03.+Y11_Class+of+2019


 * Click here to obtain the official IB Economics Guide.[[image:I love econ.jpg width="378" height="378" align="right"]] **


 * Please click here for the subject guide. **


 * Past paper questions will be given out during the course for revision. **


 * In addition, please access the relevant sections for the following matters: **
 * Internal Assessment
 * Preparation for Econ Exam
 * Online resources for study
 * Online news articles
 * Useful webpages for research
 * Hall of Fame (Students who scored a '7' in the past school years.)


 * The following is a Week by Week guide to what we're doing in Y11 Economics (Class of 2019). The most recent week will always be at the top of this page. **


 * Week of 5 February 2018 **
 * Students will learn about:
 * Negative externality resulting from overconsumption/overproduction of common access resources
 * Asystemmeytric information
 * Adverse selection
 * <span style="font-family: Arial,Helvetica,sans-serif;"> We will also discuss IA and how to do a news commentary.


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Week of 29 January 2018 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Students will learn about:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Postive and negative production externalities
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Positive and negative consumption externalities
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">An alternative approach to examine consumption externalities of individual's action


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Week of 22 January 2018 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Students will learn about:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Merit goods
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Demerit goods
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Public goods


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Week of 8 January 2018 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Revision week for SAW


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Week of 18 December 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Revision week for SAW


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Week of 11 December 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Students will learn about:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;"> the meaning of market failure: allocative efficiency
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">the different reasons for market failure


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Week of 4 December 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Students will learn about subsidies:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">rationale, consequences, and examples
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">the benefits of subsidy


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Week of 27 November 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Students will learn about indirect taxes:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">rationale, consequences and examples
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">the incidence of the indirect tax


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Week of 20 November 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Students will learn about price controls:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Price ceiling: rationale, consequences, and examples
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Price floor: rationale, consequences, and examples


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Week of 13 November 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Students will learn the following:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Cross elasticity of demand (XED) and its determinants
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Income elasticity of demand (YED) and its determinants
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Applications of XED and YED
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Price elasticity of supply, its determinants, and its application


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Week of 6 November 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Students will continue learning the following:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Price elasticity of demand (PED)
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Factors affecting the PED
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Applications of PED


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Week of 30 October 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Students will learn the following:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Pareto efficiency/market efficiency:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Consumer surplus
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Producer surplus
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">The function of prices
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Elasticity of demand


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Week of 16 October 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Students will learn the following:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Changes in equilibrium due to changes in demand and/or supply
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Calculation of market price and quantity using linear demand and supply functions and plotting of the relevant graphs (HL)


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Week of 9 October 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Students will learn the following:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Non-price factors affecting supply
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">A shift of a supply curve and a movement along a supply curve
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">A linear supply function (HL)
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Use of a linear supply function and graph to analyze changes in supply (HL)
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Market equilibrium
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Disequilibrium: Excess demand and excess supply


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Week of 2 October 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Students will learn the following:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Meaning of supply
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Individual supply and market supply
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">The law of supply and diagrammatic analysis


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Week of 25 September 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Students will learn the following:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">A linear demand function (HL)
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Use of a linear demand function and graph to analyze changes in demand (HL)


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Week of 18 September 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Students will learn the following:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Non-price factors affecting demand
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">A shift of a demand curve and a movement along a demand curve


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Week of 11 September 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">Students will learn the following:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">Markets
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">Meaning of demand
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">Individual demand and market demand
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">The law of demand and diagrammatic analysis


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 15.6px;">Week of 4 September 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">Students will learn the following:
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">More on opportunity cost
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">What is the economic problem?: What? How? For Whom?
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">Economic good vs free good
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">Factors of production: C.E.L.L. (do you remember what each stands for?)
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">Ways to organize the economy -- economic systems
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">Production possibility curve
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">PPC to illustrate the concepts of scarcity, choice, opportunity cost and resource allocation
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">Positive vs normative statements
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">Ceteris paribus


 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">Week of 28 August 2017 **
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">A class contract will be given to each student. Students are expected to let their parents know about the class expectations.
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">The link to the Course Guide will be introduced and content will be briefly explained. Students are expected to read carefully the Guide themselves. If they have questions, they should approach the teacher at once.
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">Students will learn about the basic economic concepts and why we have to study economics.
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">Unlimited wants vs limited resources => scarcity => choice => opportunity cost;
 * <span style="font-family: Arial,Helvetica,sans-serif; font-size: 120%;">scarcity => competition (more than one person) => price or non-price competition