5,6 *Reading: Textbook Ch. 3 pg. 76-79 Wednesday Sept. 14: Day 7: How Does the Market React? How are Prices Determined? *Concepts: Invisible Hand, Shortage, Surplus, Excess Demand, Excess Supply, Balancing the Market *WB Activity #7 *Reading Textbook Ch. 4 pg. 83-93 Thursday Sept. 15: Day 8: Markets What if the Government interferes with the market? *Concepts: Price Ceiling, Price Floor, Subsidy, Tax, Black Market, Tax Incidence * Reading: Review Ch. 1-4 Friday Sept. 16: Day 9: Review Questions *WB Sample MC and FRQ from Unit 1 Monday Sept. 18: Day 10: Test- Multiple Choice and Free Response *Reading: Ch. 7 (Calculating GDP)
