1. ECON: 101 Ideas YouCan Use!! Dr. Bill HoffmanSan Juan Hills High SchoolAP Macroeconomics/American Govt. AP Psychology

2. 1. Hook em with Econs practicality!!! Students care about money Students care about their future Students hear about econ news all the time in the media Fill those gaps with practical and engaging information EXAMPLE: How come college is so expensive????Teaching Econ is surprisingly fun Econ is about the choices we make in a world of scarcity 3. 1. Some General Observations About TeachingEconomics Tell em lots of practical stories about money When you give examples, give dramatic ones (likehyper-inflation) Econ is not very vocabulary-intensive, but its criticalthinking component is great Kids who are not great writers often turn out to bepretty good with graphs 4. #2. CaliforniaState Standards areopen-ended 12.1 COMMON ECON CONCEPTS 12.2 AMERICAS MARKET ECONOMY INGLOBAL SETTING 12.3 INFLUENCE OF FED GOVT ONECONOMY 12.4 US LABOR MARKET IN GLOBAL SETTING 12.5 AGGREGATE ECONOMIC BEHAVIOR 12.6 EFFECTS OF INTERNATIONAL TRADE 5. 2. PLAN YOUR SEMESTER CAREFULLY theres too much to cover!! 3 weeks basic economics concepts 6 weeks microeconomics 6 weeks - macroeconomics 3 weeks world trade as much as possible financial literacy! 6. 5. Change in Demand DemandPrice of Cereal Schedule$5 Quantity PriceDemanded 4$510What if cereal 3$420 causes baldness? 2$330 1$250 Demand$180 o10 20 3040 5060 70 80 QJacob Clifford San Pascual High SchoolQuantity of Cereal6 7. 7. PAIR SHARE - ECON REVIEW1.WHAT WOULD CAUSE NOMINAL GDP TO FALL AND PURCHASINGPOWER TO RISE?2.WHAT DOES THE CPI MARKET BASKET MEASURE?3.WHY DO PRODUCERS DIG SUBSIDIES?4.COLLEGE GRADUATES SEARCHING FOR JOBS HAVE WHAT TYPE OFUNEMPLOYMENT?5.HOW CAN WORKERS ENSURE THAT THEIR REAL WAGES WILLINCREASE?6.WHAT CAUSES COST-PUSH INFLATION?7.WHAT TYPE OF GOODS SEE THEIR DEMANDS RISING WHENINCOMES RISE?8.WHY DO PRICE FLOORS BELOW THE EQUILIBRIUM MAKE NO SENSE?9.WHERES HOFFMAN IN THE CIRCULAR FLOWS RESOURCE (FACTOR)MARKET?10. SHOW EQUILIBRIUM PRICE WITH YOUR ARMS. 8. 8. USE MULTI-MEDIA AND VIDEOS1. 60 Minutes - Denmark the Happiest Place on Earth1.http://www.cbsnews.com/stories/2008/02/14/60minutes/main3833797.shtml 2.Paul Solman Videos - order from Amazon 3.Colbert Report 4.The Daily Show 5.Nightly News 9. #12, 24. READING SKILLS - FINDING ANDASSESSING THE ARGUMENT IN AN EDITORIAL1. MAIN POINT?2. SUPPORTING REASONS (DOCUMENTATION)?3. COUNTERARGUMENT?4. AUTHORS CREDIBILITY?5. STRENGTH OF ARGUMENT?6. YOUR OPINION? 10. 13. MACRO STATS JEOPARDYGDPINFLATION POT POURRI UNEMPLOY bus CYCLESQ $100Q $100Q $100 Q $100Q $100Q $200Q $200Q $200 Q $200Q $200Q $300Q $300 Q $300Q $300Q $300Q $400Q $400Q $400 Q $400Q $400Q $500Q $500Q $500 Q $500Q $500 Final Jeopardy 11. #16. FUNDAMENTAL ECONOMIC CONCEPTS SCARCITY - THE WISH LIST ACTIVITY --- tell students that money is no object andthat they can have one materialpossession. They write them on theboard and come to a very importantrealization ..if everybody could have MARGINAL ANALYSIS--- ask them at what point an additional hr. of study is not worth it(marginal costs>marginal benefits 12. 18. Production PossibilitiesHow does the PPG graphically demonstrates scarcity, trade- offs, opportunity costs, and efficiency? Impossible/Unattainable (given current resources)A 14 B 12 G C Bikes 10 8 Efficient 6 D 4Inefficient/Unemployment 2 E 002 4 6 8 10 Computers 13 13. 22-24. COMPARATIVE ECONOMIC SYSTEMSSYSTEM COMMANDSOCIALMARKETDEMOCRACYEFFICIENCYECONOMICSECURITYEQUITYINCENTIVECOMMANDMIXED ECONOMY MARKET 14. 25. USE PAUL SOLMAN VIDEOS/DVDshttp://www.pbs.org/newshour/economy/makingsense/ 15. 27. Change in Demand Demand Price of Cereal Schedule$5Decrease in Demand QuantityPrices didnt change but peoplePricewant LESS cerealDemanded4$510 03$420 52$330 201$250 30D2Demand$180 60 o 10 20 30 40506070 80 QQuantity of Cereal 16 16. 27. What Causes a Shift in Demand?5 Shifters (Determinates) of Demand:1.Substitutes and Complements2.Preferences and Tastes3.Income4.Number of Consumers5.Expectations of FutureChanges in PRICE dont shift the curve. It only causes movement along the curve.17 17. #27. FACTORS WHICH CAUSE THE SUPPLY TOCHANGE# = NUMBER OF FIRMSC = COST OF PRODUCTIONG = GLOBAL/SUPPLY SHOCKSR = REGULATION OR TAXESA = ACTS OF NATURET = TECHNOLOGYE = EXPECTATION OF FUTURE PRICESS = SUBSIDIES 18. 35. TYPES OF BUSINESS ORGANIZATIONS1. TOP 50 CORPORATIONS IN THE US -2011http://money.cnn.com/magazines/fortune/fortune500/2011/full_list/AN EXAMPLE OF ECONOMICS AS AN ENRICHING CLASS THAT EXPOSES STUDENTSTO FACTS ABOUT THE WORLD OF BUSINESS.2. EXAMPLE OF SOLE PROPRIETORSHIPhttp://biosphere.biz/ 19. #38. CONNECT MACROECONOMICS WITH GOVERNMENT AND POLITICS PRESIDENT SUBMITS BUDGET CONGRESS SLASHES BUDGET CONGRESS DEBATES TAX POLICY POLITICIANS DECIDE ONGOVERNMENT SPENDING POLITICIANS CLAIM THEY CAN CREATEJOBS! 20. #40 The Great Macro Search: What do all those stats mean?????? RETAIL SALES GDPCPI DOW JONESLEADING INDICATORS CONSUMER CONFIDENCE PRIME RATE JOBLESS CLAIMS UNEMPLOYMENT RATE DURABLE GOOD ORDERS INVENTORIES 21. #40-41. Analyzing aggregate data Keeping score on the economy Hows the US doin? What do all those numbers mean?http://www.bls.gov/http://www.google.com/ 22. #42. INFLATIONhttp://www.bls.gov/data/inflation_calculator.htm 23. #44 - SIMPLE AND USEFUL MATH1. WHATS MY RATE OF RETURN??????? INVESTED $150. SOLD AT $160 (CAPITAL GAIN OF $10) RECEIVED A DIVIDEND OF $10 MONEY EARNED/MONEY INVESTED 20/150 = .133 X 100 = 13% NEW OLD/OLD X 100 = 170 150/150 20/150 = .133 x 100 = 13% 24. 45. WHERE ARE YOU IN THE CIRCULARFLOW?http://www.bls.gov/oes/current/oes112022.htm 25. #47. THE NATIONAL DEBT VS. THE BUDGET DEFICIT$15.4 TRILLION VS. $1.4 TRILLIONhttp://www.brillig.com/debt_clock/1.HOW DOES ONE LEAD TO ANOTHER?2.WHAT ARE THE COSTS AND BENEFITS OF DEBT?3.WHO REALLY HOLDS OUR DEBT? 26. # 49. Teach property rights by showingyour citys zoning or general plan map. 27. #50,51. EXPLORING THE FEDERAL BUDGET -Its Your Money (or your parents!)1. OFFICE OF MANAGEMENT AND THE BUDGEThttp://www.whitehouse.gov/omb2. PLAY THE BUDGET GAME YOU BALANCE IT, SMARTYPANTS!3. http://www.marketplace.org/topics/economy/bud get-hero http://www.nathannewman.org/nbs/ 28. #61. Macro ModelMACRO STATS: CPI, Leading indicators,consumer confidence, GDPBuy/Sell Bonds 29. #61. USE GRAPHIC ORGANIZERS 30. #64. HAVE FUN WITH THE STOCK MARKEThttp://finance.yahoo.com/ 31. #65. EXPLORE INTEREST RATES FROM FRBS SELECTED INTEREST RATES WEBSITEhttp://www.federalreserve.gov/releases/h15/update/Or YOUR LOCAL BANKS WEBSITEhttp://www.schoolsfirstfcu.org/ 32. #73. EXPLORE FOREIGNEXCHANGE/CURRENCY MARKETShttp://www.xe.com/ucc/ 33. #74. WORLD DEVELOPMENT ECONOMICShttps://www.cia.gov/library/publications/the-world-factbook/ 34. #86 - SHOW THEM HOW TO TACKLEMULTIPLE-CHOICE QUESTIONSSuppose the US imposes a tariff onChinese toys. Which of the followinggroups would benefit? A) US toy makers B) US consumers C) US exporters D) Chinese toy makers 35. #89. Do an Econ Tee Shirt day decorateyour teeshirt with your favorite SD graph!#90. Report on your favorite product whether your students like cars, clothes or thelatest cell phone, have them present the latestin pricing, design and marketing.#91. Do an Econ Rap Song!#92. Voluntary Exchange Activity gatherenough articles for your class and allow kids tobarter. Then they rate their utility after thetrade.#93. BUY A LASER POINTER. 36. 94. Take em to the Computer Lab but be sure your worksheet is sharp.95.Play podcasts or econ news summaries from your IPOD.96. Use CNN website link business and play short streaming videos.97. Buy mini-white boards, pass out the markets and give them supply/demand problems.98. Go to an econ conference CASET, FTE or Advanced Placementhttp://www.fte.org/ 37. 99.Have a econ video contest - Students do their own video shorts on an array of topics.100.Use the animation feature of powerpts. to give immediate feedback and create rubrics.101.Change activities about every 20 minutes Lecture/discusssion Videos Article reads Small group review contests 38. Econ By the NumbersWhat do the following represent?1. $15.2 trillion9. 3.25%2. $1.2 trillion 10. 1984 = 1003. $106,000 (hint: FICA)4. 6 11. 9.1%5. 7.65% 12. 1.8% growth6. 58% 13. .4% April7. .25%14. 1.8% (FIRST Q. 2011)8. .1% 15. 224 = APRIL19. 1.9 TRILLION 39. SPECIAL THANKS TO JACOB CLIFFORD WHOSE AP-BY-THE-SEA AP ECONOMICS WORKSHOP WASAWESOME AND WHOSE POWERPOINTS IBORROWED FREQUENTLY.http://www.acdcleadership.com/bootcamp.htmlAP BOOT CAMP ESCONDIDO CALIFORNIA