"Supersize Me" is socialist Propaganda!
Click here to find out more. Everyone gets to choose when they go to McDonalds.

Also this guy lost weight

Be a critical thinker, not an information consumer!

Oil did or did not come from dinasaurs and organic decay?

California State Economics Standards, Part 1

12.1 Students understand common economic terms and concepts and economic reasoning:
Section 1. the causal relationship between scarcity and choice
Section 2. opportunity cost and marginal benefit and marginal cost
Section 3. the difference between monetary and non-monetary incentives and how changes in incentives
cause changes in behavior
Section 4. the role of private property as an incentive in conserving and improving scarce resources,
including renewable and non-renewable natural resources
Section 5. the role of a market economy in establishing and preserving political and personal liberty
(e.g., the work of Adam Smith)

Chapter 1 What is Economics?

Day 1 introduce VBC personal Finance game.

Day 2 Give pre-test; discuss rationing devices if time left over.

Day 3 LBYM PYF, and Go over 4 basic concepts related to personal finance: Opportunity cost, scarcity,resources,needs versus wants, incentives; and then have them create a budget based on minimum wage, net $1127 a month takehome. Homework: finish budget and show to an adult for their advice on numbers.

Day 4 Go over student made budget, discuss ins and outs.

Day 5 Scarcity, plus rest of vocab words
Lost Money website

Day 6 LBYM PYF, Mortgages,

Day 7 Credit cards, debit cards

Day8 MORE PERSONAL FINANCE

Day 9

Day 10

KEY TERMS

Opportunity Cost
Scarity
resources
needs verus wants
PPF
Rationing device
cost/benefit
thinking at the margin
incentives
trade offs
unintended effects
tangible or intangible
goods/services
bads/diservices
Utility/disutlity
renewable/non renewable resources
land,labor,capital,entrepreneurship

Applying concepts to a movie written activity......

Day 11 John Stossel Video "Is America #1?" (click on title to view on YouTube)

John Stossel : Is America #1? pages, 6,7,8, 9 from guide

California State Economics Standards, Part 2

12.2 Students analyze the elements of America’s market economy in a global setting:
Section 1. the relationship of the concept of incentives to the law of supply and the relationship of
the concept of incentives and substitutes to the law of demand
Section 2. the effect of changes in supply and/or demand on the relative scarcity, price and quantity
of particular products
Section 3. the role of property rights, competition, and profit in a market economy
Section 4. how prices reflect the relative scarcity of goods and services and perform the allocative
function in a market economy
Section 5. the process by which competition among buyers and sellers determines a market clearing price
Section 6. the effect of price controls on buyers and sellers
Section 7. the role of domestic and international competition in a market economy in terms of goods and
services produced, and the quality, quantity, and price of those products
Section 8. the role of profit as the incentive to the entrepreneurs in a market economy
Section 9. the functions of the financial markets. howthemarketworks.com
Section 10. the economic principles that guide the location of agricultural production and
industry and the spatial distribution of transportation and retailing facilities. (Why we build where we build)

Chapter 2 Economic Systems and the Global Economy

Comparing Economies Lesson

CIA FACT BOOK SITE

Design your own country activity

Chapter 3 Free Enterprise

McDonalds video (use new one) McDonalds versus College project

Adam Smith and the invisible hand AGAIN......... the invisible hand on the internet

5 FEATURES

CIRCULAR FLOW

PROFIT AND LOSS

ETHICS Cheating activity and discussion

ENTREPRENEURS

THE ROLE OF GOVERNMENT

John Stossel Video "John Stossel goes to Washington"

John Stossel goes to Washington Questions page 9, 19, 27 from handout at link

KEY TERMS

private property
public property
Households
circular flow of economic activity
profit
loss
contract
private good
public good
excludable public good
nonexcludable public good
free riders
negative externality
positive externality

Chapter 4,5,6 Supply and Demand

Auction off 2 bags of taffy: one watermelon and one black licorice

Musical chairs, supply and demand of boyfriends, girlfriends,

1) Supply and demand activity

2) other supply and demand links

IRV activity

Chapter 7 Business Operations

(use supply and demand charts)

Types of business_structures

Compund interest calculator

START VBC retailing

Salary..."not worth your salt" .... Roman soldiers and salt

Shirking
marginal cost, variable cost, fixed cost, average cost
3 forms of ownership and the adavantages and disadvantages of each
net profit formula as written on the board in class
4 types of workers
Franchises
Law of diminishing marginal returns and utility
Corporate structure
bondholders and stockholders
LBYM PYF

Chapter 8 Competition and markets

(use supply and demand charts)

Tucker Movie and Essay

http://www.economicthinking.org/Americanhistory/tucker-greg.htm

http://teacherweb.ftl.pinecrest.edu/snyderd/Econ/Tucker/Tucker%20&%20Big%20Three.htm

Open Letter from Preston Tucker

Tucker Auto club

Tucker Auto page

California State Economics Standards, Part 4

12.4 Students analyze the elements of the United States labor market in a global setting:
Section 1. the operations of the labor market, including the circumstances surrounding the establishment of
principal American labor unions, procedures used to gain benefits for its members, the effect of
unionization, the minimum wage, and unemployment insurance
Section 2. the current economy and labor market including the types of goods and services produced, types of
skills necessary, the effect of rapid technological change, and the impact of international competition
Section 3. wage differences among jobs and professions using the laws of demand and supply and the concept
of productivity
Section 4. the effects of international mobility of capital and labor on the U.S. economy

Chapter 9 Labor, Employment, and Wages

(use supply and demand charts)

Unemployment and education

California State Economics Standards, Part 3

Section 12.3 Students analyze the influence of the federal government on the American economy:
Section 1. how the role of government in a market economy often includes providing for national defense,
addressing environmental concerns, defining and enforcing property rights, attempting to
make markets more competitive, and protecting consumer rights
Section 2. the factors that may cause the costs of government actions to outweigh the benefits (when is it too much government?)
Section 3. the aims of government fiscal policies (taxation, borrowing, and spending) and their influence
on production, employment, and price levels
Section 4. the aims and tools of monetary policy and their influence on economic activity
(e.g., the Federal Reserve)

Chapter 10 Money, banking, and the Federal Reserve System

(use supply and demand charts)

This guy tried to make his own money!! You can if.....???

Barter groups,

Who is on each type of Bill?

Trading up!

Gold Standard

Greed video: John Stossel Greed Video, "bowl of money" Create your own prompt, note it at the top of your work. then create a 5 paragraph essay about Greed and charity. Submit it to Turnitin.com # 3658085. The password is the same one used to join the stock market game. Ask me if you cannot remember, or it os posted on my classroom board.

One idea from the video: If you feed a man a fish, he will eat for a day. If you teach a man to fish he will eat for a lifetime. Greed Ideas link

Too many toys? What happens

Federal Reserve and its Conspiracy Theory

What is the credit crisis we had/are having in 2008-2010

Was the Wizard of Oz written as a political statement?

California State Economics Standards, Part 5

12.5 Students analyze the aggregate economic behavior of the United States economy:
Section 1. distinguishing between nominal and real data (GDP)
Section 2. defining, calculating and explaining the significance of an unemployment rate, the number of new
jobs created monthly, an inflation or deflation rate (CPI), and a rate of economic growth
Section 3. distinguishing between sort-term and long-term interest rates and explaining their
relative significance

Chapter 11 Measuring Economic Performance

http://www.federalreserveeducation.org/ 

GDP

Velocity of money

Historical CPI

CPI categories start on apge 11, then page 12 breaks them down into detil......   

inflation calculator....from the BLS.gov...........remember when the McDonalds brothers wanted $1,000,000 each from Ray Kroc in 1961? How much would that be today?

Historical unemployment chart

Unemployment rate

What is Poverty

Chapter 13 Fiscal and Monetary Policy

Can you run the Federal Reserve

John Maynard Keynes VS. laissez faire

Argument against Keynes approach

Argument for and against Keynes approach

Chapter 14 Taxing and Spending

California Budget calculator

http://www.nathannewman.org/nbs/

Who do we owe our National Debt to? See this graphic 2004-2010

National debt clock

GDP/Expenditures by President

GDP versus national debt

Consumer debt, credit cards and mortgages

California State Economics Standards, Part 6

12.6 Students analyze issues of international trade, and explain how the U.S. economy affects,
and is affected by, economic forces beyond its borders:
Section 1. the gains in consumption and production efficiency from trade with emphasis on the main products
and changing geographic patterns of twentieth century trade among countries in the eastern
hemisphere
Section 2. the reasons for and the effect of trade restrictions in the Great Depression compared with the
present day arguments among labor, business, and political leaders over the effects of free trade on
the economic and social interests of various groups of Americans
Section 3. the changing role of international political borders and territorial sovereignty in a global economy
Section 4. explain foreign exchange, how exchange rates are determined, and the effects of the dollar gaining
(or losing) value relative to other currencies (a strong or weak dollar)

Chapter 15 International Trade and Economic Development

International trade balance

Chapter 16 Stocks and Bonds

Personality test and handling money

John Stossel Happiness Video

Bond calculator

Common Questions

Stock market article

howthemarketworks.com

Warren Buffet return numbers

California State Framework

Economic Literacy
To develop economic literacy, students must:
1) Apply economic reasoning when using scarce resources. Students must understand that people choose because resources are insufficient to achieve all of our goals, that all choices involve costs, and that using resources in one way means sacrificing using them in another way. They must learn to apply cost-benefit analysis to all aspects of their lives.

2) Understand how they influence the economy and how the economy influences them. Using economic reasoning, students should see themselves in the economics course. They should learn how supply and demand determine prices in all markets and the key roles of profit as a motivator and competition as a regulator. They should recognize their roles as buyers and sellers in product markets and understand the importance of their skills and knowledge in influencing their incomes in labor markets. They should understand financial markets and recognize the effect of interest rates on all sectors of the economy. Students should be able to apply the principles that they learn and the economic tools of analysis to make informed personal, social, and political decisions.

3) Understand the basic economic goals, performance, and problems of our society. Students analyze broad economic and political goals such as freedom of choice, efficiency, equity, economic security and stability, and distribution of benefits and costs as well as more narrow economic goals such as full employment, price stability, and economic growth. They will develop analytical skills to assess economic issues and proposed government policies in light of these goals. They will learn to describe and evaluate the performance of the nation’s economy. They will examine local, state, national, and global issues of the nation’s mixed economy, including (1) the paradox of scarcity amidst plenty; (2) the persistence of poverty in a generally productive economy; (3) inflationary and deflationary pressures and their effects on real incomes of different groups; (4) the relationship between improvement of human capital, worker productivity, real income, and productivity; (5) the benefits, costs, distributive effects, and intended and unintended consequences of government programs.

4) Understand the different characteristics of today’s mixed economies. Beginning in elementary school, students should be introduced to the basic processes through which market economies function and to the growing network of markets and prices that reflect shifting supply and demand conditions in a market economy. In later years students should be able to compare the origins and differentiating characteristics of today’s mixed economic systems which combine components of pure socialist and pure market economies. Students should understand how each system addresses the use of scarce resources in the production, consumption, and distribution of desired goods and services. They should investigate the different emphases that societies place on the goals mentioned above, recognizing the trade-offs that exist. They should understand how incentives in different economic systems influence people’s actions including the role of property rights in a market economy. They should analyze the relationships of the economic, social, and political systems in different economies.

5) Understand the global economy. Students investigate and analyze (1) the organization and significance of the international economic system for themselves and others; (2) the distribution of wealth and resources among nations; (3) the struggle of the poor around the world to achieve a better standard of living and the causes and proposed solutions to world poverty; (4) the interdependence of households, workers, national and transnational businesses, and governments in a global economy; and (5) the external benefits and costs of the global economic system.

6) Recognize that school is their investment in their human capital. In the early years, students should be able to apply economic reasoning to their own goals. They should recognize that successful participation in the global economy requires their investment in their human capital. As they continue in school, they should be aware of their growing skills and knowledge and begin to envision the ways in which their investment will help them achieve their economic and financial goals. 

7) Apply economic principles and analytical skills to the study of the human experience. The study of economics does not begin in the twelfth grade course, but in kindergarten and is developed throughout the grades. From kindergarten through grade twelve students will learn cost-benefit analysis and other skills of economic analysis and combine them with historical, geographic, and political analysis skills to develop a rich and complete understanding of the human experience. To fully understand past, present, and future societies, students must begin early.  

Final Exam practice test answers!

1. Fractional reserve banking
2. Barter
3. Federal Reserve district banks
4. Federal Reserve Board of Governors
Board of Governors of the Federal Reserve System
Fed Board of Governors
5. Federal Reserve System
6. Required Reserves
7. Excess Reserves
8. Open Market Operations
9. Federal Open Market Committee
10. Discount Rate
11. Double Counting
12. Gross Domestic Product
13. Intermediate Good
14. Underground
15. Export Spending
16. Import Spending
17. Base Year
18. Real GDP
19. Consumer Price Index
20. Price Index
21. Employment Rate
22. Velocity
23. Deflation
24. Recession
25. Absolute Real Economic Growth
26. Fiscal
27. Laffer Curve
28. Expansionary Fiscal
29. After-Tax Income
30. Monetary
31. Expansionary Monetary
32. Contractionary Monetary
33. Stagflation
34. Progressive
35. Regressive
36. Proportional Flat