Economics Homework - PowerPoint by pfm20493

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									Economics
  Supply and
   Demand

            Agenda
    If not done: Collect Gov. handout Econ Books
   Homework: Read pages 26-47, answer
                   questions 2.1, 2.2, 2.4.
   Americans Thrifty Ways Article
   Political Cartoon
   Supply and Demand
   How Supply and Demand Impacts goods we buy!
   Time for hwk and Project
   Review
   Objective: Describe the relationship between
    supply and demand.
   Scarcity:        Supply and Deman
    Goods are insufficient to satisfy
                          Definitions

    people’s wants.
   Production:
   Conversion of resources into
    products that can be consumed.
   Goods:
   All things people derive
    satisfaction from.
   Services:
   Mental or physical labor
    purchased by consumers.
   Opportunity Cost:
   Something sacrificed to obtain
    something.
 Goods Vs Economic
       Goods
                Similar    Economic Goods
  Goods
               Economic Goods derived from
All things
                  Goods      scarce resources,
you derive
             is a Subset Almost every example
 happiness                is an econ-good, and
  From.
                   Of
                                 services.
                  Goods
Scarcity, Choice, Opportunity
            Cost
           Scarcity
      Because of limited resources
        choices have too be made!
                             Choice
               With every choice in picking
                    one good over another
                    an individual sacrifices
                          something.
    Opportunity Cost
Is the cost for obtaining
  another good that is
         desired
                                 Questions
   What are wants and needs?
   -Wants is an individual’s
    desires.
   -Needs are different for each
    person, what you need to
    survive.
   What is trade-offs?
   To trade one resource for
    another.
   How do you make a PPC?
   PPC - shows the maximum amount
    of goods and services that can be
    produced, for a given level of
    technology and resources.
        Review
What  is scarcity?
What is Opportunity
 Cost?
What is a want and
 need?
How do make a PPC?
Economics
  Supply and
   Demand

           Agenda
    Homework: Article on Credit and
    summary.
   Check hwk/Review
   Article/Cartoons on Bankruptcy
   Now Statement
   Credit Web Quest.
   Projects
   Review
   Objective: To evaluate the uses of credit.
 Now Statement
How  does credit play a
role in your life today?
Give examples!
     Review
 What  is credit?
 What is in a credit report?

 Why do people want good
  credit?
 How do you make a PPC?
Economics

  Credit, and
  Supply and
   Demand

           Agenda
    Homework: None.
   Check and Review Credit Article
   Supply and Demand, Banking, and Labor
    Unions (Notes and Handout)
   If Time: Projects
   Review
   Objective: To evaluate the uses of
    Banking, Labor Unions, and to describe the
    role of demand in the economy.
   The law of demand:
   There is a negative, or
    inverse, relationship
    between the price of any
    good or service and the
    quantity demanded.
   Relative price:
   The price of one
    commodity divided by the
    price of another
    commodity.
   Demand Curve:
   A graph of the demand
    schedule. A negatively
    sloped line showing the
    relationship of price and
    quantity.
   Supply:
   Shows relationship
    between price and
    quantity supplied of a
    good.
   Law of Supply:
   The higher price of a good
    the more businesses will
    increase their production
    of it.
   Supply Curve:
   Graphic representation of
    a supply curve. Line
    showing the supply
    schedule, which generally
    slopes upward.
 Equilibrium:

 Situation where quantity
  supplied meets the
  quantity demanded.
 Turn to page 73 of your
  book and answer question
  3-1 and find the
  equilibrium of the amount
  demanded and supplied.

                Banking
    How does banking differ from nation to nation?
   Some nations they are crucial in the economy,
    while in others it is not.
   Duties of the Central Bank:
   Functions for the national gov, services to
    private banks, and monetary policies.
   What are the parts of the Fed Reserve System:
   Board of Gov-set monetary policy, oversee Fed
    Banks; Fed Reserve Banks-furnish currency,
    handle national debt; Fed Open Market
    Committee-Directs buying and selling of US
    assets.

          Labor Unions
    Labor Unions:
   Worker organizations that seek economic
    improvements for employees.
   Goals of Unions:
   Wage rate, rationing of jobs, improve working
    conditions.
   Strategies:
   Limiting Entry, etc.
   Benefits Vs Disadvantages:
   Benefits-voice for workers, wages equal, etc.;
    Disadvantages-profits go down, not necessary
    the best person for the job, etc.
          Review
 What   does the Law of demand
  say?
 What does the Law of supply say?

 What is in the Federal Reserve
  System?
 What are Labor Unions?
Economics

  Credit, and
  Supply and
   Demand

           Agenda
    Review Supply and Demand Chart
   Handout on Monetary Policy, Fiscal Policy,
    and Taxes
   Ten Principles of Economics Click Here
   If Time: Work on Mock Election Projects
   Review
   Hwk: Quiz tomorrow (not online) /Project
    due Monday by the end of class.
     Monetary Policy
 Transaction Demand:
 Holding money to use in transactions.

 Precautionary Demand:

 Holding money to meet unplanned
  expenditures.
 Asset Demand:

 Holding Money as a store of value.

 Negative aspect of Holding $?

 Value decreases!
       Monetary Policy

Open Market     Discount Rate
 Operations     1.Fed increases    Reserve
    1.If fed     rate of banks Requirements
Increases the #   that borrow 1.Fed increase
of bonds then   money from it, reserve require.
   supply of     then they are    then less $
  $ increases.   Less likely to in circulation.
                    Borrow.
 Taxes:


               Taxes
    Payments to the government.
 PayrollTaxes:
 Provide essential funding for
  programs.
 Three options:

 Raising Taxes, Wage Cap, Cutting
  Benefits.
 Which is the best choice?
          Fiscal Policy
   Fiscal Policy:
   Changes in governmental expenditures to
    positively impact the government.
   Direct Expenditure Offsets:
   Actions taken by the private sector to offset
    government spending.
   Supply-side Economics:
   Creating incentives for individuals and firms to
    increase production.
           Review
 What  are negative aspects of holding
  money?
 How is monetary policy determined?

 What are the three options for paying
  for governmental expenditures?
 What is supply-side economics?

           Agenda
  Homework: None.
 Study for Quiz-Look over Econ
  Notes/worksheets-terms (Labor
  Unions, Law of Supply, Law of
  Demand, Credit, Fiscal Policy, etc.)
 Quiz
     After    Quiz finish project
       Note cards-name handed in Monday
       PPT on Summer-Drive needs to be done
       Agenda
 Homework:   None.
 Check Projects/Collect Note-
  Cards
 Review Quiz

 Investment Options Article

 Presidents of the US

 Electoral College

 If Time: Mock Election

            Agenda
    Homework: None.
   The Political Parties of America Web-
    quest
     Use computers to fill out information
     Take Test http://www.politicalcompass.org/test

     Review Click Here

 Parties and Issues
 If Time: Mock Election

 Review
      Agenda
 Homework:  Final Tomorrow
 take folders
 Mock  Election
 Final Review Game Click
  Here
 If Time: You Be the Judge

 Review
      Agenda
 Winner  of Mock Election?
 Study for Exam

 Final Exam

  After Exam read:
   Supreme  Court
    Article/Summary
   You Be the Judge

								
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