Still confused on how banks work check out this article
http://money.howstuffworks.com/personal-finance/banking/bank.htm

The Fed and Regulatory Capture

http://m.thisamericanlife.org/radio-archives/episode/536/the-secret-recordings-of-carmen-segarra

What is the 5 largest portions of the federal budget?
What are the 5 smallest portions of the federal budget?
If you could what would you give more money to?  Why?
If you could what would you spend less money on?  Why?

The following is the federal budget for 2013 both mandatory and discretionary spending.

How The Economic Machine Works by Ray Dalio

Demand Homework News Articles and Questions

Demand Articles:  https://docs.google.com/document/d/1y_DpwBiTQB45xe9oK22QnjAMyS5-LiTrNp_taTsrXUs/pub

Questions: https://docs.google.com/document/d/1pIP4_MTPFsXk2e-U3i5u0L6fW9ZY0_C96AZL4Nvs0_w/pub

Day 9 Demand Notes

Day 1 Cloze Notes https://docs.google.com/document/d/1JQsettZsxc6qziw9519b_yi6bDQaBKI4fu9WPb1djKc/pub
Day 2 Cloze Notes https://docs.google.com/document/d/1crh0kE-pZ11Hi107NYzjYqQZ24Dan2laaHs6NrQC5LU/pub
Day 3 Cloze Notes pg 1 https://docs.google.com/document/d/1Q6ZQdJXH0cluTEe34SHt1kj3zfvKSOb5Ba5N0KigOZU/pub
Day 3 Cloze Notes pg 2 https://docs.google.com/document/d/1oVHZM5_PAJ1Z78OePjOwgtJWrqcZf-tGGyUsWYfA9Bc/pub

Day 8 Notes Production Possibility Curves

Day 7 Market Notes

Rubric for Spiral Notes, Applications, and Warm-ups

https://docs.google.com/spreadsheets/d/1nFPpv877JuUDRWW3UMB2Y4iiczjkk6lTOsOC8A_ZM6g/pubhtml?gid=0&single=true

Any questions just email me, or post below.

Day 6 Command Economy

Day 5 Lesson

Warm-up

What, according to Karl Marx, has all of human history been a struggle between?

Use your academic language to answer the following questions for the NPR article.

http://www.npr.org/2014/08/26/343352110/cereal-consumption-hurt-by-grab-and-go-foods

1.        Identify the article as Macroeconomic or Microeconomic.  Why?

2.        Identify the product in the article.  Is it a want or a need?

3.        What resource is scarce in this article?  How is that affecting people’s choices?

4.        What  trade-offs have people found for breakfast cereal?  What is the utility of these trade-off?

5.        What is the choice that Jim Hiller think most people are making?  How has that affected the product?

6.        Is this article mostly using positive or normative economic examples?  Give examples.

Vocab for Quiz #1

Vocab for Quiz #1
 Wants
 Needs
 Scarcity - three questions of scarcity
 economics
 factors of production
 - land
 - labor
 - capital
 - entrepreneurship
 incentives
utility
economize
 trade-off
opportunity cost
cost-benefit analysis
marginal cost
marginal benefit
 microeconomics
macroeconomics
 positive economics
normative economics
 economic systems
 - traditional
 - command
 - market

Day 4 Notes

Day 3 Notes

Day 2 Notes

Day 1 Notes

Welcome to Mr. Otte's Jefferson Econ Class

The following link is to the class syllabus.
https://docs.google.com/document/d/1PMG4ohXLo-uTfqFWzlFgnCOnOCcFFAGltDd99etDBfI/edit?usp=sharing


Day 3 Assignment

Using your vocabulary from Day 1 - 3 answer the following questions with the use of your syllabus and class notes.

1.  Is this economics class a need or a want?  Why?

2.  How  might scarcity effect your learning in this class?  How do the three questions of scarcity relate to your learning in this class?

3.  What resources will you need to draw on for the class?  Not just those that are physically material.

4.  What are 3 incentives for this class mentioned in the syllabus?  How will they motivate you?

5.  What utility can you receive from this class both during and after?

6.  How can you economize this class to your advantage?

7.  Are there any trade-offs for this class?

8.  What is your opportunity cost for this class?

9.  Create a cost-benefit analysis chart based on the opportunity cost of this class.

10.  Identify your marginal benefit and marginal cost in your cost benefit analysis.