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

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

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

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.

Week of May 8, 2015

Monday, April 22, 2013

Economics final project

http://www.usdebtclock.org/

http://research.stlouisfed.org/fred2/

http://www.federalbudgetchallenge.org/pages/overview

http://www.nathannewman.org/nbs/

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.

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.