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011110 Econ Free Markets 50m

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011110 Econ Free Markets 50m

  1. 1. Good Day! DRAW A LINE SEPARATING TODAY & YESTERDAY 1) Write: Date: 01/11/10 , Topic: Sustaining Capitalism 2) On the next line, write “ Opener #3 ” and then: 1) Plot your mood, reflect in 1 sent . 2) Respond to the opener by writing at least 2 sentences about : Your opinions/thoughts OR/AND Questions sparked by the clip OR/AND Summary of the clip OR/AND Other things going on in the news. Announcements: None Intro Music: Untitled
  2. 2. Agenda 1) Trade offs/Opp Cost Review 2) Sustaining Capitalism 3) Incentives End Goal, you will be able to… 1) How do you create a capitlist economy? Reminder 1) Find & complete your 4 news pods
  3. 3. Reminder 1) Find & complete your 4 news pods (new source: Marketplace, NOT Newshour) 2) Using checks blocks 3) Last bank training and book reports are brunch, lunch, after school
  4. 5. Work #3a , Title “ Trade Offs + Opp Cost ” 1) There’s been 10 deaths at this unmarked intersection, with your partner, decide which is the right solution for this hypothetical ( include their name at the end ): a) Stop Sign, cost of $500 (7 deaths) b) Red Light, cost of $5000 (3 deaths) c) Underground Tunnel, cost of $1 million (0 deaths) 2) Which has the least opportunity cost? (which has the least expensive trade offs) 5 Reading/Film Qs Come From These Work Sections Time Bookmark: 00:00
  5. 8. Why is greed bad?
  6. 11. Notes #3a , Title: “ Free Market Notes ” Review: Capitalism/Free Enterprise/Market Economy Private individuals are free to decide what to produce how to produce it, and who gets to keep it. 1) 4 Things for a Healthy Market: a) Private property rights (including intellectual) GOV ROLE: Police + Courts b) Freedom to spend (buy) + make (start biz) money how you want GOV ROLE: Limited gov + anti-trust protection c) Freedom to exchange goods/services GOV ROLE: Reliable roads, stable money, accurate measures, fraud protection d) Freedom to keep your profits GOV ROLE: Reasonable tax rates
  7. 12. a) Private property rights (including intellectual) GOV ROLE: Police + Courts
  8. 14. b) Freedom to spend (buy) + make (start biz) money how you want GOV ROLE: Limited gov + anti-trust protection
  9. 16. c) Freedom to exchange goods/services GOV ROLE: Reliable roads, stable money, accurate measures, fraud protection
  10. 18. d) Freedom to keep your profits GOV ROLE: Reasonable tax rates
  11. 20. Notes #3a , Title: “ Free Market Notes ” 2) Deregulate : Reduce government rules overseeing a business (can lead to market failure) 3) Privatizations : Taking something run by the gov, and make it private (competition+profit)
  12. 21. Work #3a , Title “ Video: Greed ” 1) Copy Source Title: John Stossell 2…) Discuss questions on the board with a partner. Summarize your discussion ( include their name at the end ). Remember participation points are deducted if off task. 5 Reading/Film Qs Come From These Work Sections Time Bookmark: 00:00
  13. 23. Contest Rules: 1) No stealing money 2) No touching anyone 3) No doing anything dangerous
  14. 25. Notes #3b , Title: “ Behavior Economics ” 4) Incentives : Pressures used to elicit a behavior a) 3 Incentive Types : i) Economic : Financial Pressure ii) Social : Peer Pressure iii) Moral : Self Pressure b) Perverse Incentive : Pressures that lead ppl to do the opposite of what you intended.
  15. 26. i) Economic : Financial Pressure
  16. 27. ii) Social : Peer Pressure
  17. 28. iii) Moral : Self Pressure
  18. 29. Humans are more driven by incentives then rules Lets assume that you’re a lawyer making $100/hr. Driving illegally in carpool saves you 1 hrs/day. You get ticketed $300 on average once a month. What might some people do in this scenario?
  19. 32. Is offering some type of gas tax credit to relieve some of the cost of gas a perverse incentive?
  20. 33. Is giving a car company that made bad cars money creating a perverse incentive?
  21. 34. Is giving financial firms money that made investments in housing a perverse incentive?
  22. 35. Work #3c , Title “ Incentives ” Ask your partner ( include their name ): 1) Which incentive is most powerful over society? 2) Which incentive is most powerful over yourself? Incentives: Which is more powerful? 1) Financial Incentives Can’t pay everyone for everything 2) Social Incentives People aren’t always watching 3) Moral Incentives At times the weakest, but also the strongest (ppl die for what the believe in)
  23. 36. Work #3d , Title “ Lit: Incentive Readings ” 1) Copy Source Title: Freakonomics + Nudge Read, and then respond to: 2) What problem was they were facing in Freakonomics ? 3) What was the results of their solution? 4) What is the concept of “ Nudge ”? 5) What were some nudges suggested you think are good ideas? (Note: Nudge is 1 of Obama’s fav) Bonus Q 4) Based on the ideas of Freakonomics + Nudge, is there something you see in your world or the wider world that can be done better? 5 Reading/Film Qs Come From These Work Sections
  24. 37. Work # , “ Initial Assembly Bills ” Before the governor (Mr Chiang) signs the bills, he wants the voters input. 1) How capitalist, socialist, or communist are the current bills that are proposed? 2) Would you support or be against the real CA’s legislature, if it wrote laws with the same intents as conveyed in the bills before you? 3) What do you predict to be the long term pros/cons of this legislation? 4) What changes do you think should be made to the bills?
  25. 38. Ways to Make Chiang Money 1) Better job 2) Spend less 3) Make $ on stock market (nx week) 4) Sell “legal” things to classmates (Fri: marketplace, study notes, BUT you cannot sell homework/projects . Can I borrow money: Eventually, the banks will loan money (desk cost about 20x rent)
  26. 39. Homework: 1) Study today’s notes + work sections for a possible workbook quiz . 2) Pick and listen to your 4 news podcast by next Monday. Workbook Check: If your name is called, drop off your workbook with Mr. Chiang ( if requested, points lost if your workbook is not turned in )

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