Maximize Your Utility!

Mohawk High School

Course Title: Economics for the 21st Century 2009-2010
Teacher: Henry B. Stobbs, MFA
Subject / Department: Economics / Social Studies
Room: H113
Grade: 11

Welcome to Economics for the 21st Century! The purpose of Economics for the 21st
Century is to prepare you to apply with confidence the economic principles which govern
every aspect of life in our complex, modern world. In this introductory course you will
learn about the history and nature of economic systems, basic economic principles,
international trade and economics, and consumer finance (budgeting, consumer credit,
savings and investment, and insurance).

Economics is a social science that teaches us about rational choice in the face of
scarcity; and it is upon sound choosing that success in this course rests. Students who
choose to participate, study, apply themselves to projects, exams and quizzes, and who
turn in their home work assignments on time every time will do very well. Those who
choose not to apply themselves will have the chance to choose differently next year.

This course follows the social studies model of economics education, which means that
instead of focusing on econometrics (the math portion of economics), you will study the
problem of scarcity by examining the cause and effect interaction of people, operating
within various economic systems and under circumstances peculiar to certain places
and times. In the process, you will apply grade-appropriate reading, writing,
mathematical, critical thinking, and social studies skills and methods. Knowledge you
gain in other courses will help you in this course, and what you learn here will serve you
well in your other subjects.

COURSE OUTLINE:

• Governing Ohio Social Studies Standard 4: Students will use economic

reasoning skills and knowledge of major economic concepts, issues, and
systems to make informed choices as producers, consumers, savers,
investors, workers and citizens in an interdependent world.

• Governing Benchmarks:
o Analyze how scarcity of productive resources affects supply, demand,
inflation and economic choices.
o Identify factors which inhibit or spur economic growth and cause
expansions or recessions
o Explain how voluntary worldwide trade, specialization and
interdependence among countries affect standards of living and
economic growth.
o Analyze the role of fiscal and regulatory policies in a mixed economy.
o Explain the use of a budget in making personal economic decisions
and planning for the future.
 • Major Course Concept Topics (sub-headings not necessarily listed in the
order taught):

Introduction to Economic Thought

Overview: What is an Economy? What Is Economics?
Scarcity, Opportunity Costs and Tradeoffs
Choosing rationally at the Margins
The Role of Incentives in Choosing
Demand & Supply
Possibilities of Production
Rationing
Markets and Price
Money
Measuring the Economy - GDP

The Role of Government

The Constitution as an Economic Document
Public/Private Relationships in Economic Institutions
Public policy and economics
Monetary Policy
Fiscal Policy
Taxation
Market Failures: Inflation, Deflation, Unemployment

Global Economics
Global Economic Institutions
Foreign Currency Markets / Exchange Rates
Barriers to Trade
Benefits of Trade / Comparative Advantage
Economic Development

Personal Finance
Financial Markets
Money Management / Budgeting
Growing Your Money: The Role of Risk
Saving Your Money and the Magic of Compounding
Investing Your Money
The Role of Credit
The Role of Insurance

Special Problems in Economics, Including:

Housing
Healthcare
The Best Government Money Can Buy?
The National Debt
The Automobile Industry

Readings in Economics

ATTENDANCE: See student handbook. You must have a 90% attendance rate to
earn credit for this class. Every minute counts, and due to the nature of the course, it
will be difficult to make up course work unless you plan very carefully in advance of
planned absences. See the student handbook for policy regarding makeup work.

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CLASSROOM CONDUCT & PROCEDURES:

• My approach to behavior centers on what I call “The Four Respects.” They are:
RESPECT for OTHERS, RESPECT for SELF, RESPECT for LEARNING, and
RESPECT for PROPERTY. I will collaborate with students and parents as
needed to more closely define these rules, and to develop individual and group
behavioral contracts that are in the best interest of all concerned. Failure to live
up to The Four Respects will result in appropriate and escalating disciplinary
measures (see the student handbook).
• During lectures and discussions, only one person at a time should be speaking;
everyone else should be listening.
• The bell doesn’t end the class, the teacher does. Remain seated and working
until you have been dismissed.
• If you are not in your seat when the bell rings, you are tardy.
• I do not give detentions; you earn them.
• There is no text book for this course, so I will give you a LOT of handouts. You
must maintain a course binder throughout the year. Do not throw anything away;
you will need the handouts, notes, rubrics and other information I give you
throughout the year. This syllabus must be the first item in your binder, so that
you may quickly and frequently refer to it.
• You will need to have access to a computer and the Internet to succeed in this
course. You will be given a Google account at the beginning of the course, and
you will be expected to use the course web site. If you do not have home access
to the Internet, check out 1) the public library system; 2) the school’s computer
lab resources; 3) your friends’ home resources. There are no excuses.
• Completion of assignments:
o I will not accept work that is late (see school policy in your handbook). All
assignments will be turned in on time (By 3:00 P.M. on the due date).
Assignments must be neatly and correctly hand-written or typed in Arial or
a similar sans-serif font and double-spaced (no font size smaller than 9 or
larger than 12; Arial-11 is the standard).
o Handwritten text may not be written in pencil unless I tell you it’s OK.
Acceptable ink colors are blue, purple, and black. You may use pencil
on all quizzes and exams, for peer editing, and for most graphing / math
problems.
o I will not accept work that is folded, torn, illegibly written, missing a
header, untitled, or with evidence of it being torn from a spiral binder
(those ugly little tags on the edge).
o I expect research papers to follow current MLA requirements for short
papers.
o I expect you to check for spelling and grammar.
o I strongly encourage you to master Google Documents and to use it for all
your written work. If you do not, do not complain to me about computer
crashes, lost disks, etc.
o You may resubmit graded work up to the appropriate grade card cutoff
date; none of us is perfect, but each of us is perfectible.
o Homework: It is not possible to achieve a high level of success in this
course without devoting two to three hours each week to homework.

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 Participation in sports, student government, and social activities is very
important, but it is EXTRA-CURRICULAR and is not an excuse for failing
to meet academic requirements, nor is EMPLOYMENT (being a fulltime
student IS your employment). At the same time, I realize how full your
lives are, and I will make every effort to accommodate your extracurricular
schedules. I will also make appropriate accommodations to meet I.E.P.
and 504 plan requirements.
o I will not write assignments on the board, nor will I remind you of due
dates. I will tell you about them, give you the documentation you need to
get them done, let you know when they are due, and answer any
questions you might have about them. I expect you to record them in
your planners, track them appropriately, and turn them in on time. If you
have trouble with such things, your peers may be able to help you to stay
on track.
o Extra Credit: Extra means just what it says. You will not be allowed to
use extra credit points if your current course grade is less than ‘D’ or if
you are otherwise not in good standing (no 0 grade).
o Extra credit and incentives are paid in the form of Economic Currency
Units (ECU), a fiat currency that is part of our course economy. One ECU
= one un-weighted point.
o Tardies, unexcused absences and disciplinary actions may be
accompanied by a significant loss of extra credit. ______

• All contracts, whether written or oral, are binding. ______

• Grading: I will grade you against a standard of success, not in comparison with
other students. I will use rubrics whenever possible. I will give you every
opportunity to earn the highest grade you are capable of earning, and I will
assume that you are capable of excellence. But remember: excellence must be
proven. I am human, and so make mistakes. Do not hesitate to professionally
challenge a grade that you feel is incorrect or undeserved. ______

• Assessments: I make use of a wide variety of assessments including projects,

exercises, reflective essays, interviews, exit tickets, quizzes, and whole class
discussions. Additionally, I will administer the following written assessments:

o No-notice quizzes
o Unit exams
o Quarter and semester final exams
o Additional quizzes, as I deem appropriate. ______

• Assessment Grading: One of the first lessons to be learned in economics is

that incentives matter! I will therefore curve unit, semester, and final exam
grades using the following method (Quiz grades will not be curved):
o I will subtract the highest pre-curve exam grade from 100%
o I will add the resulting difference to each exam grade, as follows:
o Pre-curve grades in the ‘A’ to ‘B’ range will earn 100% of the curve
o Pre-curve grades in the ‘B-’ to ‘C-’ range will earn 75% of the curve
o Pre-curve grades in the ‘D+’ to ‘D-’ range will earn 50% of the curve

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 o Pre-curve ‘F’ grades will stand on their own as a testimony to their
owners’ efforts ______

LEADERSHIP: You will have the opportunity to bid for the positions of:
• Learning Support Team Leader
• Section Bank President
• Section Administrator
• Section Tax Assessor/Collector
• Section Ombudsman
• Section physical plant manager ______

ECU COMPENSATION: In order to model a market-based economy, I will pay you an

ECU-based “salary”, subject to published rules, restrictions, taxation, and potential fines
and forfeitures. Pay will be automatically deposited in your course savings account. I
will pay leaders additional compensation. Your pay may be reduced or forfeited for any
of the following: tardiness, unexcused absences, detention or suspension, failure to do
professional work, failure to follow the requirements of this syllabus, failure to respect the
learning process, and failure to cooperate with the members of your team. Additionally,
leaders may be fined for repeated failures of their team members to follow course rules
and requirements. ______

THE “BIG FIVE”: WARNING! These “must do” assignments must be completed
successfully in order to pass the course, regardless of your cumulative course
grade. ______

• 1. Individual Economics Project: You must choose and complete one of the
following individual projects in order to pass the course, regardless of your grade.
Each is worth up to 100 points (Weight 2). Evidence of completion must be
submitted in the form of a thoroughly written reflection paper that includes the
appropriate data:

1. Select ten common items for sale at local grocery stores.

Compile a record of price changes, if any, in at least two different stores over one month.
Repeat this procedure for three months. Analyze overall price changes and the
variations from store to store. The objects chosen must be the exact same item (ex 10
oz. can of Campbell's Tomato Soup). Explain the variations, or lack thereof.

2. Analyze how similar products are advertised on television or in newspaper

advertisements. How does each try to create a
demand for its product? What role do incentives play in the advertising? Is there a price
mentioned? Is there a non-price incentive? Is advertising effective? How do you know?

3. Study the classified section of a local newspaper for

employment opportunities. Analyze the information for one month and prepare a report
on job opportunities in your community and what they say about the area’s economy,
including current unemployment rates.

4. Choose a type of business enterprise you would like to own and operate. Should
it be a sole proprietorship, partnership, or corporation? Which good or service would you
like to provide? What demand are you attempting to meet? What types of skills or

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training could you bring to the business? What are the advantages and disadvantages of
the ownership form you choose?

5. Visit a local food store offering no-name generic items, as well as store brand
items. Select ten items and compare the cost of generic, store brand, and national brand
goods. Be sure to compare items of equal size and packaging. Compare the cost per
ounce, per serving or per unit price. Display the results in the form of charts. Include an
analysis of your findings: what accounts for the differences?

6. Prepare a budget for your senior year high school expenses. Include all possible
expenses that you may incur during this final school year. Adjust for anticipated inflation.
Include the following expenses, but do not limit yourself to just these: dances, athletic
events, graduation expenses (pictures, ring, announcements, obligations, dues, party,
etc), and educational trips. Analyze this budget. How will you pay for these? What
savings do you have that can be used? How do opportunity costs and tradeoffs figure
into your calculations?

7. Conduct an analysis of your family’s automobile, property, and life insurance

policies. How much coverage is there? What are the total premiums? Is there any way
to improve the coverage or lower the cost? Are there any serious gaps in coverage that
need to be addressed? What was the basis for deciding how much insurance and of
what kind to have?

8. Establish a savings account and set a goal for regular contributions to it. Make a
deposit of at least $5.00 each week for a minimum of 20 weeks. What was your initial
deposit (or, if you already have an account, what was the opening balance? Report your
weekly deposits and your accumulated interest for the duration of the 12 weeks. Could
you have saved more? If you continue this pattern until you are 65 at the average rate
you earned for the duration of the exercise, how much money would you have
accumulated? What was the “price” of your effort? How will you benefit in the long run?

9. Select, read, and analyze a book on economics or that has as economics as a

major theme (The Wizard of Oz, Robinson Crusoe, Hitchhiker’s Guide to the Galaxy… I
can recommend many others!). Write a three- to four-page critique of the book. Who is
the author and how is the author qualified to write about economics? What is the
author’s thesis? What sort of economic theory does the author follow? Do you agree or
disagree with the author? Why? How has this book changed or improved your
understanding of economics and its importance? NOTE: You may combine this with
the term paper requirement.

10. Suggest something. If it has merit, I will allow you to do it, once we have agreed
on the terms. The goal is to apply the principles of economic thought to the real world in
which you will spend the rest of your life.

• 2. Term Paper: You must demonstrate your knowledge of economics in a

substantial and professionally prepared (MLA standards apply) term paper
(requirement may be modified or substantially altered for students with IEP

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 accommodations) in order to pass the course. The paper is worth up to 100
points (Weight 3). In your paper, you must:

1) Identify and analyze a contemporary issue in terms of: Scarcity, Production,

Distribution, Consumption, Incentives, Prices, Demand, Supply, opportunity costs
& tradeoffs, etc.
2) Analyze how this issue affects Individuals, Households, Businesses,
Government institutions, the Environment, etc.
3) Use research to establish and defend a position on the subject.

Possible Topics for Term Paper (Feel free to suggest something!)

1) The causes and effects of business relocation (must include from city to city,
state to state
and country to country)
2) The impact of the Federal Reserve System
3) Immigration, emigration and economics
5) Education and the economy
6) Rise of Internet trade
7) Corporate recalls (ex; Firestone tires)
8) Corporate Mergers
9) Labor strikes
10) Child and/or sweatshop labor
11) Financing college education (Or any major purchase)
12) Role of government in the housing market, health care, or other area of life
13) Crime and economics
14) Impact of philanthropy on the U.S. economy
15) Impact of U.S. aid on the global economy
16) The economics of American politics

A first draft of your paper is due on:

Last name begins A-E: March 12
Last name begins F – J: March 19
Last name begins K – P: March 26
All others: April 2 _______

The final draft of your paper is due on May 7 _______

Term papers not submitted by the due date will incur a 20-point per day
deduction for each day they are late. _______

• 3. MoneySkill: You must successfully complete the pre-test, post-test, and all
modules of the online money management course located at
www.moneyskill.org. Your grade (weight 3) will be based on a formula taking
into consideration your final average and your pre/post-test scores. You must
also score at least 65% on each assignment (You must re-take any assignment
with a grade lower than 65%). The earlier you start, the sooner you can be done.
The final day for completion is Friday, May 14, 2010.

• 4. Course Economy/Banking: In order to pass the course you must participate

in the course economy as a banker, bank customer, and bank auditor.

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 • 5. Team Project: You will be assigned to a learning support team that will work
together to offer mutual assistance and cooperative study. Your team must
complete one of the following projects by May 10, 2010:

1) Prepare and present a mini-lesson to teach your peers an

economic concept. It may be new material or something we have
covered already.

2) Select ten stocks from the New York Stock Exchange and
chart their progress for 30 days. Research each of the companies
selected: Identify the best and worst performing companies, then
prepare and present a team report on each. Your report must
provide answers to the following questions:
a. What is the history of the company (when founded, etc.)?
b. What good or service does the company produce?
c. What is a reasonable explanation for the company’s
failure or success?
d. Is this company a good long-term investment? Why or
why not?

3) Create a team economics scrap book:

a. Collect one a minimum of one article, editorial, or political
cartoon (no more than 3 cartoons) per team member each week for eight weeks in
a row, from a newspaper or magazine (may be on line), dealing with some aspect of
the U.S. or global economy.
b. Create a scrapbook of the articles that meets the
requirements of the rubric I will give you.

4) Participate as a team in the Stock Market Game, a real-time

competition that allows you to compete against other high school teams for
recognition and prizes.

5) Design, market and sell a section / course T-shirt. Use profits to

support course activities.

6) Develop, plan, and execute a philanthropic (charitable) project.

a. Your project must result in a measurable success in terms
of people served, dollars raised and donated, or structures developed (building
benches for a park, planting trees, etc.).
b. Your project may not be related to an activity for which
you are paid.
c. Your project may be related to the work a school
organization, but you must get prior approval from me as well as from the
organization advisor

7) Design, plan, conduct, analyze and report the results of an

experiment that tests one or more economic principles. This should be engaged
only by very strong teams who can “get ‘er done”.

PLAGIARISM POLICY: Plagiarism is “to steal and pass off as one’s own the ideas or
words of another.” I will not tolerate plagiarism. I use technology to detect plagiarism. If

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I detect plagiarism in your work, I will give you a grade of zero and refer you for school
disciplinary action. Here are some examples of plagiarism – this is not an inclusive list:
• Copying another student’s work
• Copying text from a book, including definitions, without appropriate MLA citation
• Copying and pasting text from a web site, even if you re-word it (except for
commonly known facts), without quoting and/or citing it
• Using photographs from the Internet in a PowerPoint presentation without the
appropriate Fair Use notice and appropriate citations

COURSE FEES AND EXPENSES:

• The Stock Market Game: If your team chooses to participate in this national
competition through which you will learn about and practice investing, you will be
required to pay a participation fee of approximately $5.00 each. You may seek
sponsorship, if you desire.

• Course T-shirt. To help build team pride, students will have the chance to
design a course T-shirt based on the course motto, “Maximize Your Utility!”
Sales will help offset costs.

COMMUNICATIONS: I am not psychic. If you have problems, concerns, issues,

questions, complaints, advice… talk to me, use the issue bin, send me e-mail… don’t
just do nothing. From time to time, I may convene a class meeting to discuss issues of
common concern. I will contact parents / guardians frequently by phone, letter, e-mail,
or a personal visit in order to communicate information regarding student progress, and I
trust that parents / guardians will contact me when they have concerns. The more
frequently we communicate with each other, the more successful the student will be. I
may be contacted at: School: 419.927.6222; Home: 419.443.1140; e-mail:
Henry_Stobbs@mohawk.k12.oh.us. ______

SUPPLIES: You must come to class prepared to work. Always bring: binder, pen
(black or blue ink); pencil (standard # 2 or mechanical equivalent); loose-leaf paper;
graph paper; spiral-bound single-subject composition notebook (standard or college);
completed homework assignments; other materials and texts, as assigned. Do not
expect to go to your locker for something you forgot without consequences. ______

COMPUTER AND INTERNET ACCESS: You will need to have access to a

computer and the Internet to succeed in this course. If you do not have home access,
check out 1) the public and university library systems; 2) the school’s resources; 3) your
friends’ home resources; a university library. There are no excuses. ______

IEP/504B ACCOMMODATIONS: As an intervention specialist, I understand the

importance of these learning plans. Students are responsible to inform me if they are on
such a plan and require extended time or other accommodations, adjustments or
modifications. I greatly value differentiation, and will work with any student regardless of
IEP status to find creative ways for you to demonstrate your mastery; BUT, it all starts
with you. ______

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PASS POLICY: You will have eight free bathroom/drink passes (See the pass
control section) for the year. In order to exercise your pass privilege, you must have this
syllabus in your binder. Any free passes remaining at the end of the year will earn you
3 ECU each. If your free passes are exhausted, you may purchase up to eight
additional passes at the prevailing rate using course currency. Otherwise, or if you
lose your syllabus, you may leave the room only in the event of a personal emergency (I
will decide what constitutes an emergency). Plan accordingly. Students must sign
out and in using the pass roster (maintained by the administrative assistant). ______
PASS CONTROL SECTION

Free Free Free Free

Free Free Free Free

WE HAVE REVIEWED THIS SYLLABUS IN CLASS and I have been offered the
opportunity to ask questions about it. I understand that it is my responsibility to refer
frequently to the syllabus and that my failure to understand its contents is no excuse for
failing to meet course requirements.

Student Name: ________________________________________

Student Signature: ________________________________________

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Your first homework assignment is to return this page, filled out completely and
signed, by _________________. It is worth 10 points. _______

-
PARENTS / GUARDIANS: Please review and sign below.

You may contact me at school, by e-mail at Henry_Stobbs@mohawk.k12.oh.us, or at

home (419.443.1140) after 7:00 p.m.), or I would be happy to contact you. Thank you,
very much.

Do you have questions or comments about this syllabus?

______________________________________________________________________
______________________________________________________________________
______________________________________________________________________
______________________________________________________________________
______________________________________________________________________

Please let me know how you would like to be contacted.

Preferred contact phone number __________________________

Best time to call _______________

E-mail ____________________________________

Printed name _______________________________

Signature _______________________________ Date ____________

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