October 22, 2007

Unit 2 Exam

Posted in Basic Economic Concepts, elasticity, Price Ceilings, Price Floors, Supply & Demand at 4:36 pm by davidprudente

The Unit 2 exam on issues relating to supply and demand will be tomorrow (10/23). The exam will consist of Twenty-five multiple choice questions and one multi-part free response question. As I mentioned in class, you need to know what factors will shift the supply and demand curves; how to determine elasticity; and how a price ceiling and price floor effect markets.

Be sure you use your textbook, notes, Barron’s study guide, and the on-line resources available to you to prepare for the exam. Good luck.

September 24, 2007

United Auto Workers Strike!

Posted in Basic Economic Concepts, Labor, Strikes, Unions at 7:50 pm by davidprudente

UAW Stikes!


Today, the United Auto Workers decided to Strike. “73,000 workers at 80 GM plants across the nation walked off the job.”

Questions of the day: How would a large strike like this affect a nations PPC? How might this strike affect the local economies around those 80 factories? How might this strike affect the U.S. economy? And finally, why would workers/unions want to strike in the first place?

For more info, here’s a link to the Boston Globe’s article about the strike.

September 6, 2007

Social and Economic Goals for the United States

Posted in Assignments, Basic Economic Concepts at 12:30 am by davidprudente

Societies face many trade-offs when faced with the economic question of What to produce, how to produce it, and for whom to produce. What societies choose depends upon what their economic systems value. On Friday the 7th we’ll be discussing the broad social and economic goals for our society.

For extra credit follow this link, complete the worksheet, and show it to me on Friday.

See you in class,

Mr. P.

May 26, 2007

The Ten Principles of Economics

Posted in Basic Economic Concepts at 1:58 pm by davidprudente

So you’re now reading about the ten principles of economics. If you follow the highlighted link you’ll find a nice summary from the textbook publisher. If you think you really understand the ten principles, maybe you should watch this video of the translated version.

Study Question: Which of the Ten Principles do you think is the most important?