m , a 6 & t , a 7 ap m rown - ms. brown's …...who am i? 1. ms. brown (susan); aka teacher...

MOMENTOUS MONDAY, AUGUST 6 &TREMENDOUS TUESDAY, AUGUST 7WELCOME TO AP MACROECONOMICS WITH MS. BROWN!

Warm-up: On an index card, please tell me a little about yourself by writing the following LEGIBLY:

1. First and last name, plus nickname, if applicable; class period and day

2. 5 adjectives or words that describe you3. Something unique about you4. Extracurricular activities you participate in5. Career Goals6. Favorite Book7. What have you heard about this class?8. Parent(s)/guardian(s) email addresses and phone

numbers

AGENDA: MOMENTOUS MONDAY, AUGUST 6

1. Take roll2. Interviews and Introductions 3. Activity and textbook distribution4. Homework assignments:

● Common Sense Economics● Economic interview

5. Supplies for class

ROLL/INTRODUCTIONS

WHO AM I?

1. Ms. Brown (Susan); aka Teacher Vacancy 142. Compassionate, funny, salty, goofy, sarcastic3. I was on death row in 19944. I like to run, hike, camp, nap5. To be a really good economics teacher 6. Cutting for Stone by Abraham Verghese7. It’s tough, it’s fun, it’s boring, you do some cool

stuff, there’s a lot less writing than APUSH or AP World!

8. Trust me, you don’t want to talk to my mom . . .

MEET A NEW FRIEND AND INTERVIEW THEM

MEET A NEW FRIEND, INTRODUCE YOURSELVES, AND INTERVIEW EACH OTHER

● What was the last school that you attended?

● What is your favorite book or genre?● What really annoys you?● What makes you happy?● What are your career goals?● What are two things you like to do?

WACKY WEDNESDAY, AUGUST 8THRIFTY THURSDAY, AUGUST 9

• Please get out your notes about allocating the desks from the first day.

• If you weren’t in class the first day, please complete an index card with the information on the poster on the white board to the left

Remember, write the learning target in your notes every day!!Learning target: I can describe six ways to allocate scarce resources. I can define the factors of production.

Homework reminder: Economic interview due Monday, August 13 at the beginning of class

ECONOMICS IS FUN!

HOW MUCH FUN IS AP MACRO WITH MS. BROWN?

So much fun you might drool . . .

or vomit . . .

HOMEWORK

AP MACRO HOMEWORK IS IMPORTANT . . .

NOT optional!!

1. COMMON SENSE ECONOMICS

Submit your answers to summer reading questions by this Friday, August 10 either via Verge by 8:00 a.m. or turn in a hard copy to your class tray in the back of the classroom.

2. INTERVIEW REGARDING THE ECONOMY!

• You are a reporter for the AJC or New York Times and your editor (me) has asked you to write an article about how people are feeling about the state of the American economy.

• You must interview one adult about their perceptions and opinions regarding the U.S. economy.

• Your product should be a three-paragraph summary article about your interview.

• I’ve provided sample questions.• This is due next Monday, August 13.

WACKY WEDNESDAY, AUGUST 8THRIFTY THURSDAY, AUGUST 9

• Please get out your notes about allocating the desks from the first day.

• If you weren’t in class the first day, please complete an index card with the information on the poster on the white board to the left

Remember, write the learning target in your notes every day!!Learning target: I can describe six ways to allocate scarce resources. Homework reminder: Economic interview due Monday, August 13 at 8:00 a.m. in Verge.

THOSE PESKY MISSING DESKS

6 STRATEGIES FOR ALLOCATING SCARCE RESOURCES

1. SUPPLY & DEMAND

● Method: Prices & Auctions

● Now, have human interactions with your neighbor to discuss pros & cons of this method as well as real-life examples!

2. AUTHORITY

• Methods: - Authoritarian government- War-time or emergency

rationing in a democracy - Divide evenly• Now, have human interactions

with your neighbor to discuss pros & cons of this method as well as real-life examples!

3. RANDOM SELECTION

• Method: Lottery or similar

• Now, have human interactions with your neighbor to discuss pros & cons of this method as well as real-life examples!

4. FIRST COME, FIRST SERVED

• Method: Get in line!

• Now, have human interactions with your neighbor to discuss pros & cons of this method as well as real-life examples!

5. PERSONAL CHARACTERISTIC

• Method:● Need (prove you need it vs. someone else)● Merit (earn it)● Discrimination, Nepotism

• Now, have human interactions with your neighbor to discuss pros & cons of this method as well as real-life examples!

6. CONTEST/COMPETITION

• Method: Based not on luck, but on ability

• Now, have human interactions with your neighbor to discuss pros & cons of this method as well as real-life examples!

THE LESSONS FROM THE CHAIRS:

• Scarcity exists.● Scarcity forces choices.

• Value is connected to scarcity.● The more scarce something is, the more valuable it is.● Diamonds vs. water; candy in the classroom vs. at

store

• No one method of resource allocation can make everyone happy.

• Let’s watch a video . . .

TEXTBOOKS AND CHICKENS

ACTIVITY/TEXTBOOK DISTRIBUTION

TEXTBOOK DISTRIBUTION

• I will call you up individually; please wait for your name to be called and bring a PEN with you.

• Write your name in the front of the book, then I will scan it which will assign it to you in the system.

FREAKY FRIDAY, AUGUST 10MANIC MONDAY, AUGUST 13

Learning target: I can define economics, scarcity, macroeconomics and microeconomics.

Summer reading due today (hard copy or Verge) for those w/o a legit scheduling excuse; due in two weeks (8/17) for those who were added to the class in August.Economic interview due Monday (hard copy or Verge)

DURING MY MEETING--WATCH VIDEO

ECONOMIC MYSTERY ACTIVITY:PAMPERED CHICKENS

THOSE CRAZY PAMPERED CHICKENS . . .

● You will use economic reasoning and clues to solve an economic mystery

● Whah?? Economic reasoning?

THOSE CRAZY PAMPERED CHICKENS . . .

Scientists are constantly looking for ways to improve our lives. They have little time to waste on nonsense. Yet a Texas A&M agricultural engineer has spent some of his time inventing a contact lens for chickens. Other scientists have experimented with playing classical music to barnyard animals.

Are these the stereotypical mad scientists? Why would scientists waste their time on contact lenses and Mozart for animals when so much really important work needs to be done?

HANDY DANDY GUIDE TO ECONOMIC REASONING

1. People choose. 2. People’s choices involve costs. 3. People respond to incentives in predictable

ways. 4. People create economic systems that influence

individual choices and incentives. 5. People gain when they trade voluntarily. 6. People’s choices have consequences that lie in

the future.

THOSE CRAZY PAMPERED CHICKENS . . .

★ The mystery★ The clues★ Your task:

○ Read the hand out with your group○ Discuss the clues one by one

■ Ask yourselves if the clues are related to one of the six economic principles in the Handy Dandy Guide

■ Ask yourselves if the clues help you guess an answer to the mystery

★ As a group, come up with your best explanation for the mystery and identify the two or three clues that you think are relevant to solving the puzzle.

SOME BASICS ABOUT ECONOMICS AND THIS CLASS

What is Economics?

Economics is the study of ______ .

• Economics is the science of scarcity.• Scarcity- condition that results from

unlimited wants/needs but limited resources.

• Since we are unable to have everything we desire, we must make choices on how we will use our resources.

choicesIn economics we will study the choices of

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Textbook DefinitionEconomics- Social science concerned with the efficient use of scarce resources to achieve maximum satisfaction of economic wants.

(Study of how individuals and societies deal with ________).

Examples: You must choose between buying jeans or buying shoes.Businesses must choose how many people to hire.Governments must choose how much to spend on welfare.

scarcity

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Scarcity• Scarce goods are desirable and limited

– Does not mean rare (hurricanes and hepatitis are rare, but not scarce because no one wants them)

Scarcity vs. Shortage

Scarcity

Microeconomics vs. Macroeconomics

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Macro or Micro?

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Macro or

Micro?

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Macro or Micro?

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Micro vs. MacroMICROeconomics-

Study of small economic units such as individuals, firms, and markets. Examples- Supply and demand in specific industries, production costs, labor markets

MACROeconomics-Study of the large economy as a whole or economic aggregates.Examples- economic growth, government spending, inflation, unemployment, international trade

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