AP MICROECONOMICS UNIT GRAPHS



Name ___________________________

HONORS ECON UNIT #1 FUNDAMENTAL ECONOMIC CONCEPTS

Consider this like a take-home test. It is due the day of the unit test and we will grade it for accuracy in class. Use your notes, your book, your quizzes, and the online videos to fill it out. This will count in the projects/papers/homework category of the gradebook. It will not be accepted late.

GEORGIA STANDARDS OF EXCELLENCE IN UNIT 1

These are the standards for unit #1 that you are expected to master for the unit test and the EOC. You don’t have to write anything out about them for this assignment but it will help you to read over them and see if you can do what they say when studying for the test and EOC.

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HONORS ECONOMICS

UNIT 1 VIDEO ASSIGNMENTS

In this unit you are required to watch videos online to cover/reinforce unit concepts. These can be accessed through the class blog. Consider this similar to reading from the textbook. As you watch the videos answer the questions about them on the Unit #1 problem set packet. You can also take a quiz on each video to check your understanding. Content from these videos is fair game on the Unit 1 Test.

To access the videos:

1. Go to my blog from the Harrison website. It is under academics, then social studies, then the blog link under my name.

2. At the top click on Honors Economics Videos. Make sure you select Honors, not AP.

3. Click on the econedlink link under Unit 1 videos. (Make sure to click the link, not the embedded videos for this part.) This will take you to a page where you will see a number of videos. You will watch the ones on the following topics:

a. Decision making/Cost Benefit Analysis

b. Division of labor/specialization

c. Economic systems

d. Incentives

e. Opportunity cost

f. Productive resources

g. Productivity

h. Property rights

i. Scarcity

j. Technology

k. Trade, exchange, and interdependence

The rest of the videos under Unit 1 are from Mr. Clifford or Mr. Clifford and Adriene Hill from Crash Course Economics. Some of the econ movies that we have already watched in class are there to help you as well. These are for your use to help prepare for the test.

|1. Scarcity |2. Factors of Production (Productive Resources) |

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|Define scarcity- |List the four factors of production (productive resources) |

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|According to the scarcity video, what are the 3 criteria for a |2. |

|resource to be scarce? | |

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|List the 3 items on the video and classify them as scarce or not | |

|scarce. | |

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|3. Examples of productive resources from video | Motivations for Entrepreneurs |

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|From the video categorize the 5 resources the car wash uses as |List the 4 motivations for entrepreneurs to start businesses. |

|what productive resource it is. | |

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|5. Opportunity Cost |6. Marginal Cost and Marginal Benefit |

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|Define opportunity cost. |Define marginal cost- |

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| |Define marginal benefit- |

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|In the space below, briefly describe a decision you have made in | |

|spending your time, your money, etc. where the concept of | |

|opportunity cost applied. | |

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|7. Decision Making/Cost Benefit Analysis from video |8. MB/MC |

|What are the 5 steps of the PACED decision making process? | |

| |Draw and label a marginal benefit/marginal cost graph. |

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| |Label the optimum quantity of the good on the X axis by placing a|

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|9. Incentives from video |10. Division of Labor and Specialization from the video |

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|Most of economics can be summarized in what 4 words? |What is the classic example of division of labor and |

| |specialization? |

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| |List 3 advantages of specialization |

|Give 2 reasons listed for why incentives matter. | |

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| |What is the result of specialization for the economy? |

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|11. Trade/Exchange/Interdependence from the video |12. Economic Questions |

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|What do people expect when they participate in a voluntary |List the 3 basic economic questions. |

|trade/exchange? | |

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|What is an example of an involuntary exchange discussed in the | |

|video? |2. |

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|Specialization and exchange increase what between different parts|3. |

|of the world? | |

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|13. Economic Systems |14. Economic goals |

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|T, C, or M (traditional, command, market) |Define the economic goals |

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| |Freedom- |

|_____ central planning board sets quotas for | |

|Production | |

| |Security- |

|_____ Apple introduces I-Phone 10 to meet | |

|consumer demand | |

| |Equity- |

|_____ Genghis is a pastoral nomad because | |

|that is what his father did | |

| |Growth- |

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| |Efficiency- |

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| |Stability- |

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|15. Define |16. Ways to allocate scarce resources |

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|Private ownership- |List six of the ways to allocate scarce resources. |

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|Self-interest- | |

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|Consumer sovereignty- |3. |

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|Profit motive- | |

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|Competition- |6. |

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|17. Problems with Command Economies |18. Characteristics of the Market |

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|List four problems with the command system. |List four characteristics of the market system. |

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|19. Define |20. Type of Good |

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|Private good- |PR, PU, CR (private good, public good, common resource) |

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| |_____ fish in the ocean |

|Public good- | |

| |_____ dinner at Longhorn |

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|Common resource- |_____ police services |

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|Externality- | |

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|Free rider- | |

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|Income redistribution- | |

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|21. Externalities |22. Define/List |

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|Does the good have a positive or negative externality? P or N |Define government regulation- |

|(positive or negative) | |

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|_____ car exhaust | |

| |Give a benefit of government regulation. |

|_____ loud music | |

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|_____ tuberculosis testing | |

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|_____ education |Give a downside of government regulation. |

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| |Define deregulation- |

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|23. Regulatory Agencies |24. Productivity from video |

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|Choices: EEOC, FCC, FAA, NRA, FTC, EPA, FDA, SEC, CPSC |Define productivity. |

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|_______ regulates air traffic and air commerce | |

| |List 3 sources of productivity increases. |

|_______ regulates civilian use of nuclear | |

|products |1. |

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|_______ standards for food, drugs, cosmetics |2. |

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|_______ regulates radio, TV, cable, satellite |3. |

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|_______ reduces risks and harm from | |

|consumer products |What is the relationship between GDP and productivity? |

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|_______ promotes equal job opportunity | |

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|_______ enacts and enforces anti-trust laws | |

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|_______ protects health and the environment | |

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|_______ seeks to protect investors, maintain | |

|fair, orderly, and efficient markets | |

|25. PPC #1 |26. PPC #2 |

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|Good A |Good A |

|Good B |Good B |

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|0 |0 |

|12 |34 |

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|1 |1 |

|9 |30 |

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|2 |2 |

|6 |24 |

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|3 |3 |

|3 |14 |

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|4 |4 |

|0 |0 |

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|Graph it. |Graph it. |

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|What is the opp. cost of the 1st A? ______ |What is the opp. cost of the 1st A? ______ |

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|What is the opp. cost of the 2nd A? _____ |What is the opp. cost of the 2nd A? _____ |

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|What kind of opp. cost is portrayed? |What kind of opp. cost is portrayed? |

| |___________________ |

|___________________ | |

| |Place a point on your graph that is inefficient and label it I. |

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|Assume more resources are discovered and new production |Place a point on your graph that is efficient and label it E. |

|technologies are developed that apply to goods A and B. Draw a | |

|new PPC on your graph above illustrating this change and label it|Place a point on your graph that is not possible and label it N. |

|PPC2. | |

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|27. Property Rights from video |28. Property Rights from video (continue) |

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|As an owner of property in America, you have the right to do what|What 2 things does the government issue to protect intellectual |

|3 things with your property? |property rights and what does each one protect? |

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|29. Investment in Human Capital like education |

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|Briefly explain what conclusions you can draw about investment in education. |

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