Chapter 9

 Labor and the objectives of this chapter

   We will discuss  the occupational trends and how these issues helped lead to the election of President Trump in 2016 

     a.   occupational trends the last 60 years  and how trends in labor market are tracked
     b.  changes in US labor market, and explain how it was reflected in 2016 and 2020 voting
    
9-1  Labor Market Trends (211-217)
Identify
discouraged workers
learning effect
screening effect
contingent employment
Answer 1,2, 5, 6 on page 217

9-2 Labor and Wages (219-226)  goals
   a. explain supply and demand in labor market  (are pro atheletes overpaid?)
   b. explain how discrimination is econoically inefficient and how it impacts wages
   c. examine why wages, working conditions, and benefits differ
Identify
productivity
equilibrium wage
unskilled vs. semi skilled labor
professional (white collar) labor
glass ceiling
featherbedding

Look at the flow chart (220), how does the outcome of the scenario effect cooks and restraurants?
Look at the equilibrium wage (221) on the chart. Why do stable wages mean stable restraurant prices?
Look at the chart on 223, which  job has a less elastic supply?  Why?
Answer questions 2, 3, 4, 6 on page 226

Read Karl Marx (227) answer questions 1 +2


9-3 Organized Labor  (228-234)
     a. Look at growth and decline of the US labor movement
     b. explain collective bargaining 
define
right to work law
white collar
blue collar
mediation
arbitration 
Answer questions 1, 2, 7, 8

Public goods and free riders/ the economics of President Trump

 

Public goods and free riders/ the economics of President Trump

 

Market Failures, Taxes, and Subsidies: Crash Course Economics #21

go to the link

https://www.youtube.com/watch?v=13JOGWzY8kE

How can free  markets and governments work together? 

1. Which would you choose: 2 or 6 points extra credit?  Explain your answer:  __________________________________________________________________________________________________________________________________________________________________________ 

2. Market failure occur when the free marked doesn't make adjustments for :_e_____________________ 

3.  The government may choose two options to deal with these market failures:

           a. regulatory _________________

           b. market based ________________

4. How does the EPA enforce its policies?  ___________________________________

5. Explain how Cap and trade helped to address the acid rain problem in the US?  _______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 

6. What was the benefits to the cost ratio in the cap and trade  acid rain program? _______;________ 

7. Why is it so hard to address the climate change issue? __________________________________________________________________________________________________________________________________________________________________________ 

8.  Identify one point (a reaction or comment)  or question you still have with this video?

__________________________________________________________________________________________________________________________________________________________________________

Watch the Mr. Clifford AC/DC video on Public Goods and Free Riders 

https://video.search.yahoo.com/search/video;_ylt=AwrE1.D0xqVe2K0ATEJXNyoA;_ylu=X3oDMTEyc2Vwdm8yBGNvbG8DYmYxBHBvcwMxBHZ0aWQDQjk1MzVfMQRzZWMDc2M-?p=mr.+cliffords+acdc+economics&fr=mcafee#id=8&vid=f5be54d91c61a4ca533b53857123ed0a&action=view 

CP1 answer 5 of 6,  Honors 6 of 6
1. Who produces public goods?  Why did Republicans have a problem with President Obama's statement about who produces public goods?
2. Do Libertarians want more or fewer public goods?
3. What are the 2 things that make a good a public good?
4. Why doesn't the free market produce public goods?
5. What is a free rider?
6. Should the government step in to solve the dairy farmers problems due to Covid 19? Explain whether your answer would be more Democratic or more Libertarian.

the economics of President Trump

https://www.youtube.com/watch?v=_GrjO-oRQ5M

Chapter 12: GDP

 Chapter 12: Gross Domestic Product and Growth

 

12 (1)  p. 301 

1.   Identify: Gross Domestic Product, national income accounting, intermediate goods, durable goods, nondurable goods, real GDP, nominal GDP

2. Look at the chart on page 302.  How does the expenditure approach differ from the income approach?

3. List 3 facts about the underground economy (p. 305)

4. Answer questions #1-4 on page 308 

 

12(2) p. 310   

1. Identify:  the 4 parts of the business cycle, stagflation, leading indicators.

2. What does the graph on page 312 show

3. What does the Global connection on page 314 show the relationship between?

4. What does the green flag on page 316 show?

5. Answer questions 1-4 on page 316

 

Read the profile on Andrew Carnegie, answer questions #1+2 on page  317

 

12(3)  

1. Identify: capital deepening, real GDP per capita

2. How is capital deepening shown on the chart on page 322?

3. How does the fast fact on page 323 explain how innovations impact business efficiency?

4. Answer questions # 1-4 on page 324. 

 

Read How technology affected productivity

Answer questions 1+ 2 on page 325.

Chapter 6

 Chapter 6 (1) Combining Supply and Demand

  1.  Define

  equilibrium

 disequilibrium

price ceiling

price floor

2. Read Fast fact (127) Why was there an excess supply of hotel rooms in  December 1999? ______________________________________________________________________

3. Draw a Graph and show where excess supply and excess demand appear. (fig.6-2, 127)

Read Are Baseball Players paid too much? (121)

4.  How do the laws of supply and demand affect baseball players' salaries?  

6-2 Changes in Market Equilibrium (133-137   )  Define 

surplus-

shortage

search costs 

2. Why is the picture with toys on page 136? 

3. Answer question  3 on page 137.  Graph each  of the following on equilibrium price

a. an outbreak of food poisoning is trace to eggs

b.  a new breed of chicken is developed that lays twice as many eggs

c.  Oprah convices her audience to eat more eggs 

4. Read the story of Michael Dell (138)

 a. Where did Dell start his p.c. business?

 b. Why did Dell focus on direct sales to customers in the early 2000's?

6-3  The Role of Prices  (139-  ) Define

supply shock

rationing

black market

spillover costs

1. Look at the picture on page 140.  What 3 events can cause a crop supply  shock?

2. Look at the picture on 141.  How did the government deal with shortages in WWII?

3. Read Global connections (143) Why does Cuba have two diffeent systems for distributing goods?

4. Look at the picture on 144. How do prices improve efficiency?

5. Read the real life Case Study (145) 

  Why did Ty Warner stick to the original price of $4.99 on Beanie Babies?  He could have charged much more.   How did he create scarity of Beanie Babies? 

 

I.  Watch Mr. Clifford  Limitless:  booms and busts

https://www.youtube.com/watch?v=I7n_NuAZLq8

   1. How is the movie Limitless an allegory for the business cycle and the economy?

   2. Describe  the cause of the 2001 dot.com bubble?

   3. What caused the housing bubble of 2008?

   4. What two potential bubbles did Clifford identify in 2017?

   5. Former Chairman of the Fed, Alan Greenspan coined the term "irrational exuberance" to describe the dot.com bubble.  What do you think "irrational exuberance" means?

IL Fed Printing Money: Read the story for the USA Today about the Federal Reserve stimulus package

https://www.usatoday.com/in-depth/money/2020/05/12/coronavirushow-u-s-printing-dollars-save-economy-during-crisis-fed/3038117001/

  1. Where does the stimulus package come from?

  2. What percent of the national debt did the Fed have before the COVID crisis?  Who held much of the Federal debt?

  3. President Trump appointed the current Chairman of the Fed.  What is his name?

  4. What does Libertarian Ron Paul call this current action of the Federal Reserve?  Do you agree?

   5.  What national goals are the job of the Fed?  When should they limit their actions?

   6.   Some economists think the Fed action will cause inflation with this action, while other economists are more afraid of deflation caused by the high unemployment and recession.  Which do you think poses a bigger threat to the US right now:inflation or deflation?  Explain your answer.

III.    Read this Yahoo news story about deflation

 https://finance.yahoo.com/news/disinflation-the-next-big-economic-trend-morning-brief-100855635.html

   1. Why do some Fed Economists think there is little chance of deflation next year?

  Listen to this NPR interview with Secretary of Agriculture, Sonny  Perdue (son chicken entrepreneur, Frank Perdue)  about the impact of  coronavirus.

https://www.npr.org/sections/coronavirus-live-updates/2020/05/15/856594198/agriculture-department-to-fix-disruptions-in-nations-food-supply-chain

   2. Why doesn't he anticipate food shortages and higher prices next year even though the supply chain to the stores has been disrupted.

   3. After  reading this, has your opinion of whether the US will face inflationary or deflationary pressures next year changed?

Government regulation on monooplies

 Monopolies

https://www.hg.org/legal-articles/what-are-monopolies-and-why-are-they-bad-31592



Infamous anti trust cases
https://www.hg.org/legal-articles/infamous-antitrust-cases-6025


Hollywood anti trust
http://www.cobbles.com/simpp_archive/1film_antitrust.htm

Oxy maker
https://www.nbcnews.com/news/us-news/unredacted-lawsuit-against-oxycontin-maker-reveals-they-pushed-opioid-low-n965721

RM March 8, 2021

 

1st Watch the Circular flow how the economy works and answer the questions
https://www.youtube.com/watch?v=mN5HPJYJzus

1. Identify the 4 parts of the circular flow of money (fill in the blank)
     Resourse and P_______________ Market
     Business and H________________

 2. Is the mall part of the resource or product market?

 3. What did you think of Clifford's video on the Circular Flow?

2nd  Watch the Economics of Trump's tariffs and answer the following questions

https://www.youtube.com/watch?v=_GrjO-oRQ5M

   1.  Why does Clifford advise his viewers to avoid  assymentic information (Fox news and MSNBC news point of view) What happens in the echo chamber?
   2.  Why don't most economists agree with protectionist policies?
   3.     Some people have lost their jobs because of globalization, but are trade deficits always bad?
   4.  Make a connection,  how do you think the Trump tariffs impact the circular flow of money?

3rd   Watch  Fiscal ; Monetary Policy - Macro Topic 5.1 Answer the following questions
https://www.youtube.com/watch?v=bv-uNNkE39I

1. What are the 3 options to fix a recession?

2. Fiscal policy is used by the government.  What are its two major tools?

3. Monetary policy is controlled by the Federal Reserve. What are its three tools?

4. What should the fiscal and monetary policy be in the US today to deal with coronavirus?