Chapter 4 homework

Economics Chapter 4                                                  Name____________________________

Chapter 4  Demand,  Why do you think the demand chapter precedes the supply chapter? _____________________________________________________________________________

4(1)  Group_______________________

4(2)  Group  _____________________

4(3)  Group  _____________________

Current   Events  Group  ________________________ 

4(1) Look at picture on 79.  Identify the Law of Demand  : 

price down, demand ______        ;  price up, demand ____________

Read fast fact (80)  identify 3 of your rights as an online shopper

a.      _____________________________________________________________

b.      ______________________________________________________________

c.       _____________________________________________________________

4(2) Look at the chart on p. 86.  What is the difference between a shift in the demand curve and a movement along a demand curve?   __________________________________________________________________________________

Identify the inferior good pictured on page 86. ____________________________________________

Look at the picture (87) how did the expectations of a higher price effect demand? ____________________________________________________________________________________

Identify the complementary goods pictured on page 88.______________________________________

Read the economic profile on page 89., answer questions 1+ 2.  OR #3.  ______________________________________________________________________________________________________________________________________________________________________

4(3)  What two entrepreneurial mistakes are pictured on page 90? ______________________________________________________________________________________________________________________________________________________________________

What event influence elections in India in 1998 (p.91)  Do you think a similar event could occur in the US? Explain .______________________________________________________________________________________________________________________________________________________________________

Identify the equation for determining elasticity of demand ( 92)  __________________________________________________________________________________

The elasticity is different for the two products identified on p. 93.    Why? __________________________________________________________________________________  

How has car advertising changed over time?  Picture on page 94.  ______________________________________________________________________________________________________________________________________________________________________

Read the table on page 95.  Answer the question

_____________________________________________________________________________________________________________________________________________________________________  

Read the chart on page 96.  What is the difference in revenue with an item that has elastic demand and one that has inelastic demand?  ______________________________________________________________________________________________________________________________________________________________________

Read the Case Study on page 97.  Answer questions 1+2  _________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Answer the matching key terms #1-7

1.______  2._____  3.____ 4._____ 5. _____ 6. _____ .7 _____

Week of November 11, 2013

 

Due Wednesday
Identify the three generations.   What is the point of the story?  React.

Boomers Still Top in Business as Gen Y Suffers

11/11/2013 - 8:43 AM EST

NEW YORK ( MainStreet) — The economic downturn in 2008 and the economy's slow recovery may be doing more than hindering young adults from finding a job ¬— it also may be hurting them from advancing in their job.

According to a new study, Baby Boomers are still in many top positions and may be delaying retirement due to the sluggish economy — preventing Gen-Yers from moving into management roles. The percentage of Gen Y workers managing people declined from 15% in 2012 to 12% in 2013.

Also, due to the economic collapse, Gen-Yers — also called Millennials and a reference to those who were born between 1982 and 2002 — are starting their professional lives later, said the study by compensation database PayScale and consulting firm Millenial Branding.

"Similar to other studies, our research reinforces that the sluggish and uncertain economy has made a significant impact on the perspectives and experiences of not only Generation Y, but also Generation X and Baby Boomers," said Katie Bardaro, economist for PayScale.

The new research shows most Gen Y workers (56%) are more likely to work at small firms — those with fewer than 100 employees — than either Gen-Xers, 48%, or Baby Boomers, 50%. Millennials also are most likely to move back home with their parents due to financial hardship after starting their careers. Almost 30% of Gen-Yers move back home, while only 11% of Gen-Xers — those born between 1965 and 1981 — and 5% of Baby Boomers do likewise.

"The economy has delayed their careers and their personal independence and forced them to work harder than previous generations just to catch up," said Dan Schawbel, founder of Millennial Branding and author of Promote Yourself: The New Rules for Career Success (St. Martin's Press, 2013).

"They are taking on multiple jobs to pay back student loans and are being forced to create their own careers instead of relying on companies to do it for them," Schawbel said.

Schawbel said it's going to take Gen-Yers longer to reach management positions, because Baby Boomers also have faced the same economy and it's delayed their retirement plans. However, in the next five years 16% of the workforce will retire, so eventually there will be a lot of Gen Y managers and many won't be fully ready to take on the management roles because they will be forced into them, he added.

The study's numbers also reveal a small amount of dissatisfaction among all generations with their jobs. According to the research, 9% of Baby Boomers wish they could change their boss, while 7% of Gen-Xers and 6% of Millennials wish similar.

Gen-Yers, however, also report the lowest levels of both job satisfaction and meaning, while still reporting the lowest levels of job stress

Gen Y has the lowest job stress, because they have the least amount of expenses and few have families they have to support," Schawbel said. "Over 20 million of them are still living with their parents." Older generations have families to support, and Boomers want to retire but can't. Gen-Xers are stressed because they want to fill Boomers' shoes but can't because of the economy.

"Gen Y-ers have the lowest sanctification and meaning with their jobs because their expectations of the workplace were much higher and not met by corporations," Schawbel added.

--Written by Chris Metinko for MainStreet

Week of October 7, 2013 Economics stories

We will complete Chapter 8 this week, be ready for a quiz on Friday.

Identify and explain the reasons why some Microsoft shareholders want Bill Gates to step down.
http://www.marketplace.org/topics/tech/some-microsofts-top-investors-want-bill-gates-step-down-chairman 

Identify and explain the 7 lessons the US government could learn about their finances.
You can bullet the major points of each of the lessons.
http://www.marketplace.org/topics/your-money/7-lessons-us-government-could-learn-marketplace-money

Week of September 8, 2013

How Economists Think annotation is due Wednesday.
Underline facts, box in reactions and write in the margins.
Come to class with  three questions and answers from the text or three issues/areas you want clarified.  This will be a quiz grade.

Assign groups.

Economics final project

Final paper

http://budgethero.publicradio.org/widget/widget.php?refid=MKP#

http://www.usdebtclock.org/

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

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

Use the links to the US debt clock, the St.Louis Fred, the national budget simulation, and the budget hero 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 $16 trillion?
What was the US debt in 2000, 2004, 2008, 2012? What was the GDP during those years? What percent was the debt to the GDP in those years? 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 budget hero, 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.



Paper length: 3-5 pages, excluding budget hero.
Due date: on or before May 22, 2013

Week of April 1, 2013

Presentations on Hedrick Smith's
Rethinking America and Who Stole the American Dream?

Quiz Friday on the material covered this week.
Also part of the quiz will be a unit 3 test.  Make sure vocab from chapter 8 + 9  is completed before the quiz

Week of February 24, 2013

We will wrap up the presentations this week. 

Chapter 7 test on Thursday
Wall Street Journals due on Friday