Economics

SSEPF3 The student will explain how changes in monetary and fiscal policy can have an impact on an individual’s spending and saving choices. a. Give examples of who benefits and who loses from inflation. b. Define progressive, regressive, and proportional taxes. c. Explain how an increase in sales tax affects different income groups. SSEPF4 The student will evaluate the costs and benefits of using credit. a. List factors that affect credit worthiness. b. Compare interest rates on loans and credit cards from different institutions. c. Explain the difference between simple and compound interest rates. SSEPF5 The student will describe how insurance and other risk-management strategies protect against financial loss. a. List various types of insurance such as automobile, health, life, disability, and property. b. Explain the costs and benefits associated with different types of insurance; include deductibles, premiums, shared liability, and asset protection. SSEPF6 The student will describe how the earnings of workers are determined in the marketplace. a. Identify skills that are required to be successful in the workplace. b. Explain the significance of investment in education, training, and skill development. Friday, October 3, 2014 Appetizer: Why do we need credit? Main Course: Review 3 types of taxes Turn in your budgets Video on credit and budgets Station 1-Debt Pages 74-95 Station 2-Saving Pages 28-48 Station 3-Insurance Pages184-207 Station 4 Investing and Retirement Pages 160-183 Station 5 Budgeting ` Station 6 Careers and Taxes Pages 222-249 Station 7 Life After High School Pages 102-125 As a group of 5, you will create a graphic organizer for your section with key terms, points, concepts and create some visuals for yours as well You will present to the class Thursday, October 02, 2014 Appetizer: What are the 3 types of taxes? Main Course: Notes on types of taxes Personal Finance-yellow textbooks Please work on the following packet: Wednesday, October 1, 2014 Appetizer: The ability of one nation to make something at a lower opportunity cost than another nation can make it is called (A) an absolute advantage (B) a comparative advantage (C) a trade surplus (D) a trade deficit Main Course: Review: Shoes Phones U.S. 80 150 Brazil 60 20 Looking at this chart, which country has absolute advantage in producing shoes? Phones? Now, who has comparative advantage in producing shoes? Watch closely: who is giving up the least to make a pair of shoes: 80/80=US can make 1 pair of shoes by 150/80=giving up 1.8 phones Main Course: Get out your closed notes on macro and do the back side that says International-complete and we will discuss Page 97-1-3-do this together Pp 98-100-#1-14 you will turn this in Green EOCT-quiz grade- Tuesday, September 30, 2014 Appetizer: give me an example of each of the trade barriers Main Course: Define the following: NAFTA, EU, ASEAN Arguments for and against free trade On a sheet of paper please do the following: Imagine that you have been asked to be patriotic by buying only products made in the U.S. whenever possible. Explain why you would or would not sign. Use at least 2 economic concepts explained in this lesson to support your decision. (trade barriers, protectionism, protection of national security, protection of “infant” industries, protection of jobs, NAFTA, EU, ASEAN) Exchange rates-notes Monday, September 29, 2014 Appetizer: What is the difference between absolute and comparative advantage? Main Course: Review notes Turn in children’s book on trade barriers Review trade barriers Bumper Words-International-grade Green EOCT book Friday, September 26, 2014 Appetizer: What things did you trade when you were younger? Name 3 things that you traded. Why do people (countries) trade with each other? Main Course: Look at your tags on your shirt or shoes. Come to the board and id the country where your item was made! Notes Trade and trade barriers Create a children’s book on trade barriers Thursday Unit 3 Test Wednesday Green EOCT practice-pages 82-84 1-14 for a grade Tuesday, September 23, 2014 Appetizer: Monetary versus Fiscal Policy Main Course: Handout about expansionary and contractionary policy Review; give back closed notes from Macro Good News or bad news; get into groups of 4 and read your card to the group. On one sheet of paper per group, determine if the article is good for our economy (expansionary policy) or bad for our economy (contractionary policy) Trivia (trashgetball) to review Monday, September 22, 2014 Appetizer: What is the difference between monetary and fiscal policy? Main Course: Review fiscal and monetary policy What is GDP? What are the 4 types of unemployment? Monetary policy-pp 78-79-complete pages 80-1-7-write sentences and page 81-#1-4 answers only Graphic organizer for fiscal and monetary policy-due at end of class Friday, September 12, 2014 Appetizer: What is AD and AS? Main Course: Review AS and AD You Tube: Technology Futurism: Inside Man Thursday, September 11, 2014 Appetizer: What is AS and AD? Define page 74-75 Main Course: Guided Notes. Bumper Words You Tube: The American Dream Wednesday, September 10, 2014 Appetizer: What are the 4 types of unemployment? Main Course: Go over Unit 2 test together-you may come back and retake a different test GDP quiz-go over Practice with types of unemployment Bumper Words Tuesday, September 09, 2014 Appetizer: What is the formula for GDP? Main Course: Quiz on GDP Notes on types of unemployment Monday, September 08, 2014 Appetizer: Think-pair-share with your elbow buddy about GDP and business cycles Name which part of cycle: 1. Employment and GDP are their lowest point 2. Improving GDP, growth and unemployment rate is decreasing 3. The best part of the business cycle-great GDP and lowest unemployment % 4. GDP is going down and fewer people are working (unemployment rates are suffering) You will have a quiz tomorrow on GDP, formula, and what the parts mean! Which category do the following scenarios belong? What happens to GDP? Does it go up or go down? 1. Spending is at the lowest it has been in decades. 2. Manufacturing is up in the computer technology area. 3. Our exports are greater than our imports. 4. The budget has been cut to fund education. · Turn in your GDP collage please if you have not already done so. If you were absent or checked out early, you must turn in your GDP collage · Review warm-up and GDP · Gross Domestic Product (GDP) · The market value of all final goods and services produced in a country in a calendar year. · -2- · Economic Growth · An increase in real output as measured by real GDP or per capita real GDP. · · Unemployment · The number of people in the civilian work force over the age of 16 without jobs who are actively seeking work. · · Consumer Price Index (CPI) · A price index that measures the cost of a fixed basket of consumer goods and services and compares the cost of this basket in one time period with its cost in some base period. Changes in the CPI are used to measure inflation. · · Inflation · A rise in the general or average price level of all the goods and services produced in an economy. Can be caused by pressure from the demand side of the market (demand-pull inflation) or pressure from the supply side of the market (cost-push inflation). · · Stagflation · A decline in real GDP combined with a rise in the price level. · Aggregate Supply (AS) · A schedule (or graph) that shows the value of output (real GDP) that would be produced at different price levels. · -3- · Aggregate Demand (AD) · A schedule (or graph) that shows the value of output (real GDP) that would be demanded at different price levels. · Notes on business cycle · Look at debt clock · Activity with GDP-you may work in small groups (no more than 4) Activator: How do we measure the success of our economy? Main Course: · Discuss activator · Turn in Steven Spielberg sheet if you didn’t turn it in on Tuesday after test. · Notes from power point on GDP · Create a collage on GDP: your paper must be labeled-GDP, C (consumer spending), G (government spending), investment spending (business spending), and Xm (imports-exports)-2 pictures for each: Appetizer: How do we measure how well our country is doing? Main Course: What is GDP? Guided Notes This is your first grade under MACRO! Collage on GDP: Label it GDP and make sure you label all parts: C=consumption (2 pictures), Investment=business expenses (2 pictures), Government=spending by the government (2 pictures), and Exports-Imports (Xm) 1 picture for imports and 1 for exports Thursday: Unit 2 Test SSEMI4 The student will explain the organization and role of business and analyze the four types of market structures in the U.S. economy. a. Compare and contrast three forms of business organization—sole proprietorship, partnership, and corporation. b. Explain the role of profit as an incentive for entrepreneurs. c. Identify the basic characteristics of monopoly, oligopoly, monopolistic competition, and pure competition. Wednesday, September 03, 2014 Appetizer: What is a barrier to entry mean? Look on your handout from yesterday! Main Course: Talk about appetizer Review notes from yesterday Practice demand tests; you may write on and work on together, but everyone does one Tuesday, September 02, 2014 Appetizer: What makes the 3 business organizations different from each other? Main Course: Present your business organization Notes on 4 types of market structures-go over together Make a chart on your handout: Shampoo Jeans Athletic Shoes Fragrances (cologne) List your top 3 in each category: what makes them alike, different, etc? Unit Test on Wednesday-last half of class Friday, August 29, 2014 Appetizer: Write down 5 businesses you consistently visit or patronize (spend $) Main Course: Go over warm-up Graphic organizer to follow power point; listen and ask questions In small groups, come up with a business (decide if you want a sole proprietorship, partnership, or corporation) What is the name of your company? What are you going to produce or manufacture? What factors of production will you need? (HINT: CELL) 1-Business Organization 2-FOP needed 3-What consumer(s) are you targeting? 4-What are potential problems 5-Advantage of your business 6-Company Logo 7-Advertising Strategy You will present to the class and you may brainstorm (think) on a sheet of paper. Groups of 3-4! No larger than that! Thursday, August 28, 2014 Appetizer: What is the difference between shortage and surplus? Main Course: One more graphing activity with demand and supply; this will count as a quiz grade! Graphic organizer on 3 types of business organizations-Draw illustrations on back of your paper Discuss Unit 2 test on Wednesday or Thursday after Labor Day Wednesday, August 27, 2014 Appetizer: How is supply different from demand? Main Course: Discuss appetizer Finish graphing demand 1 and supply 1 Virtual economics clip on demand and supply Handout on why shift happens in supply Notes on equilibrium, price floor, and price shortage Tuesday, August 26, 2014 Appetizer: Discuss demand curves and headlines Main Course: Brain Pop Practice on board with headlines and curves Finish the last 3: You are a marketing executive for the Georgia Beef Company in charge of sales in the U.S. and Asia. You are concerned about the possible effects of these news stories on the demand for beef in May. Read the following eight newspaper headlines and complete the following instructions for each headline. A-Indicate if the change in demand will be an increase or a decrease B-State if the curve will move to the right (increase) or to the left (decrease) C-Draw a demand curve for beef showing the movement of the curve (left-decrease or right-increase) D-Indicate which determinant caused the change in demand Headlines: 1. Price of Beef to Rise in June 2. Millions of aliens (immigrants) swell U.S. population 3. Pork Prices Drop 4. Surgeon General Warns that Eating Beef May Be Hazardous to Health 5. Sales of Soy Burgers on the Rise 6. Real Income for Americans Drops for the Third Month in a Row 7. Charcoal (think about complements)Shortage Threatens Memorial Day Cookouts 8. Burgers Without Buns Become Nationwide Fad: High Protein Diets Gain Popularity 9. Japan Halts U.S. Beef Imports, Mad Cow Disease Blamed Green EOCT: page 58-supply, law of supply, supply curve Supply Schedule $.50 100 $1.00 150 $1.50 200 $2.00 250 $2.50 300 $3.00 350 Practice drawing supply curves Put it together Happy Monday, August 25, 2014 Appetizer: What are some reasons why shift happens? Main Course: https://www.youtube.com/channel/UCCQEbqDL8i40d83Au55lYMQ Review why shift happens Continue on with demand notes Practice drawing some demand curves and shifts-to the left-decrease; to the right-increase Demand elasticity Friday, August 22, 2014 Appetizer: What is meant by the term demand? Main Course: Review notes Revise your graphs Continue with notes on demand Thursday, August 21, 2014 Wednesday, August 20, 2014 Appetizer: Use your human capital and think about the Circular Flow Model; where are individuals/households, businesses, product markets, factor/resource markets? Main Course: Discuss circular flow model Demonstrate circular flow model Sidewalk Chalk-we will take a mini field trip to the tennis courts-with a partner draw and label the circular flow model with arrows showing the direction of $ and arrows the opposite direction showing goods/services. On your warm-up paper, go to page 56 and 57 and answer these questions Tuesday, August 19, 2014 Appetizer (Activator): How does the exchange of goods and services take place? Main Course: Discuss question Notes on circular flow-discuss your definitions Andy and Abby activity-handouts Yourself in the flow of the circular flow model Monday, August 18, 2014 Appetizer: What questions do you have about fundamentals? Main Course: Review for 10 minutes Unit 1 Test After test, grab a green EOCT-define bold terms-pages 54-55 and sketch circular flow model Friday, August 15, 2014 Appetizer: What are the 5 economic goals? Main Course: · Review · Quiz on Unit 1- · What are the 4 factors of production (explain briefly). What is a trade-off and opportunity cost? · EOCT book-pp 42-43-define bold vocabulary terms-we will discuss, but this will be on the test Monday! · Make sure you know the difference between scarcity and shortage? Are they the same? · To be handed in, page 49, 1-3, pp 50, 1-14-answers only! You need a sheet of paper for this. Thursday, August 14, 2014 Appetizer: What is meant by division of labor? Main Course: · 3 types of economic systems · Role of government in our lives; public sector versus private sector, public disclosure · Graphic organizer-5 goals of an economy · Give back your Levi Strauss papers TOD: How can you remember the 5 goals? Wednesday, August 13, 2014 Appetizer: What is the purpose of a production possibility curve? Discuss the 3 economic questions. Main Course: · Read your headlines · Review ppcs · Links and Stars activity You are working for the Staker/Carroll Corporation making links and stars. Your task as a group is to follow our directions and make as many links and stars as possible. · Graphic Organizer for 3 types of economic systems and 5 economic goals · You will fill in a chart to see how each economic system values the 5 goals Tuesday, August 12, 2014 Appetizer: Tell an elbow buddy what it means to specialize in something or specialization Main Course: · Review FOP, trade-off, opportunity cost, and scarcity · Notes on Production Possibilities Curves · Class activity; work in your groups for your answers · Practice with PPC for a grade; hand in Dessert: TOD: Why do economists use PPCs? Thursday, August 07, 2014-Economics Appetizer: What are the 4 factors of production-write on your cards as a group; give an example of each What is the difference between physical and human capital? What is a trade-off and opportunity cost? Brainstorm in your think tanks (groups). Main Course: · Syllabus and GPS-Economics · Review appetizer together · Foldable on factors of production · Cost-benefit analysis, marginal cost and marginal benefit, specialization, voluntary exchange, productivity, division of labor, production possibilities curve-pages 34-35-Green EOCT book TOD: What are the 4 factors of production? · Discuss your answers · Continue with your guided notes · Human capital activity-United States Dessert: In your own words, what is the difference between a trade-off and opportunity cost? What is scarcity? Can you pronounce this word? Discuss in your groups and write down on your note card; one per group Main Course: · #Brooking video · Name some items that are scarce in your life-we will compile a list on white board · Guided Notes-fill out your sheet as we go through slides (please do not lose; I do not have extras) Dessert: TOD: write down on a sticky what scarcity is in your own words · About me, class protocol (rules), pencil sharpener, tissue, etc. · Please bring a box of tissue for the class; I will count this as a participation grade for you · Index Card: name, address, parent’s name, and parent’s phone number On the back of the index card, tell me what you would do if you had $1,000,000! · If you really knew me, you would know that……….. · Check transcripts, etc. · Using your physical capital (paper and pencil) with today’s date, tell me what you would do if you had $1 million….. · Call Roll/Seating Chart (alphabetical) Check transcripts, etc. · Rules/Procedures · Addendum to Student Handbook (Mr. Magee’s e-mail) Main Course: · My letter to you (if you really knew me, you would know that…..) · Your letter to me · Student information sheet-fill out the back for me please! · Using a scrap sheet of paper that I will provide and using your human capital, tear out the United States of America. 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