Ch. #05 Government intervention

Tuesday, October 8, 2019 – Thursday, October 17, 2019

10/8 Tuesday (Period 5)
In class:

• Lecture
  • Indirect taxes practice activity
    • Excise tax graph examples handed out
  • Ad Valorem tax: A sales tax is an ad valorem tax. See the following video for clarification. Essentially, from the consumers standpoint, as the quantity supplied rises the price + tax (S tax curve) becomes more expensive in absolute dollars, while the percentage change is constant at whatever the tax rate is being applied. So for gas, if air travel (a component of a substitute good) becomes more expensive and consumers begin to demand more gas to take car vacations, more gas will be supplied at higher prices. As the before tax price rises from $3.00 to $4.00 to $5.00 (assuming a 25% ad valorem sales tax) then the total price (price + tax) rises from $3.75 to $5 to $6.25. While the percentage change is constant from price to price the unit price is increasing. The first increment is $.75 (from $3.00 to $3.75), the next is $1.00 and the final example increment is $1.25, demonstrating the shape of the ad valorem curve
• Pre-read for subsidies 
• Subsidies lecture notes and homework activity
• Subsidy and Price controls worksheet
• Hand out Government Intervention Indirect Tax/Subsidy Effects for Elastic Products study sheet

Homework:

• Choice (revised 10/9)

10/9 Wednesday (Period 4)
In class:

• Same as Tuesday

Homework:

• Same as Tuesday

10/10 Thursday
In Class:

• Subsidy video lecture (5m)
• Subsidy work sheet and inelastic version of the Government Intervention Indirect Tax/Subsidy Effects study sheet handed out in class (due Friday) work period

Homework:

• Peer edit mark scheme for Chapter 4 Elasticities essay - due Tuesday 10/15 Peer editor will be graded on their efforts.

10/11 Friday
In class:

• Homework check off:
  • Indirect taxes work sheet
  • Subsidy work sheet
  • Government Intervention Indirect Tax/Subsidy Effects study sheet - inelastic version
• Price ceiling and price floor lecture
• Project description and research (time permitting)
  • When writing answers to IB economics questions the overall aim is to use your economics knowledge to explain or evaluate an event or issue in the world. To this end, and in anticipation of your upcomming IA we will be doing a mini-project on government intervention utilizing our IA project planning sheet.
  • Click here for your assigned intervention (price floor or price ceiling) and geographic region. 
    • The idea is that different countries form different regions will have various political, economic, social, technological, legal and environmental (PESTLE) factors that drive policy decisions.
  • You will select an article from an international newspaper or other international source as it relates to your assigned intervention and geographic region.
  • You will have a choice of country within your assigned region and specific policy (floor or ceiling) from that country to prepare a ~15 minute evaluation (CLASPP) presentation to be given to a small group of your peers. For this exercise, you should target at least 5 of the 6 evaluation elements.
  • You will complete the worksheet titled IB Economics – Project planning sheet.
  • You will bring in both a copy of the article and your worksheet to class on Thursday.
  • A successful outcome will include turning in the planning sheet and article, active participation in the presentations, either as a presenter or group member, by actively listening, asking questions and comparing and contrasting your selected policy with others in the group to drive out learning internationally minded learning. Finally, as an exit activity, you will write a reflection on your level of understanding of the concept and what worked well and what could be imporved.

Homework:

• Government intervention check for understanding MC
• Project and peer edit essay
  • Peer editors will be graded.

10/14 Monday
In class:

• No students

Homework:

• Choice

10/15 Tuesday (Period 5)
In class:

• Meet with student who you peer edited Chapter 4 Elasticities essay to debrief
  • Turn in essay with peer edits
• Check for understanding MC
• Check for understanding
• Set up Thursday expectations for student presentations on price floor/ceiling

Homework:

• Prepare for student presentations on Thursday

10/16 Wednesday (Period 4)
In class:

• No classes (PSAT)

​
Homework:

• Choice

10/17 Thursday
In Class:

• ​Assessment - Project presentations

Homework:

• Read Ch 6

Key learning
Graphic organizer​
Learning objectives
Learning objectives answers
Vocabulary
Diagrams

Chapter resources

​Textbooks:
Jason Welker (interactive)
Alternative textbook

Video lectures:
Jason Welker (our textbook)
AC/DC
Khan
Crashcourse

PPT lectures:
Jason Welker (our textbook)

Economic writing:
How to structure your essays
Command terms
Glossary

​Diagramming:
Key diagrams
​How to read and interpret graphs
Comprehensive list

Course resources
​​Course overview
Syllabus (Skyline)
IB course guide (official IB syllabus)
LO's by page #
Chapter index
IBO Sub reports
OSPI framework
Module review guides:
  Micro
  Macro
  International
  Development