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A.P.

Economics (Mabey) Summer Assignment 2016

READ, Naked Economics, Undressing the Dismal Science by Charles Wheelan (2010)

Any Questions during the summer? (jsyroney@scsmustangs.org)

1) Due first day of class (handed in at beginning of class) PART I: Concept Definitions

2) Part II (Economics and You) & Part III (Life in 2050) - Partners & Small GroupsDiscuss Day 2Present Day 3
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I. 100 CONCEPTS: Define the following Concepts in each of the Chapters Create your own chart where you
define BUT more likely explain by referencing the examples in the book. (This chart may be TYPED or HAND
WRITTEN NEATLY) this is something you will use throughout the school year so do an outstanding job on this.
(DUE 1st Day of Class) please do not Google these 100 concepts you must define/explain them within the
context of reading the book.
Chapter 1: Chapter 2: Chapter 3: Chapter 4: Chapter 5:

Market Allocation Incentives and Undesirable Externalities Government Inefficiency Branding


Utility Outcomes Government Solutions to Effects of Regulation (87-93) Signaling Mechanisms
Opportunity Costs Principal Agent Problem Externalities Effects of Taxation (94-99)
Prices Allocate Resources Prisoners Dilemma Intellectual Property Role of Government (100-03)
Barriers to Entry Creative Destruction Public Goods
Market price Tax & Government Program Private Goods
Price Discrimination Disincentives Free Rider
Profit Max Exclusion
Market Lessons (24-28) Market Failure

Chapter 6: Chapter 7: Chapter 8: Chapter 9: Chapter 10:

Human Capital Purposes of Financial Interest Groups & Politicians GDP (Real, Nominal, Per Importance of Federal
Job Creation Instruments Business Regulations that Capita) Reserve
Effects of Human Capital & Efficient Markets & Index Benefit Recessions Easy Money & Inflation
Standard of Living Funds Tyranny of the Status Quo Fiscal & Monetary Policy FOMC
Productivity Investment Guidelines Unemployment 3 Monetary Policy Tools
Income Inequality Poverty Money
Inequality Inflation & Effects
Govt Budgets & Deficits Deflation
Current & Capital Account
National Savings

Chapter 11: Chapter 12: Chapter 13:

Exchange Rate Mechanism Trade & Gains From Trade Effective Govt Institutions
American Dollar Value Globalization Property Rights
Purchasing Power Parity (PPP) Trade Makes us Richer No Excessive Regulations
Overvalued & Undervalued Trade Creates Losers Human Capital
Currencies Protectionism Geography
Appreciated & Depreciated Trade and Consumers Open Trade
Currencies and the impact Trade and Poor Nations Responsible Policies
Gold Standard Comparative Advantage Natural Resources
Floating & Fixed Exchange Trade & the Environment Democracy
Rates War
Funny Money Women
World Bank & IMF

II. Part II: Economics & You : Choose and 5 of the Above Listed Concepts and Relate them to you, your family,
your friends, your world. Illustrate your understanding by applying them to You. (TAKE NOTES HERE AND
BRING IN WITH YOU will be used in Group Activity NOT COLLECTED but GRADED BY GROUP GRADE)
III. Part III: Epilogue Life in 2050: Read Wheelans Seven Questions and then ponder and write down THREE
QUESTIONS OF YOUR OWN TO ADD TO HIS SEVEN. (TAKE NOTES HERE AND BRING IN WITH YOU will be used
in Group Activity NOT COLLECTED but GRADED BY GROUP GRADE)

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