Tuesday, November 14, 2017

4.1 Anti-Trust Legislation

Anti-Trust Legislation



Directions: Review document below. Watch at least one of the two links. Answer the questions. Post your answers. 



Sherman Anti-Trust Act (1890)

 Chapter 7 Section 3

The government can encourage competition and regulate monopolies in order protect the public welfare. This power was established in the late 1800's when a law was passed to prevent monopolies, combinations and trusts. The law was the Sherman Antitrust Act of 1890. It outlawed all contracts in restraint of trade in order to slow the growth of trusts and monopolies. The Act was intended to maintain competition. However, more specific laws were needed to stop practices that interfered with trade between the states. The government created four anti-monopoly legislative acts known as:1890 Sherman Antitrust Act, 1914 Clayton Antitrust Act, 1914 Federal Trade Commission Act and the 1936 Robinson Patman Act. The over arching goal of the legislation is to prevent market failures due to inadequate competition and restrictions on trade between the states. 

The Sherman Anti-Trust

Directions: Watch one or both of the above posted videos which describes the Sherman Anti Trust Act and answer the following questions. Post your answers.
1. Define the following terms trust and monopoly.
2. Describe the Sherman Anti Trust Act noting when, where and what it was about.
3. What was the chief effect of the  Sherman Antitrust Act?

3.4 Current Event


The term laissez-faire originated with a group of eighteenth century French economists who supported free trade. Their slogan, laissez fiare, laissez passer ("let us alone, let us have free circulation of goods") was adopted by Adam Smith to describe the idea of no government interference in the economy. (Glencoe TE Econ Principles and Practices p. 164) Recall what has been covered on our discussion board regarding competition and self interest. 

Directions: This week monitor newspapers, current events, and magazines to find stories related to  competition or self interest in the economy. Find one article and.......

  • write a summary of the article
  • note the publication from which the article came from 
  • explain how the article relates your economic assignments
  • post your summary
  • comment on another student's summary

Monday, October 23, 2017

3.2 What are market structures and competition?

Chapter 7 Market Structures

The term laissez-faire originated with a group of eighteenth century French economists who supported free trade. Their slogan, laissez fiare, laissez passer ("let us alone, let us have free circulation of goods") was adopted by Adam Smith to describe the idea of no government interference in the economy. (Glencoe TE Econ Principles and Practices p. 164)

Directions: Learn more about Adam Smith and his ideas about the economy by watching the videos below. Read the following historical writings of Adam Smith in the document below. Analyze the document. Answer the questions. Post your answers.



Adam Smith on Competition (Document B)


Adam Smith was a Scottish professor that strongly believed in the idea of a free economy. His ideas were the foundation of Capitalism.  In this passage  from his book The Wealth of Nations, Adam Smith discusses his law of competition, which is the idea that competition forces people to make a better product


“If any trade, item, or object is beneficial (helpful) to the public, free and more general (widespread) competition will always make it more so (beneficial)It is a characteristic of man that no item or object is produced to his liking. He finds that there is need for improvement in everything.
The whole industry of human life is not employed (used) to obtain the supply of our three most basic needs, which are food, clothes and lodging (housing). The industry of mankind is employed to obtain the luxuries (nice things) of life according to the nicety and delicacy of our tastes (the styles people like).”

Guiding Questions
  1. Analyze: According to Adam Smith, why is competition a good thing? Explain.





  1.  Summarize: Please read the second paragraph. What is the main point of this paragraph? Put it in your own words






3.     Interpret: Do you think it is a good thing that the “industry of mankind” is not being used to supply our basic needs, but to  supply “the luxuries of life?” Why or why not?

3.3 What are market structures and self interest?

Chapter 7 Market Structures







Adam Smith on Self-Interest (Document A)


Adam Smith was a Scottish professor that strongly believed in the idea of a free economy. His ideas were the foundation of Capitalism.  In this passage  from his book The Wealth of Nations, Adam Smith discusses his law of self-interest, which is the idea that people work for their own good.     


“The natural desire of every individual is to improve his own condition (life).  
For example, it is not because of the benevolence (kindness) of the butcher, the brewer, or the baker that we expect our dinner, but from their regard for their own self-interest
It is for his own benefit, and not that of the society, that the butcher is thinking about when he slaughters his pigs for meat. His self-interest leads him to choose that employment (job) which is also helpful to society, but he intends (desires) only his own gain. If people were not willing to pay the butcher good money for his meat, then the butcher would not care to slaughter his pigs.”

Guiding Questions
  1. Analyze: What does Smith mean when he says “the natural desire of every individual is to improve his own condition”? Explain.





  1.  Summarize. Why does Adam Smith believe the butcher does his job (EXPLAIN! Don’t just say “self-interest!”)?





  1. Interpret: Do you agree with Adam Smith that people do their jobs only out of self-interest? Are there any jobs that people might do for a different reason? Explain. 

3.1 Price Adjustment: How does supply price adjustment work?

Price Adjustment: Glencoe Economics Chapter 6    

surplus is a situation in which the quantity supplied is greater than the quantity demanded at a given price. Therefore, the price tends to go down as a result of the surplus.  On the other hand, a shortage is a situation in which the quantity demanded is greater than the quantity supplied at a given price. As a result, both the price and the quantity supplied will go up in the next trading period.

Directions: To further explain the Supply and Demand, watch the following lesson and answer the questions below. Post your answers.
Demand and Supply Price Adjustment


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Questions: Recall a recent visit to an area shopping mall or online vendor and look for examples of surpluses and shortages. List 5 to 10 items for each concept. Note that almost any sale or clearance item can be an example of a surplus, while rain checks or sold-out items signal a shortage. Post your list of surplus and shortage items.Also write a brief paragraph in which you hypothesize as to why the surplus or shortage occurred.

Tuesday, October 17, 2017

Month 2.3 and 2.4 Supply and Demand

Supply and Demand


Directions: View the following supply and demand clip https://wetheeconomy.com/films/supply-and-dance-man/ After watching the clip, scroll down on the website and take the online quiz. Then answer the following questions and post your answers: 

1. Describe 3 facts you learned about supply and demand from the video called "Supply and Dance Man" 

2. Comment on another student's post.

Monday, September 25, 2017

Month 2.1 Introduction

Parkview Economics Discussion Board Directions

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Please read the following guidelines and proceed to week 1 to begin posting.  It is important to know the expectations and rules.


1. The instructor will post a new discussion/blog very Monday.
2. The discussion/blog will contain information and questions for you to answer.
3. Respond to the instructor's discussion/blog.
4. Comment on another student's post.
5. Once you post your comment, the instructor will view your comment and publish your comment onto the Parkview's Economics Discussion Board Blog.
6. Weekly participation in the discussion is expected as it is part of your final grade.
7. Now proceed to your initial discussion board prompt below and post your answer.......

...........Welcome to the Parkview Economics Discussion Boar. This week you will have an opportunity to meet  classmates. In your first posting, write a paragraph or two that answers these questions:

  • What is your name, grade, and age?
  • What are some hobbies or activities you're involved in?
  • Define economics in your own words?
  • Why are you interested in studying economics?
As you read other students' responses, respond to one or more of these questions in your follow-up posting(s):
  • What interests you most about studying economics?
  • Do you think studying economics is relevant today? Explain your answer.
  • Do you think economics is important in your life? Give examples.