UNIT TWO: THE INVISIBLE HANDOverview:
Students are asked to consider the proposed increase in the minimum wage to $15.00 hour. Is this wage/price control legislation worth it or should the labor market economy be allowed to continue as it is? What are the theories that are at play here? Key Conceptsfree market economy: sub-topics: laws of supply and demand, planned economy, mixed economy
supply: sub-topics: factors affecting, supply curve, relationship to equilibrium price price controls: sub-topics: price ceilings, price floors, historical case studies |
Unit TasksEssential Question #1: How does a free market economy work? How are supply and demand involved?
1. Read the entry document. Use it to begin your Cornell notes and create an initial driving question
2. In this unit, we are being asked about how the government should interfere in a free market economy. A free market economy is when humans are allowed to make their own decisions and let natural economic laws take effect. Governments often have to interfere with these economic laws. Add info from the doc into your notes.
3. Add info on supply to your notes. You can use the document from Task 4 as well as the resources below to help you.
4. In a free market economy, supply and demand determine what the equilibrium price will be. Use the activity below to practice shifting supply and demand curves depending on different economic situations. Answer the essential question.
Some additional practice sources for quiz:
Essential Question #2: How can a government control the price of a good or service?
5. If the government controls prices, it has two choices: price ceilings and price floors. Use the document to add to a new set of Cornell Notes and to answer EQ2.
6. Take a brief quiz in class on supply, demand, and equilibrium price.
Essential Question #3: What should we consider when evaluating the idea of raising the minimum wage?
7. Read the transcript of the voicemail messages from groups and individuals hoping to be given priority in getting rent controlled apartments. Add key information to your Cornell Notes.
8. Once you've read the transcript of the people's concerns, it's time for you to decide what groups and individuals should be given priority for rent controlled apartments.
9. Project Log #1: Discuss a group that deserve rent controlled apartments the most and a group that deserve rent controlled apartments the least. These groups should be from the point allocation chart. Explain why you think this priority should exist.
10. Read the following memo and Op-Ed piece. They will outline some criticism of the possible price controls. Add the relevant information to your double sided notes. You can ignore Singer's request for a memo to be written.
11. Read the final voicemail transcript for Miranda Singer. Add it to your Cornell Notes. It describes what you will be asked to do at the end of this unit. Answer EQ3
12. To help prepare for our final on-demand, we will do a little research to give us some evidence for our argument on rent controls.
13. Write up an in-class rent control argument for a grade. Use may use your documents to help you.
14. Participate in a class wide discussion tomorrow regarding the minimum wage. (which is also price control!) |