Unit 2: Microeconomics
Unit 2.1 - Supply and Demand
Learning Goals: Students understand and can communicate the laws of supply and demand. |
Success Criteria:
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Below you can find the PowerPoint Lesson for Unit 2 - Supply and Demand. You can view it, but please do not work ahead and wait for the lesson to be delivered before you work on any of the tasks within.
Supply and Demand | |
File Size: | 2251 kb |
File Type: | ppt |
Reading - Read the following Link and explain the relationship between supply and demand and Oil and Gas / natural resources.
Application of Supply and Demand: The Stock Market, Cryptocurrency and Realestate
The Stock Market and now Cryptocurrency have become where today's investors are making their money (and real estate). In this portion of the course we will see how supply and demand affects these industries and how we can explain them using economic concepts.
The Stock Market | |
File Size: | 1661 kb |
File Type: | pptx |
Watch the Netflix Explained Series on The Stock Market. How is supply and demand an essential aspect of The Stock Market?
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Watch the video on Bitcoin and visit this link here to see other cryptocurrencies. Find one article (don't just choose the first one) and what is it saying about cryptocurrency? What did you learn from it and how do you think the information influences buying and selling of crypto?
How is cryptocurrency an example of pure supply and demand? |
Remember this part of the video from the first movie? How is real estate an example of supply and demand in action?
Changes in Supply and Demand
Changes in both Supply and Demand
1. Explain the similarities between Graphs 6 and 8.
2. Explain the differences between Graphs 5 and 7.
3. Provide a real-world example for both.
2. Explain the differences between Graphs 5 and 7.
3. Provide a real-world example for both.
Case Study Assignment - 5%
Learning Goals: For students to be able to apply concepts of supply and demand in short essay format. |
Success Criteria:
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Book Link: Here
What is a Case Study?
A case study is a description of an actual administrative situation involving a decision to be made or a problem to be solved. It can a real situation that actually happened just as described, or portions have been disguised for reasons of privacy. Most case studies are written in such a way that the reader takes the place of the manager whose responsibility is to make decisions to help solve the problem. In almost all case studies, a decision must be made, although that decision might be to leave the situation as it is and do nothing.
A case study is a description of an actual administrative situation involving a decision to be made or a problem to be solved. It can a real situation that actually happened just as described, or portions have been disguised for reasons of privacy. Most case studies are written in such a way that the reader takes the place of the manager whose responsibility is to make decisions to help solve the problem. In almost all case studies, a decision must be made, although that decision might be to leave the situation as it is and do nothing.
Case Study Process
1. Read the Case Studies Rubric
2. Read the Case Studies
3. Note: There are discussion questions, you are not answering them they are just to guide you.
4. Choose 3 Economic Concepts we have studied so far (many where on the board) and write a short 1 page single spaced Essay Analysis of the case studies. Ensure you use support from ALL aspects of the case studies. You do not need secondary research for this assignment.
5. Either drag and drop your essays into our chat or print them if you are in class.
1. Read the Case Studies Rubric
2. Read the Case Studies
3. Note: There are discussion questions, you are not answering them they are just to guide you.
4. Choose 3 Economic Concepts we have studied so far (many where on the board) and write a short 1 page single spaced Essay Analysis of the case studies. Ensure you use support from ALL aspects of the case studies. You do not need secondary research for this assignment.
5. Either drag and drop your essays into our chat or print them if you are in class.
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Essay Writing - Step - By - Step Process
To be able to complete your first short analysis you need to know how to write a proper essay. You write a proper essay by following the step-by-step process below.
Step #1 - Read your Case Study and take notes.
Step #2 - Using those notes, Write a Thesis
Below is Thesis Success Criteria. Your thesis must:
a) Have 3 arguments b) Be 1 - 2 sentences c) Be at the end of the introduction d) Have your opinion (can someone disagree with you?) e) Have an element of fact (should not be silly) |
Example: The readings 'Is a $60 million High School Football Stadium Excessive' and 'Male Monkeys Pay for Sex' demonstrate the concepts of opportunity cost as well as supply and demand.
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Step #3 - Writing an Introduction
Introduction Success Criteria: Together we will discuss what a good introduction looks like.
Grabber - A broad statement that gets your reader interested. This can be a fact, quotation, interesting story or anecdote.
Connecting Sentences - These are more specific about your topic. They could be definitions of important terms you will use in your thesis, background information on your topic, some important history or really anything you think your reader needs to know before they read your paper. In this case you could summarize what you read or explain / define the economic concepts you are about to apply. Make sure you cite MLA any sources you use.
Thesis - The most specific part of your introduction which goes at the end.
Grabber - A broad statement that gets your reader interested. This can be a fact, quotation, interesting story or anecdote.
Connecting Sentences - These are more specific about your topic. They could be definitions of important terms you will use in your thesis, background information on your topic, some important history or really anything you think your reader needs to know before they read your paper. In this case you could summarize what you read or explain / define the economic concepts you are about to apply. Make sure you cite MLA any sources you use.
Thesis - The most specific part of your introduction which goes at the end.
Step #4 - Essay Organizer - Finding Evidence |
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Find your essay organizer here and use information from what you have learned in class an the articles to fill in your organizer. Remember, include specific examples and quotations as well as your own reasoning and ideas.
Step #5 - Writing a Conclusion
Your conclusion should:
a) Provide a summary of your argument (not cut and paste your thesis from your introduction into you conclusion)
b) Restate your most important or significant points/examples or analysis of your essay
c) End with a strong statement
a) Provide a summary of your argument (not cut and paste your thesis from your introduction into you conclusion)
b) Restate your most important or significant points/examples or analysis of your essay
c) End with a strong statement
Essay Success Criteria:
1. Must have an introduction - That meets the Introduction Success Criteria
2. Must have a thesis that meets the Thesis Success Criteria.
3. Must have body (5+) paragraphs that have evidence to support your argument from a variety of sources.
4. Proper Grammar and Spelling
5. Must have a conclusion that meets the Conclusion Success Criteria.
2. Must have a thesis that meets the Thesis Success Criteria.
3. Must have body (5+) paragraphs that have evidence to support your argument from a variety of sources.
4. Proper Grammar and Spelling
5. Must have a conclusion that meets the Conclusion Success Criteria.
Unit 2.2 - Rule of Law vs. Rule of Man
Learning Goals: Students understand the differences between rule of law, rule of man and governmental systems. |
Success Criteria:
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Read the 3 separate readings below and answer the guiding questions. Then reflect, which system do you prefer? Why?
What is the rule of law?
Aristotle said more than two thousand years ago, "The rule of law is better than that of any individual."
The notion of the “rule of law” stems from many traditions and continents and is intertwined with the evolution of the history of law itself. The Code of Hammourabi, promulgated by the King of Babylon around 1760 BC, is one of the first examples of the codification of law, presented to the public and applying to the acts of the ruler. In the Arab world, a rich tradition of Islamic law embraced the notion of the supremacy of law. Core principles of holding government authority to account and placing the wishes of the populace before the rulers, can be found amid the main moral and philosophical traditions across the Asian continent, including in Confucianism. In the Anglo-American context, the Magna Carta of 1215 was a seminal document, emphasizing the importance of the independence of the judiciary and the role of judicial process as fundamental characteristics of the rule of law. In continental Europe notions of rule of law focused on the nature of the State, particularly on the role of constitutionalism.
Recent attempts to formalize its meaning have drawn on this rich history of diverse understandings. The modern conception of the rule of law has developed as a concept distinct from the “rule of man”, involving a system of governance based on non-arbitrary rules as opposed to one based on the power and whim of an absolute ruler. The concept of rule of law is deeply linked to the principle of justice, involving an ideal of accountability and fairness in the protection and vindication of rights and the prevention and punishment of wrongs. Long before the United Nations, States were working towards a rule of justice in international life with a view to establishing an international community based on law.
Rule of Man
Source: WIKIPEDIA
Comprehension Questions
1. Provide a simple definition of the term: Rule of Law
2. Who or what segment of society does the Rule of Law protect?
The notion of the “rule of law” stems from many traditions and continents and is intertwined with the evolution of the history of law itself. The Code of Hammourabi, promulgated by the King of Babylon around 1760 BC, is one of the first examples of the codification of law, presented to the public and applying to the acts of the ruler. In the Arab world, a rich tradition of Islamic law embraced the notion of the supremacy of law. Core principles of holding government authority to account and placing the wishes of the populace before the rulers, can be found amid the main moral and philosophical traditions across the Asian continent, including in Confucianism. In the Anglo-American context, the Magna Carta of 1215 was a seminal document, emphasizing the importance of the independence of the judiciary and the role of judicial process as fundamental characteristics of the rule of law. In continental Europe notions of rule of law focused on the nature of the State, particularly on the role of constitutionalism.
Recent attempts to formalize its meaning have drawn on this rich history of diverse understandings. The modern conception of the rule of law has developed as a concept distinct from the “rule of man”, involving a system of governance based on non-arbitrary rules as opposed to one based on the power and whim of an absolute ruler. The concept of rule of law is deeply linked to the principle of justice, involving an ideal of accountability and fairness in the protection and vindication of rights and the prevention and punishment of wrongs. Long before the United Nations, States were working towards a rule of justice in international life with a view to establishing an international community based on law.
Rule of Man
Source: WIKIPEDIA
Comprehension Questions
1. Provide a simple definition of the term: Rule of Law
2. Who or what segment of society does the Rule of Law protect?
Rule of Law vs. Rule of Man
Rule of man is absence of rule of law. It is a society in which one person, or a group of persons, rules arbitrarily. The Sovereign exercises absolute authority and is not bound by any law, he as a person stands outside law. The philosopher Thomas Hobbes advocated such a society, saying that a society would be better if it had one absolute monarch as he would be free to choose and do what he thinks is best for the society without taking into account the opinions of others.
Others dissent by historical evidence that points in the opposing direction claiming the impermanence of the systems brought on by dictators like Joseph Stalin, Adolf Hitler and Mao Zedong which are remembered in having fared more by despotism than government system and thereby typifying the exertion of "rule of man" within their reigns. The results of which comprised violations to internationally recognized basic human rights. Relating the common inference of warning against the utility of such regimes that many have cited within the adage that Power corrupts and absolute power corrupts absolutely.
by Scott Ritsema
Comprehension Question:
1. Look up the phrase, 'tyranny of the majority' and explain its meaning.
Others dissent by historical evidence that points in the opposing direction claiming the impermanence of the systems brought on by dictators like Joseph Stalin, Adolf Hitler and Mao Zedong which are remembered in having fared more by despotism than government system and thereby typifying the exertion of "rule of man" within their reigns. The results of which comprised violations to internationally recognized basic human rights. Relating the common inference of warning against the utility of such regimes that many have cited within the adage that Power corrupts and absolute power corrupts absolutely.
by Scott Ritsema
Comprehension Question:
1. Look up the phrase, 'tyranny of the majority' and explain its meaning.
Governmental Systems
All of the governments that mankind has instituted in the history of the world can be divided into two categories. Any and every state can be categorized into either rule of law governments or rule of men governments. History has proven that any nation founded upon the shifting sands of the whim of men will always degenerate into oligarchy and tyranny. However, a nation of virtuous, educated people, which is founded upon and holds to the bedrock of a rule of law system will maintain prosperity and freedom despite the natural occurrences and challenges of history. This elementary yet strikingly relevant dichotomy is misunderstood by many Americans. And, this misunderstanding is one of the many reasons why our nation has been mistakenly led away from a rule of law system toward something that was not intended by our Founding Fathers.
First, it is important to define the two systems. A governmental system ruled by men is any system in which fallen man directs the course of the nation. This includes not only dictatorships and oligarchies where one man or a select few call all of the shots, but also democracies where majority opinion rules without any restraints or protections for minority opinion and individual liberty. According to our Founding Fathers, democracies were as dangerous as any form of government. Benjamin Franklin defined democracy as “three wolves and a lamb voting on what to have for lunch,” and explained that true liberty is “a well-armed lamb contesting the vote.” In sum, any rule of man system, whether mob rule or rule by the elites, is destined for failure. Liberty and property will not be protected under such systems, and the nation will ultimately suffer under tyranny.
A rule of law system is quite the opposite. In a rule of law system, the nation possesses a set of guidelines usually in a constitution, which sets the terms for governing. Only according to those blueprints for governing, then, can any men write and execute additional laws. The constitution is the law of the land, and everything else must be measured up against it. A constitutional republic is such a form of government. The constitution is written to assign tasks to the various branches of government and to assure the God-granted liberty and property rights of every citizen. Then, representatives of the people govern according to the constitutional limits of power with a constant concern for individual liberty and constitutional integrity.
Unfortunately, many Americans have become confused regarding these two drastically different systems for governing. Americans have been taught in school, by the media and by politicians that democracy is good, and that the more democracy we have, the better. This mistaken view is not simply a semantic error, as some might assert, but it is a dangerous misunderstanding. Most Americans actually believe that the majority ought to rule; they do have a correct understanding of democracy, but they mistakenly advocate it because that is what they have been taught to do.
The biggest danger in a democracy is that the very things that government is instituted to protect (liberty and property) are in constant danger to the whim of the majority. In a democracy, when a crisis occurs (whether real or manufactured), the majority calls for government solutions. Then, when politicians answer that call and government grows in size and influence over peoples’ lives, there is an equal and opposite decrease in the amount of liberty and property maintained by the people. 20th century American history shows this process in action. Interestingly enough, as the government gains more and more power, the majority actually begins to lose its voice and the nation descends into oligarchy and ultimately tyranny.
Comprehension Questions:
1. According to the author of the article, what is the problem with democracy and the Rule Of Law?
2. What would you favour?
3. Which would promote economic freedom of the markets and civil liberties?
4. Which would Adam Smith favour and why?
First, it is important to define the two systems. A governmental system ruled by men is any system in which fallen man directs the course of the nation. This includes not only dictatorships and oligarchies where one man or a select few call all of the shots, but also democracies where majority opinion rules without any restraints or protections for minority opinion and individual liberty. According to our Founding Fathers, democracies were as dangerous as any form of government. Benjamin Franklin defined democracy as “three wolves and a lamb voting on what to have for lunch,” and explained that true liberty is “a well-armed lamb contesting the vote.” In sum, any rule of man system, whether mob rule or rule by the elites, is destined for failure. Liberty and property will not be protected under such systems, and the nation will ultimately suffer under tyranny.
A rule of law system is quite the opposite. In a rule of law system, the nation possesses a set of guidelines usually in a constitution, which sets the terms for governing. Only according to those blueprints for governing, then, can any men write and execute additional laws. The constitution is the law of the land, and everything else must be measured up against it. A constitutional republic is such a form of government. The constitution is written to assign tasks to the various branches of government and to assure the God-granted liberty and property rights of every citizen. Then, representatives of the people govern according to the constitutional limits of power with a constant concern for individual liberty and constitutional integrity.
Unfortunately, many Americans have become confused regarding these two drastically different systems for governing. Americans have been taught in school, by the media and by politicians that democracy is good, and that the more democracy we have, the better. This mistaken view is not simply a semantic error, as some might assert, but it is a dangerous misunderstanding. Most Americans actually believe that the majority ought to rule; they do have a correct understanding of democracy, but they mistakenly advocate it because that is what they have been taught to do.
The biggest danger in a democracy is that the very things that government is instituted to protect (liberty and property) are in constant danger to the whim of the majority. In a democracy, when a crisis occurs (whether real or manufactured), the majority calls for government solutions. Then, when politicians answer that call and government grows in size and influence over peoples’ lives, there is an equal and opposite decrease in the amount of liberty and property maintained by the people. 20th century American history shows this process in action. Interestingly enough, as the government gains more and more power, the majority actually begins to lose its voice and the nation descends into oligarchy and ultimately tyranny.
Comprehension Questions:
1. According to the author of the article, what is the problem with democracy and the Rule Of Law?
2. What would you favour?
3. Which would promote economic freedom of the markets and civil liberties?
4. Which would Adam Smith favour and why?
Superfreakonomics Essay Assignment - 15%
Learning Goals: Students can apply concepts of supply and demand to real world situations. |
Success Criteria:
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You will have one week to prepare this essay. You will follow the same step - by - step process you used to complete the previous case study; this is just larger. Instead of your essay analysis being 1 page single spaced, I am looking for 5 - 7 pages double spaced and you must have 3 secondary sources.
Research Success Criteria : Your source must be from 1 of the following:
1. Academic journal articles (Peer Reviewed)
2. Government websites (Canada, US a Democratic Country)
3. Authors who have PhDs (Usually Professors at University)
4. NGOs (Non-Governmental Organizations we can trust)
Research Success Criteria : Your source must be from 1 of the following:
1. Academic journal articles (Peer Reviewed)
2. Government websites (Canada, US a Democratic Country)
3. Authors who have PhDs (Usually Professors at University)
4. NGOs (Non-Governmental Organizations we can trust)
Essay Step - By - Step Process: Note - The strongest essays will write their thesis after the next lesson.
1. Review the How To Solve Case Studies.
2. Read the Superfreakonomics Essay Assignment.
3. Read the SECTIONS ENTITLED: Introduction Putting the Freak In Economics & How is a Street Prostitute Like a Department Store Santa
4. Choose 3 Economic Concepts we have studied so far- We will brainstorm so now - and write a 5 - 7 page double spaced Essay Analysis of the Readings.
Ensure you use support from ALL aspects of the reading. Include at least 3 quality secondary sources in your essay that you use to support your arguments.
5 Review The Essay Success Criteria. Ensure you have a thesis with 3 arguments (your economic concepts you chose) that goes at the end of the introduction.
6. Drag and drop your essay analysis into our Edsby Chat or print your essay analysis and hand it in.
2. Read the Superfreakonomics Essay Assignment.
3. Read the SECTIONS ENTITLED: Introduction Putting the Freak In Economics & How is a Street Prostitute Like a Department Store Santa
4. Choose 3 Economic Concepts we have studied so far- We will brainstorm so now - and write a 5 - 7 page double spaced Essay Analysis of the Readings.
Ensure you use support from ALL aspects of the reading. Include at least 3 quality secondary sources in your essay that you use to support your arguments.
5 Review The Essay Success Criteria. Ensure you have a thesis with 3 arguments (your economic concepts you chose) that goes at the end of the introduction.
6. Drag and drop your essay analysis into our Edsby Chat or print your essay analysis and hand it in.
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Essay Sample:
Please find a sample of my work and how I expect it formatted. Specifically look at the Works Cited Page and In - Text Citations. Here is a link to samples and instructions on how to use MLA.