Wednesday, January 31, 2018

Month 6.4 Valentine's Day Economics

I, ROSE: VALENTINE’S DAY MEETS ECONOMICS

Free Market: A Price is a Signal Wrapped Up in an Incentive


Valentine’s Day Red Roses

 Directions: Watch the video link. Read the following questions and post your answers:


1. List products from other countries are easily available at a supermarket?
2. Search online for “Starbucks supply chain” and also look for the infographic showing the places in the world where Starbucks buys its cofee, sugar, and paper. 

3. Take a simple product and trace its origins as far as you can noting that each supplier itself has suppliers and so do each of the suppliers’ suppliers. Share your simple product and the origins of each supplier.

Economics Study Guide


Economics Study Tips

This your final high school social studies class. It is designed to help prepare you to be a productive, financially prudent american citizen. One way you can start being productive is to print your study guide

Directions: 

Final Study Guide: 

Use this study guide as a tool to study and take notes as you read your Economics text book. As a bonus for having completed the study guide you can earn points towards your final. A completed handwritten study guide can be turned in on the day of the final for a bonus of points added to your final based on 10% of the grade you earn on the final. 

Directions: Print your study guide and begin completing it with important details from the chapter. 



Final Study Guide Prentice Hall 

ECONOMICS STUDY GUIDE
CHAPTERS 1 – 18 (Prentice Hall text)

Chapter 1 – What is Economics
Section 1
Define economics.
Explain why scarcity and choice are basic problems of economics.
Describe the three factors of production and the two types of capital.
Section 2
Explain the relationship between trade-offs and opportunity costs.
Describe the different types of economic products.
Section 3
Explain the information provided by a production possibility curve and the factors that affect it.



Chapter 2 – Economic Systems
Section 1
Identify the three key economic questions.
Describe the characteristics, advantages, and disadvantages of the traditional, command, and market economies.
Section 2
Explain why markets exist.
Explain the circular flow of economic activity.
Identify the advantages of a free market economy.
Section 3
Describe how a centrally planned economy is organized.
Identify the problems of a centrally planned economy.
Section 4
Explain the rise of mixed economic systems.

Chapter 3 – American Free Enterprise
Section 1
Describe the tradition of free enterprise in the U.S. and the constitutional protections that underlie it.
Explain the basic principles of the U.S. free enterprise system.
Describe the role of the consumer and government in a free enterprise system
Section 2
Explain how the government tracks and seeks to influence business cycles.
Section 3
Identify examples of public goods.
Explain how the government allocates some resources by managing externalities.
Section 4
Summarize the U.S. political debate on ways to fight poverty.
Describe the main programs through which the government redistributes income.


Chapter 4 – Demand
Section 1
Explain the law of demand.
Understand how the substitution effect and the income effect influence decisions.
Section 2
Explain the difference between a change in quantity demanded and a shift in the demand curve.
Explain the causes of a change in quantity demanded.
Explain the factors that could cause a shift in the demand curve.
Section 3
Explain the concept of demand elasticity and how to calculate it.
Identify when demand curves are elastic and inelastic.
Identify factors that affect elasticity.

Chapter 5 – Supply
Section 1
Explain the law of supply.
Interpret a supply graph.
Explain the relationship between elasticity of supply and time.
Section 2
Explain how firms decide how much labor to hire to produce to a certain level of ouput.
Identify the types of production costs.
Section 3
Explain factors that can create changes in supply.
Identify three ways that the government can influence the supply of a good.

Chapter 6 – Prices
Section 1
Explain how supply and demand create balance in the marketplace.
Describe price ceilings and price floors and explain their effects.
Section 2
Identify the determinants that create changes in price.
Describe how a market reacts to a fall in supply or a shift in demand.
Section 3
Explain the advantages of using prices as a way to allocate economic products.
Explain problems that arise with a command economy, such as rationing, shortages, and black market.

Chapter 7 – Market Structures
Section 1
Explain the four conditions of perfect competition.
List two common barriers that prevent firms from entering a market.
Section 2
Explain monopolies and how they are formed, including government monopolies.
Section 3
Describe characteristics and give examples of monopolistic competition.
Explain how firms compete without lowering prices.
Describe the characteristics and give examples of oligopoly.
Section 4
Summarize three market practices that the government regulates or bans to protect competition.
Define deregulation and list its effects on several industries.

Chapter 8 – Business Organizations
Section 1
Describe the characteristics, advantages, and disadvantages of the sole proprietorship.
Section 2
Explain the different types of partnerships.
Describe the advantages and disadvantages of partnerships.
Section 3
Describe the characteristics, advantages, and disadvantages of corporations.
Identify types of corporate combinations.
Section 4
Explain how a business franchise works.
Identify different types of cooperative organizations.
Summarize the purpose of nonprofit organizations and the different types.

Chapter 9 –Labor
Section 1
Describe how trends in the labor force are tracked.
Section 2
Explain the relationship between supply and demand in the labor market.
Identify the relationship between wages and skill level.
Explain reasons for the discrepancy in pay between men and women.
Describe factors that affect wage levels.
Section 3
Describe the purpose of labor unions.
Explain why union membership has declined.
Describe several ways to resolve labor and management differences.

Chapter 10 – Money and Banking
Section 1
Explain the three uses of money.
Describe the six characteristics of money.
Explain the sources of money’s value.
Section 2
Explain the purpose of the Federal Reserve System.
Describe the protection offered by the FDIC.
Note: American leaders in the early United States wanted to establish a stable banking system in order to promote international trade and economic growth.
Section 3
Explain the functions of financial institutions.
Identify the different types of financial institutions.
Chapter 11 – Financial Markets
Section 1
Explain how investing contributes to the free enterprise system.
Explain how the financial system works to transfer funds from savers to borrowers.
Describe the role of various nonbank financial intermediaries.
Identify the trade-offs among risk, liquidity, and return.
Section 2
Identify three components of bonds.
Identify different types of bonds.
Identify the types of major financial assets and their characteristics.
Section 3
Explain the benefits and risks of buying stockes.
Describe how stocks are traded.
Explain how stock performance is measured.

Chapter 12 – Gross Domestic Product and Growth
Section 1
Explain how Gross Domestic Product (GDP) is measured.
Identify the main limitations of GDP
Section 2
Explain the phases of a business cycle.
Identify four key factors that keep the business cycle going.
Section 2
Explain how unemployment is measured.
Describe five types of unemployment.
Section 3
Describe how economists measure the growth of the U.S. economy.
Identify factors that influence economic growth.

Chapter 13 – Economic Challenges
Section 1
Describe the different types of unemployment.
Describe how full employment is measured.
Section 2
Explain the effects of rising prices.
Explain the use of price indexes to compare changes in prices over time.
Identify the causes and effects of inflation.
Section 3
Define who is poor according to government standards.
Describe reasons for income inequality and poverty.

Chapter 14 –Taxes and Government Spending
Section 1
Describe types of tax bases and tax structures.
Explain the economic impact of taxes.
Identify the characteristics of a good tax.
Identify who bears the burden of a tax.
Section 2
Describe the process of paying individual income taxes.
Identify typical items that can be claimed as a tax deduction, such as home mortgage interest, charitable donations, and some medical expenses.
Describe other types of taxes.
Section 3
Explain the difference between mandatory spending and discretionary spending.
Describe major entitlement programs.
Identify categories of discretionary spending.
Section 4
Explain where state taxes are spent.
Identify major sources of state revenue.
Summarize local government spending and revenue.

Chapter 15 – Fiscal Policy
Section 1
Describe how the government uses fiscal policty as a tool for achieving economic goals.
Describe the impact of fiscal policy decisions on the economy.
Section 2
Summarize the basic principles of classical, Keynesian, and supply-side economics.
Section 3
Explain the importance of balancing the budget.
Explain how the federal deficit is related to the federal debt.
Explain the impact of the federal debt on the economy.

Chapter 16 – The Federal Reserve and Monetary Policy
Section 1
Describe the structure of the Federal Reserve System.
Section 2
Explain the roles of the Federal Reserve System.
Section 3
Describe the process of money creation.
Explain tools of monetary policy.
Section 4
Explain the difference between an easy money policy and a tight money policy, and the conditions for which each is used.

Chapter 17 – International Trade
Section 1
Explain the advantage of international trade.
Section 2
Identify different types of trade barriers and their effects.
Summarize arguments in favor of protectionism.
Section 3
Explain how changes in exchange rates of world currencies affect international trade.

Chapter 18 – Economic Development and Transition
Section 1
Describe what is meant by developed nations and less developed countries.
Section 2
Identify causes and effects of rapid population growth.
Identify the importance of human capital to development.
Identify “brain drain”.
Section 3
Identify sources of funds for economic development.
Section 4
Identify steps in moving from a centrally planned economy toward a free market economy.

Month 6 week 3 Economic Touchdown!

ECONOMIC TOUCHDOWN!!! PRODUCT LAUNCH!!!



Super Bowl

Directions: Complete the Back-Ground Research and Market Analysis sections below. Post the following on the discussion board:
  • Brainstorm a product to be successfully sold during Super Bowl weekend. 
  • Discuss the pros and cons of your product in 200-300 words. 
  • product name 
  • 2 or 3  pro/con points of your product
  • who is the targeted consumer (who will buy it)
  • how will your product be distributed (where will you sell your product)

This class is about economics! Soon approaching is the Super Bowl!  Your advertising firm has just been hired to to develop a marketing campaign for a product related to the Super Bowl. Your product must be realistic, legal, and one that minors can purchase. 

Back Ground Research:Familiarize yourself with the particular economics of the Super Bowl. View one or more of the following articles:

http://www.thedailymeal.com/entertain/12-things-you-might-not-know-about-super-bowl

https://nrf.com/media/press-releases/184-million-americans-watch-2015-super-bowl-according-nrf-survey


Market Analysis

Brainstorm a product to be successfully sold during Super Bowl weekend. 
Discuss the pros and cons of your product in 200-300 words. Include the following:
  • product name 
  • 2 or 3  pro/con points of your product
  • who is the targeted consumer (who will buy it)
  • how will your product be distributed (where will you sell your product)
  • How much will your product cost to make and what price will you sell it at

Month 6 week 2 The State of the Union Address

State of the Union Address

Directions: Watch the State of the Union Address on 1/30/18. If you missed the address, please read Copy of the State of the Union as delivered by the President for it online and watch it.  Review the list of Presidential Roles below. Listen for examples from the address in which the President is executing a specific role from the list below. Take notes during the address and answer the questions below. Post your answers.




PRESIDENTIAL ROLES

Chief Executive

Powers:

  • Implements/Enforces Laws, Treaties, Court Decisions, etc.

  • Appoints officials to office and can fire them

  • Issues executive orders

Checks:




Chief Legislator

Powers:

  • Proposes legislation

  • Vetoes legislation

  • Message power

  • Calls special sessions of Congress

  • Makes State of the Union Address to Congress

Checks:




Commander in Chief

Power:

  • Head of the armed forces

Checks:  




Chief Diplomat

Powers:

  • Sets overall foreign policy

  • Appoints and receives ambassadors

  • Negotiates treaties and executive agreements

  • Gives diplomatic recognition to foreign governments

Checks:  





Head of State

Powers:

  • Ceremonial leader of nation

  • Living symbol of the nation

Checks:




Chief Jurist

Powers:

  • Appoints federal judges

  • May issue pardons, amnesty, commutations, reprieves to people convicted of federal crimes

Checks:





Chief Administrator

Powers:

  • CEO of federal bureaucracy, with its millions of employees and trillions in annual spending

Checks:




Non-Constitutional Roles

Head of Political Party:

  • Selects Vice Presidential nominee

  • Midterm election support of candidates in his/her party

  • Primary fundraising force

Chief Economist:

  • Responsible for overall economic health

  • Nominates the Federal Reserve Board of Governors

  • Proposes federal budget

Chief Citizen:

  • Representative of the American people

  • Provides moral leadership



Questions: 
 Review the list above of Presidential duties. Watch or read the State of the Union Address. Find examples from the address in which the President speaks under the authority or role of one of the Presidential duties related to the ECONOMY or ECONOMICS listed above. For instance; when the President discusses the economy, he is the Chief Economist.
Select 3 Presidential Rolls and give an example for each roll from the State of the Union Address in which the President executes the specific role. Explain the role and how your example demonstrates that role. 

Monday, January 22, 2018

6.1Welcome and What is Your Economic Literacy?


Economic Literacy Quiz


How much economic knowledge do you have?

Directions:  Test your own economic literacy with 20 questions.Then view results to see how you rank against everyone else who has taken the quiz. Post your answers to the following questions below the quiz link. 

Take the Quiz


1. Did you score above or below the national average of 70%? Post your answer to this question. 

2. What experience do you have with economics? 

3. What would you like to learn more about regarding economics in this class?

Monday, September 25, 2017

Welcome ! Directions

Parkview Economics Discussion Board Directions

Image result for economics image

Please read the following guidelines and proceed to week 1 to begin posting.  It is important to know the expectations and rules.


1. The instructor will post a new discussion/blog very Monday.
2. The discussion/blog will contain information and questions for you to answer.
3. Respond to the instructor's discussion/blog.
4. Comment on another student's post.
5. Once you post your comment, the instructor will view your comment and publish your comment onto the Parkview's Economics Discussion Board Blog.
6. Weekly participation in the discussion is expected as it is part of your final grade.
7. Now proceed to your initial discussion board prompt below and post your answer.......

...........Welcome to the Parkview Economics Discussion Boar. This week you will have an opportunity to meet  classmates. In your first posting, write a paragraph or two that answers these questions:

  • What is your name, grade, and age?
  • What are some hobbies or activities you're involved in?
  • Define economics in your own words?
  • Why are you interested in studying economics?
As you read other students' responses, respond to one or more of these questions in your follow-up posting(s):
  • What interests you most about studying economics?
  • Do you think studying economics is relevant today? Explain your answer.
  • Do you think economics is important in your life? Give examples.