You are on page 1of 12

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  
Tuesday  September  8,  2015  
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?  
 
Wednesday  September  9,  2015  
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"  
 
Thursday  September  10,  2015  
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.  

 
Friday  September  11,  2015  
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.  
 
Class  Assignments:  Week  #3  
 
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  
 
Tuesday  September  15,  2015  
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)  
 
Wednesday  September  16,  2015  
Discuss:  1.5  Central  Themes  in  Economics  (pgs.  16-­‐19)  
Examine:  1.6  Theory  of  Knowledge  and  Economics  (pgs.  19-­‐20)  
 
Thursday  September  17,  2015  
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  
 
Friday  September  18,  2015  
IB  Economics  Text  Worksheet  1.4:  An  Intro  to  the  Economic  Way  of  Thinking  
NY  Times  Article:  Freakonomics  "Laid  Back  Labor"  May  2007  
 
Homework  Assignment:  Week  #3  
 
Monday  September  14,  2015  
Read  Case  Study:  "Cuba  to  lay  off  500,000  workers"  
Answer  Exercises  #1-­‐4  associated  with  the  case  study  
 
 

Tuesday  September  15,  2015  
Practice  ToK  Questions:  Page  20  
1  (a)  &  (b)  select  one.  Answer  in  250-­‐500  words.  
 
Wednesday  September  16,  2015  
Practice  ToK  Questions:  Page  20  
2  (a)  &  (b)  select  one.  Answer  in  250-­‐500  words.  
 
Thursday  September  17,  2015  
Exercises  #  3,  4  &  5  on  page  26  
 
Friday  September  18,  2015  
 
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  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Class  Assignments:  Week  #4  
 
Monday  September  21,  2015  
Recap  2.1  Nature  of  Markets  
Review  NY  Times  Article  and  Text  Worksheet  1.4  
 
Tuesday  September  22,  2015  
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  
 
Wednesday  September  23,  2015  
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)  
 
Thursday  September  24,  2015  
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.  
 
Friday  September  25,  2015  
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.  
 
Homework  Assignment:  Week  #4  
 
Monday  September  21,  2015  
Identify  5  Substitute  goods/services  and  their  cost  relationship  with  each  other  
Identify  5  Complimentary  goods/services  and  their  cost  relationship  with  each  
other.  
 
Tuesday  September  22,  2015  
Exercises:  #  6,  7,  8  &  9  on  page  29    

 
Wednesday  September  23,  2015  
News  articles  on  Demand  or  Supply  are  due  today  
Exercise  #10  i-­‐vii  (a,  b,  c,  d)  on  page  35  
 
Thursday  September  24,  2015  
Exercises  #17,  18,  19  &  20  on  page  42  
 
Friday  September  25,  2015  
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.  
 
Class  Assignments:  Week  #5  
 
Monday  September  28,  2015  
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  
 
Tuesday  September  29,  2015  
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  
 
Wednesday  September  30,  2015  
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  
 
Homework  Assignment:  Week  #5  
 
Monday  September  28,  2015  
Read:  Market  Disequilibrium  pgs.  54-­‐55  
Excess  Supply  and  Excess  Demand  
Figure  3.2:  Equilibrium  with  Shortages  and  Surpluses  
 
Tuesday  September  29,  2015  
Exercises:  #1  (a)  &  (b)  i-­‐ix  (all  of  them)  on  page  58    
Be  ready  to  share  these  out  tomorrow!!  
 
Wednesday  September  30,  2015  
Exercises  #  5,  6,7  &  8  on  page  66  
 
Thursday  October  1,  2015  
Exercises  #9,  10,  11,  12  &  13  on  page  70  
New  Article  Response  is  Due  
 
Friday  October  2,  2015  
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.  
 
 
Class  Assignments:  Week  #6  
 
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  
 
Thursday  October  8,  2015  
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)  
 
Friday  October  9,  2015  
Internal  Assessment  Overview,  Requirements  and  Rubrics  
 
Homework  Assignment:  Week  #6  
 
Monday  October  5,  2015  
Exercises:  #1,  2  &  3  on  page  75  
Be  ready  to  share  these  out  tomorrow!!  
 
Tuesday  October  6,  2015  
Identify  the  Determinants  of  PED  Using:  S.P.L.A.T  
 
Wednesday  October  7,  2015  
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)  
 
Thursday  October  8,  2015  
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  
 
Friday  October  9,  2015  
Identify  a  Unit  1:  Microeconomics  article  to  use  for  Internal  Assessment  #1  
New  Article  is  Due  Friday  October  16,  2015  
 
Class  Assignments:  Week  #7  
 
Monday  October  12,  2015  
Columbus  Day:  No  School  
 
Tuesday  October  13,  2015  
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  
 
Wednesday  October  14,  2015  
PSAT  Periods  1-­‐4  
 
Thursday  October  15,  2015  
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  
 
Friday  October  16,  2015  
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  
Homework  Assignment:  Week  #7  

 
Monday  October  12,  2015  
Continue  you  search  for  news  article  for  Internal  Assessment  #1  
 
Tuesday  October  13,  2015  
Exercises  8,  9  &10  on  page  86  
 
Wednesday  October  14,  2015  
Case  Study:  Cross  Price  Elasticity  in  the  News;  Camel  Demand  Soars  in  India  
Exercises:  11,  12  &  13  on  page  87  
 
Thursday  October  15,  2015  
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  
 
Friday  October  16,  2015  
Practice  Questions:  Select  One  on  page  97  
#1  (a)  &  (b)  
#2  (a)  &  (b)  
#3  (a)  &  (b)  
 
Class  Assignments:  Week  #8  
 
Monday  October  19,  2015  
IA  #1  Unit  1  Microeconomics  Exemplar  Review.  
 
Tuesday  October  20,  2015  
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  
 
Wednesday  October  21,  2015  
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  
 
Thursday  October  22,  2015  
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  
 
Friday  October  23,  2015  
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  
 
Homework  Assignment:  Week  #8  
 
Monday  October  19,  2015  
Continue  your  search  for  news  article  for  Internal  Assessment  #1  
Begin  your  rough  draft  of  Internal  Assessment  #1  
 
Tuesday  October  20,  2015  
Exercises  1  &  2  on  page  99  
 
Wednesday  October  21,  2015  
Exercises:  19,  20  &  21  ONLY  on  page  109  
Read:  Split-­‐The-­‐Cheque  Phenomenon    and  answer  both  prompts  
 
Thursday  October  22,  2015  
Examine  Bar  Graph  on  Black  Market  Goods  on  page  115  
Answer  all  four  prompts.  
 
Friday  October  23,  2015  
Practice  Questions:  Select  One  on  page  122  
#1    
#2    
#3  (a)  &  (b)  
#4  (a)  &  (b)  
#5  (a)  &  (b)  
 
 
 
 

Class  Assignments:  Week  #9  
 
Monday  October  26,  2015  
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  
 
Tuesday  October  27,  2015  
Read  &  Discuss:  6.2  Negative  Externalities  pages  126-­‐133  
Explain:  Negative  production  externalities  
Examine:  Potential  solutions  to  Negative  Externalities  
Analyze:  Negative  consumption  externalities  
 
Wednesday  October  28,  2015  
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  
 
Thursday  October  29,  2015  
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  
 
Friday  October  30,  2015  
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  
Homework  Assignment:  Week  #9  
 
Monday  October  26,  2015  
Continue  your  rough  draft  of  Internal  Assessment  #1  on  Unit  1  Microeconomics  
Identify  examples  of  externalities  found  in  our  community    
 
Tuesday  October  27,  2015  
Exercises  1,  2  &  3  on  page  133  
 
Wednesday  October  28,  2015  
Identify  the  positive  and  negative  externalities  of  the  Buffalo  Niagara  Medical  
Campus  on  the  residential  area  surrounding  the  location.  Explain  in  100-­‐250  words.  
 

Thursday  October  29,  2015  
Identify:  
2  Merit  Goods  
2  Public  Goods  
2  Demerit  Goods  
 
Friday  October  30,  2015  
Exercises  #4,  5  &  6  page  140