Fundamentals of Microeconomics Johns Hopkins University Center for Talented Youth
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1 Fundamentals of Johns Hopkins University Center for Talented Youth Day Time Topic/Concepts Activity AM Introduction to Introductions, Honor Code, Class Rules and Expectations. Principles of Pre-assessment Discussion: what is? Why does matter? Ten Principles of Economics 1 Principles of Ten Principles of Economics (cont.) Activity: Getting Dressed in the Global Economy (IRM* Ch. 1). Activity: So many things to do, so little time (IRM, Ch. 1). Principles of Concept Review Problems and Applications (Ch. 1) Introduce news analysis with an economist perspective 2 AM Math and Graph Review (according to the preassessment test performance). What economists do? Circular Flow PPF Micro vs. Macro Positive vs. Normative. Economics and Public Policies Opportunity cost & Comparative advantage Opportunity cost & Comparative Graphs Slopes Equation of a line (the slope in an equation) Create a class PPF Activity: IRM CH 3 p. 7 Concept Review Problems and applications Ch. 2 1
2 advantage (cont.) Problems and applications Ch. 3 Introduce Daily Journal Entry Activity and assign first journal entry AM Demand and its Determinants : Law of Demand Activity: Create your demand schedule (e.g. IRM p. 5) 3 Supply and its Determinants Market Forces of Supply and Demand Activity: The Market Example (IRM, page 61) Supply and Demand Problems and Applications Supply and Demand Drills 4 AM Elasticity of Demand Demonstration: How the ball bounces (IRM Activity 1 Ch. 5) Ranking Elasticities Activity 2 IRM Ch. 5- Computing elasticities Elasticity of Supply Applications: Farming (Ch. 5, p. 103), OPEC (CH5, p.. 103) Elasticities and Applications Problems and applications 5 AM Government Policies- Price Controls Government Policies-Taxes Case Study: Minimum Wage pg 117 Tax calculation Government Policies-Taxes Problems and applications Weekly Review 6 AM Market Efficiency Activity: Value of a Time Machine (IRM Ch. 7) Consumer Surplus and Producer Surplus 2
3 Analysis Tax Effects in Market Efficiency Deadweight loss of Taxation Activity: Labor Taxes (IRM 1 Ch8). Laffer Curve New taxes debate Tax Effects in Market Efficiency Problems and Applications 7 AM Externalities Positive & Negative Externalities Consumption and Production Coase Theorem Externalities In the News: Cap and Trade. Ch. 10 p. 208 Discussion Externalities Problems and Applications 8 AM Public Goods and Activity: Private Goods/Public Goods: A demonstration (IRM Ch. 11). Free-rider Problems Tragedy of the Commons 9 Public Goods and Public Goods and Practice Problems AM Theory of the Firm Cost of Production Activity: Growing Rice on a Chalkboard (IRM, chapter 13, pg. 7) Final Project handout Theory of the Firm Activity: Average and Marginal Grades. Theory of the Firm Problems and Applications Journal entry 10 AM Firms in Morning quiz Activity: A profitable opportunity? (IRM, Ch. 14, pg. 6) 3
4 Firms in Firms in AM Firms in Perfect competition Market entry-market exit Weekly Review Practice problems and applications. Time to work on final projects in the real world: economic applications in business Time to work on Final Project 11 Monopoly. Perfect Competition vs. Monopoly Activity: Price Discrimination and Time Travel (IRM, Ch. 15 p. 10) Case Study: Diamond industry Monopoly Anti-trust cases Case Study: Airline Mergers General Journal Entry 12 AM Monopoly vs. Monopolistic Competition Advertising Economics of the Labor Market Factors of Production and Diminishing Marginal Product Economics of the Labor Market Activity 1 IRM Ch. 16 Time to work on final projects Problems and Applications Time for Final Project AM Earnings and Discrimination Activity 1 Ch. 19 IRM Even Money Budget Game 13 Income Inequality Skills Development activity on assessing quantitative comparisons and statistics in economic data Earnings and Practice Problems 4
5 14 Discrimination. Income Inequality AM Links of, Finance and the Great Recession Selected Topics in Time for Final Project News Analysis Debate Final Project Presentations Post-Assessment Final Project presentations (cont.) Selected Topics in Final Project Presentations 15 AM Final Projects Economics Jeopardy Your Future and the Use of 5
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DESCRIPTION This course focuses on the study of economic problems and the methods by which societies solve them. Characteristics of the market economy of the United States and its function in the world
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