Thursday, August 27, 2009

What to do the first week of class

The first week of school, I introduce fundamental concepts that are outlined below. Throughout the semester, I constantly use the vocabulary so that the vocabulary and the concepts become a common language. I know many other teachers like to break the ice with their classes, but doing a class activity. In Iowa, we will experience school closings for ice and sub-zero temperatures so I dive right into content. This blog was meant to help new teacher organize their first week.

I. Define economics, opportunity cost, Microeconomics, and Macroeconomics
II. Discuss positive and normative economics and give an example
III. Production Possibilities Curve or Frontier (12%)
A. Constant Cost
1. Straight Line
2. If the opportunity cost is "1", resources are perfectly substitutable
3. Different Slopes can still be a constant cost curve
4. Relative Cost is measured on PPF
B. Increasing Cost- Concave Efficiency
1. Attainable, but Inefficient Unattainable
2. Bowed out or concave
IV. Trading Possibilities Curve
A. Teaches the gains from trade
B. Shows the productivity gains of specialization
C. Compute the comparative advantage
D. Discuss absolute advantage
E. Complete and example
V. Quiz


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