Review & Study Checklist 2015/16 Sem 02

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1 Name: Economics CIA 4U1 Course Expectations and Curriculum Contents Review & Study Checklist 2015/16 Sem 02 Unit 1 Topics Intro to Economics Micro / Macro Definitions Definition of Economics Applying economic thought into decision making Efficiencies and wastes Factors of Production Applying Land, Labour, Capital, Entrepreneurship, Knowledge, Environment to Production Possibilities Curve Production Possibility Curves Different shapes (Linear / Concave) Why does it shift/move/rotate? What assumptions are made? What does it mean to be on the graph, below the graph, above the graph Graph: Labelling Axes and Titles Economic Questions What, How, Whom to Produce? 3 Different Types of Markets Scarcity and Opportunity Costs Needs and Wants. What is Scarcity? How does Scarcity relate to Needs and Wants What is Opportunity Cost? Law of Increasing / Decreasing Returns Understanding the graphs of increasing and decreasing returns Production Possibility Curves Reading data from chart Determining Opportunity Cost for producing certain number of goods Graphing a firm s production curve using data from table/chart Changing resources for Good A but not Good B Changing resources for BOTH goods Maximum efficiency, Movement on the Graph Inside graph, On Line, Attainable, Unattainable Economic Questions Canada as a Case Study How does each system relate to Canadian Economic System of Mixed Economy Newspaper Article Analysis Micro / Macro Concepts Chapter 1 Textbook Economic Models, Stocks & Flows, Prediction & Forecasts, Normative, Positive, Exogenous, Endogenous, Ceteris Paribus Assumption Newspaper Article Analysis Micro / Macro Concepts

2 Unit 2 Topics Demand Definitions of Demand Difference between Market Demand and Individual Demand Graph: Labelling Axes and Titles Demand Drawing demand curve: Individual Demand Drawing Market Demand Supply Definitions of Supply Long Run Supply Curve Concepts of Long Run Supply Curve Graph: Labelling Axes and Titles Supply Drawing Supply Curve Supply & Demand Market for Goods Equilibrium of p* and q* Difference between Excess Demand, Excess Supply, Surplus, Shortage Value of Surplus, Shortage Factors affecting shifts in S & D Identifying the different factors for Increase / Decrease in Supply & Increase / Decrease in Demand Properly labelling Supply & Demand Curves, Individual & market equilibrium Curves Properly indicating the movement on the graph (with arrows) single shift / double shifts Supply & Demand Mathematical Approach of Calculating p* q* (EQ Price & Quantity) Calculating size of Surplus, Shortage, Quota, Price Ceiling, Price Floor Drawings that represent Surplus, Shortage Factors affecting shifts in S & D Drawing the Shifts in S and D (including p*, q* and Arrows) Case Studies: Economic Problems Read scenario and draw the Supply & Demand Graph Scenarios that reflect the Factors that Affect Supply & Demand (Price of Substitutes, Complements, Income, Expectations, Productivity, Weather, Input Prices, etc.) 2 shifts of the Supply and Demand (including the arrows) Mathematical Representations of S & D Economic proof of supply and demand equilibriums Mathematical Representations of S & D Solving mathematical supply and demand problems using equations of supply and demand Substitution of p values and q values into equations

3 Unit 3 Topics Government Interventions Reflection on Homelessness Reflection on Minimum Wage & Pay Equity Reflection on Labour Unions Reflection on Foreign Aid Reflection on Foreign Workers Government Intervention Theories Theories on Price Ceiling Theories on Price Floor Theories on Quotas Solutions to Government Interventions Government Interventions Appling economic theories and concepts to: o Homelessness o Minimum Wage & Pay Equity o Labour Unions o Foreign Aid o Foreign Workers Government invention calculations using p* / q* Government Intervention Theories Graphical Representation on Price Ceiling / Floor / Quota New Equilibrium Points for Government Interventions Advantages and disadvantages of government interventions (where appropriate) Elasticity What is elasticity? What is perfectly inelastic/ perfectly elastic? Elasticity Graphs (its shapes) Determining whether a product is elastic and inelastic (theoretical approach, mathematic approach) Theatrical Approach Factors that affect elasticity Elasticity Identify the type of goods that are Elastic & Inelastic Identify the type of goods that are Perfectly Elastic & Perfectly Inelastic Elasticity Calculations Point Elasticity / ARC Elasticity (memorize formula)

4 Unit 3 Topics - Continued Market Structures Monopoly Oligopoly Perfect Competition Monopolistic Competitions Business Organizations Sole / Partnerships / Corporations / Government Enterprises / Cooperatives Theories and terminologies on the different types of business organizations Legal problems (liabilities) Profit sharing Memorize Formula (Revenue- Expenses-Taxes-Salaries of General Partners) Market Structures Monopoly / Oligopoly / Perfect / Competition Basic Characteristics / Special Characteristics / Terminologies / Examples Pricing Strategies - Terminologies Business Organizations Categorizing the different types of business organizations Advantages / disadvantages Unit 1-4 Theorists Economic Theories Who are they: o Adam Smith o David Ricardo o Karl Marx Economic Theorist: What are their economic contributions: o Adam Smith o David Ricardo o Karl Marx

5 Unit 4 - Topics Macroeconomics Definitions Economic Goals Components of GDP Inflation Definition of inflation Products used to determine inflation rates. Unemployment What is unemployment? Who are employed / unemployed? Types of Unemployment Definition of Labour Force, Unemployment Rate, Labour Force Participation Rate Surplus of labour = Unemployment Calculating GDP Calculating Economic Growth Limitations of GDP Calculating Inflation Rate Calculating Price Index Calculate Weighted Price Index Calculating Inflation Rate using CPI Calculating Unemployment Rate Calculating Labour Force Participation Rate Categorizing the different types of Unemployment through case scenario Aggregate Supply and Demand (AD / AS) Factors that shift the AD C, I, G, X, M Define the meaning of C/I/G/X/M Factors that shift the AS Anything related to production Graphing: Labelling the Axes, FISCAL Policy: AD & AS affecting Money Demand (Md) Increase/decrease in Money Demand Increase/decrease in interest rates MONETARY Policy Functions of money Types of Interest Rates (r) How Banks Create Money Money Supply (Ms) Understanding the impacts of C/I/G/X/M on AD and Canada Understanding the impacts of supply problems on AS and Canada FISCAL Policy: Aggregate Supply and Demand Shocks! (Aggregate demand & aggregate supply shocks) Economic Analysis (symbols and arrows) Effects on Aggregate Demand, Inflation, GDP, Unemployment Economic Goals (GDP, Inflation, Unemployment) Effects on Money Demand (Md), Interest rates (r) Feedbacks: (Consumptions and Investment C,I), (Stock Prices - SP) MONETARY Policy: Money Supply Increase in Money Supply (Ms) Decrease in Money Supply (Ms)

6 Unit 5A Topics (Unit 5 is International Trade & CPT Analysis) International Trade Definitions Theories / Theorists Advantages / Disadvantages of trade Absolute Advantage Comparative Advantage Calculations of the following: o Absolute Advantage o Comparative Advantage o Trading with another country using trade ratios Opportunity Cost Calculations and tradeoffs Graphical Analysis of International Trade (see worksheet) Exam Mark Breakdown- 20% of Final Mark EXAM: Tuesday June 22, 2016 Part A Thinking 25 marks Part B Application 28 marks Part C Communication 22 marks Part D Knowledge / Understanding 15 marks M/C - Scantron Be in Full Uniform Students will need pens / pencils / erasers Bringing different colour pens will help (black, green, blue pens) Bring a calculator

Unit 1: Introduction to Economics

Unit 1: Introduction to Economics Microeconomics Syllabus AP Economics Textbooks & Resources: McConnell, Campbell & Stanley Brue. Economics: Principles, Problems, and Policies. 16 th ed., New York, NY: McGraw Hill, 2005. Morton, John.