Introduction to Economics
Note: the use of the textbook cited in these assignments is as a secondary resource for the course. The principal textbook is Economics Now.
Assignment 1: A Definition of Economics and the Big Economic Questions
Reading: pages 2-5 (Economics: Canada in the Global Environment)
Answer Review Quiz questions (page 5)
Assignment 2: Big Ideas of Economics
Reading: pages 6-11 (Economics: Canada in the Global Environment)
Answer Review Quiz questions (page 11) and define the eight big ideas in your own words.
Assignment 3: What Economists Do
Reading: pages 12-14 (Economics: Canada in the Global Environment)
Define microeconomics and macroeconomics.
Write an imaginary job description for an economist.
Assignment 4: Graphic Organizer
Prepare the information you have gathered about what economics is about and what it is and present it visually using Smart Ideas or other graphic organizer program.
The Economic Problem
Monday, February 9th:
Assignment 1: Resources and Wants
Reading: pages 37-38 (Economics: Canada in the Global Environment)
Answer Review Quiz questions (page 38).
Assignment 2: Resources, Production Possibilities, and Opportunity Cost
Reading: pages 39-41 (Economics: Canada in the Global Environment)
Answer Review Quiz questions (page 41).
Tueday, February 10th:
Assignment 3: Using Resources Efficiently
Reading: pages 42-44 (Economics: Canada in the Global Environment)
Answer Review Quiz questions (page 44).
Assignment 4: Economic Growth
Reading: pages 45-46 (Economics: Canada in the Global Environment)
Answer Review Quiz questions (page 46).
Thursday, February 11th:
Assignment 5: Gains From Trade
Reading: pages 46-49 (Economics: Canada in the Global Environment)
Answer Review Quiz questions (page 49).
Assignment 6: The Market Economy
Reading: pages 50-51 (Economics: Canada in the Global Environment)
Answer Review Quiz questions (page 51).
Weekend Homework Assignment:
Complete Problems # 1, 6, and 7 (page 55-56).
Research Project: Adam Smith
Due: Monday, February 23
Prepare a one-page hand-out on Adam Smith. Here are some questions to consider to help guide your research:
- Who was he?
- Why is he an important figure in economics?
- what were his views on the role of government?
- what were his views on the role of the free market? what is the "free market"?
- what was the "invisible hand"?
- how are Adam Smith's theories being judged today?
Some sites to get you started:
Concise Encyclopaedia of Economics
More information on Adam Smith
Website of Adam Smith Resources
12-Economics
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