Common Sense Economics | What everyone should know …



Session XX: Dates: XX to XXXX High School/College - Economics with Dr./Mr./Ms. XXInstructor: Dr./Mr./Ms. XXRequired Textbook: Common Sense Economics (2016) by J. Gwartney, R. Stroup, D. Lee, T. Ferrarini and J. Calhoun, St. Martin's Press, ISBN: 9781250106940Date / Timeline?Modules 0 and 1Dates: XX to XX: XX to XXModule 0Introductions and getting familiar with the common sense way of learning (read, watch, listen, and do).DAY ONEWelcome! Introduce yourself to your instructor and classmates in the Discussion Board: Introductions.?Read the syllabus, look over this course schedule, and devise a plan to succeed.?No prep needed. For bonus points, complete the start-line activity: The Survey of Economic Reasoning.WatchWatch the course overview and introductory videos.?Move onto Module 1.?Offer a pre-learning response to one of the questions in the Discussion Board: Module 1. No preparation is needed (No prep.)Module 1 ?ConceptsIncentives; Scarcity; Opportunity costs; and MarginalismObjectivesCSE 1.1 Incentives matter: Changes in benefits and costs will influence choices in a predictable manner.?CSE 1.2 There is no such thing as a free lunch; goods are scarce and therefore we have to make choices.?CSE 1.3 Decisions are made at the margin: If we want to get the most out of our resources, options should be chosen only when the marginal benefits exceed the marginal cost.Read, watch, and listenRead about the elements in your Common Sense Economics (CSE) textbook, watch videos, and listen to audios.When meeting face-to-faceConduct a classroom or small group learning activity. (A list of activities aligned with the concepts is provided.)By 11 pm on SaturdayComplete Assignment 1.By 11 pm on SundayComplete Quiz 1.By 11:30 pm on SundayExpand on your pre-learning answer in Module 1. Provide page references to CSE textbook to support your work.By midnight on SundayPrepare for the next module. Offer a pre-learning answer to a question in the Discussion Board: Module 2. No prep.Module 2Dates: XX to XXConceptsComparative advantage; Gains from trade; Transaction costs; Demand and supply; and Market equilibrium ObjectivesCSE 1.4 Trade promotes economic progress.?CSE 1.5 Transaction costs are an obstacle to trade.?CSE 1.6 Prices bring the choices of buyers and sellers into balance.Read, watch, and listenRead about the elements in your Common Sense Economics (CSE) textbook, watch videos, and listen to audios.When meeting face-to-faceConduct a classroom or small group learning activity. (A list of activities aligned with the concepts is provided.) By 11 pm on SaturdayComplete Assignment 2.By 11 pm on SundayComplete Quiz 2.By 11.30 pm on SundayExpand on your pre-learning answer in Module 2. Provide page references to your CSE textbook to support your work.By midnight on SundayPrepare for the next module. Offer a pre-learning answer to a question in the Discussion Board: Module A. No prep.??Module ADates: XX to XXConceptsDemand, Supply, and Equilibrium Price and The Economics of Price Controls; Demand and supply; Changes in demand versus quantity demanded; Changes in supply versus quantity supplied; and Price controlsObjectivesA market exists when buyers and sellers interact. This interaction determines market prices and thereby allocates scarce goods and services. ?Prices send signals and provide incentives to buyers and sellers. When supply or demand changes, market prices adjust, affecting incentives. Read, watch, and listenReread about Element 1.6 in your CSE textbook and delve into Demand, Supply, and Adjustments to Dynamic Change Plus the Economics of Price Controls (online). Watch videos, and listen to audio.When meeting face-to-faceConduct a classroom or small group learning activity. (A list of activities aligned with the concepts is provided.) By 11 pm on SaturdayComplete Assignment A.By 11 pm on SundayComplete Quiz A.By 11.30 pm on SundayExpand on your pre-learning answer in Module A. Provide page references to your CSE textbook to support your work.By midnight on SundayPrepare for the next module. Offer a pre-learning answer to a question in the Discussion Board: Module 3. No prep.??Module 3Dates: XX to XXConceptsProfit and loss; Helping others and receipt of income; and Jobs versus the creation of wealthObjectivesCSE 1.7 Profits direct businesses toward activities that increase the value of resources, while losses direct them away from wasteful activities that reduce resource value. ?CSE 1.8 People earn income by helping others.?CSE 1.9 Production of goods and services people value, not just jobs, provides the source of high living standards.Read, watch, and listenRead about the elements in your Common Sense Economics (CSE) textbook, watch videos, and listen to audios.When meeting face-to-faceConduct a classroom or small group learning activity. (A list of activities aligned with the concepts is provided.) By 11 pm on SaturdayComplete Assignment 3.By 11 pm on SundayComplete Quiz 3.By 11:30 pm on SundayExpand on your pre-learning answer in Module 3. Provide page references to your CSE textbook to support your work.By midnight on SundayPrepare for the next module. Offer a pre-learning answer to a question in the Discussion Board: Module 4. No prep.Module 4 ** LEADS TO EXAMDates: XX to XXConceptsSources of economic progress; Market prices and the invisible hand principle; and Secondary effects and unintended consequencesObjectivesCSE 1.10 Economic progress comes primarily through trade, investment, better ways of doing things, and sound economic institutions.?CSE 1.11 The “invisible hand” of market prices directs buyers and sellers toward activities that promote the general welfare.?CSE 1.12 Too often the long-term consequences, or the secondary effects, of an action are ignored.Read, watch, and listenRead about the elements in your Common Sense Economics (CSE) textbook, watch videos, and listen to audios.When meeting face-to-faceConduct a classroom or small group learning activity. (A list of activities aligned with the concepts is provided.) By 11 pm on SaturdayComplete Assignment 4.By 11 pm on SundayComplete Quiz 4.By 11:30 pm on SundayExpand on your pre-learning answer in Module 4. Provide page references to your CSE textbook to support your work.By 11 pm on MondayComplete Exam 1.By midnight on MondayPrepare for the next module. Offer a pre-learning answer to a question in the Discussion Board: Module 5. No prep.Module 5Dates: XX to XXConceptsLegal system and private ownership; Private property and incentives; and Competitive process; Economic growth: record and importanceObjectivesCSE 2.1 Legal system: The foundation for economic progress is a legal system that protects privately owned property and enforces contracts in an evenhanded manner.?CSE 2.2 Competitive markets: Competition promotes the efficient use of resources and provides the incentive for innovative improvements.Read, watch, and listenRead about the elements in your Common Sense Economics (CSE) textbook, watch videos, and listen to audios.When meeting face-to-faceConduct a classroom or small group learning activity. (A list of activities aligned with the concepts is provided.) By 11 pm on SaturdayComplete Assignment 5.By 11 pm on SundayComplete Quiz 5.By 11:30 pm on SundayExpand on your pre-learning answer in Module 5. Provide page references to your CSE textbook AND, at least, one other learning resource to support your work.By midnight on SundayPrepare for the next module. Offer a pre-learning answer to a question in the Discussion Board: Module 6. No prep.Module 6Dates: XX to XXConceptsRegulation and gains from trade; Capital markets: wealth-creating versus inefficient projects; and Monetary policy and inflation ObjectivesCSE 2.3 Limits on government regulation: Regulatory policies that reduce exchange and restrict competition impede economic progress. CSE 2.4 Efficient capital markets channel capital into wealth-creating projects.?CSE 2.5 Monetary stability: A stable monetary policy is essential for the control of inflation, efficient allocation of investment, and achievement of economic stability. Read, watch, and listenRead about the elements in your Common Sense Economics (CSE) textbook, watch videos, and listen to audios.When meeting face-to-faceConduct a classroom or small group learning activity. (A list of activities aligned with the concepts is provided.) By 11 pm on SaturdayComplete Assignment 6.By 11 pm on SundayComplete Quiz 6.By 11:30 pm on SundayExpand on your pre-learning answer in Module 6. Provide references to your CSE textbook AND, at least, one other learning resource to support your work.By midnight on SundayPrepare for the next module. Offer a pre-learning answer to a question in the Discussion Board: Module 7. No prep.Module 7 ** EXAM WEEKDates: XX to XXConceptsTaxes, incentives, and productive activity; Gains from international trade; Economics, politics, and trade restrictions; and Economic freedom, growth, and incomeObjectivesCSE 2.6 Low tax rates: People produce more when they can keep more of what they earn.?CSE 2.7 Free trade and sound institutions expand production, employment can consumption possibilities.Read, watch, and listenRead about the elements in your Common Sense Economics (CSE) textbook, watch videos, and listen to audios.When meeting face-to-faceConduct a learning activities. By 11 pm on SaturdayComplete Assignment 7.By 11 pm on SundayComplete Quiz 7.By 11:30 pm on SundayExpand on your pre-learning answer in Module 7. Provide references to your CSE textbook and, at least, one other learning resource to support your work.By 11 pm on MondayComplete Exam 2. It is comprehensive.By midnight on MondayPrepare for the next module. Offer a pre-learning answer to a question in the Discussion Board: Module 8. No prep.Module 8Dates: XX to XXConceptsProtective and productive roles of government; Market failure: externalities; Market failure: monopoly; Market failure: public goodsObjectivesCSE 3.1 Government promotes economic progress by protecting the rights of individuals and supplying a few goods that are difficult to provide through markets.?CSE 3.2 When monopoly is present and barriers to entry high, markets will fail to achieve ideal efficiency. ?CSE 3.3 Public goods and externalities result in incentives that may encourage self-interested individuals to undertake activities that are inconsistent with ideal economic efficiency. Read, watch, and listenRead about the elements in your Common Sense Economics (CSE) textbook, watch videos, and listen to audios.When meeting face-to-faceConduct a one or two learning activities. By 11 pm on SaturdayComplete Assignment 8.By 11 pm on SundayComplete Quiz 8.By 11:30 pm on SundayExpand on a classmate's pre-learning answer in Module 8. Be professional. Provide page references to CSE textbook and, at least, one other learning resource to support your work.By midnight on SundayPrepare for the next module. Offer a pre-learning answer to a question in the Discussion Board: Module 9. No prep.Module 9Dates: XX to XXConceptsGovernment failure; Political versus the market process; Special interest and political allocation; and Political incentives and short-sightedness ObjectivesCSE 3.4 Allocation through political voting is fundamentally different than market allocation. CSE 3.5 Unless restrained by constitutional rules, special-interest groups will use the democratic political process to obtain government favors at the expense of others.Read, watch, and listenRead about the elements in your Common Sense Economics (CSE) textbook, watch videos, and listen to audios.When meeting face-to-faceConduct a classroom or small group learning activity. (A list of activities aligned with the concepts is provided.) By 11 pm on SaturdayComplete Assignment 9.By 11 pm on SundayComplete Quiz 9.By 11:30 pm on SundayExpand on a classmate's pre-learning answer in Module 9. Be professional. Provide page references to CSE textbook and, at least, one other learning resource to support your work.By midnight on SundayPrepare for the next module. Offer a pre-learning answer to a question in the Discussion Board: Module 10. No prep.Module 10Dates: XX to XXConceptsTransfers, incentives, and the “welfare” of recipients; Unintended consequences of transfers and subsidies; and Central planning, politics, and resource allocationObjectivesCSE 3.6 Unless restrained by constitutional rules, legislators will run budget deficits and spend excessively. ?CSE 3.7 When governments become heavily involved in providing favors to some at the expense of others, inefficiency results and improper, unethical relationships develop between government officials and businesses.?CSE 3.8 The net gain to those receiving government transfers is less, and often substantially less, than the amount they receive.Read, watch, and listenRead about the elements in your Common Sense Economics (CSE) textbook, watch videos, and listen to audios.When meeting face-to-faceConduct a classroom or small group learning activity. (A list of activities aligned with the concepts is provided.) By 11 pm on SaturdayComplete Assignment 10.By 11 pm on SundayComplete Quiz 10.By 11:30 pm on SundayExpand on a classmate's pre-learning answer in Module 10. Be professional. Provide references to your CSE textbook and, at least, one other learning resource to support your work.By midnight on SundayPrepare for the next module. Offer a pre-learning answer to a question in the Discussion Board: Module 11. No prep.Module 11 ** EXAM WEEKDates: XX to XXConceptsCompetition among governments, incentives, and resource allocation; and Constitutional rules and sound economicsObjectivesCSE 3.9 The economy is far too complex to be centrally planned and efforts to do so will result in inefficiency and cronyism.CSE 3.10 Competition is just as important in government as in markets.Read, watch, and listenRead about the elements in your Common Sense Economics (CSE) textbook, watch videos, and listen to audios.When meeting face-to-faceConduct a classroom or small group learning activity. (A list of activities aligned with the concepts is provided.) By 11 pm on SaturdayComplete Assignment 11.By 11 pm on SundayComplete Quiz 11.By 11:30 pm on SundayExpand on a classmate's pre-learning answer in Module 11. Be professional. Provide page references to your CSE textbook and, at least, one other learning resource to support your work.By 11 pm on MondayComplete Exam 3. It is comprehensive.By midnight on MondayPrepare for the next module. Offer a pre-learning answer to a question in the Discussion Board: Module 12. No prep.Module 12Dates: XX to XXConceptsComparative advantage and discovery of career opportunities; Entrepreneurship, productivity, and personal success; Attitudes, productivity, and personal success; and Budgeting and getting more out of your incomeObjectivesCSE 4.1 Discover your comparative advantage.?CSE 4.2 Cultivate skills, attitudes, and entrepreneurship that increase productivity and make your services more valuable to others.?CSE 4.3 Use budgeting to help you spend your money effectively and save regularly.Read and watchRead about the elements in your Common Sense Economics (CSE) textbook and watch videos. Note: The time has arrived to act on your economic knowledge. So activities will replace audios. Plan accordingly.When meeting face-to-faceConduct a classroom or small group learning activity. (A list of activities aligned with the concepts is provided.) By 11 pm on SaturdayComplete three (3) Assignments 12.1, 12.2, and 12.3. Plan accordingly.By 11 pm on SundayComplete Quiz 12.By 11:30 pm on SundayExpand on your or a classmate's pre-learning answer in Module 12. Provide page references to your CSE textbook and feel free to bring in personal experiences and external resources to support your work.By midnight on SundayPrepare for the next module. Offer a pre-learning answer to a question in the Discussion Board: Module 13. No prep.Module 13Dates: XX to XXConceptsStrategic spending: used versus new; Dangers of debt and credit card use; and Prudent saving: planning for a “rainy day” ObjectivesCSE 4.4 Don't finance anything longer than its useful life.?CSE 4.5 Two ways to get more out of your money: Avoid credit-card debt and consider purchasing used items.?CSE 4.6 Begin paying into a “rainy day” savings account every month.Read and watchRead about the elements in your Common Sense Economics (CSE) textbook and watch videos.When meeting face-to-faceConduct a classroom or small group learning activity. (A list of activities aligned with the concepts is provided.) By 11 pm on SaturdayComplete two (2) Assignments 13.1 and 13.2. Plan accordingly.By 11 pm on SundayComplete Quiz 13.By 11:30 pm on SundayExpand on your or a classmate's pre-learning answer in Module 13. Provide page references to your CSE textbook and feel free to bring in personal experiences and external resources to support your work.By midnight on SundayPrepare for the next module. Offer a pre-learning answer to a question in the Discussion Board: Module 14. No prep.Module 14Dates: XX to XXConceptsPower of compound interest; Diversification and reducing investment risk; Risk and return: stocks versus bonds; Random walk theory and stock prices; and Indexed versus managed equity fundsObjectivesCSE 4.7 Put the power of compound interest to work for you.?CSE 4.8 Diversify—don’t put all of your eggs in one basket.?CSE 4.9 Indexed equity mutual funds can help you beat the experts without taking excessive risk.Read and watchRead about the elements in your Common Sense Economics (CSE) textbook and watch videos.When meeting face-to-faceConduct a classroom or small group learning activity. (A list of activities aligned with the concepts is provided.) By 11 pm on SaturdayComplete two (2) Assignments 14.1 and 14.2. Plan accordingly.By 11 pm on SundayComplete Quiz 14.By 11:30 pm on SundayExpand on your or a classmate's pre-learning answer in Module 14. Provide page references to your CSE textbook and feel free to bring in personal experiences and external resources to support your work.By midnight on SundayPrepare for the next module. Offer a pre-learning answer to a question in the Discussion Board: Module 15. No prep.Module 15 ** EXAM WEEKDates: XX to XXConceptsRisk and insurance; Risk and investments; and Portfolio adjustments and phases of lifeObjectivesCSE 4.10 Invest in stocks in long-run objectives, but as the need for money approaches, increase the proportion of bonds.?CSE 4.11 Take steps that will reduce risk when making housing, education, and other investment decisions.?CSE 4.12 Use insurance to help manage risk.Read and watchRead about the elements in your Common Sense Economics (CSE) textbook and watch videos.When meeting face-to-faceConduct a classroom or small group learning activity. (A list of activities aligned with the concepts is provided.) By 11 pm on SaturdayComplete Assignment 15.By 11 pm on SundayComplete Quiz 15.By 11:30 pm on SundayExpand on your or a classmate's pre-learning answer in Module 15. Provide page references to your CSE textbook and feel free to bring in personal experiences and external resources to support your work.By 11 pm on MondayComplete Exam 4 or the Comprehensive Final Examination.By midnight on MondayFor bonus points, complete the finish-line activity: The Survey of Economic Reasoning.Course EvaluationEvaluate the course and instructor.Module D (Insert after module 7 or offer as bonus work.)Great Depression and Great RecessionConceptsRecession and depression; Economic instability; Monetary policy and Great Depression; Tariffs and trade restrictions; and Taxes, subsidies, and instabilityObjectivesA recession occurs when overall levels of income, production, and employment decline for more than two consecutive quarters. A depression is a severe recession. ?Costs of government policies sometimes exceed benefits. ?Government sponsored programs, high tax policies, and trade restrictions along with unstable and unsound monetary policy distort incentives and inject uncertainty into markets. During recessions and depressions, they can lengthen the period of economic decline.ReadRead The Economic Crisis of 2008: Causes and Lessons for the Future (online) and Lessons from the Great Depression (online) by James Gwartney, Richard Stroup, Russell Sobel, and David Macpherson. Used with permission. For more information, visit Macroeconomics: Private and Public Choice, 15th Edition at economics/gwartney WatchWatch video. There is no audio.When meeting face-to-faceConduct a classroom or small group learning activity. (A list of activities aligned with the concepts is provided.) By 11 pm on SaturdayComplete Assignment D. This is a lengthy assignment. Plan accordingly.By 11 pm on SundayComplete Quiz D.By 11:30 pm on SundayExpand on your or a classmate's pre-learning answer in Module D. Provide page references to your CSE textbook and feel free to bring in personal experiences and external resources to support your work.By midnight on SundayIf Module D is integrated into the course: Prepare for the next module. Offer a pre-learning answer to a question in the Discussion Board: Module 8. ................
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