The Fed Chairman Game

Check out this game created by the Federal Reserve. It deals with exactly what we are studying right now, monetary policy. The game puts you in the position of the Fed Chairman, and you must manipulate interest rates in order to balance unemployment and inflation. Click on the learn more button before playing. Investigate the Fed Toolkit and the other items in the help section. After this play the game. Give me a short summary of your strategy and how it went.

A Biter's Market

This is a nice little article about kids and incentives. Government policy makers are always looking for incentives to motivate us to act in a certain way. Read the article and respond to at least two of the five questions listed at the bottom of the article.

Should You Watch Football

I thought that this was an interesting article, and I'm curious about your take on it. The National Football League generates billions in revenues each year. The league markets itself as America's pastime. Have we become immune to the violence on TV each Sunday? We have all seen players being carted off the field on stretchers. Is it time to rethink our support of this league?

Is Paying Kids for Good Grades Wrong?

There have been several experiments by school districts at paying students for attendance, good behavior, and good grades. The most recent attempts in Washington, D.C. and New York City have shown some promising results. Money is a powerful incentive. Read the article and leave your thoughts about "money for grades."

The World Clock

This is a repeat of an older post, but I still love this site. Check out the world clock. Do you see any trends? Any of the numbers surprise you? Check out some of the other features on the site.

Illegal Immigration; Not an Economic Debate

Check out this article by Jason Welker about the Economics of Illegal Immigration. It is a refreshing take on an issue that has gotten a great deal of publicity recently. What are your thoughts after reading the article? Is this different from what you have been hearing from both the Republicans and the Democrats lately?

A Course Load for the Game of Life

Greg Mankiw is a professor of Economics at Harvard University. He has written an introductory Economics textbook that is widely used in AP courses around the nation. He has served on the Presidents Council of Economic Advisors, and is a real star in our field. In a recent New York Times article, he spelled out his advice for the college bound. Read the article and leave your comments. Do any of his points hit home for you?

Is it time to Retire the Penny

Has the venerable $.01 piece outlived its usefulness? Check out the website for some of the arguments in favor of eliminating the penny. What do you think? Also check out this guys hilarious rant against the penny.

Infographics In Economics

Infographics are a great way for students to dig a bit deeper and explore an issue. They are typically a combination of graphs, maps, visuals, charts and texts that can be explored through the internet. The New York Times has produced a wealth of these resources over the past few years and this week they are showcasing their best exhibits. It is important for students of Economics to be able to read and interpret visual information, to learn about the world around them. Click on the title on check out this infographic on how Americans spend their day. Check out the chart by activity and then by groups. Anything surprise you? Is this an accurate representation of how you spend the average day? Remember to leave your comments before Friday at midnight.

Assignment #1

This assignment is due Friday, August 27, 2010. Click on the Reffonomics link on the right side of this page. Click on Basic Concepts. Page through the four power point presentations in the Introduction to Economics Unit. 2004 - 2009 2nd ed, "What is Economics", "Opportunity Cost", " Resources", and "Fallacies". Click on the first "Multiple Choice Questions" link. Fill in your first and last name and take the 10 question quiz. You will then print out your results and turn them in to me on Friday.

Welcome

Welcome Class of 2011. The wonderful world of Economics awaits you. Leave a short comment with your own definition of economics.

Fed Chairman Game

Check out this game created by the Federal Reserve. It deals with exactly what we are studying right now, monetary policy. The game puts you in the position of the Fed Chairman, and you must manipulate interest rates in order to balance unemployment and inflation. Click on the learn more button before playing. Investigate the Fed Toolkit and the other items in the help section. After this play the game. Give me a short summary of your strategy and how it went.

Should Kids be Bribed to do Well in School?

Read this recent article from Time Magazine and respond. Should kids be bribed with money to succeed in school? I know that this one is a bit hard to swallow, but if it works, why not? Should it even be considered as an option? Let me know what you think.

Fear the Boom and Bust

Since we couldn't view the Keynes Rap in school, here it is. Your assignment is to identify some of the Keynesian concepts that you have learned about. Describe these concepts in the comments section.

Aid causing more hardship for Haiti's Small Businesses

As we learned when we studied price floors and price ceilings, when the government intervenes in the free market, it often makes matters worse. Causing unforseen hardships when trying to fix a problem is known as the "Law of Unintended Consequences." Just such a thing is happening in Haiti. Now don't get me wrong, I'm not saying that we shouldn't help others in times of need, but we should also fully realize the consequences of that help. Read the article and comment. Come up with at least one other example of "unintended consequences."

Under 21? Getting a credit card just got tougher

In the past, everyone on campus was trying to give you a credit card. It looks like that is about to change. Is this a good idea or not?

Economics!

A College professor came up with this acronym for remembering the basics of Economics. Pick a letter and expand on it based on what you have learned about Economics so far.

Ten Key Principles in Economics

Everything has a cost. There is no free lunch. There is always a trade-off.

Cost is what you give up to get something. In particular, opportunity cost is cost of the tradeoff.

One More. Rational people make decisions on the basis of the cost of one more unit (of consumption, of investment, of labor hour, etc.).

iNcentives work. People respond to incentives.

Open for trade. Trade can make all parties better off.

Markets Rock! Usually, markets are the best way to allocate scarce resources between producers and consumers.

Intervention in free markets is sometimes needed. (But watch out for the law of unintended effects!)

Concentrate on productivity. A country’s standard of living depends on how productive its economy is.

Sloshing in money leads to higher prices. Inflation is caused by excessive money supply.

!! Caution: In the short run, falling prices may lead to unemployment, and rising employment may lead to inflation.

An Economic Mystery

Alright, AP students… you are economics detectives and you’ve been assigned your first case. The mystery is thus: how can decreasing demand cause prices to go up? In chapter three, we are reading about product markets, the interaction of supply and demand, and market equilibrium price and quantity. You’ve read that prices are affected by the interaction of supply and demand. Clearly, if demand for a product rises, prices should go up unless supply increases a certain amount. On the other hand, if demand falls, then prices should fall unless supply falls at the same time.
So what’s happening in the article above? The headlines seems to proclaim an economic impossibility is occurring: as demand falls, prices rise! How is this possible? Is it? Is the market for apartments in the D.C. area defying the laws of demand and supply? Read the article and see if you can solve this economic mystery!

Day Zero in Haiti

Read this interesting article about the recent earthquake in Haiti and the chance that exists for this country to remake itself. In your comments address at least two of the discussion questions at the end of the article.

Assignment #1

This assignment is due Friday, January 15, 2010. Click on the Reffonomics link on the right side of this page. Click on Basic Concepts. Page through the four power point presentations in the Introduction to Economics Unit. 2004 - 2009 2nd ed, "What is Economics", "Opportunity Cost", " Resources", and "Fallacies". Click on the first "Multiple Choice Questions" link. Fill in your first and last name and take the 10 question quiz. You will then print out your results and turn them in to me on Friday.

Welcome Spring Semester Econ Students

Welcome Class of 2010. The wonderful world of Economics is waiting for you.