Week 1 -- Unit 1

Steven M. Reff
Economics Lecturer
University of Arizona
(2007 - 2016)
The 2015 University of Arizona
Five-Star Faculty Award

Steven Reff's Resume

Unit 1
Basic Economic Concepts

Week 1

Unit 1: Basic Economic Concepts

• Topic 1.1   Scarcity and Opportunity Cost
• Topic 1.2   Production-Possibilities Curve
• Topic 1.3   PPC (Absolute, Comparative Advantage, Terms of Trade)
• Topic 1.4   Demand
• Topic 1.5   Supply
• Topic 1.6   Market Equilibrium, Disequilibrium, and Changes in Equilibrium

Topic 1.1 Scarcity (definition, trade offs, opportunity cost)

Introduction to Economics (2:23 minutes)

Terms in Economics

Introduction to Economics

Class Starter or Review Videos -- Short Videos

eWorkbook Activities Interactive:

eTextbook Reading:

(3 min. or less, along with 3 multiple choice questions)

Production-Possiblities Frontier (10 Questions)

Production-Possibilities Frontier (Silent Movie)

Production-Possibilities Curve (Part III)

PPC, Part III (Absolute and Comparative Advantage)

PPC, Part IV (Good Terms of Trade and Consumption Possibilities)

PPC, Part V (Bad Terms of Trade and Consumption Possibilities)

Post Hoc Fallacy and Fallacy of Composition

Current Event: The Difference Between Scarcity and Shortage

Multiple Choice (10 Questions)

TEST YOURSELF 1.1:

E conomic Systems Interactive Map from eTextbook Reading Above

Day 2: Week 1:

Production-Possibilities Curve, Part I

P PC I nteractive Table and Graph

Constant Cost vs. Increasing Cost PPC (3:02 minutes)

eWorkbook Activities Interactive:

eTextbook Reading:

PPC (increasing-cost, decreasing-cost, or constant-cost?)

Day 1: Week 1

Seating chart, instructor's introduction, classroom rules,
course introduction, syllabus, expectations, pre-test, etc.

Day 3: Week 1

Economic Systems (3:10 minutes)

Topic 1.2 Production-Possibilities Curve, Part I

Day 4: Week 1

Topic 1.2 Production-Possibilities Curve, Part II (Terms of Trade)

eWorkbook Activities Interactive:

eTextbook Reading:

Interactive Activity on Absolute and Comparative Advantage

Interactive Constant-Cost PPC Graph

Class Starter or Review Videos -- Short Videos

(3 min. or less, along with 3 multiple choice questions)

Class Starter or Review Videos -- Short Videos

(3 min. or less, along with 3 multiple choice questions)

Class Starter or Review Videos -- Short Videos

(3 min. or less, along with 3 multiple choice questions)

(5% – 10% of the exam)

8 - 10 class periods

Trade Offs and Opportunity Cost (2:23 minutes)

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Points on the PPC (2:17 minutes)

Shifts in the PPC (3:21 minutes)

Interactive Increasing Costs P PC Graph with 11 Questions (with numbers)

Interactive Increasing Costs P PC Graph with 11 Questions (without numbers)

Interactive Increasing-Cost PPC Graph

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

(Not on the AP® Macro exam)

eVideos -- Short Videos:

eWorkbook Activities Interactive:

(3 min. or less, along with 3 multiple choice questions)

PP C (14 Questions) (Movable PPF Graph)

PP C (14 Questions) (Drawable PPF Graph)

PPC, Part VI (Output vs. Input Question)

NOTE: The 14 questions below are identical to the 14 questions above.
The graph above is MOVEABLE; the graph below is DRAWABLE.

Day 5: Week 1

Topic 1.3 PPC Comparative Advantage, Part III (Input vs. Output)

I nteractive PPC Graphs (2 Output and 2 Input Questions)

I nteractive PPC Graphs (Create Your Own Output and Input Questions)

Interactive Increasing-, Decreasing- and Constant-Cost PPC Graphs

Below are lessons for Unit 1: Topics 1.1 - 1.3 aligned to the AP® Macroeconomics CED.
You will have textbook readings, short videos with 3 multiple choice questions, workbook
assignments, multiple choice questions, "free" response questions and much more.

These resources can be displayed on the instructor's projection system inside the classroom,
or the instructor can copy the links and give to the students as homework.

Link to the AP® Macroeconomics CED (Course and Exam Description) to see in-depth
coverage on each of the topics listed below for Unit 1: Basic Economic Concepts.

Principles of Macroeconomics

Remember, you still have all of the resources and
assessments that The College Board® provides for you
and your students.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -