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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