OVERVIEW: WEEK OF AUGUST 26th
Topic
Do you know what my name is, did you sign the course contract or start reading chapter one? Do you now have a command of what scarcity is and what its consequences are? Do you understand what a market is and more importantly, how your life takes place in one?
All these questions were last week's course objectives. This week, we'll delve further into the basics of economics by introducing you to some more key terms such as opportunity cost, marginal analysis, absolute and comparative advantage. We'll even talk about your first economic model, the production possibilities frontier (PPF) or curve (PPC).
Although you will never use the PPF again, nor will you encounter it ever in your life, it is useful now in order to illustrate all these fundamental concepts related to economics. More importantly, it clearly depicts how economies should function given certain parameters.
I've provided you with some additional videos to watch regarding these topics. Please watch them, particularly if you are having a hard time grasping the concepts. And even if you aren't, they're still a good tool for reinforcing what you know. In fact, in addition to the lecture video from me, I have made these available.
Objectives
By the end of this week you will be able to...
- identify opportunity cost
- articulate the use of marginal analysis
- identify, utilize and interpret the production possibilities frontier
- articulate the concept of increasing marginal opportunity costs or increasing opportunity costs
- differentiate between comparative and absolute advantage
- Explain the benefits of trade
Weekly Schedule
| Due date | Activity |
|---|---|
| Reading: Textbook through Chapter 2 & 20.1-20.2 |
|
| Refer to Schedule | Assignment: Relevant Study Guide Questions |
| Sunday, 9/1 | Quiz #1 |