Introduction to Economics (2015-16)
Mr. Michael M. Odioso
Classroom Policies (subject to revision and teacher’s interpretations):
1 All St. Xavier policies as outlined in your student handbook will be followed in the classroom – respect for each other is of utmost importance to me; hopefully it is also of utmost importance to you!
2 You are expected to be in class ON TIME!! You must have an “admit late to class slip” in order to be admitted late.
3 Please get seated IMMEDIATELY!! Do not waste my 45 minutes.
4 Books are to be covered at all times.
5 All work is expected to be handed in on time. Talk to me if there are extenuating circumstances (“I forgot” is NOT an extenuating circumstance). Late work will lose points for each day it is late, and after 5 class days, you will receive a zero if the work has not been handed in. I will not remind you about missing work – including tests and quizzes. Part of your formational training as young men is to teach personal responsibility.
6 Excused Absences – You may take as many days as you were absent to make up work (if you are out two days, you have two days when you come back to turn in missing work). Work not handed in by this time will be considered late. If you know of an absence in advance, PLEASE come see me for what you will miss. (However, not all assignments will be posted – please see me or ask a fellow student if you miss anything).
7 Make-up tests (and quizzes) – Make-up tests may be in essay and short answer format. Tests must be made up within 2 days of your return to school. See me for this. If you have been absent for an extended period of time (3 days or more), we can make other arrangements if necessary. Students are responsible for ensuring that their make-up tests and quizzes are taken and graded.
Other Important Info:
· If you want a quality grade, do quality work – be on task, pay attention to detail, don’t turn in sloppy assignments
· Copying someone else’s homework or giving someone your homework to copy is CHEATING!!
Daily Assignments:
Due to the amount of material we need to cover for a survey course on modern world history, it is crucial that you keep up with all of the reading and daily assignments. A tentative outline of the material to be covered for the year is listed below, but the individual chapter reading/writing assignments will be announced in class and posted (when possible) on Ed-Line.
· Reading assignments will come almost daily. You are expected to TAKE NOTES AS YOU READ. There may be unannounced reading quizzes – please be prepared.
· Homework is due at the beginning of class. You will not be allowed to leave class to print out homework you have saved somewhere unless permitted by me. Any homework not turned in at the time it is collected is considered late, including work that is permitted to be printed out and/or turned in later in the school day. Such late homework will lose points according to my discretion.
A typical unit will cover one or more chapters with some quizzes, assignments, and other work due during the course of a unit. A unit test will be the summative assessment given and will include multiple choice, matching, etc., along with some short answer/essay type of questions. Extra Credit will be available only at the end of tests and exams!
Late Assignment Policy:
1 All late work will lose points. My standard policy is that any homework turned in after the due date will incur a 10%(and 10% a day thereafter) reduction in points. If the assignment is more than 3 days late – I usually do not accept it and a zero is given for that assignment. Please note this policy applies to all daily assignments, NOT the quarter assignments. There is a separate handout regarding the late policy for quarter assignments. Late quarter assignments will follow the school-wide policy for late long term assignments as articulated on page 17 in your handbook. It is your responsibility to turn in your work – don’t expect reminders.
Grades: Tests, Quizzes, Homework, major project etc. – 75% of final grade.
1 Quarter exam - 25% of final grade.
2 I STRONGLY SUGGEST holding onto all graded work until you have verified the correct grade on Ed Line. You must have the proof to get a grade corrected, and I guarantee some mistakes will be made – after all, I am human!!
3 I reserve the right to adjust quarter and semester grades based on student performance. Excellent class participation could raise your grade. Consistently late homework could result in grade reduction.
Quarter (Major) Assignments:
In keeping with departmental guidelines, a long-term major assignment is given each quarter. Late quarter major assignments will be penalized pursuant to the school-wide policy for late major assignments as articulated in your handbook. It is your responsibility to turn in your work – don’t expect reminders. School days, excused/unexcused absences, week-ends, snow days, and holidays will be counted in determining late penalties. (Submit by E-mail/turnitin.com)
I-Pad (and other electronic devices) Policies-Personal Goals Model
You have free access to your personal I-Pad – how and when you use the devices is determined by you. I-Pads are only to be used for activities related to the educational process. You are required to become aware on your own of the consequences for violations (including cheating and off-campus usage). It is a privilege to use your I-Pad as you see fit in class, as such this privilege can be changed at any point or terminated.
Up until this point, you have mostly used your devices for messaging, gaming, watching videos and other media consumption. As their teacher, I will model the way and provide suggestions as to how you can use the device to better facilitate organization and study.
You will be required to place your I-Pad in your back-packs before and during tests, quizzes or when instructed by me.
I reserve the right to confiscate electronic devices (including I-Pads) used in violation of school and/or my classroom rules and transfer these devices to administration. I reserve the right to ban the use of electronic devices by student (s) in my class.
I incorporate by reference all school-wide rules and policies for electronic devices in my classes.
I reserve the right to change my I-Pad and Electronic Devices rules at any time and without explanation.
Sophomore Economics – 2015-2016
Mr. Michael M. Odioso
513-761-7600 (ext. 422)
St. Xavier High School Economics Institute
Purpose:
During the course of your life, you will constantly be making decisions. As human beings we have almost unlimited wants, however, we live in a world of limited resources. Therefore, we must make decisions on which wants are the greatest. How we make these decisions is the study of Economics. By taking this course, you should gain a basic understanding of the U.S. economy and the kinds of economics issues that appear in the news.
With the economy playing such a preeminent role in local, national, and even global events and politics - a basic understanding of economic systems and theories is vital to being a well informed and educated citizen of the U.S. and the world. Hopefully in our time together in this course we will be able to explore the fascinating world of economics, come to a more complete understanding of the forces that shape the world we live in today, and begin to understand how to infuse our study of economics with Jesuit Spiritual guidance.
Objectives/Course Goals:
By the end of this course students will be able to . . .
1. make rational choices through an analysis of costs and benefits.
2. describe how markets set prices according to the law of supply and demand.
3. make prudent personal investment choices to meet specific financial goals.
4. choose macroeconomic policies that will promote economic growth, full employment,
and/or stable prices, given a set of economic conditions.
5. assess the benefits and costs of free trade and globalization.
6. interpret the economic news and evaluate proposals found in the news media to improve
the economy.
7. write an adequately developed, well-organized essay that contains few major
errors in grammar, citation or diction.
8. interpret the meaning of selected primary source documents and relate these documents
to broad themes in economics.
General Syllabus: Sophomores
First Quarter – Microeconomics – 3 Units – 24.5 Sections
Unit 1: Economics, Choice and Systems (Ch. 1, Ch. 2) - 7 Sections+
I. Fundamental Concepts [Ch. 1.1 –1.2] Ch.1.4 (just pp.27-30)]
II. Economic Systems [Ch. 2.1 – 2.4] (not pp.52-54)
Unit 2: Supply/Demand and Market Price (Ch. 4 , 5,6 & 7) – 7 ½ Sections
I. Demand [Ch. 4.1 - 4.2; Ch. 4.3 (pp. 116-120)]
II. Supply [Ch. 5.1, 5.3]
III. Market Price [Ch. 6.1 - 6.3]
IV. Monopoly [7.2]
Unit 3: Types of Business Organizations, Money & Banking (Ch. 8, 10, 11) – 10 Sections
I. Types of Business Organizations [Ch. 8.1-8.4]
I. Money and Banking [Ch. 10.1, 10.2 (pp.300-302), 10.3]
II. Investments [Ch. 11.1 – 11.4] (?)
Second Quarter – Macroeconomics – 5 Units - 21 sections
Unit 4: Measuring Economic Performance (Ch. 9, 12, 13) – 6 Sections
I. GDP and the Business Cycle [Ch. 12.1 – 12.2]
II. Economic Growth [Ch. 12.3]
III. Unemployment [Ch. 13.1 & Ch. 9.2]
IV. Inflation [Ch. 13.3]
Unit 5: The Role of Government in the Economy (Ch. 14) – 4 Sections
I. Government Revenue and Spending [Ch. 14.1 – 14.4]
Unit 6: Fiscal Policy and the Federal Reserve (Ch. 15 & 16) – 7 Sections
I. Fiscal Policy [Ch. 15.1 – 15.3]
II. The Fed and Monetary Policy [Ch. 16.1 – 16.4]
Unit 7: International Trade and Investments (Ch. 17 &11) – 4 Sections
I. International Trade [Ch. 17.1 – 17.4]
Unit Objectives:
First Quarter – Microeconomics – 3 Units – 24.5 Sections
Unit 1: Economics, Choice and Systems (Ch. 1 & 2) - 7 Sections
I. Fundamental Concepts [Ch. 1.1 – 1.3, Ch.1.4 (pp.27-30)]
1. Define the term “economics”;
2. Analyze the idea of scarcity and explain its relationship to the study of economics;
3. Examine the concept of “opportunity cost”, especially in terms of its connection to cost-benefit analysis and marginal cost/benefit;
II. Economic Systems [Ch. 2.1 – 2.4]
1. Distinguish between the various types of “traditional” economic systems and apply this to modern day economies;
Unit 2: Supply/Demand and Market Price (Ch. 4, 5,6 &7) – 7 ½ Sections
I. Demand [Ch. 4.1 - 4.2; Ch. 4.3 (pp. 116-120)]
1. Analyze the interaction between price and demand in a market system;
2. Summarize the various factors which affect demand and explain the difference between a change in quantity demand and a change in demand;
II. Supply [Ch. 5.1, 5.3]
1. Analyze the interaction between price and supply in a market system;
2. Summarize the various factors which affect supply and explain the difference between a change in quantity supplied and a change in supply.
III. Market Price [Ch. 6.1 - 6.3]
1. Synthesize the ideas of supply and demand and analyze the interaction between these two forces;
IV. Impact of Monopoly [7.2]
1. Describe the characteristics of a monopoly;
2. Explain how a monopoly sets its prices and production goals;
3. Apply knowledge to modern monopolistic practices.
Unit 3: Types of Business Organizations, Money & Banking (Ch. 8, 10, 11) – 10 Sections
I. Types of Business Organizations [Ch. 8.1-8.4]
1. Identify the characteristics of the most common types of business organizations;
2. Analyze the advantages and disadvantages for each business organization;
3. Assess the differing scenarios whereas each type of business organization may be chosen as the most effective and appropriate.
II Money and Banking [Ch. 10.1, 10.2 (pp.300-302), 10.3]
2. Summarize the function of money and how these effect the universal properties of money;
3. Analyze the various types of money and the distinguishing characteristics which give each type value;
4. Examine the evolution of money and analyze the reasons for this evolution.
5. Summarize the function of money and how these effect the universal properties of money;
6. Analyze the various types of money and the distinguishing characteristics which give each type value;
7. Examine the evolution of money and analyze the reasons for this evolution.
III Investments [Ch. 11.1 – 11.4]
1. Analyze the important factors which are considered when creating a personal investment portfolio;
2. Examine the risk and rewards of trading and selling stocks, bonds and mutual funds;
3. Explain the difference between various types of retirement investments (i.e. Roth IRA vs. Traditional IRA)
Second Quarter – Macroeconomics – 5 Units - 21 sections
Unit 4: Measuring Economic Performance (Ch. 9, 12, 13) – 6 Sections
I GDP and the Business Cycle [Ch. 12.1 – 12.2]
1. Describe the method and process by which countries measure the relative strength and weaknesses of their economy;
2. Examine the notion of the “business cycle” and explain why these cycles are important; (start?)
3. Summarize the three main goals of macroeconomics.
II. Economic Growth [Ch. 12.3]
1. Analyze how productivity and other factors drive economic growth;
III. Unemployment [Ch. 13.1 & Ch. 9.2]
1. Assess the different types of unemployment and the effect of
these types on the economy;
IV Inflation [Ch. 13.3]
1. Explain the differing types of inflation and its effect on
consumers and countries;
Unit 5: The Role of Government in the Economy (Ch. 14) – 4 Sections
I. Government Revenue and Spending [Ch. 14.1 – 14.4]
1. Identify the principles of taxation, criteria for taxation, and different types of tax structure options;
2. Explain the different types of federal and state taxes;
3. Summarize which federal and state programs are paid for by tax revenue and explain how the appropriations process operates;
4. Assess the impact of federal budgetary deficits and national debt on the economic strength of a country;
Unit 6: Fiscal Policy and the Federal Reserve (Ch. 15 & 16) – 7 Sections
I. Fiscal Policy [Ch. 15.1 – 15.3]
1. Analyze the concepts of Keynesian economics, focusing especially on the historical context upon which it arose; strengths/weaknesses
2. Compare Keynesian economics to other economic philosophies;
II. The Fed and Monetary Policy [Ch. 16.1 – 16.4]
1. Explain/discuss the history, structure, role, and criticisms of the Federal Reserve Banking System
Unit 7: International Trade and Investments (Ch. 17 &11) – 4 Sections
I. International Trade [Ch. 17.1 – 17.4]
1. Define the term “globalization” and explain its importance in modern economics;
2. Examine the theory of comparative advantage and describe its relation to specialization and free trade;
3. Summarize the arguments for and against globalization, taking care to identify the potential winners and losers in a global economy;
4. Analyze the reasons why countries may impose trade barriers and identify the various types of barriers and their purpose;
5. Discuss the function of international trade organizations/agreements as they relate to globalization.
6. GAT/ IMF
SOPHOMORE QUARTER ASSIGNMENTS
1. To be determined
2. The President’s Dilemma: group work, PowerPoint creation and presentation.