Oct 14

AP Economics – 10/14/19

I.  Bellwork p. 546

Explain the difference between the long run and the short run in economics. Provide examples.

II.   Objectives:

  • Discuss the importance of the firm’s production function, the relationship between quantity of inputs and quantity of output
  • Explain why production is often subject to diminishing returns to inputs
  • Use data to construct production functions to determine optimal levels of production

III.  Turn in All Homework & Test Corrections

IV.  Discussion:  Production Function Pgs 545-549

V.  Classwork/ Homework

  • Pg 550 #1 & MC 1-5
  • 3.1 Production Function on iLearn
Oct 10

Economics – 10/11/19

I. Bellwork

A hot dog vendor sold hot dogs for 2.00 and the quantity sold was 60.  The vendor decided to raise the price to 2.50 and sold 40 hot dogs. 

A.  Using the total revenue test determine elasticity.  (SHOW YOUR WORK)

B.  Using the price elasticity of demand formula determine elasticity. (SHOW YOUR WORK)

II. Objectives

  • Apply tests to determine elasticity based upon information provided
  • Review concepts and principles relating to demand, quantity demand, and elasticity of demand to address questions

III.  Classwork –

A. Review Sheet –

  • Go over quizzes
  • Review Sheet

IV.  Chapter 4 Test on Monday – No notes

V.  Things to Review:

A.  Demand Curve Flash Cards

B.  Your iLearn Quizzes  (I will open them from you to review on Friday)

C:  Kahoot Review

D.  Your Notes:

IV.   Chapter-4-Review– Extra credit due Monday (must be complete)

Oct 01

Economics – 10/02/19

I. Bellwork:

For each graph below identify what is happening to demand or quantity demand.

II. Objectives

  • Explain the difference between a change in demand and a change in quantity demand
  • Construct and interpret economic models demonstrating changes in demand and quantity demand based upon various scenarios/factors.

III. Classwork – Review Changes in Quantity demand and Changes in Demand

IV. Homework on iLearn

Worksheet 5.4

Sep 11

AP Economics – 9/12/19

I.   Bellwork – Questions & Answers 1-3

II.  Objectives:

  • Determine what creates demand, identify factors which influence quantity demand, and construct economic models that are used to represent demand.
  • Analyze, interpret, and communicate demand curves and the difference between a change in quantity demand and a change in demand

III. Discussion PPT & Video on iLearn

IV.  Notebook

A.  Create a Brace Map in your Notebook:

  • Conditions necessary for Demand (3)
Components of Demand

C.  Notebook:  Copy- Demand Schedule & Demand Curve – Figure 4.1

D.  View Video: Law of Demand –

Demand Explained

E.  Copy Arrows below in your Notebook:

Quantity Demand Arrows

F.  View Video:   Diminishing Marginal Utility

V.   Classwork

Sep 11

Economics – 9/12/19

I. Bellwork

  • Get a sheet of paper and prepare a MLA heading:
    • Your FULL NAME
    • Teachers Name:  Mr. Farhoud
    • Subject & Period
    • Date

II. Objectives:

  • Address questions and form conclusions based upon analysis of various criteria and/or economic models
  • Apply economic terminology and concepts regarding related to scarcity, opportunity costs, and production functions in order to solve problems
  • Write informative/explanatory texts to examine and convey complex ideas, concepts, and information clearly and accurately through the analysis of content.

III. Turn in Review Sheet – Lates and partially completed not accepted

IV  Chapter 1 Test

  • Part I – Constructive Response (10-15 m)
  • Part II – Selective Response (25-35 m)
Sep 03

Economics – 9/03/19

I.  Bellwork:

If you were stranded on an island by yourself list 3 things (be specific) that would be essential for you to have in order to survive. Explain why you would choose each thing.

II.  Objective

  • Determine the meaning of words and phrases as they are used in a text through discussion and examples
  • Construct thinking maps using examples, explain how scarcity, choice, opportunity costs affect decisions that households, businesses, and governments make in the market place and explain how comparative advantage creates gains from trade.

III.  Discuss:  The Fundamental Economic Problem pages 1-8

  • Scarcity & Choice Video
  • Needs & Wants
  • Factors of Production

IV.  Notebook Work – Create Thinking Maps

A.  Scarcity Figure 1.1 – Flow Map

B.  Factors of Production Figure 1.2 – Tree Map

V.  Classwork:

  • Page 5 Vocabulary (12)

VI. Procedure Quiz Tomorrow

Aug 28

AP Economics – 8/29/19

I.  Bellwork: Follow the directions below:

A.  Use a diagram (See yesterday’s diagram) to illustrate the trade-offs and opportunity cost below:

  1. If you had up to $100 to spend on only one product or service, make a list of at least 4 possible products or services you would consider purchasing with the $100.
  2. Now narrow the list to the top two choices
  3. Now list the item or service you would purchase.
  4. Under the diagram describe some of the things you would sacrifice (opportunity cost) related to the next best product or service you gave up?

II.  Objectives – SWD:

  • how scarcity and opportunity costs are present in economic decisions by constructing a production possibilities frontier graph.
  • the ability to make decisions involving trade-offs and opportunity costs explaining  the factors which influence their decision in relation to those economic concepts

III.  Identifying Trade-offs and Opportunity Costs 

B.  Production Possibilities Frontier 

  1. Production Possibilities Curve- Econ 1.1
  2. Shifting the Production Possibilities Curve (PPC)

IV.  Classwork/Homework

  1. Copy the Schedule Below
    • Label and plot the Production Possibility Frontier Curve
    • Write & Answer the two questions below
  2. Describe 3 situations which would cause production to be inside of the curve.
  3. Describe what a point outside the curve means.
Military Goods (Guns)5000480045004000330020000
Consumer Goods (Butter)0100020003000400050006000