Political Cartoon #2
Unit 1.5 Production Possibilities
Learning Goals: Be able to explain The Production Possibilities Curve. |
Success Criteria:
|
Together we will go through the PowerPoint Lesson discussing production possibilities and economic laws as well as their application.
Production Possibilities | |
File Size: | 254 kb |
File Type: | pptx |
Economics Laws Handouts: Below find handouts for the laws explained in the PowerPoint. You can add them to your notes and use them to study from as well.
|
|
|
The Law of Diminishing Returns states that in the short term, employing more workers will lead to declining marginal productivity. Because capital is fixed, employing extra workers causes them to have lower marginal product.
Definitions
Law of Diminishing Marginal Returns
· Diminishing Returns occurs in the short run when one factor is fixed (e.g. Capital)
· If the variable factor of production (e.g. labour) is increased, there will come a point where extra workers become less productive than previous workers. Therefore, these extra workers will have a lower marginal product.
Why does diminishing returns occur?
This is because, if capital is fixed, extra workers will eventually get in each other’s way as they attempt to increase production. E.g. think about the effectiveness of extra workers in a small café. If more workers are employed, production could increase but more and more slowly. However, there are only so many chopping boards and space to make sandwiches. An extra worker may just struggle to find a space to make sandwhiches.
This law only applies in the short run because in the long run all factors are variable (e.g. you can build a bigger cafe)
Definitions
- Total Product (TP) This is the total output produced by workers
- Marginal Product (MP) This is the output produced by an extra worker.
Law of Diminishing Marginal Returns
· Diminishing Returns occurs in the short run when one factor is fixed (e.g. Capital)
· If the variable factor of production (e.g. labour) is increased, there will come a point where extra workers become less productive than previous workers. Therefore, these extra workers will have a lower marginal product.
Why does diminishing returns occur?
This is because, if capital is fixed, extra workers will eventually get in each other’s way as they attempt to increase production. E.g. think about the effectiveness of extra workers in a small café. If more workers are employed, production could increase but more and more slowly. However, there are only so many chopping boards and space to make sandwiches. An extra worker may just struggle to find a space to make sandwhiches.
This law only applies in the short run because in the long run all factors are variable (e.g. you can build a bigger cafe)
Unit 1.6 - Externalities
Learning Goals: For students to explain the importance of externalities and their effects on economics. |
Success Criteria:
|
Watch the video explaining externalities and then complete the case study below.
Opportunity Cost Case Study
Suppose you are the Columbus City Manager. What do you do in the following situation? The city doesn't have enough money to remove a dam on the Olentangy River, a project that would improve the river's water quality. But if the dam doesn't come out, the city could end up paying the state $641,000 in fines. The U.S. Army Corps of Engineers estimates it would cost $2 million to remove the dam just north of 5th Avenue and restore the stream banks, said Rick Tilton, spokesman for the Columbus Utilities Department.
But the city has only $641,000 on hand for the project. That's money the Ohio Environmental Protection Agency charged the city in fines for sewer overflows, then deferred when the city agreed to spend it on removing the dam. The city will owe the fines if it doesn't remove the dam or come up with another project the state approves.
Questions
- Do you remove the dam or pay the fine? Explain.
- What externalities could be involved here? Explain
Unit 1.6 Economic Thinkers
Learning Goals: For students to present an economic thinker of their choice and explain their theories. |
Success Criteria:
|
Economic Thinkers Presentations - 10%
Secondary Document: Introduction to Economic Thought
Together we will watch an overview of Economic thought. The overview is considered a secondary research source. Review below what a Secondary Source is before watching.
Secondary Sources
Secondary sources describe, discuss, interpret, comment upon, analyze, evaluate, summarize, and process primary sources. Secondary source materials can be articles in newspapers or popular magazines, book or movie reviews, or articles found in scholarly journals that discuss or evaluate someone else's original research.
Primary Sources
Primary Sources
A primary source provides direct or firsthand evidence about an event, object, person, or work of art. Primary sources include historical and legal documents, eyewitness accounts, results of experiments, statistical data, pieces of creative writing, audio and video recordings, speeches, and art objects. Interviews, surveys, fieldwork, and Internet communications via email, blogs, listservs, and newsgroups are also primary sources. In the natural and social sciences, primary sources are often empirical studies—research where an experiment was performed or a direct observation was made. The results of empirical studies are typically found in scholarly articles or papers delivered at conferences.
A primary source provides direct or firsthand evidence about an event, object, person, or work of art. Primary sources include historical and legal documents, eyewitness accounts, results of experiments, statistical data, pieces of creative writing, audio and video recordings, speeches, and art objects. Interviews, surveys, fieldwork, and Internet communications via email, blogs, listservs, and newsgroups are also primary sources. In the natural and social sciences, primary sources are often empirical studies—research where an experiment was performed or a direct observation was made. The results of empirical studies are typically found in scholarly articles or papers delivered at conferences.
The Assignment:
Read the rubric before you present. Make sure you work as a team as it will help everyone's mark.
Thinker Presentation Assignment | |
File Size: | 22 kb |
File Type: | docx |
For this assignment you have 3 class periods to work on it in class. You must be prepared. Below is the assignment and the rubric. We will go over the assignment together and you must print and bring the rubric to your presentation.
Review the Presentation Success Criteria from earlier and make sure you review any feedback you previously received.
Presentation Order
Name:
|
Thinker:
|
Research Success Criteria1. .org, .edu., .gov.
2. Official Website. 3. Organized. 4. The Author's Name. 5. Sources the website uses are listed. 6. Date the information was published. 7. It has facts. 8. Experts in the field of study. 9. Author has a P.Hd. |
MLA CitationsMake sure you follow the MLA guidelines set out here. This means that you need to cite all information in your PowerPoint. If you use someone else's idea you need to format it like this: (Author Last Name, pg#) and then follow the guidelines to create a proper Works Cited page. These guidelines can be found here.
|
Economic Thinker Quest - 2.5%
Now that you have seen one another's presentations you will have a short 15 question quiz on the presentations. You will answer the questions and hand in your Quest. Review the handouts that other groups made for you as the questions will come from there.