AP Macroeconomics October 1, 2014

Objective: MACROECONOMIC MODELS AND FISCAL POLICY1. Warm up—Explain the crowding out effect

of government deficit spending.2. Fiscal policy reviewed3. A couple homework problems reviewed4. Test info5. In the news

AP MacroeconomicsOctober 1, 2014

Objective: Business and ESLR: Critical thinkers 1. Warm up—Why do many businesses

choose to incorporate? 2. Economics USA: The Firm (video,

notes)3. (p206-207 18, 20, 21)4. Making a Profit (worksheet)Complete Making a Profit (worksheet) for HOMEWORK

Economics—periods 4 and 5October 1, 2014

Objective: Chapter 7: Immigration and the growth of cities1. Warm up—Why were fires such a threat in

industrial age cities?2. Chapter 7 summary3. Chapter 7 assessment

U.S. HistoryOctober 1, 2014

http://www.youtube.com/watch?v=woVcHfnhBqI



Objective: MACROECONOMIC MODELS AND FISCAL POLICY1. Warm up—What does it mean to say

“aggregate demand,” as a opposed to just demand?

2. Unit 3 Exam 3. In the news


Warms ups Notes (video) Chapter 9,10,11 hw Review worksheet

packet

Objective: Business and LaborESLR: Critical thinkers 1. Warm up—What makes the cost of

labor for some products greater than that of others?

2. Labor (reading, questions, discussion)3. Labor notes4. Review Making a Profit (worksheet)


Objective: Chapter 7: Immigration and the growth of cities1. Warm up—What was the spoils system? 2. Review Chapter 7 assessment and more3. Main Idea questions 6-8 on page 2724. Quiz tomorrow on chapter 7

HOMEWORK: Critical Thinking page 272 #1


Objective: MACROECONOMIC MODELS AND FISCAL POLICY1. Warm up—Examine daily life in an open

economy versus a closed economy. How is life different in a global economy?

2. Job news3. Local crises in a global world: side effects4. Video, notes, discussionRead chapter 12 for Monday


Objective: Business and LaborESLR: Critical thinkers 1. Warm up—Examine daily life in an global

economy. What are some advantages and disadvantages of the free movement of goods and people?

2. Job news3. Local crises in a global world: side effects4. Video, notes, discussion5. Review Profit worksheet


Objective: Chapter 7: Immigration and the growth of cities1. Warm up—What was is civil service? 2. Exam on Chapter 73. A look at ebola


Objective: MONEY, BANKING, AND MONETARY POLICY (Financial Sector)1. Warm up—What is money? What are the

functions of money? 2. Economic relationships3. Topic A: Money, banking, and financial

markets


Objective: Business and LaborESLR: Critical thinkers 1. Warm up—Who is included in the labor

force? 2. Unemployment (pages 331-336

reading)3. Questions 1-74. Secret History of the Credit Card

(video, notes, questions)


Objective: Life at the Turn of the Century1. Warm up—What is segregation?2. Chapter 8 (reading, handouts, discussion)3. A look at ebola


Objective: MONEY, BANKING, AND MONETARY POLICY (Financial Sector)1. Warm up—Answer question 4 on page

243. 2. Topic A: Money, banking, and financial

markets 3. A bank’s balance sheet4. Page 242-243 (3)


Objective: Business and LaborESLR: Critical thinkers 1. Warm up—List the 4 types of

unemployment. Which is most easily to avoid?

2. Unemployment (page 336 3-7)3. Secret History of the Credit Card

(video, notes, questions)


Objective: Life at the Turn of the Century1. Warm up—How did education in America

change at the turn of the century?2. Chapter 8 (Section 3 and 4 reading and

questions)3. Complete Chapter 8 worksheet.4. Discussion


Objective: MONEY, BANKING, AND MONETARY POLICY (Financial Sector)1. Warm up—What is the Federal Reserve

Bank? 2. Answer question 3 on page 242-243. 3. A bank’s balance sheet4. Banking and the economy: Economics USA


Objective: Business and LaborESLR: Critical thinkers 1. Warm up—Consider an economy where

127 million people are employed and 8 million people are unemployed. What is the unemployment rate?

2. Secret History of the Credit Card (video, notes, questions) conclusion

3. Credit cards and the economy: breaking it down.

4. Review/Moving on


Complete the following with a partner:1. List 3 advantages of credit cards to the

consumer 2. List 3 disadvantages of credit cards to the

consumer3. List 2 advantages of credit cards to

businesses4. List 2 disadvantages of credit cards to

businesses5. Are credit cards good for the economy?

Credit cards and the economy

Objective: Life at the Turn of the Century1. Warm up—What years are we talking

about when we say the turn of the century?

2. Review Chapter 8 questions and worksheet.

3. The Century: Seeds of Change (video, notes)


Objective: MONEY, BANKING, AND MONETARY POLICY (Financial Sector)1. Warm up—What is open-market

operations?2. Banking and the economy: Economics USA

(video, notes, questions)3. A bank’s balance sheet (reviewed)4. Money creation


Objective: Business and LaborESLR: Critical thinkers 1. Warm up—Consider an economy

where 95 million people are employed and 5 million people are unemployed. What is the unemployment rate?

2. Advantages and disadvantaged of Credit Card (review)

3. Quiz info4. Reading


Advantages and disadvantages of different business organizations (sole proprietorships, partnerships, and corporations)

What is liability? Advantages and disadvantages of credit

cards Review questions on scarcity, production

possibilities, and supply and demand

Tomorrow’s quiz

Objective: Life at the Turn of the Century1. Warm up—What is lynching?2. Two views of America3. Lynching (a reading, discussion and video)4. Witness to lynching (5. Moving pictures? Lillian Gish and The Birth

of a Nation (reading, discussion and video


Imagine you are travelling through a Southern town in 1905. When you stop to rest, you notice a large gathering of men in the process of lynching a man. Write a paragraph on what you witness, how you feel, and what you do.

Witness to a lynching

Objective: MONEY, BANKING, AND MONETARY POLICY (Financial Sector)1. Warm up—What is the reserve

requirement?2. Spending, money and interest3. Fed practice4. Money creation and a bank’s balance

sheet (reviewed)5. Morocco’s Mule LadiesHomework: chapter 13 (4, 6-10,13)


Objective: Business and LaborESLR: Critical thinkers 1. Warm up—The nation of Nzerdifus has

200 workers. Doodle Dandy Inc., its larger employer, lays off ten workers. 40 Nzerdifians were already looking for work. The unemployment rate has changed from ___% to ___%.

2. Quiz3. Who is Malala? OR Morocco’s Mule

Ladies


Objective: Life at the Turn of the Century1. Warm up—Solve it2. Chapter 8 Assessment p.300

1. Terms and names 1-102. Critical Thinking 1

3. Moving pictures? Lillian Gish and The Birth of a Nation and The Great Train Robbery (reading, discussion and video)


1. _ _ _ i _ An island of immigrants2. _ _ _ o _ _ _ _ _ _ _ _ o _ After the war3. _ _ _ e _ _ _ _ To assimilate the Indians4. _ _ _ e _ _ _ _ America’s pastime since

the mid 18th century5. _ _ _ _ _ o _ _ Connected east and west

Solve these first get 5 bonus points.

Objective: MONEY, BANKING, AND MONETARY POLICY (Financial Sector)

Page 280 (1-13)


Objective: Business and LaborESLR: Critical thinkers

Page 308 (1-7)


Objective: Life at the Turn of the Century

Page 338 (Terms and Names 1-10; Main Ideas 1-11)


Objective: MONEY, BANKING, AND MONETARY POLICY (Financial Sector)1. Warm up—Calculate the money multiplier

for the following reserve requirements: a) 10% b) 15% c) 22%

2. The Fed (quick review) 3. The Fed today4. You’re the Fed


Objective: Measuring National IncomeESLR: Critical thinkers 1. Warm up—What are intermediate

goods? 2. GDP (reading and questions) 3. GDP (details and notes)4. Economics USA: Measuring national

income (video and notes)


Objective: The Progressive Era1. Warm up—What was prohibition? 2. Origins of Progressivism (reading and

questions)3. Women in Public Life 4. Teddy Roosevelt (video and notes)


Objective: MONEY, BANKING, AND MONETARY POLICY (Financial Sector)1. Warm up—Calculate the reserve

requirement for the following money multipliers: a) 2.25 b) 3.1 c) 1.8

2. You’re the Fed (review items 1-3; complete worksheet)

3. The Fed and 9-11


Objective: Measuring National IncomeESLR: Critical thinkers 1. Warm up—What intermediate good is

used in the production of ollygoggles? 2. GDP (details and notes)3. GDP Worksheet4. Economics USA: Measuring national



Objective: The Progressive Era1. Warm up—Explain 1 goal of the

Progressive movement. 2. Chapter 9 summary continued (questions

3, 4 and 5)3. Teddy Roosevelt (reading, video and

notes)4. Questions on TR. Page 325 #2


Objective: MONEY, BANKING, AND MONETARY POLICY (Financial Sector)1. Warm up—Explain the Fed’s concerns

during the attack on September 11. 2. Exam info

3. A bank’s balance sheet4. The Fed reviewed5. Homework review


Objective: Measuring National IncomeESLR: Critical thinkers 1. Warm up—What are durable goods?

Give an example.2. Pop quiz!!!3. GDP (reviewed)4. GDP Worksheet reviewed5. Economics USA: Measuring national



Objective: The Progressive Era1. Warm up—Who were the Rough Riders?2. Homework check (Page 325 #2)3. Progressivism (a brochure) Chapter 9

Make a three fold brochure of the Progressive Era. Include the goals of Progressivism, the major policies of Roosevelt, Taft, and Wilson. Also include information about Women’s suffrage and prohibition movements.


Objective: MONEY, BANKING, AND MONETARY POLICY (Financial Sector)1. Warm up—What is Fractional Reserve

Banking? 2. A bank’s balance sheet (an exercise)3. The Fed reviewed (worksheet)4. A few homework items5. History of the Fed (video, notes)


1. Step one: Create a balance sheet for a bank that has $210,000 in deposits, $33,000 in stocks, $11,000 in bonds, $21,000 in real estate, and $20,000 in loans with a reserve ratio of .2.

2. Step two: Show what happens when $28,000 is deposited

3. Step three: Show what happens the Fed conducts open-market operations of $10,000 to contract the money-supply.

4. Step four: Show what happens when $30,000 is now withdrawn.

5. Step five: Show what happens when $42,000 is deposited AND the Fed decides to further contract the supply of money by raising the reserve requirement .25.

A bank’s balance sheet

Objective: Measuring National IncomeESLR: Critical thinkers 1. Warm up—Give three examples of

services counted in GDP.2. GDP quiz and worksheet reviewed3. Economics USA: Measuring national

income (video and notes)4. Business cycle and GDP (p310-316 1-

4, 6)


Objective: The Progressive Era1. Warm up—Who were the presidents before

and after Theodore Roosevelt?2. Complete Progressivism brochure

Make a three fold brochure of the Progressive Era. Include the goals of Progressivism, the major policies of Roosevelt, Taft, and Wilson. Also include information about Women’s suffrage and prohibition movements.


Objective: MONEY, BANKING, AND MONETARY POLICY (Financial Sector)1. Warm up—Explain how the supply of

money influences interest rates.2. The Fed reviewed. (notes, problems,

questions)3. History of the Fed (video, notes)


Objective: Measuring National IncomeESLR: Critical thinkers 1. Warm up—When calculating GDP, what

does Investment include?2. Business cycle, economic downturns and

GDP (reading, notes) p326-327 1-83. The circular flow of payments4. Economics USA (video, notes)HOMEWORK: Find an article online about the economy. Summarize it in three paragraphs.


Increase in business and personal bankruptcy Fewer jobs More unemployment Increase in inventories Fewer incomes received Less spending Increase in government spending/services Stock market decline Less investment Decline in trade Durable goods sales decline Overall decline in GDP

7 changes in the economy we would expect to see during a recession

Objective: Imperialism and America1. Warm up—What is Imperialism? 2. Turn in Progressivism brochure3. Reading page 3424. Vocabulary and questions (p345 1 and 3)5. Roots of Imperialism (p345 2)

HOMEWORK: page 368 Main Ideas 1-2


Objective: MONEY, BANKING, AND MONETARY POLICY (Financial Sector)1. Warm up—Why is stagflation a special

problem for the Fed? 2. Unit 4 Exam


Objective: Measuring National IncomeESLR: Critical thinkers 1. Warm up—When calculating GDP, what

does Government include?2. Business cycle reviewed3. Economic relationships (worksheet)4. Economics USA (video, notes)

HOMEWORK: Find an article online about the economy. Summarize it in three paragraphs.


Increase in business and personal bankruptcy Fewer jobs More unemployment Increase in inventories Fewer incomes received Less spending Increase in government spending/services Stock market decline Less investment Decline in trade Durable goods sales decline Overall decline in GDP

7 changes in the economy we would expect to see during a recession

Objective: Imperialism and America1. Warm up—What islands are located on the

Caribbean Sea? 2. HOMEWORK CHECK: page 368 Main Ideas

1-23. Roots of Imperialism (p345 2)4. Spanish American War (p346, outline,

video, notes)


Objective: LONG RUN MACROECONOMIC DEBATES1. Warm up—Outline the stages of the

business cycle. 2. Unit 5 intro (text, discussion)3. Inside job: The film that cost $20 trillion

dollars to make (video, notes)

Read Unit 5 topic A


Objective: Measuring National IncomeESLR: Critical thinkers 1. Warm up—Explain five effects of

increased consumer and business spending on the economy.

2. GDP two country comparison—step 1


More incomes received More jobs Less unemployment Improved living standards Increase in overall production More overall savings Greater investment Increase in GDP

Some effects of increased consumer and business spending on the economy

Choose two nations in world. One from Europe and another from Africa, Asia, or Latin America. Collect the following data on these nations:

Two country comparison—step 1

• Real GDP• GDP per capita• Location• Major cities• Major industries• Major trading partner• Currency• % of the economy that is

industry, agriculture and services

• % of land that is arable

• Urban population• Energy consumption• Population• Literacy rate• Birth rate• Death rate• Infant mortality rate• Life expectancy• Educational expenditures

as a % of GDP• Population per physician

Objective: Imperialism and America1. Warm up—What product was the

backbone of the Cuban economy? 2. Worksheets3. Spanish American War (10.2 reading

review)4. Section quiz5. Spanish American War (video, notes)


Objective: LONG RUN MACROECONOMIC DEBATES1. Warm up—Draw and explain the Philips

curve. 2. Inside job: The film that cost $20 trillion

dollars to make (video, notes)

Read Unit 5 topic A


Objective: Measuring National IncomeESLR: Critical thinkers 1. Warm up—What does GDP per capita

mean?2. GDP two country comparison—

complete step 13. Government taxing and spending

(reading, notes, discussion, questions)


Choose two nations in world. One from Europe and another from Africa, Asia, or Latin America. Collect the following data on these nations:


• Real GDP• GDP per capita• Location• Major cities• Major industries• Major trading partner• Currency• % of the economy that is

industry, agriculture and services

• % of land that is arable

• Urban population• Energy consumption• Population• Literacy rate• Birth rate• Death rate• Infant mortality rate• Life expectancy• Educational expenditures

as a % of GDP• Population per physician

Objective: Imperialism and America1. Warm up—What territories did the US gain

after the war with Spain? 2. Acquiring New lands (summary review)3. Geography activity4. Spanish American War (video, notes)

HOMEWORK: Complete questions 1-4 on Chapter Summary worksheet


Objective: LONG RUN MACROECONOMIC DEBATES1. Warm up—The film Inside Job exposes many

fallacies about financial markets prior to the 2008 meltdown. Explain one of these fallacies.

2. The conclusion of Inside job: The film that cost $20 trillion dollars to make (video, notes)

Homework: step 1) Read the article “Rational Irrationality.” step 2) Summarize the key points—you should have about 20. step 3) Write two solid paragraphs drawing conclusions about the inherent stability or instability of markets.


Objective: Measuring National IncomeESLR: Critical thinkers 1. Warm up—What does a nation’s

literacy rate tell us? 2. Government taxing and spending

(reading, notes, discussion, questions)3. GDP two country comparison—making

sense of the data4. Step 2


Objective: Imperialism and America1. Warm up—Why did Theodore Roosevelt

send the U.S. Naval fleet on a world tour? 2. Review homework questions 1-4 on

Chapter Summary worksheet3. Chapter 10 Assessment questions (p368

Critical Thinking 1,2,3)4. Spanish-American War video


Objective: LONG RUN MACROECONOMIC DEBATES1. Warm up—Develop two arguments. One for market

regulation; another against market regulation. Explain which argument is more sound.

2. “Rational Irrationality” (discussion)3. Chapter 15 questions (1, 2, 6, 8, 9)4. Review

See www.mrclotzman.com for an extra credit opportunity. NOTE: Extra credit will not be accepted from anyone who has not turned in the “rational irrationality” assignment.


http://www.mrclotzman.com/

Objective: Measuring National IncomeESLR: Critical thinkers 1. Warm up—Why are wealthy nations

more urban than poorer nations? 2. Government taxing and spending

(reading, notes, discussion, questions)3. GDP two country comparison—Step 2:

making sense of the data. 4. Government fiscal policy.


Create a compare and contrast sheet for each category with conclusions. 1. On a separate sheet of paper. List the category in

question. (e.g. Life expectancy). 2. Make a statement about the differences between the

data for the two nations (e.g. The average life expectancy in the United States is 30 years longer than in Chad.)

3. Draw a conclusion about why there is such a difference in the data for the two nations in question. You can easily use other data to support this. (e.g. The U.S. is a much more productive nation than Chad. Greater productivity means more output of food, health care, social services, etc.)


Objective: World War One1. Warm up—What is nationalism?

2. Causes of war (reading and diagram)

3. A race to arms. (Video and notes)

4. Note review


Objective: LONG RUN MACROECONOMIC DEBATES1. Warm up—Draw and explain the Laffer Curve. 2. Discuss Ch. 15 questions (1, 2, 6, 8, 9)3. Review4. Chapter 16: Ingredients of Growth/Labor and

productivity5. Page 318 (1, 3)6. Growth matters (p307)


Objective: Measuring National IncomeESLR: Critical thinkers 1. Warm up—Outline the five components

of GDP. Give a clear example of what is counted in each. (e.g. Imports include oil purchased from Saudi Arabia)

2. Government fiscal policy. (reading, notes, discussion, questions)

3. Complete GDP two country comparison.EXAM Friday







Objective: World War One1. Warm up—How did militarism contribute

to war in Europe in 1914? 2. Causes of war (quick review) 3. Worksheet on Chapter 11 Section one.4. A race to arms. (Video and notes) 23:55

HOMEWORK: Complete Ch. 11 Section 2 worksheet


Objective: LONG RUN MACROECONOMIC DEBATES1. Warm up—Explain the main ingredients in

economic growth. Give an example of each.

2. Discuss Page 318 (1, 3)3. Growth matters (p307)4. Economics USA: Economic growth (video,

notes)


Objective: Measuring National IncomeESLR: Critical thinkers 1. Warm up—Outline the components of Investment2. Complete GDP two country comparison paper

info.3. GDP review worksheet4. Review Government fiscal policy. (reading, notes,

discussion, questions) 5. Project work, question update.

EXAM Friday







Objective: World War One1. Warm up—How did nationalism contribute

to war in Europe in 1914? 2. Chapter 11 summary and questions3. A race to arms. (Video and notes) 23:55\4. Worksheet on Chapter 11 review


Objective: LONG RUN MACROECONOMIC DEBATES1. Warm up—Explain the criticisms of the

Laffer Curve? 2. Page 318 (5-9) 3. An explanation of the 1929 Depression

(article, small groups, discussion)


Objective: Measuring Natio nal IncomeESLR: Critical thinkers 1. Warm up—Why is savings not counted

in GDP? 2. The multiplier effect 3. Project work, question update.

EXAM Friday


Marginal Propensities to Consume and Save (Marginal, meaning additional; Propensity, meaning, the likelihood)

Marginal Propensity to Consume (MPC): how much of each dollar added to the economy will be spent on goods and services.

Marginal Propensity to Save (MPS): how much of each dollar added to the economy will not be spent on goods and services. It will be saved

Thus, MPC+MPS=1

MPC and MPS

Because all spending is income, which in turn becomes spending, we can use the MPC and MPS to calculate how much additional spending will result from any initial injection of spending in the economy.

The multiplier

For example: If the Federal Government buys a $10,000,000 fighter jet, the company will use that $10,000,000 to pay salaries, buy equipment etc. Those incomes will in turn be spent on the needs of employees and suppliers and so on.

If we know that .8 of every dollar will be spent, we can calculate how much additional spending will result from this $10,000,000.

The multiplier

1MULTIPLIER= ------

1 - MPC

Remember MPC+MPS=1

1. Explain the effect of $25 billion in additional government spending with an MPC of 80%.

2. Explain the effect of $50 billion reduction in government spending with an MPC of 75%.

3. Explain the effect of $275 billion additional spending in the economy with a MPC of 60%

4. Explain the effect of rising unemployment that accounts for a $125 billion reduction in household incomes with a MPC of 66%.

5. Explain the effect of $75 billion in additional unemployment benefits with a MPC of 90%.

The multiplier

Objective: World War One1. Warm up—Who made up the alliances of

WWI? 2. Chapter 11 summary and questions review3. The Century (Video) Take notes. When we

stop the video every 5 minutes. Ask a key question from the portion we just watched.

4. Review key questions from Video.

OPEN BOOK TEST ON CHAPTER 11 FRIDAY


Objective: LONG RUN MACROECONOMIC DEBATES1. Warm up—Examine the economics of

Halloween. 2. If you did the extra credit, turn it in now. 3. An explanation of the 1929 Depression

(article, small groups, discussion)4. Making sense of the article (groups)


Objective: Measuring National IncomeESLR: Critical thinkers 1. Warm up—Examine the economics of

Halloween. 2. GDP Exam3. Economics USA: John Maynard Keynes4. Project work, question update.

DON’T FORGET: GDP Comparison project is due Wednesday, November 5, 2014 at the beginning of class.


Objective: World War One1. Warm up—Why did the U.S. finally go to

war in Europe in 1917? 2. Chapter 11 Open Book Exam3. The Century (Video) Take notes. When we

stop the video every 5 minutes. Ask a key question from the portion we just watched.

4. Review key questions from Video.


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AP Macroeconomics October 1, 2014

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