Vocabulary for Chapter 3
3(1)
profit motive
open opportunity
legal equality
private property rights
free contract
competition
interest group
public disclosure laws
public interest
3(2)
macroeconomics
microeconomics
GDP
business cycle
work ethic
technology
3(3)
public sector
private sector
free rider
market failure
externality
3(4)
poverty threshold
welfare
AFDC
cash transfers
in kind benefits
Sunday, October 18, 2015
Thursday, October 1, 2015
Economics classroom expectations
Classroom expectations
Grading Policy:
Homework 15%
Class work 25%
Exams/presentations 60%
Bring a good attitude, a binder, and something to write with in class every day.
I will be available for extra help almost every day, especially if you let me know you are coming.
My extra help day is Thursday at the Freshman homework club.
Homework 15%
Class work 25%
Exams/presentations 60%
Bring a good attitude, a binder, and something to write with in class every day.
I will be available for extra help almost every day, especially if you let me know you are coming.
My extra help day is Thursday at the Freshman homework club.
Economics Course outline
Economic Concepts
Scarcity
opportunity costs
production possibilites curve
role of saftety nets
3 economic questions
Traditional, Command, Market Economies
Microeconomics
Supply and Demand
Elasticity
Market Equilibrium and the role of prices
Perfect Competition
Monopoly vs. Monopolistic Competition
Regulation and deregulation
Labor and business
Sole Proprietorships
Partnerships,
Corporations
Macroeconomics
Fiscal Policy
Monetary Policy
Scarcity
opportunity costs
production possibilites curve
role of saftety nets
3 economic questions
Traditional, Command, Market Economies
Microeconomics
Supply and Demand
Elasticity
Market Equilibrium and the role of prices
Perfect Competition
Monopoly vs. Monopolistic Competition
Regulation and deregulation
Labor and business
Sole Proprietorships
Partnerships,
Corporations
Macroeconomics
Fiscal Policy
Monetary Policy
Monday, September 21, 2015
Week of September 21, 2015
2(1)
economic system
factor paymets
patriotism
safety nets
standard of living
traditional economy
market economy
centrally planned economy
mixed economy
2(2)
market
specialization
household
firm
factor market
profit
product market
self interest
incentive
competition
invisible hand
consumer sovereignty
2(3)
socialism
communism
authoritarian
collective
heavy industy
2(4)
laizzez faire
private property
free enterprise
continuum
ttransition
privatize
economic system
factor paymets
patriotism
safety nets
standard of living
traditional economy
market economy
centrally planned economy
mixed economy
2(2)
market
specialization
household
firm
factor market
profit
product market
self interest
incentive
competition
invisible hand
consumer sovereignty
2(3)
socialism
communism
authoritarian
collective
heavy industy
2(4)
laizzez faire
private property
free enterprise
continuum
ttransition
privatize
Monday, September 7, 2015
Economics interview project
Business Interview-
Presentations due week of October
3, 2015
Only Rule: DO NOT ASK WHAT
THE PERSON EARNS/YEAR
PowerPoint / visual needed
for presentation
Speak to a Sole Proprietor,
partner, or manager of a business
Name of subject interviewed
Name of establishment and how
long it existed
How long has the person
worked at the establishment?
Story behind the start up or
the person getting involved in establishment
Type of investment in
business-
Physical and human capital, natural
Fixed costs
Variable costs
Target audience, how do they
reach their customer? (advertisement…)
How do they expand their
market share?
Seasonal and cyclical nature
of business?
Any indicators of the business cycle changing?
Employee expectations?
How do local, state or
federal regulations impact business?
What type role can government
play in helping your business?
What types of sacrifices had
to be made to make a successful business?
What are the benefits of
owning or managing a business?
Words of wisdom to someone
looking to enter the field?
Chapter 2 vocab
2(1)
economic system
traditional economy
market economy
centrally planned/command economy
mixed economy
factor payments
patriotism
safety net
standard of living
2(2)
market
specialization
household
firm
factor market
profit
product market
self interest
incentive
competition
invisible hand
consumer sovereignty
2(3)
socialism
communism
authoritarian
collective
heavy industry
2(4)
laissez faire
private property
free enterprise
continuum
transition
privatize
economic system
traditional economy
market economy
centrally planned/command economy
mixed economy
factor payments
patriotism
safety net
standard of living
2(2)
market
specialization
household
firm
factor market
profit
product market
self interest
incentive
competition
invisible hand
consumer sovereignty
2(3)
socialism
communism
authoritarian
collective
heavy industry
2(4)
laissez faire
private property
free enterprise
continuum
transition
privatize
Wednesday, September 2, 2015
Chapter 1(1)
1(1)
Economics
Need vs. Want-
Goods vs. Services
Scarcity vs. Shortage
Factors of production- land, labor, capital
Physical vs. Human Capital
Entrepreneur-
1(2)
trade off
guns or butter
opportunity cost (best opportunity lost)
thinking at the margin (marginal analysis)
1(3)
production possibilities curve
production possibilities frontier
efficiency
underutilization
cost
law of increasing costs
Economics
Need vs. Want-
Goods vs. Services
Scarcity vs. Shortage
Factors of production- land, labor, capital
Physical vs. Human Capital
Entrepreneur-
1(2)
trade off
guns or butter
opportunity cost (best opportunity lost)
thinking at the margin (marginal analysis)
1(3)
production possibilities curve
production possibilities frontier
efficiency
underutilization
cost
law of increasing costs
Classroom expectations
Grading Policy:
Homework 15%
Class work 25%
Exams/presentations 60%
Bring a good attitude, a binder, and something to write with in class every day.
I will be available for extra help almost every day, especially if you let me know you are coming.
My extra help day is Thursday at the Freshman homework club.
Homework 15%
Class work 25%
Exams/presentations 60%
Bring a good attitude, a binder, and something to write with in class every day.
I will be available for extra help almost every day, especially if you let me know you are coming.
My extra help day is Thursday at the Freshman homework club.
Friday, May 8, 2015
Week of May 8, 2015
Monday, April 22, 2013
Economics final project
http://greenplug.nu/the-us-budget-explained/
Use the links to the US debt clock, the St.Louis Fred, the national budget simulation, and the federal budget channenge to identify problems and possible solutions to the fiscal problems of the US. Make sure to include current numbers from the Fed when you identify the national goals.
Part I
What is the current state of the US economy? Identify the four US national goals and what the US budget should be to maintain these goals.
Why does the US have a debt of over $18 trillion?
Identify the trend.
Can the current annual deficits be continued indefinately into the future? How long can this trend continue according to the budget hero?
Identify three ways to balance the budget? How much revenue was lost with the Bush tax cuts. Should those tax cuts be allowed to lapse this summer? Why or why not?
Part II
Complete the federal budge challenge, print out your budget.
Explain if you took a liberal, conservative or independent perspective in trying to balance the budget.
Explain what your goals are and how you met or did not meet them in the simulation.
Was your simulation politically feasible in today's climate? Could you be elected? Explain
Part III
Explain how you were or were not able balance the budget.
What if anything will you have to do to make your solution politically feasible?
If the US is to get the future budget under control, how will we do it?
Part IV
Opinion: are you optimistic or pessimistic about the future of dealing with the deficit and the US national goals? Explain your answer.
Monday, May 4, 2015
Week of May 4, 2015
Chapter 15 Fiscal Policy
Read the Profile of John Maynard Keynes (402)
1. Before Keynes what did most economists think the role of the government should be? How did Keynes change this role? Why are Keynes' views controversial today?
15(1) Understanding Fiscal Policy (387)
2. Look at 15.1 (388) What is the role of the OMB (Office of Management and Budget)? Why do you think Congress has a CBO (Congressional Budget Office)?
3. Look at 15.2 (389) What happens to aggregate demand when the government increases its spending?
4. Look at 15.3 (390) How might cutting taxes have a similar effect to government spending?
5. Read the Global Connections (392) what happened in Japan when it tried an expansionary fiscal policy? Why not?
Answer questions #1-6 on page 393. Odd/Evan
15(2) Fiscal Policy Options
Define :
classical economics
Keynesian economics
supply-side economics
multiplier effect
automatic stabilizer
productive capicity
What is pictured on page 397? Why?
Answer questions 5+6 on page 401
15(3) Budget Deficits and National Debt
What is the difference between national debt and national deficit?
1. Look at the chart 15.9 (404) What affect did the Bush (2002-2009 budgets) tax cuts have on the annual budget?
2. Look at 15.10 (406) what is the point of the chart?
3. Look at 15.11 (407) What is crowding out?
4. Look at fast fact (407) What would be a problem with a federal balanced budget amendment?
Answer question 4 on page 408.
Read the Profile of John Maynard Keynes (402)
1. Before Keynes what did most economists think the role of the government should be? How did Keynes change this role? Why are Keynes' views controversial today?
15(1) Understanding Fiscal Policy (387)
2. Look at 15.1 (388) What is the role of the OMB (Office of Management and Budget)? Why do you think Congress has a CBO (Congressional Budget Office)?
3. Look at 15.2 (389) What happens to aggregate demand when the government increases its spending?
4. Look at 15.3 (390) How might cutting taxes have a similar effect to government spending?
5. Read the Global Connections (392) what happened in Japan when it tried an expansionary fiscal policy? Why not?
Answer questions #1-6 on page 393. Odd/Evan
15(2) Fiscal Policy Options
Define :
classical economics
Keynesian economics
supply-side economics
multiplier effect
automatic stabilizer
productive capicity
What is pictured on page 397? Why?
Answer questions 5+6 on page 401
15(3) Budget Deficits and National Debt
What is the difference between national debt and national deficit?
1. Look at the chart 15.9 (404) What affect did the Bush (2002-2009 budgets) tax cuts have on the annual budget?
2. Look at 15.10 (406) what is the point of the chart?
3. Look at 15.11 (407) What is crowding out?
4. Look at fast fact (407) What would be a problem with a federal balanced budget amendment?
Answer question 4 on page 408.
Sunday, April 26, 2015
Week of April 27, 2015
We finished studying monetary policy right before vacation we will wrap up the year studying fiscal policy.
Due Wednesday
Chapter 14 (1) What are taxes?
1.Look at the three types of tax sturctiures on page 360. Identify the three types and and summarize their differences.
2. Which type of tax structure is identified on page 361. Do you think this is fair? Explain why.
3. Look at the cartoon on page 362. Why are taxes necessary?
4. Look at the chart 14.3 on page 363. What is the point of the chart? Who do you think pays more taxes (incidence of tax) on an elastic demand : consumers or producers? What about demand that is inelasitic: consumers or producers?
Answer questions 3, 4, and 6 on page 363.
14(2) Federal taxes
1. Look at the Federal Income Tax Rates, 2003 (367). Are these tax rates proportional or progressive?
2. Look at glogal connections (368) What is a value added tax? Would you recommend one for the US? Why or why not?
3. What is a the point of the picture on 369? What is an incentive?
Answer questions #1-4 on page 369.
Read the profile on Henry J. Aaron. (370)
What is an entitlement? Why does Aaron have major concerns about Social Security?
Due Thursday:
14(3) Federal Spending
1. What is the point of the cartoon on page 374?
Answer questions 1-4 on page 374.
14(4) State and local taxes and spending
1. Why is the picture on page 375 in this section?
2. Look at the chart on page 376, What are three of the largest sources of state revenues in 2001, what are three of the largest state expenditures?
3. Look at picture on 377. Should snow plowing be part of a states operating or capital budget?
4. Look at the fast fact on page 378. Why do you think sales tax free NH has such high property tax rates?
Answer questions #1-4 on page 380.
Read real life case study (381)
How many tax cuts did President Bush pass? Who do you think benefitted the most from these tax cuts? Explain
Due Wednesday
Chapter 14 (1) What are taxes?
1.Look at the three types of tax sturctiures on page 360. Identify the three types and and summarize their differences.
2. Which type of tax structure is identified on page 361. Do you think this is fair? Explain why.
3. Look at the cartoon on page 362. Why are taxes necessary?
4. Look at the chart 14.3 on page 363. What is the point of the chart? Who do you think pays more taxes (incidence of tax) on an elastic demand : consumers or producers? What about demand that is inelasitic: consumers or producers?
Answer questions 3, 4, and 6 on page 363.
14(2) Federal taxes
1. Look at the Federal Income Tax Rates, 2003 (367). Are these tax rates proportional or progressive?
2. Look at glogal connections (368) What is a value added tax? Would you recommend one for the US? Why or why not?
3. What is a the point of the picture on 369? What is an incentive?
Answer questions #1-4 on page 369.
Read the profile on Henry J. Aaron. (370)
What is an entitlement? Why does Aaron have major concerns about Social Security?
Due Thursday:
14(3) Federal Spending
1. What is the point of the cartoon on page 374?
Answer questions 1-4 on page 374.
14(4) State and local taxes and spending
1. Why is the picture on page 375 in this section?
2. Look at the chart on page 376, What are three of the largest sources of state revenues in 2001, what are three of the largest state expenditures?
3. Look at picture on 377. Should snow plowing be part of a states operating or capital budget?
4. Look at the fast fact on page 378. Why do you think sales tax free NH has such high property tax rates?
Answer questions #1-4 on page 380.
Read real life case study (381)
How many tax cuts did President Bush pass? Who do you think benefitted the most from these tax cuts? Explain
Sunday, March 29, 2015
Week of March 31, 2015
Chapter questions are due this Thursday.
Chapter 16: The Federal Reserve and Monetary Policy
Please read the sections before you answer the questions assigned.
16(1)
1. Figure 16.1 (416), What percentage of bans are in the federal reserve system, and what percentage of bank deposits do they control?
2. Figure 16:2 (417) Identify the 12 Federal Reserve Bank cities.
3. What is the point of the fast fact (417)?
4. Answer questions 1-5 (odd/even) page 418
16(2)
1. Whose statue do you think is on the north side of the Dept. of Treasury( 420)?
2. Figure 16.3 (421) What role does the Fed have in cashing checks?
3. Figure 16.4 (423) What happens to the money demand when interest rates increase?
4. Answer questions 1-6 (423) odd/even.
Read the biography of Alan Greenspan (424) bullet three facts about his life. Answer question 2.
16(3)
1. Figure 16.5 (426) How do banks create money?
2. Figure 16.6 (427) What is the reserve ratio requirement?How can the Fed expand the money supply using this tool?
3. Figure 16.7 (428) What is the discount rate? How can the Fed expand the money supply using this tool?
4. Figure 16.8 (428) What are open market operations? How can the Fed expand the money supply using this tool?
5. Answer questions 1-8 (odd/even) page 429.
16(4)
1. Figure 16.10 (432) What are the effects of proper and improper timing of fed monetary
policies?
2. Answer questions 1-6 (odd/even) on page 434.
Chapter 16: The Federal Reserve and Monetary Policy
Please read the sections before you answer the questions assigned.
16(1)
1. Figure 16.1 (416), What percentage of bans are in the federal reserve system, and what percentage of bank deposits do they control?
2. Figure 16:2 (417) Identify the 12 Federal Reserve Bank cities.
3. What is the point of the fast fact (417)?
4. Answer questions 1-5 (odd/even) page 418
16(2)
1. Whose statue do you think is on the north side of the Dept. of Treasury( 420)?
2. Figure 16.3 (421) What role does the Fed have in cashing checks?
3. Figure 16.4 (423) What happens to the money demand when interest rates increase?
4. Answer questions 1-6 (423) odd/even.
Read the biography of Alan Greenspan (424) bullet three facts about his life. Answer question 2.
16(3)
1. Figure 16.5 (426) How do banks create money?
2. Figure 16.6 (427) What is the reserve ratio requirement?How can the Fed expand the money supply using this tool?
3. Figure 16.7 (428) What is the discount rate? How can the Fed expand the money supply using this tool?
4. Figure 16.8 (428) What are open market operations? How can the Fed expand the money supply using this tool?
5. Answer questions 1-8 (odd/even) page 429.
16(4)
1. Figure 16.10 (432) What are the effects of proper and improper timing of fed monetary
policies?
2. Answer questions 1-6 (odd/even) on page 434.
Saturday, March 14, 2015
Week of March 16, 2017
Happy St. Patrick's Week.
13(1) Unemployment
Answer Global connections question on page 335.
Questions 1-6 (odd/even) page 336
13(2) Inflation
What is a wage price spiral (page 342)?
Questions 1-6 (odd/even) page 343.
Read Oprah Winfrey (344)
Answer questions 1+2 (odd/even)
13(3) Poverty
Look at poverty rates by group ( 346) What race and gender has the highest and lowest rates of poverty.
What does the Lorenz curve (348) show?
Questions 1-8 (350) odd/even
Questions 1+2 on page 351.
13(1) Unemployment
Answer Global connections question on page 335.
Questions 1-6 (odd/even) page 336
13(2) Inflation
What is a wage price spiral (page 342)?
Questions 1-6 (odd/even) page 343.
Read Oprah Winfrey (344)
Answer questions 1+2 (odd/even)
13(3) Poverty
Look at poverty rates by group ( 346) What race and gender has the highest and lowest rates of poverty.
What does the Lorenz curve (348) show?
Questions 1-8 (350) odd/even
Questions 1+2 on page 351.
Sunday, February 22, 2015
Week of February 23, 2015
Due Thursday
Due Thursday
Chapter 12: Gross Domestic Product and
Growth
12 (1) p. 301 identify each of the
key terms in 7 words or less for each term.
Look at the chart on page 302. How
does expenditure approach differ from income approach?
List 3 facts about the underground economy
(p. 305)
Answer questions #1-7 on page 308
(odd/even)
12(2) p. 310 Identify the key terms
in 7 words or less for each term.
What does the graph on page 312 show
What does the Global connection on page
314 show the relationship between?
What does the green flag on page 316 show?
Answer questions 1-5 on page 316
(odd/even)
Answer questions #1+2 on page 317
12(3) Identify the key terms on page
318 in 7 words or less for each term.
How is capital deepening shown on the
chart on page 322?
How does the fast fact on page 323 explain
how innovations impact business efficiency?
Answer questions # 1-5 on page 324.
(odd/even)
Answer questions 1+ 2 on page 325.
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