Thursday, September 29, 2011

Web Resources for Mod 9 Quotas

Related Web Links – Module 9 - Supply and Demand: Quantity Controls

OPEC oil embargoes took place in the 1970’s.  With the limits on price increases due to the Nixon price controls, gasoline shortages developed nationwide. Drivers found themselves in long lines waiting to buy gas that was often rationed when they did reach the pump. Drivers waited in gas lines for hours at a time. People would cut in line, fights broke out, and sometimes there was gunfire.


In the 1970s, there was a rapid increase in the price of oil due to controls placed on output by OPEC countries. The result was a significant jump in the U.S. rate of inflation. Starting in 2003, oil prices started another rapid appreciation, primarily due to an increase in demand as discussed in the following column by Krugman.

Tuesday, September 20, 2011

Module 6 Problem Set now due Monday, September 26

The Problem Set for Module 6 originally due this Thursday, September 22 is now due on Monday, September 26

Take the self quiz for supply and demand online!

From our textbook website:

http://bcs.worthpublishers.com/Krugman_AP_Econ/#664864__640217__

Supply and Demand Articles from textbook website

Related Web Links – Module 7 - Supply and Demand: Changes in Equilibrium
A good application of market economics is covered in one of Paul Krugman’s New York Times columns, “Dealing With the Dragon.” Krugman looks at the reasons for rising gasoline and oil prices. Combining the economic boom in China with improved global economic conditions led to the growth of demand racing ahead of the ability to increase supply.


In one of his New York Times columns, Paul Krugman considers alternative health care proposals. One would deny coverage based on prior medical conditions resulting in less coverage than is available today. Krugman considers the Veterans Health Administration as one of the few American success stories in the struggle to contain health care costs. The V.A. is “an integrated system — a system that takes long-term responsibility for its clients’ health — to deliver an impressive combination of high-quality care and low costs.”


Krugman analyzes the increase in food prices in global markets and even the scarcity of food in some locations that has resulted in increased social tension. Emerging market countries like China have seen an increase in wealth, driving up the demand for meat. This, in turn, increases the demand for grains used to feed cattle, pigs, and chickens. In addition, the rising price of oil and gasoline results in higher production costs for famers who run machinery.

Monday, September 19, 2011

You tube video- Law of Demand

There is a great teacher in Switzerland who just posted a video lecture (9 min) on the Law of Demand.  If you need another perspective, check it out:

http://www.youtube.com/watch?v=W1s3-BT8l9c&feature=player_embedded

He maintains a very informative blog: http://welkerswikinomics.com/blog/

Don't forget to ask questions about Module 6 Reading Guide due Tuesday!

Thursday, September 15, 2011

Module 5 Quiz Tomorrow!

Ways to Review:

- Go over Changes in Demand handout from class
- Read, gasp- read the module!
- Do the problems at the end of the Module (answers are in the back of the book)
- go on youtube- search acdc econ demand shift
- reffonomics.com
-textbook website, self test online- see helpful websites page on this blog
- go over powerpoint in howell teacher outbox online
- get some sleep!!!

Wednesday, September 14, 2011

Mod 5 Problem Set Due Tomorrow 15 Sept!

Each of the scenarios in the homework matches with one of the reasons for demand shifts in Module 5.  Make sure you answer all parts of the question for full credit (if it asks you to give an example, well, you should probably give an example).

MAKE SURE YOU LABEL everything for full credit- axes, curves, draw arrows for shifts, p and q change drawn out to axes- this is a GREAT habit to get into today, you will make your economic life in this class much easier if you do.

Good luck!  You can do it!

Wednesday, September 7, 2011

Exam 1 tomorrow Thursday 8 sept!!

11 multiple choice questions, 1 FRQ
Study the self assessments on the textbook website, reffonomics.com, acdc econ on youtube, review questions given in class, HW and FRQ handed back

You will do great!!