1. Welcome to IB/AP Economics
On your 4x6 card please provide the following:
Name
Summer activity
Why taking Econ?
Something unique about you

2. What is Economics???
Brainstorm
Activity

3. Studying economics. . . Some completely new ideas
Sometimes looking at familiar things from a different perspective, Paradigm Shift.

5. This is just like AP ECON!! Why?

6. If you don’t see the cow, don’t leave the room!
The Cow Analogy
1. What happened in each of the five rounds?
Round 1: Few people get it right away
Round 2: More get it after some direct instruction
Round 3: Questions help us move forward
Round 4: Nearly all people get it when shown explicitly (but some still don’t get it).
Round 5: EVERYONE gets it when we work together.
2. What is your responsibility if you see the cow?
3. What kind of student will not see the cow?
If you don’t see the cow, don’t leave the room!

11. Tariff - Domestic Impact
Gov. Revenue
S domestic 1
Price P1 5 P3 4 S
Tariff 3 2
S world P2 D A B Q0 C W
Quantity

13. Closure…. What is economics? Success in this class will require:
Scarcity,
choice,
opportunity cost,
incentives
Success in this class will require:
Effort
Successful attitude
Other. . .
Homework:
Examples of opportunity cost due next class.