ECONOMICS: PRINCIPLES AND PRACTICES - …plans.pdfEconomics: Principles and Practices.Any other...

ECONOMICS:PRINCIPLES AND PRACTICES

Reproducible Lesson Plans

Copyright © by The McGraw-Hill Companies, Inc. All rights reserved. Permission is granted to reproducethe material contained herein on the condition that such material be reproduced only for classroom use; be provided to students, teachers, and families without charge; and be used solely in conjunction withEconomics: Principles and Practices. Any other reproduction, for use or sale, is prohibited without written permission of the publisher.

Send all inquiries to:Glencoe/McGraw-Hill8787 Orion PlaceColumbus, OH 43240

ISBN 0-07-830099-1

Printed in the United States of America.

1 2 3 4 5 6 7 8 9 10 047 08 07 06 05 04 03 02

TO THE TEACHER

The Reproducible Lesson Plans are designed to organize your instruction and to shortenyour preparation time. This booklet provides you with a lesson plan for each section ofEconomics: Principles and Practices. Their convenient format allows you to see, at a glance,all the strategies and supplementary materials available for a given lesson, giving you manyoptions to fit your teaching style.

iii

C ONTENTS

UNIT 1 FUNDAMENTAL ECONOMIC CONCEPTSChapter 1 What Is Economics?

Section 1 Scarcity and the Science of Economics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Section 2 Basic Economic Concepts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Section 3 Economic Choices and Decision Making . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Chapter 2 Economic Systems and Decision MakingSection 1 Economic Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Section 2 Evaluating Economic Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Section 3 Capitalism and Economic Freedom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Chapter 3 Business OrganizationsSection 1 Forms of Business Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Section 2 Business Growth and Expansion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Section 3 Other Organizations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

UNIT 2 MICROECONOMICSChapter 4 Demand

Section 1 What Is Demand? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Section 2 Factors Affecting Demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Section 3 Elasticity of Demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Chapter 5 SupplySection 1 What Is Supply?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Section 2 The Theory of Production . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14Section 3 Cost, Revenue, and Profit Maximization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Chapter 6 Prices and Decision MakingSection 1 Prices as Signals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Section 2 The Price System at Work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Section 3 Social Goals vs. Market Efficiency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Chapter 7 Market StructuresSection 1 Competition and Market Structures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Section 2 Market Failures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20Section 3 The Role of Government. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

UNIT 3 MACROECONOMICS: INSTITUTIONSChapter 8 Employment, Labor, and Wages

Section 1 The Labor Movement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22Section 2 Resolving Union and Management Differences . . . . . . . . . . . . . . . . . . . . . . . . . . 23Section 3 Labor and Wages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Section 4 Employment Trends and Issues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

Chapter 9 Sources of Government RevenueSection 1 The Economics of Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26Section 2 The Federal Tax System . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Section 3 State and Local Tax Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Section 4 Current Tax Issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

Chapter 10 Government SpendingSection 1 The Economics of Government Spending . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Section 2 Federal Government Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31Section 3 State and Local Government Expenditures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32Section 4 Deficits, Surpluses, and the National Debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

Chapter 11 Money and BankingSection 1 The Evolution of Money. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34Section 2 Early Banking and Monetary Standards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35Section 3 The Development of Modern Banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

Chapter 12 Financial Markets Section 1 Savings and the Financial System . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37Section 2 Investment Strategies and Financial Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38Section 3 Investing in Equities, Futures, and Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

UNIT 4 MACROECONOMICS: POLICIESChapter 13 Economic Performance

Section 1 Measuring the Nation’s Output . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40Section 2 GDP and Changes in the Price Level . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41Section 3 GDP and Population . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42Section 4 Economic Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43

Chapter 14 Economic InstabilitySection 1 Business Cycles and Fluctuations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44Section 2 Unemployment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45Section 3 Inflation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46Section 4 Poverty and the Distribution of Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

Chapter 15 The Fed and Monetary PolicySection 1 The Federal Reserve System . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48Section 2 Monetary Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49Section 3 Monetary Policy, Banking, and the Economy . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50

Chapter 16 Achieving Economic StabilitySection 1 The Cost of Economic Instability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51Section 2 Macroeconomic Equilibrium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52Section 3 Stabilization Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53Section 4 Economics and Politics. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54

UNIT 5 INTERNATIONAL AND GLOBAL ECONOMICSChapter 17 International Trade

Section 1 Absolute and Comparative Advantage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55Section 2 Barriers to International Trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56Section 3 Financing and Trade Deficits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57

Chapter 18 Comparative Economic SystemsSection 1 The Spectrum of Economic Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58Section 2 The Rise and Fall of Communism . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59Section 3 The Transition to Capitalism . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60Section 4 The Various Faces of Capitalism. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

Chapter 19 Developing CountriesSection 1 Economic Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62Section 2 A Framework for Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63Section 3 Financing Economic Development. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64

Chapter 20 Global Economic ChallengesSection 1 The Global Demand for Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65Section 2 Economic Incentives and Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66Section 3 Applying the Economic Way of Thinking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67

iv

Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.

Reproducible Lesson Plans 1

S CARCITY AND THE SCIENCE OF ECONOMICS

Name Date Class

LESSON PLAN CHAPTER 1SECTION 1 (pages 5–10)

SECTION OBJECTIVES1. Explain the fundamental economic problem.2. Examine the three basic economic questions every society must decide.

FOCUSOverview, TWE, p. 5Daily Focus Transparency 1, TCR Preteaching Vocabulary, TWE, p. 5Vocabulary PuzzleMaker

TEACH(See TWE pages 4A–4D for chapter resources.)

Activities, TWE, p. 6Meeting Special Needs Activity, TWE, p. 6Free Enterprise Activity, TWE, p. 7Critical Thinking Activity, TWE, p. 8Daily Lecture Notes 1–1, TCR Guided Reading Activity 1–1, TCR NBR’s Economics & You, Chapter 2* Economic Concepts Transparency 1*

ASSESSInteractive Tutor Self-Assessment Software Section Quiz 1–1*, TCR ExamView® Pro Testmaker Audio Program, Chapter 1 Activity and Test* MindJogger Videoquiz, Chapter 1

RETEACHReading Essentials and Study Guide 1–1, TCR

ENRICHActivity, TWE, p. 10

CLOSEActivity, TWE, p. 10

TWE= Teacher Wraparound Edition TCR=Teacher Classroom Resources Reproducible master TransparencyCD-ROM Software Videodisc program VHS program Audiocassette

*Also available in Spanish

Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.

2 Reproducible Lesson Plans

B ASIC ECONOMIC CONCEPTS

Name Date Class


SECTION OBJECTIVES1. Explain the relationship among scarcity, value, utility, and wealth.2. Understand the circular flow of economic activity.



Activities, TWE, p. 13Meeting Special Needs Activity, TWE, p. 13Free Enterprise Activity, TWE, p. 14Critical Thinking Activity, TWE, p. 15Daily Lecture Notes 1–2, TCR Guided Reading Activity 1–2, TCR NBR’s Economics & You, Chapter 2* Economic Concepts Transparency 1* Interactive Economics! Lesson 2







Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


E CONOMIC CHOICES AND DECISION MAKING

Name Date Class


SECTION OBJECTIVES1. Analyze trade-offs and opportunity costs.2. Explain decision-making strategies.



Activities, TWE, p. 20Meeting Special Needs Activity, TWE, p. 20Free Enterprise Activity, TWE, p. 21Critical Thinking Activity, TWE, p. 22Interdisciplinary Connections Activity, TWE, p. 24Daily Lecture Notes 1–3, TCR Guided Reading Activity 1–3, TCR NBR’s Economics & You, Chapter 2* Economic Concepts Transparency 1* Interactive Economics! Lesson 1


RETEACHReading Essentials and Study Guide 1–3, TCR Reteaching Activity 1, TCR

ENRICHActivity, TWE, p. 25Enrichment Activity 1, TCR




Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


E CONOMIC SYSTEMS

Name Date Class


SECTION OBJECTIVES1. Describe the characteristics of the traditional, command, and market economies.2. Explain the advantages and disadvantages of the traditional, command, and

market economies.



Activities, TWE, p. 34Meeting Special Needs Activity, TWE, p. 34Free Enterprise Activity, TWE, p. 35Critical Thinking Activity, TWE, p. 36Interdisciplinary Connections Activity, TWE, p.38Daily Lecture Notes 2–1, TCR Guided Reading Activity 2–1, TCR NBR’s Economics & You, Chapter 3* Economic Concepts Transparency 4*







Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


E VALUATING ECONOMIC PERFORMANCE

Name Date Class


SECTION OBJECTIVES1. Describe the basic economic and social goals used to evaluate economic

performance.2. Evaluate the trade-offs among economic and social goals.



Activities, TWE, p. 42Meeting Special Needs Activity, TWE, p. 42Free Enterprise Activity, TWE, p. 43Daily Lecture Notes 2–2, TCR Guided Reading Activity 2–2, TCR NBR’s Economics & You, Chapter 3* Economic Concepts Transparency 4*







Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


C APITALISM AND ECONOMIC FREEDOM

Name Date Class


SECTION OBJECTIVES1. Explore the characteristics of a free enterprise system.2. Describe the role of the entrepreneur, the consumer, and government in a free

enterprise economy.



Activities, TWE, p. 47Meeting Special Needs Activity, TWE, p. 47 Free Enterprise Activity, TWE, p. 48Critical Thinking Activity, TWE, p. 49Daily Lecture Notes 2–3, TCR Guided Reading Activity 2–3, TCR NBR’s Economics & You, Chapter 3* Economic Concepts Transparency 4*







Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


F ORMS OF BUSINESS ORGANIZATION

Name Date Class


SECTION OBJECTIVES1. Describe the characteristics of the sole proprietorship.2. Understand the advantages and disadvantages of the partnership.3. Describe the structure and features of the corporation.










Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


B USINESS GROWTH AND EXPANSION

Name Date Class


SECTION OBJECTIVES1. Explain how businesses can reinvest their profits to grow and expand.2. Recognize the reasons that cause firms to merge.3. Identify two different types of mergers.










Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


O THER ORGANIZATIONS

Name Date Class


SECTION OBJECTIVES1. Describe nonprofit organizations.2. Explain the direct and indirect role of government in our economy.










Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


W HAT IS DEMAND?

Name Date Class


SECTION OBJECTIVES1. Describe and illustrate the concept of demand.2. Explain how demand and utility are related.










Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


F ACTORS AFFECTING DEMAND

Name Date Class


SECTION OBJECTIVES1. Explain what causes a change in quantity demanded.2. Describe the factors that could cause a change in demand.










Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


E LASTICITY OF DEMAND

Name Date Class


SECTION OBJECTIVES1. Explain why elasticity is a measure of responsiveness.2. Analyze the elasticity of demand for a product.3. Understand the factors that determine demand.

FOCUSOverview, TWE, p. 101Daily Focus Transparency 12, TCRPreteaching Vocabulary, TWE, p. 101Vocabulary PuzzleMaker









Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


W HAT IS SUPPLY?

Name Date Class


SECTION OBJECTIVES1. Understand the difference between the supply schedule and the supply curve.2. Explain how market supply curves are derived.3. Specify the reasons for a change in supply.










Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


T HE THEORY OF PRODUCTION

Name Date Class


SECTION OBJECTIVES1. Explain the theory of production.2. Describe the three stages of production.










Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


C OST, REVENUE, AND PROFIT MAXIMIZATION

Name Date Class


SECTION OBJECTIVES1. Define four key measures of cost.2. Identify two key measures of revenue.3. Apply incremental analysis to business decisions.



Activities, TWE, p. 128Meeting Special Needs Activity, TWE, p. 128Free Enterprise Activity, TWE, p. 129Critical Thinking Activity, TWE, p. 130Daily Lecture Notes 5–3, TCR Guided Reading Activity, 5–3, TCR NBR’s Economics & You, Chapter 6* Economic Concepts Transparency 8*







Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


P RICES AS SIGNALS

Name Date Class


SECTION OBJECTIVES1. Explain how prices act as signals.2. Describe the advantages of using prices as a way to allocate economic products.3. Understand the difficulty of allocating scarce goods and services without using

prices.










Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


T HE PRICE SYSTEM AT WORK

Name Date Class


SECTION OBJECTIVES1. Understand how prices are determined in competitive markets.2. Explain how economic models can be used to predict and explain price changes.3. Apply the concepts of elasticity to changes in prices.










Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


S OCIAL GOALS VS. MARKET EFFICIENCY

Name Date Class


SECTION OBJECTIVES1. Describe the consequence of having a fixed price in a market.2. Explain how loan supports and deficiency payments work.3. Understand what is meant when “markets talk.”

FOCUSOverview, TWE, p.150Daily Focus Transparency 26, TCRPreteaching Vocabulary, TWE, p. 150Vocabulary PuzzleMaker


Activities, TWE, p. 152Meeting Special Needs Activity, TWE, p. 151Free Enterprise Activity, TWE, p. 152Critical Thinking Activity, TWE, p. 153Daily Lecture Notes 6–3, TCR Guided Reading Activity 6–3, TCR NBR’s Economics & You, Chapter 12* Economic Concepts Transparency 7*Interactive Economics! Lesson 5







Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


C OMPETITION AND MARKET STRUCTURES

Name Date Class


SECTION OBJECTIVES1. Explain the characteristics of perfect competition.2. Understand the nature of monopolistic competition.3. Describe the behavior and characteristics of the oligopolist.4. Identify several types of monopolies.



Activities, TWE, p. 166Meeting Special Needs Activity, TWE, p. 164Free Enterprise Activity, TWE, p. 165Critical Thinking Activity, TWE, p. 166Interdisciplinary Connections Activity, TWE, p. 168Daily Lecture Notes 7–1, TCR Guided Reading Activity 7–1, TCR NBR’s Economics & You, Chapter 8* Economic Concepts Transparency 9*







Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


M ARKET FAILURES

Name Date Class


SECTION OBJECTIVES1. Discuss the problems caused by inadequate competition.2. Understand the importance of having adequate information.3. Describe the nature of resource immobility.4. Explain the nature of positive and negative externalities.










Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


T HE ROLE OF GOVERNMENT

Name Date Class


SECTION OBJECTIVES1. Discuss major antitrust legislation in the United States.2. Understand the need for limited government regulation.3. Explain the value of public disclosure.4. Discuss the modifications to our free enterprise economy.










Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


T HE LABOR MOVEMENT

Name Date Class


SECTION OBJECTIVES1. Explain why unions are still important today.2. Discuss the development of the labor movement from the late 1700s to the 1930s.3. Relate labor’s successes during the Great Depression.4. Describe the major labor developments since World War II.










Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


R ESOLVING UNION AND MANAGEMENT DIFFERENCES

Name Date Class


SECTION OBJECTIVES1. Explain the differences among kinds of union arrangements.2. Describe several ways to resolve labor and management differences when

collective bargaining fails.










Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


L ABOR AND WAGES

Name Date Class


SECTION OBJECTIVES1. Identify four main categories of labor.2. Explain the importance of noncompeting labor grades.3. Describe three different approaches to wage determination.










Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


E MPLOYMENT TRENDS AND ISSUES

Name Date Class


SECTION OBJECTIVES1. Explain why union membership has declined.2. Describe reasons for the discrepancy in pay between men and women.










Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


T HE ECONOMICS OF TAXATION

Name Date Class


SECTION OBJECTIVES1. Explain the economic impact of taxes.2. List three criteria for effective taxes.3. Understand the two primary principles of taxation.4. Understand how taxes are classified.










Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


T HE FEDERAL TAX SYSTEM

Name Date Class


SECTION OBJECTIVES1. Explain the progressive nature of the individual income tax.2. Describe the importance of the corporate tax structure.3. Identify other major sources of federal revenue.










Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


S TATE AND LOCAL TAX SYSTEMS

Name Date Class


SECTION OBJECTIVES1. Explain how state governments collect taxes and other revenues.2. Differentiate between state and local revenue systems.3. Interpret paycheck deductions.










Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


C URRENT TAX ISSUES

Name Date Class


SECTION OBJECTIVES1. Describe the major tax reforms since 1980.2. Debate the advantages and disadvantages of the value-added tax.3. Explain the features of a flat tax.4. Discuss why future tax reforms will occur.










Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


T HE ECONOMICS OF GOVERNMENT SPENDING

Name Date Class


SECTION OBJECTIVES1. Explain why and how government expenditures have grown since the 1940s.2. Describe two kinds of government expenditures.3. Describe how government spending impacts the economy.










Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


F EDERAL GOVERNMENT EXPENDITURES

Name Date Class


SECTION OBJECTIVES1. Explain how the federal budget is established.2. Describe the parts of the federal budget.










Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


S TATE AND LOCAL GOVERNMENT EXPENDITURES

Name Date Class


SECTION OBJECTIVES1. Explain how state and local governments approve spending.2. Identify the major categories of state government expenditures.3. Identify the major categories of local government expenditures.










Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


D EFICITS, SURPLUSES, AND THE NATIONAL DEBT

Name Date Class


SECTION OBJECTIVES1. Explain how the federal deficit is related to the federal debt.2. Relate the impact of the federal debt on the economy.3. Describe past attempts to eliminate the federal deficit.4. Describe entitlements.










Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


T HE EVOLUTION OF MONEY

Name Date Class


SECTION OBJECTIVES1. Explain the three functions of money.2. Identify four major types of money used in early societies.3. Describe the four characteristics of money.

FOCUSOverview, TWE, p. 285Daily Focus Transparency 58, TCRPreteaching Vocabulary, TWE, p. 285 Vocabulary PuzzleMaker


Activities, TWE, p. 286Meeting Special Needs Activity, TWE, p. 288 Daily Lecture Notes 11–1, TCR Guided Reading Activity 11–1, TCR NBR’s Economics & You, Chapter 18* Economic Concepts Transparency 6*







Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


E ARLY BANKING AND MONETARY STANDARDS

Name Date Class


SECTION OBJECTIVES1. Explain the history of privately issued bank notes.2. Describe an inconvertible money standard.

FOCUSOverview, TWE, p. 292 Daily Focus Transparency 59, TCR Preteaching Vocabulary, TWE, p. 292 Vocabulary PuzzleMaker









Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


T HE DEVELOPMENT OF MODERN BANKING

Name Date Class


SECTION OBJECTIVES1. Relate the effects of Depression-era bank failures on deposit insurance creation.2. Identify three other forms of depository institutions.3. Describe the reasons for the S&L crisis in the 1980s.



Activities, TWE, p. 301Meeting Special Needs Activity, TWE, p. 301 Free Enterprise Activity, TWE, p. 302Daily Lecture Notes 11–3, TCR Guided Reading Activity 11–3, TCR NBR’s Economics & You, Chapter 18* Economic Concepts Transparency 6*







Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


S AVINGS AND THE FINANCIAL SYSTEM

Name Date Class


SECTION OBJECTIVES1. Explain why saving is important for capital formation.2. Explain how the financial system works to transfer funds from savers to borrowers. 3. Understand the role of the major nondepository financial institutions in the

financial system.

FOCUSOverview, TWE, p. 313Daily Focus Transparency 45, TCR Preteaching Vocabulary, TWE, p. 313 Vocabulary PuzzleMaker









Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


I NVESTMENT STRATEGIES AND FINANCIAL ASSETS

Name Date Class


SECTION OBJECTIVES1. Identify four important investment considerations.2. Describe the three characteristics of bonds.3. Describe the characteristics of major financial assets.4. Understand four view of markets for financial assets.



Activities, TWE, p. 319Meeting Special Needs Activity, TWE, p. 319 Free Enterprise Activity, TWE, p. 320, 324Critical Thinking Activity, TWE, p. 321Interdisciplinary Connections Activity, TWE, p. 323Daily Lecture Notes 12–2, TCR Guided Reading Activity 12–2, TCR NBR’s Economics & You, Chapter 19* Economic Concepts Transparency 6* Interactive Economics! Lesson 10



ENRICHActivity, TWE, p.326




Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


I NVESTING IN EQUITIES, FUTURES, AND OPTIONS

Name Date Class


SECTION OBJECTIVES1. Describe the major stock exchanges.2. Explain how stock market performance is measured.



Activities, TWE, p. 329Meeting Special Needs Activity, TWE, p. 329 Free Enterprise Activity, TWE, p. 330Critical Thinking Activity, TWE, p. 331Daily Lecture Notes 12–3, TCR Guided Reading Activity 12–3, TCR NBR’s Economics & You, Chapter 19* Economic Concepts Transparency 6* Interactive Economics! Lesson 10







Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


M EASURING THE NATION’S OUTPUT

Name Date Class


SECTION OBJECTIVES1. Explain how Gross Domestic Product (GDP) is measured.2. Describe the limitations of GDP.3. Understand the importance of GDP.



Activities, TWE, p. 342Meeting Special Needs Activity, TWE, p. 342 Free Enterprise Activity, TWE, p. 343Critical Thinking Activity, TWE, p. 344Interdisciplinary Connections Activity, TWE, p. 346Daily Lecture Notes 13–1, TCR Guided Reading Activity 13–1, TCR NBR’s Economics & You, Chapter 20* Economic Concepts Transparency 13*







Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


G DP AND CHANGES IN THE PRICE LEVEL

Name Date Class


SECTION OBJECTIVES1. Explain how a price index is constructed.2. Describe three price indices.3. Understand the difference between real and current GDP.










Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


G DP AND POPULATION

Name Date Class


SECTION OBJECTIVES1. Explain how population is estimated in the U.S.2. Describe the factors affecting future population growth.










Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


E CONOMIC GROWTH

Name Date Class


SECTION OBJECTIVES1. Describe how economists measure the growth of the United States economy.2. Explain the importance of economic growth.3. Outline the factors of economic growth.4. Relate productivity to economic growth.










Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


B USINESS CYCLES AND FLUCTUATIONS

Name Date Class


SECTION OBJECTIVES1. Explain the phases of the business cycle.2. Identify five causes of business cycles.










Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


U NEMPLOYMENT

Name Date Class


SECTION OBJECTIVES1. Explain how the Bureau of Labor Statistics determines if a person is employed.2. Describe five kinds of unemployment.










Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


I NFLATION

Name Date Class


SECTION OBJECTIVES1. Explain how inflation is measured.2. Discuss five causes of inflation.3. Analyze the destabilizing consequences of inflation.










Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


P OVERTY AND THE DISTRIBUTION OF INCOME

Name Date Class


SECTION OBJECTIVES1. Explain how economists measure the distribution of income.2. Discuss the reasons for the inequality of income.3. Discuss antipoverty programs.



Activities, TWE, p. 395Meeting Special Needs Activity, TWE, p. 395 Free Enterprise Activity, TWE, p. 396Critical Thinking Activity, TWE, p. 397Interdisciplinary Connections Activity, TWE, p. 399Daily Lecture Notes 14–4, TCR Guided Reading Activity 14–4, TCR NBR’s Economics & You, Chapter 21* Economic Concepts Transparency 17*







Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


T HE FEDERAL RESERVE SYSTEM

Name Date Class


SECTION OBJECTIVES1. Describe the structure of the Federal Reserve System.2. Explain the major regulatory responsibilities of the Fed.



Activities, TWE, p. 408Meeting Special Needs Activity, TWE, p. 408 Free Enterprise Activity, TWE, p. 409Critical Thinking Activity, TWE, p. 410Interdisciplinary Connections Activity, TWE, p. 412Daily Lecture Notes 15–1, TCR Guided Reading Activity 15–1, TCR NBR’s Economics & You, Chapter 22* Economic Concepts Transparency 18* Interactive Economics! Lesson 8







Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


M ONETARY POLICY

Name Date Class


SECTION OBJECTIVES1. Describe the use of fractional reserves.2. Understand the tools used to conduct monetary policy.



Activities, TWE, p. 416Meeting Special Needs Activity, TWE, p. 416 Free Enterprise Activity, TWE, p. 417Critical Thinking Activity, TWE, p. 418Interdisciplinary Connections Activity, TWE, p. 420, 422 Daily Lecture Notes 15–2, TCR Guided Reading Activity 15–2, TCR NBR’s Economics & You, Chapter 22* Economic Concepts Transparency 18* Interactive Economics! Lesson 8







Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


M ONETARY POLICY, BANKING, AND THE ECONOMY

Name Date Class


SECTION OBJECTIVES1. Explain how monetary policy affects interest rates in the short run.2. Relate monetary expansion to inflation in the long run.3. Identify the two major definitions of money.4. Describe how interest rates are affected by political pressure.



Activities, TWE, p. 427Meeting Special Needs Activity, TWE, p. 427 Free Enterprise Activity, TWE, p. 428Critical Thinking Activity, TWE, p. 429Daily Lecture Notes 15–3, TCR Guided Reading Activity 15–3, TCR NBR’s Economics & You, Chapter 22* Economic Concepts Transparency 18* Interactive Economics! Lesson 8







Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


T HE COST OF ECONOMIC INSTABILITY

Name Date Class


SECTION OBJECTIVES1. Explain the economic costs of instability.2. Describe the social costs of instability.



Activities, TWE, p. 438Meeting Special Needs Activity, TWE, p. 438Free Enterprise Activity, TWE, p. 439Daily Lecture Notes 16–1, TCR Guided Reading Activity 16–1, TCR NBR’s Economics & You, Chapter 23* Economic Concepts Transparency 19* Interactive Economics! Lesson 1







Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


M ACROECONOMIC EQUILIBRIUM

Name Date Class


SECTION OBJECTIVES1. Explain the concept of aggregate supply.2. Describe the importance of aggregate demand.3. Examine the nature of macroeconomic equilibrium.










Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


S TABILIZATION POLICIES

Name Date Class


SECTION OBJECTIVES1. Explain the operations and impact of fiscal policy.2. Distinguish between supply-side economics and fiscal policy.3. State the basic assumptions of monetary policy.



Activities, TWE, p. 448Meeting Special Needs Activity, TWE, p. 448 Free Enterprise Activity, TWE, p. 449Critical Thinking Activity, TWE, p. 450Interdisciplinary Connections Activity, TWE, p. 452Daily Lecture Notes 16–3, TCR Guided Reading Activity 16–3, TCR NBR’s Economics & You, Chapter 23* Economic Concepts Transparency 19* Interactive Economics! Lesson 6







Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


E CONOMICS AND POLITICS

Name Date Class


SECTION OBJECTIVES1. Explain why monetary policy sometimes conflicts with other economic policies.2. Recognize that economists have differing views.3. Understand the way that politics and economics interact.










Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


A BSOLUTE AND COMPARATIVE ADVANTAGE

Name Date Class


SECTION OBJECTIVES1. Explain the importance of international trade in today’s economy.2. Describe the basis for international trade.3. Explain why total world output increases when countries specialize to engage

in trade.



Activities, TWE, p. 468Meeting Special Needs Activity, TWE, p. 468Free Enterprise Activity, TWE, p. 469Daily Lecture Notes 17–1, TCR Guided Reading Activity 17–1, TCR NBR’s Economics & You, Chapter 24* Economic Concepts Transparency 20* Interactive Economics! Lesson 9







Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


B ARRIERS TO INTERNATIONAL TRADE

Name Date Class


SECTION OBJECTIVES1. Explain how international trade can be restricted to protect special interests.2. Cite the main argument used in support of protection.3. Relate the history of the free trade movement.



Activities, TWE, p. 474Meeting Special Needs Activity, TWE, p. 473 Free Enterprise Activity, TWE, p. 474Critical Thinking Activity, TWE, p. 475 Interdisciplinary Connections Activity, TWE, p. 477Daily Lecture Notes 17–2, TCR Guided Reading Activity 17–2, TCR NBR’s Economics & You, Chapter 24* Economic Concepts Transparency 20







Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


F INANCING AND TRADE DEFICITS

Name Date Class


SECTION OBJECTIVES1. Explain how foreign currency is used in trade.2. Describe the problem of a trade deficit and the main solution to the problem.










Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


T HE SPECTRUM OF ECONOMIC SYSTEMS

Name Date Class


SECTION OBJECTIVES1. Explain the advantages and disadvantages of capitalism.2. Describe the differences among the doctrines of socialism, capitalism, and

communism.3. Compare the features of communism to other types of economic systems.










Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


T HE RISE AND FALL OF COMMUNISM

Name Date Class


SECTION OBJECTIVES1. Explain the rise of the Soviet economy under Lenin and Stalin.2. Describe the complexities of a centrally planned economy.3. Understand the forces that brought about the collapse of communism as an

economic system.










Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


T HE TRANSITION TO CAPITALISM

Name Date Class


SECTION OBJECTIVES1. List four problems encountered when an economy makes the transition to

capitalism.2. Recognize the major countries and regions that are making the transition to

capitalism.










Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


T HE VARIOUS FACES OF CAPITALISM

Name Date Class


SECTION OBJECTIVES1. Explain the factors that encouraged economic growth in Japan.2. Rank the “Asian Tigers” according to per capita GNP.3. Describe Sweden’s retreat from socialism.



Activities, TWE, p. 510 Meeting Special Needs Activity, TWE, p. 510 Free Enterprise Activity, TWE, p. 511Critical Thinking Activity, TWE, p. 512Daily Lecture Notes 18–4, TCR Guided Reading Activity 18–4, TCR NBR’s Economics & You, Chapter 25* Economic Concepts Transparency 22*







Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


E CONOMIC DEVELOPMENT

Name Date Class


SECTION OBJECTIVES1. State the concern for the plight of developing countries.2. Identify the obstacles to economic development.3. Compare per capita GNP among various countries and regions.










Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


A FRAMEWORK FOR DEVELOPMENT

Name Date Class


SECTION OBJECTIVES1. Explain the stages of economic development.2. Describe the steps industrialized countries can take to help developing countries.3. Describe the steps developing countries can follow to help themselves.










Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


F INANCING ECONOMIC DEVELOPMENT

Name Date Class


SECTION OBJECTIVES1. Describe one internal and two external sources of funds for economic

development.2. Explain the role of international lending and developing agencies.3. Explain how regional cooperation can assist economic growth.










Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


T HE GLOBAL DEMAND FOR RESOURCES

Name Date Class


SECTION OBJECTIVES1. Explain Malthus’s views on population growth.2. Explain the importance of conserving nonrenewable resources.3. List ways that people are using renewable energy resources to conserve

scarce resources.4. Identify other resources endangered by population growth.










Copyright ©

by The M

cGraw

–Hill C

ompanies, Inc.


E CONOMIC INCENTIVES AND RESOURCES

Name Date Class


SECTION OBJECTIVES1. Explain how the price system helps conserve water, natural gas, and oil.2. Describe government efforts to limit pollution.3. State the importance of using resources wisely.










Cop

yrig

ht ©

by

The

McG

raw

–Hill

Com

pani

es, I

nc.


A PPLYING THE ECONOMIC WAY OF THINKING

Name Date Class


SECTION OBJECTIVES1. Describe the reasoned approach to economic decision making.2. Understand how our market economy will be able to cope with the future.










Copyright ©

by The M

cGraw

-Hill C

ompanies, Inc.


Teacher’s Notes

Date post:	10-Mar-2018
Category:	Documents
Upload:	vudung
View:	214 times
Download:	1 times

ECONOMICS: PRINCIPLES AND PRACTICES - …plans.pdfEconomics: Principles and Practices.Any other...

Documents