IB Economics Unit 2: Class Assignments: Week #11 Monday November 9, 2015 Read & Discuss: 11.1 The Circular Flow Model of Income pages 234-237 Explain: The Circular Flow Diagram on page 236 (put in your notebooks). Examine: The Government Sector; Taxes and Spending Analyze: The Foreign Sector; Imports and Exports Analyze: The Financial Sector; Savings and Investments Tuesday November 10, 2015 Read & Discuss: 11.2 The Measurement of Economic Activity; GDP, GNP and GNI pages 237-250 Explain: The Expenditure Approach Examine: The Income Approach Analyze: The Output Approach Wednesday November 11, 2015 No School: Veteran's Day Thursday November 12, 2015 Read & Discuss: 11.2 The Measurement of Economic Activity; GDP, GNP and GNI pages 237-250 Explain: The Why Measure Economic Performance? Examine: GNP vs. GNP Analyze: Net National Product (NNP) Examine: Nominal vs. Real GDP Examine: Per capita GDP Analyze: Groups by Income Friday November 13, 2015 Read & Discuss: 11.3 The Circular Flow Model of Income pages 254-255 Explain: The Business Cycle Diagram on page 254 (put in your notebooks). Examine: The Short Term Results Homework Assignment: Week #11 Monday November 9, 2015 Identify someone from the Forbes Wealthiest List (Not in the top 50): Their Estimated Net Worth What Country What Industry Have the moved up or down recently Rough Draft is Due Starting Tuesday November 24th
Tuesday November 10, 2015 Practice Question #2 on page 255, answer with 100-250 words in your notebook Wednesday November 11, 2015 No School: Veteran's Day Thursday November 12, 2015 Practice Question #3a & b on page 255, answer with 100-250 words in your notebooks Friday November 13, 2015 Practice Question #4a & b on page 255, answer with 100-250 words in your notebooks Class Assignments: Week #12 Monday November 16, 2015 Read & Discuss: 12.1 Aggregate Demand (AD) page 256 & 12.2 The Components of AD pages 257-258 Explain: What is meant by Aggregate Demand? Identify AD as: AD = C + I + G + (X - M) Examine: Aggregate Demand page 257 (define in notebooks; green box in margin) Examine: The AD Curve on page 257 (put in your notebooks). Analyze: The Wealth Effect Analyze: The Interest Rate Effect Analyze: The Net Export Effect Tuesday November 17, 2015 Read & Discuss: 12.3 Determinants of AD or Shifts in the AD Curve pages 258-272 Explain: The Determinants of Consumption (C) Examine: Level of National Income pg. 259 Identify: Consumption, Savings, Taxes and Imports % APC + APS + ART + APM = 1 Analyze: Keynesian Consumption Function pg. 260 Wednesday November 18, 2015 Read & Discuss: 12.3 Determinants of AD or Shifts in the AD Curve pages 258-272 Explain: Non- Income Determinants of Consumption Examine: Wealth pg. 263 (define in noteboks; green box in margin) Analyze: Real Interest Rates pg. 264 Analyze: Household Debt and Expectations of Future Income pg. 264
Analyze Consumer Confidence pg. 265 Thursday November 19, 2015 Read & Discuss: 12.3 Determinants of AD or Shifts in the AD Curve pages 258-272 Explain: Determinants of Investments (I) Examine: Interest Rates (Higher and Lower Rates) pg. 266 Analyze: Business Confidence pg. 268 Explain: Determinants of Government Spending (G) pg. 269 Explain: Determinants of Net Exports (X- M) pg. 270 Analyze: Causes of Shifts in the AD Curve pg. 271 Friday November 20, 2015 Read & Discuss: 12.4 The Keynesian Spending Multiplier pages 272-273 Explain: The Keynesian Multiplier on page 272 (put in your notebooks). Homework Assignment: Week #12 Monday November 16, 2015 Practice Question #1a & b on page 284, answer with 100-250 words in your notebook Rough Draft is Due Starting Tuesday November 24th Tuesday November 17, 2015 Practice Question #2 a & b on page 284, answer with 100-250 words in your notebook Wednesday November 18, 2015 Practice Question #3 a & b on page 284, answer with 100-250 words in your notebook Thursday November 19, 2015 Practice Question #4a & b on page 284, answer with 100-250 words in your notebooks Friday November 20, 2015 Class Assignments: Week #13 Monday November 23, 2015 Read & Discuss: 12.5 Aggregate Supply & National Output (AS) page 274-275 Diagrams: Figure 12.10 Keynesian and Neo- Classical Aggregate Supply (AS) Curve
Explain: Full Employment National Output Read & Discuss: 12.6 Short- Run Equilibrium (AD/AS) Model page 275-279 Examine: SRAS is Horizontal at Levels of Output Below Full Employment Analyze: Workers Contracts Analyze: Minimum Wage Laws Analyze: Wage Agreements with Labor Unions Analyze: Government Regulations Examine: SRAS is Vertical at Levels of Output Beyond Full Employment Tuesday November 24, 2015 Read & Discuss: The Guardian News Article on Protectionism Wednesday November 25, 2015 Read & Discuss: The Wall Street Journal Euro Zone Consumer Confidence The Wall Street Journal Euro Zone Business Confidence Thursday November 26, 2015 Thanksgiving Break Friday November 27, 2015 Thanksgiving Break Homework Assignment: Week #13 Monday November 23, 2015 Rough Draft is Due Starting Tuesday November 24th Tuesday November 24, 2015 Rough Draft is Due Starting Tuesday November 24th Final Drafts are Due December 4th Wednesday November 25, 2015 Begin News Article Research for Internal Assessment #2 on Unit 2 Thursday November 26, 2015 Begin News Article Research for Internal Assessment #2 on Unit 2 Friday November 27, 2015 Begin News Article Research for Internal Assessment #2 on Unit 2
Class Assignments: Week #14 Monday November 30, 2015 Chapter 13: Macroeconomic Objective: Unemployment Read & Discuss: 13.1 The Meaning of Inflation, Disinflation and Deflation pages 285-286 Analyze: The 4 Macroeconomic Objectives. Which one is most important Define: Unemployment Read & Discuss: 13.2 The Meaning of Unemployment pages 286-293 Identify: How the Unemployment Rate is Calculated. Tuesday December 1, 2015 Read & Discuss: 13.2 The Meaning of Unemployment pages 286-293 Identify: The Labor Force Participation Rate Examine: Underemployment vs. Unemployment Analyze: The Shortcomings of the Unemployment Rate Analyze: The Labor Market Diagram Answer: Practice Question #2 a & b in notebooks on page 299 Wednesday December 2, 2015 Read & Discuss: 13.3 Consequences of Unemployment pages 293-294 Analyze: Individual Consequences of Unemployment Analyze: Social Consequences of Unemployment Analyze: Economic Consequences of Unemployment Answer: Practice Question #3 a & b in notebooks on page 299 Thursday December 3, 2015 Read & Discuss: 13.4 Consequences of Inflation pages 293-294 Examine: Frictional and Seasonal Unemployment Examine: Structural Unemployment Examine: The Natural Rate of Unemployment Discuss: Case Study and answer exercises 7, 8 & 9 Examine: Cyclical Unemployment Answer: Practice Question #1 a & b in notebooks on page 299 Examine: Types of Unemployment Table 13.1 on page 299 Friday December 4, 2015 Review Internal Assessment Exemplar on Unit 2 Read Article and Rate Commentary with IB Rubric Homework Assignment: Week #14 Monday November 30, 2015 Find Unemployment Rates for Buffalo/WNY, NYS, USA, Canada & Mexico
Internal Assessment #1 Microeconomics Rough Draft is due by December 4th Tuesday December 1, 2015 Find Unemployment Rates for UK, France, Germany, Finland & Denmark Continue on Internal Assessment #1 on Unit 1 Wednesday December 2, 2015 Find Unemployment Rates for Portugal, Ireland, Italy, Greece & Spain Continue on Internal Assessment #1 on Unit 1 Thursday December 3, 2015 Find Unemployment Rates for Australia, New Zealand & Japan Continue on Internal Assessment #1 on Unit 1 Friday December 4, 2015 Internal Assessment #1 Rough Draft Due Today Class Assignments: Week #15 Monday December 7, 2015 Chapter 14: Macroeconomic Objective: Low Inflation Read & Discuss: 14.1 The Meaning of Inflation, Disinflation and Deflation pages 300-308 Define: Inflation, Disinflation and Deflation Identify: Consumer Price Index (CPI) formula Examine: Measuring Inflation Using a Price Index Analyze: Shortcomings of the CPI as a Measure of Inflation Tuesday December 8, 2015 Read & Discuss: 14.2 Types of Inflation and Their Causes pages 309-311 Analyze: Demand- Pull Inflation Examine: Cost- Push Inflation Answer: Practice Question #3 a & b in notebooks on page 327 Wednesday December 9, 2015 Read & Discuss: 14.3 Consequences of Inflation pages 311-315 Analyze: Maintaining a Stable Price Level Examine: Loss of Purchasing Power Examine: Lower Real Interest Rates for Servers Examine: Higher Nominal Interest Rates for Borrowers Examine: Reduction of International Competitiveness Analyze: The Inflationary Spiral Notes: Figure 14.4 The Inflationary Spiral on page 314 in notebooks
Thursday December 10, 2015 Read & Discuss: 14.4 Deflation and it's Consequences pages 315-317 Examine: Supply- Side Deflation Examine: Deflation Due to Fall in AD Notes: Figure 14.7 The Deflationary Spiral in notebook on page 316 Analyze: The Deflationary Spiral graphic Answer: Case Study and Exercises #5-9 in notebooks on page 317 Friday December 11, 2015 Review News Article on Inflation Homework Assignment: Week #14 Monday December 7, 2015 Practice Question #2 on page 327 Continue News Article Research for Internal Assessment #2 on Unit 2 Internal Assessment #2 Article is due by December 18th Tuesday December 8, 2015 Practice Question #1 on page 327 Wednesday December 9, 2015 Practice Question #3 on page 327 Thursday December 10, 2015 Read Case Study and answer exercises 5, 6, 7, 8 & 9 on page 317 Friday December 11, 2015 Class Assignments: Week #16 Monday December 14, 2015 Chapter 15: Macroeconomic Objective: Economic Growth Read & Discuss: 15.1 The Meaning of Economic Growth pages 328-332 Define: Economic Growth Illustrate: Economic Growth Examine: Economic Growth in the AD/AS Model Analyze: GDP Since 1920
Tuesday December 15, 2015 Read & Discuss: 15.2 Causes of Economic Growth pages 333-336 Analyze: Productivity Growth Examine: Sources of Productivity Growth: Human Capital Read and Discuss: Case Study, Answer Exercise 1-3 in notebooks on page 336 OMIT Section 15.3 (HL Only) Wednesday December 16, 2015 Read & Discuss: 15.4 Consequences of Economic Growth pages 340-342 Analyze: Non- Economic Consequences of Growth Examine: Externalities Examine: Inflation Examine: Resource Depletion Examine: Structural Unemployment Examine: Consumer Goods vs. Capital Goods Examine: Military vs. Civilian Goods Examine: Unequal Income Distribution Analyze: Effect on the Balance of Payments Thursday December 17, 2015 Chapter 16: Macroeconomic Objective: Equity in Income Distribution Read & Discuss: 16.1 Equality vs. Efficiency in Market Economics pages 344-346 Define: Equity and Equality Identify: Strengths of a Market Economy Examine: Equality and Efficiency; The Big Trade Off Examine: Economic Growth in the AD/AS Model Analyze: GDP Since 1920 Read & Discuss: 16.2 Indicators of Income Equity/Inequality pages 346-346 Examine: The Lorenz Curve Examine: The GINI Coefficient Analyze: Figures 16.4 and 16.5 answer Exercises #1-3 on page 360 Friday December 18, 2015 Read & Discuss: 16.3 Indicators of Poverty pages 361-3 Define: Poverty Compare: Relative Poverty vs. Absolute Poverty Identify: Possible Causes of Poverty Examine: Consequences of Poverty Read and Discuss: Case Study; answer exercises 4-6 on page 353 Homework Assignment: Week #16 Monday December 14, 2015 Practice Question #1 a & b on page 343
Unit 2 Internal Assessment #2 Article is due by December 18th Tuesday December 15, 2015 Practice Question #2 a & b on page 343 Wednesday December 16, 2015 Practice Question #3 a & b on page 343 Thursday December 17, 2015 Practice Question #1 a & b on page 366 Analyze: Figures 16.4 and 16.5 answer Exercises #1-3 on page 360 Friday December 18, 2015 Practice Question #2 a & b on page 366 Unit 1 Microeconomics Internal Assessment #1 Final Copy Due. Unit 2 Internal Assessment #2 Article is due by December 18th Class Assignments: Week #17 Monday December 21, 2015 Chapter 16: Macroeconomic Objective: Equity in Income Distribution Read & Discuss: 16.4 The Role of Taxation in Income Distribution pages 353-362 Examine: Marxist View Examine: The Lasissez- Faire View Examine: The Modern, Mixed Economy Analyze: The Role of Government; Taxes (Direct and Indirect) Examine: Different Taxes Result in Different Burdens Analyze: Proportional, Regressive & Progressive Tax Structures Define: in your notebooks Direct Tax (green box page 355) Indirect Tax (green box page 355) Proportional Tax (green box page 357) Regressive Tax (green box page 357) Progressive Tax (green box page 357) Tuesday December 22, 2015 Read & Discuss: 16.5 Other Measures to Promote Equality pages 362-366 Examine: Role of Government; Provision of Public Goods
Notes: Figure 16.13 Poverty Cycle on page 363 in your notebooks Examine: Role of Government; Transfer Payments (Public Assistance or Entitlements) Analyze: Unemployment Benefits Analyze: Social Security Benefits Analyze: Nutritional Subsidies Analyze: Higher Education Grants and Tuition Subsidies Examine: 16.6 The Relationship Between Equity and Efficiency Wednesday December 23, 2015 PBS Frontline: Inside the Meltdown View and Discuss the 2008 Financial Crisis in the USA Thursday December 24, 2015 Winter Break Friday December 25, 2015 Classes Resume Monday January 4, 2016 Homework Assignment: Week #17 Monday December 21, 2015 Practice Question #2 a & b on page 366 Tuesday December 22, 2015 Practice Question #3 a & b on page 366 Wednesday December 23, 2015 Winter Break Thursday December 24, 2015 Winter Break Friday December 25, 2015 Winter Break Class Assignments: Week #18 Monday January 4, 2016 Chapter 17: Fiscal Policy Read & Discuss: 17.1 The Government Budget pages 367-369 Define: Fiscal Policy
Examine: Government Budget Concept Analyze: Figure 17.1 UK Government Budget Analyze: 2015 US Government Budget Analyze: Deficits, Surpluses and Debt Examine: US Budgets between 2000-2010 Tuesday January 5, 2016 Read & Discuss: 17.2 Automatic Fiscal Policy and the Impact of Automatic Stabilizers pages 370-371 Examine: Periods of Economic Growth Examine: Periods of Recession Analyze: Built- In Stability Notes: Figure 17.3 Built- In Stability Graph Wednesday January 6, 2016 Read & Discuss: 17.3 Discretionary Fiscal Policy and it's Effect on Potential Output pages 372-375 Examine: Goals of thee ARRA Examine: Keynes, The Demand- Siders and Fiscal Policy Examine: Fiscal Policy and Short- Term Demand Analyze: Closing an Inflationary Gap Exercises: 2 a, b & c OMIT 17.4 HL ONLY Thursday January 7, 2016 Read & Discuss: 17.5 Evaluation of Fiscal Policy pages 378-384 Examine: Government Spending vs. Tax Cuts Examine: Strengths and Weaknesses of Fiscal Policy Analyze: The Crowding Out Effect Analyze: The Net Export Effect Analyze: Time Lags Analyze: Political Influence Friday January 8, 2016 POTUS 2016 Election News Articles related to Fiscal Policy Wall Street Journal Examines Bernie Sanders Fiscal Policy Washington Post Examines Bernie Sanders Fiscal Policy Homework Assignment: Week #18 Monday January 4, 2016 Exercises Question #1 a, b, c & d on page 369 Tuesday January 5, 2016 Practice Question #4 a & b on page 384
Wednesday January 6, 2016 Practice Question #3 a & b on page 384 Thursday January 7, 2015 Practice Question #2 a & b on page 384 Friday January 8, 2015 Class Assignments: Week #19 Monday January 11, 2016 Chapter 18: Monetary Policy Read & Discuss: 18.1 Interest Rates and the Role of a Central Bank pages 385-3392 Define: Money Examine: What Money Is and Does Analyze: Modern Money: M1 and M2 Examine: The Role Role of Central Banks Analyze: Central Banks and the Money Supply Examine: Central Banks and Monetary Supply Analyze: Tools for Changing the Money Supply Answer: Figure 18.6 Amount of Capital Banks Must Hold in Reserve 1 a & b Tuesday January 12, 2016 Read & Discuss: 18.2 Monetary Policy and Short- Term Demand Management pages 393-395 Examine: Expansionary Monetary Policy Analyze: Figure 18.7 a, b,c page 394 Examine: Contractionary Monetary Policy Analyze: Figure 18.8 a, b, c page 395 Answer: Exercises 2 a & b View: Crashed Course Monetary Policy Video Wednesday January 13, 2016 Read & Discuss: 18.3 Evaluation of Monetary Policy pages 395-400 Examine: Stimulating Growth During Recession Analyze: Strengths and Weaknesses Examine: Inflation Control
Analyze: Strengths and Weaknesses Examine: Exchange Rate Management Analyze: Conflicting Goals Notes: Figures 18.10 Conflicting Goals of Monetary Policy on page 398 View: Crashed Course Inflation, Bubbles and Tulips Thursday January 14, 2016 Chapter 19 Supply Side Policies Read & Discuss: 19.1 Role of Supply Side Policies 401-403 Examine: Types of Supply Side Policy Examine: The Appeal of Supply Side Policies Read & Discuss: 19.2 Market Based Supply Side Policies 403-406 Examine: Origins of Market Based Supply Side Policies Examine: Types of Market Supply Side Policies Analyze: Policies to Encourage Competition Analyze: Labour Market Reforms Analyze: Incentive Related Policies Friday January 15, 2016 POTUS 2016 Election News Articles related to Fiscal Policy CNN/Money News Article on Donald Trump Fiscal Policy Wall Street Journal News Article on Donald Trump Fiscal Policy Homework Assignment: Week #19 Monday January 11, 2016 Practice Question #1 a, b, c & d on page 400 Tuesday January 12, 2016 Practice Question #2 a & b on page 400 Wednesday January 13, 2016 Practice Question #3 a & b on page 400 Thursday January 14, 2015 Exercise Question #6 on page 400
Friday January 15, 2015 Class Assignments: Week #20 Monday January 18, 2016 MLK Day No School Tuesday January 19, 2016 Read & Discuss: 19.3 Evaluation of Market Based Supply Side Policies pages 407-408 Examine: Policies to Encourage Comepetition Examine: Labour Market Reforms Examine: Incentive Related Policies Read & Discuss: 19.4 Interventionist Supply Side Policies pages 409-410 Examine: Types of Interventionist Supply Side Policy Analyze: Investment in Human Capital Analyze: Investment in New Technology Analyze: Investment in Infrastructure Analyze: Industrial Policies Wednesday January 20, 2016 Read & Discuss: 19.5 Evaluation of Interventionist Supply Side Policies pages 411-413 Examine: Investment in Human Capital Examine: Investment in New Technology Examine: Investment in Infrastructure Examine: Industrial Policies Answer: Case Study Big Dam Corruption questions #3 & #4 Answer: Supply Side Prompts on page 413 Thursday January 21, 2016 Unit 2 Review Question Sample External Assessment Paper #1 Questions Friday January 22, 2016 POTUS 2016 Election News Articles related to Fiscal Policy NPR New Article on Hillary Clinton Fiscal Policy Crains Business Article on Hillary Clinton Tax Policy
Homework Assignment: Week #20 Monday January 18, 2016 No School MLK Day Tuesday January 19, 2016 Practice Question #2 on page 413 Wednesday January 20, 2016 Practice Question #4 a & b on page 413 Thursday January 21, 2016 Rough Draft Due January 22, 2016 Homework Assignment: Week #20 Monday January 25, 2016 Regents Week Tuesday- Friday PBS Frontline: The Madoff Affair Homework Assignment: Week #20 Monday January 25, 2016 Regents Week Final Draft Due February 5, 2016