Hills – Economics



Hills – Economics

Boyne Economics Illustrated

Introduction:

Students will choose from a list of potential economic topics and create a two-part book entry on the term. Topics will be comprised of common economic terms that we have covered throughout the semester and require additional research and application.

Essential Questions:

1. How do Economists view the world?

2. What language do they use?

3. What can economists teach us about human behavior?

4. What can economists teach us about current events?

Task:

The first part of the project (“left side”) will contain definitions of the term and at least three examples of its application. The second part of the project (“right side”) contains an original article applying the economic term to a current event or facet of human behavior and a corresponding personally created visual. Additionally, each person will be responsible for creating three quiz questions for their term.

Expected Outcomes:

Students will know:

1. What economics is.

2. The basic principles of supply and demand.

3. Twenty-five to fifty economic terms; their definition, illustrative examples, and how they apply to human behavior and current events.

Students will be able to:

1. Conduct research about an economic term.

2. Develop three questions on their term to be used on a quiz taken by their peers.

3. Conduct research and write a non-fiction article about the application of an economic principle.

Timeline:

Day 1 - Choose topic begin research on definitions

Day 2 - Lab - 4 sourced definitions/4 sourced examples

Day 3 - Lab - 4 sourced definitions/4 sourced examples

Day 4 - Left Side – definition/examples

Day 5 - Peer Review – Left side Paper/Illustration work

Day 6 - Right Side article development

Day 7 - Right Side article review

Day 8 - Quiz development

Day 9 - Check for understanding Quiz – Left/Right Side Due

Topics:

Chapter 1: People choose

• Scarcity

• Productive Resources

• Production Possibilities

• Free Riders

Chapter 2: All choices involve costs

• Opportunity Cost

• Cost/Benefit Analysis

• Moral Hazard

• Externalities

Chapter 3: People respond to incentives in predictable ways

• Incentives

• Taxes

• Tariffs

• Productivity

• Equilibrium

• Complements/Substitutes

Chapter 4: Economic systems influence individual choices and incentives

• Allocation

• Choices

• Capitalism

• Communism

• Incentives

• Free Enterprise

Chapter 5: Voluntary trade creates wealth

• Specialization

• Markets

• Invisible Hand

• Monopoly

• Trade

• Supply and Demand

• Oligopoly

• Division of Labor

• Monopolistic Competition

Chapter 6: The consequences of choices lie in the future

• Unemployment

• Gross Domestic Product

• Inflation

• Standard of Living

• Public Policy

• Monetary Policy

• Diminishing Marginal Utility

• Fiscal Policy

• Unintended Consequences

Name Topic Left Side Right Side

Scarcity

Productive Resources

Production Possibilities

Free Riders

Opportunity Cost

Cost/Benefit Analysis

Moral Hazard

Externalities

Incentives

Taxes

Tariffs

Productivity

Equilibrium

Complements/Substitutes

Allocation

Choices

Capitalism

Communism

Incentives

Free Enterprise

Specialization

Markets

Invisible Hand

Monopoly

Trade

Supply and Demand

Oligopoly

Division of Labor

Monopolistic Competition

Unemployment

Gross Domestic Product

Inflation

Standard of Living

Public Policy

Monetary Policy

Diminishing Marginal Utility

Fiscal Policy

Unintended Consequences

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Boyne Economics Illustrated

The “Right Side” requirements:

Project: Develop an original contemporary issue article on the topic of your choice.

Overview: For this portion of the Boyne Economics Illustrated project, you will investigate a contemporary issue through the lens of your economic term. You will write a 2-3 page paper that will be condensed to fit the “right side” of our Economics book. You will also be creating an original illustration to go along with your article.

Topic Selection: When choosing a topic, be sure that it satisfies the following requirements:

1. The issue you are investigating has been in the news sometime in the past year (do a google search if you are unsure).

2. The issue is substantive (it should be meaningful in some way – not just “cute”)

3. The issue can be better understood by using “an economic lens.” In other words, your term helps shed light on the issue.

Sources: Follow these requirements:

1. You must use at least Five of these kinds of sources:

• Newspaper Articles (they can be online, but the publisher must be legitimate)

• Magazine articles (use Article First search at the Michigan Elibrary – and do a search for full text only articles: you can also try other online database searches at ). Suggested magazines – Time, Newsweek, The US News and World Report, and The Economist.

• Books

Proposal: For your proposal, write a one or two paragraph explanation of the following:

1. The issue you are to investigate.

2. How your economic term sheds light on this issue.

3. Your sources.

Outline: Once your proposal has been approved, begin writing a detailed outline. Aim for at least four paragraphs.

1. Your outline is due at the end of class on Monday Nov. 22nd.

Article: Expectations for your article:

1. Your article engages the reader’s interest

2. Your article leaves no doubt as to your topic and how is applies to your issue.

3. Your writing is clear and free from errors in grammar and spelling.

Print: Once your proposal has been approved, Find or create an image that corresponds to your topic. Use the following guidelines for your original illustration:

1. Your image should be completed on a standard size piece of blank sheet of white paper.

2. The image will be scanned and reduced to fit in with your “right side” article.

3. Your illustration should have a clear connection to your topic.

4. You image should be high contrast (black and white).

5. You should NOT use clipart.

6. You should NOT use (or need to use) any additional text.

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Illustration Examples:

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Hills – Economics

Boyne Economics Illustrated Grading Rubric

Introduction:

Students will choose from a list of potential economic topics and create a two-part book entry on the term. Topics will be comprised of common economic terms that we have covered throughout the semester and require additional research and application.

Task:

The first part of the project (“left side”) will contain definitions of the term and at least three examples of its application. The second part of the project (“right side”) contains an original article applying the economic term to a current event or facet of human behavior and a corresponding personally created visual.

Left Side:

Definitions - Score 5/

|5 - 4 = Well written/organized |3 - 2 = Appropriate definitions |1 - 0 = Incomplete or missing |

|definitions from reliable sources.|with questionable sources or |definitions with no or unreliable |

| |poorly organized/written |sources |

Examples – Score 10/

|10 – 8 = Properly formatted |7 – 4 = Examples are generally |3 – 0 = Examples are poorly written|

|(sourced) and grammatically |accurate in format (sourced) and |or missing. Several problems with |

|accurate written examples relevant |grammar. Topic tends to be |the format and grammar. Topic is |

|to chosen topic. Example leaves no|identifiable in most examples. |not easily identifiable with |

|doubt as to what the topic is. | |examples. |

Right Side:

Illustration – Score 10/

|10 – 8 = Original illustration with|7 – 4 = Original illustration |3 – 0 = Illustration somewhat |

|clear connection to topic. Printed|generally connected to topic. |related to topic. |

|on standard sheet of white paper |Printed on paper with contrast. | |

|with high contrast (black and |Mostly free of clipart images or | |

|white). No use of clipart or |additional text. | |

|additional text. | | |

Article - Score 25/

|25 – 17 = Approved original |16 – 9 = Original topic |8 – 0 = Topic is somewhat/not |

|contemporary topic (developed) |highlighting chosen term. Some |related to chosen term. Few facts |

|highlighted by chosen economic |research is evident with few |and little evidence of research. |

|term. Article is well developed |supporting facts. Generally free |Grammatical errors are present. |

|and researched (3 sourced |of major errors in grammar. | |

|resources) with supporting facts; | | |

|well written and free of errors in | | |

|grammar. | | |

Additional Scoring:

Peer Review of draft definitions and examples Score 5/

Rough Draft of Article Score 5/ [pic]

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