Q4 W2 Economics virtual learning experiences

CP1 complete 3 of 4  (I,II,III,IV),  Honors complete 4 of 4

I. Watch Mr. Clifford's review of the Terminator movies on the government and the economy

https://www.youtube.com/watch?v=ud6TCYbBilE 

Answer the following questions

  1. Why are forced transactions bad for the economy?

  2. In our social contract why is important to respect property rights?

  3.  Where do hard core socialists want to take the social contract?

  4. What do Neo-liberals (Adam Smith is the original liberal) want the role of the government to only include?

  5. What do you think the best role of the government is?  Explain your answer.

II. The Washington Post  this week wrote: 

The sudden economic contraction has already forced millions of Americans to turn to food banks, seek government aid for the first time or stop paying rent and other bills. As they go without paychecks for weeks, some have also lost health insurance and even put their homes up for sale. There is a growing concern that the damage will be permanent as people fall out of the middle class and young people struggle to launch careers.

Click on the following story

https://www.washingtonpost.com/business/2020/05/08/april-2020-jobs-report/

  1. Read the story and in a few sentences tell me if your answer for #5  from the Terminator Movie review has changed.  Explain why or why not your answer for #5  changed or remained the same.

III.

Look at the 6 charts from the Boston Globe

Remember that since 1948 the  3 national goals for Macro-economic policy are:

            Growing GDP

            Price Stability

            Low Unemployment

Click on the story below:

https://www.bostonglobe.com/2020/05/08/nation/six-charts-that-show-extent-economic-devastation-caused-by-coronavirus-pandemic/

1. -Bullet the 6 ways  the corona virus has impacted  the economy.
2. Identify which if any of the national goals are impacted next to your bulleted impacts

IV.  Watch Mr. Clifford's three minute take on the spending multiplier

https://www.youtube.com/watch?v=Xg-0z5RWbAU

 1. Define MPC

 2. Define MPS

 3. Fill in the blank: The spending multiplier is 1 over the _________

 4.  The higher the spending multiplier the greater impact on the economy and the greater chance of inflation.  Do you think the recent Covid government  stimulus checks  have a greater or smaller multiplier effect on the economy?  Explain your opinion by looking at the MPC and MPS.