Today's work is fairly basic and since it's the end of the first week of digital learning, there's no worksheet!
Personal Finance is learning about how money works and what we can do with it.
The first power point is about the uses of money and how money gets its value.
The second one is about how borrowing money and the price we pay to do that.
The third is about how we can use our money to save and invest and it is also about how insurance works.
Have a great weekend.
Power Points:
Money
Credit and Interest
Saving & Investing and Insurance
Friday, March 20, 2020
Thursday, March 19, 2020
March 19 - Wrapping up Macro and International
Wrapping up Macro:
The Federal Reserve uses Monetary Policy to adjust the economy.
The Federal Government uses Fiscal Policy to adjust the economy.
The Fed's two main tools under Monetary Policy are setting rates and buying/selling bonds.
The government's two main tools under Fiscal policy are taxing and spending.
If there is too much inflation in the economy we can fix it by reducing the amount of money in the economy. This is called contractionary policies. We are contracting the money supply.
If there is too much unemployment and if GDP is low, we can fix it by adding to the amount of money in the economy. This is called expansionary policies. We are expanding the money supply.
When it wants to be contractionary the Fed will raise rates and sell bonds.
When it wants to be contractionary the Government will raise taxes and lower spending.
When it wants to be expansionary the Fed will lower rates and buy bonds.
When it wants to be expansionary the Government will lower taxes and increase spending.
Here are two questions to think about:
1) If we are in a recession, and the government adopts expansionary policies, why is that a bad thing as far as the national debt is concerned?
2) Given the solutions above what's so bad about stagflation?
International Economics:
We handled the bulk of International Economics back when we learned about absolute and comparative advantage. Today's power points fill in a few of the gaps as it relates to Free Trade vs Protectionism.
First we look at the six categories of trade barriers.
People in favor of protectionism raise several arguments. However, if we truly understand the benefits that come from comparative advantage and free trade, most of those arguments fall flat.
Still there are some trade agreements that are working towards more open trade.
The other topic in International economics is exchange rates and measuring trade. It's pretty simple.
Power Points:
Trade Barriers and Agreements
Exchange Rates and Measuring Trade
Worksheets:
Exchange Rates
The Federal Reserve uses Monetary Policy to adjust the economy.
The Federal Government uses Fiscal Policy to adjust the economy.
The Fed's two main tools under Monetary Policy are setting rates and buying/selling bonds.
The government's two main tools under Fiscal policy are taxing and spending.
If there is too much inflation in the economy we can fix it by reducing the amount of money in the economy. This is called contractionary policies. We are contracting the money supply.
If there is too much unemployment and if GDP is low, we can fix it by adding to the amount of money in the economy. This is called expansionary policies. We are expanding the money supply.
When it wants to be contractionary the Fed will raise rates and sell bonds.
When it wants to be contractionary the Government will raise taxes and lower spending.
When it wants to be expansionary the Fed will lower rates and buy bonds.
When it wants to be expansionary the Government will lower taxes and increase spending.
Here are two questions to think about:
1) If we are in a recession, and the government adopts expansionary policies, why is that a bad thing as far as the national debt is concerned?
2) Given the solutions above what's so bad about stagflation?
International Economics:
We handled the bulk of International Economics back when we learned about absolute and comparative advantage. Today's power points fill in a few of the gaps as it relates to Free Trade vs Protectionism.
First we look at the six categories of trade barriers.
People in favor of protectionism raise several arguments. However, if we truly understand the benefits that come from comparative advantage and free trade, most of those arguments fall flat.
Still there are some trade agreements that are working towards more open trade.
The other topic in International economics is exchange rates and measuring trade. It's pretty simple.
Power Points:
Trade Barriers and Agreements
Exchange Rates and Measuring Trade
Worksheets:
Exchange Rates
Wednesday, March 18, 2020
March 18 - The Fed and the Government
Yesterday we looked at how the Federal Reserve (The Fed) is using Monetary Policy to control the economy.
In the notes we saw that their main two tools were:
- raising and lowering various rates; and
- buying and selling bonds, bills and treasuries
This is being done to control the amount of money in the economy, a.k.a. the money supply.
If there is too much inflation, we need to take money out of the economy. We need to contract the money supply. The Fed does this by raising rates and selling bonds.
If unemployment is high and GDP is low, we need to add money to the economy. We need to expand the money supply. The Fed does this by lowering rates and buying bonds.
Today, we move on to seeing how the government is doing the same thing. We call what the government does, fiscal policy. Despite the name change, their goal is the same as the Fed. They are trying to expand or contract the money supply in response to changes in the economy. But we are going to see that they are doing it with a different set of tools.
Power Points:
Fiscal Policy
Taxes
Debt and Deficit
Federal Spending and State Taxes
Worksheets:
Fiscal Policy
In the notes we saw that their main two tools were:
- raising and lowering various rates; and
- buying and selling bonds, bills and treasuries
This is being done to control the amount of money in the economy, a.k.a. the money supply.
If there is too much inflation, we need to take money out of the economy. We need to contract the money supply. The Fed does this by raising rates and selling bonds.
If unemployment is high and GDP is low, we need to add money to the economy. We need to expand the money supply. The Fed does this by lowering rates and buying bonds.
Today, we move on to seeing how the government is doing the same thing. We call what the government does, fiscal policy. Despite the name change, their goal is the same as the Fed. They are trying to expand or contract the money supply in response to changes in the economy. But we are going to see that they are doing it with a different set of tools.
Power Points:
Fiscal Policy
Taxes
Debt and Deficit
Federal Spending and State Taxes
Worksheets:
Fiscal Policy
Tuesday, March 17, 2020
March 17 - Using the Economic Indicators
Though there are a lot of different things we could look at to measure the health of a country's economy there are three indicators that are seen as more important than any other. They are:
- Unemployment: The number of people looking for jobs, that don't currently have a job
- Inflation: The loss of a money's purchasing power over time
- GDP: A measure of how productive an economy is, expressed as the dollar amount of the final goods it has produced.
We also saw that while unemployment is often seen of as a bad thing, that isn't necessarily always true. There are four types of unemployment, but only one of them is a bad thing. Frictional, seasonal and structural unemployment are all good types of unemployment. Only cyclical unemployment is bad. Thus, we don't actually want our unemployment rate to be zero.
Inflation is also generally considered to be bad. Certainly too much inflation can seriously hurt your economy. However, it turns out that we also don't want 0% inflation. This is in part because the opposite of inflation, which is called deflation, is even worse than inflation. But it is also true because some inflation is actually needed. (I'll explain that at a later date.)
GDP is the "good" indicator and we want to see it rising. However, we don't want it to rise too quickly. If it does rise too quickly, it is usually too much for the economy and the economy will "correct" itself afterward by adjusting downward. Often this means a recession or possibly a depression.
These three indicator become a way to see what is going on in the economy. If inflation gets too high, that is a problem that has to be corrected. If unemployment gets too high and GDP falls, that is also a problem. But there is something else that links all three of them together. It is money.
There are several causes of inflation. One of the causes of inflation is having too much money in the economy. The simplest way to fix this is to take money out of the economy. In fact, regardless of what caused the inflation, removing money from the economy is a method we can use to get rid of the inflation.
If GDP is low and unemployment high, we can do the opposite. We can put more money into the economy. How does that help? In the GDP power point it talks about how we can achieve economic growth. The common thing among the three methods listed is that they all require money. So putting money in the economy means businesses can expand their capital, people can save & invest, and new things get invented which businesses can then buy. Of course when businesses get bigger they have to hire more people and that makes unemployment go down.
Money is the key to solving all three of these problems.
But who is it that is actually watching these indicators and what are they doing about it?
Today we will look at one of those groups. It is the Federal Reserve. The Fed is a government agency that is actively watching the economy and trying to adjust things to keep unemployment and inflation low and GDP rising. We call this monetary policy.
Tomorrow we will look at how the Federal Government is doing the same thing. When the government does this we call it fiscal policy.
Power Points
The Federal Reserve
Monetary Policy
Worksheet
Monetary Policy
- Unemployment: The number of people looking for jobs, that don't currently have a job
- Inflation: The loss of a money's purchasing power over time
- GDP: A measure of how productive an economy is, expressed as the dollar amount of the final goods it has produced.
We also saw that while unemployment is often seen of as a bad thing, that isn't necessarily always true. There are four types of unemployment, but only one of them is a bad thing. Frictional, seasonal and structural unemployment are all good types of unemployment. Only cyclical unemployment is bad. Thus, we don't actually want our unemployment rate to be zero.
Inflation is also generally considered to be bad. Certainly too much inflation can seriously hurt your economy. However, it turns out that we also don't want 0% inflation. This is in part because the opposite of inflation, which is called deflation, is even worse than inflation. But it is also true because some inflation is actually needed. (I'll explain that at a later date.)
GDP is the "good" indicator and we want to see it rising. However, we don't want it to rise too quickly. If it does rise too quickly, it is usually too much for the economy and the economy will "correct" itself afterward by adjusting downward. Often this means a recession or possibly a depression.
These three indicator become a way to see what is going on in the economy. If inflation gets too high, that is a problem that has to be corrected. If unemployment gets too high and GDP falls, that is also a problem. But there is something else that links all three of them together. It is money.
There are several causes of inflation. One of the causes of inflation is having too much money in the economy. The simplest way to fix this is to take money out of the economy. In fact, regardless of what caused the inflation, removing money from the economy is a method we can use to get rid of the inflation.
If GDP is low and unemployment high, we can do the opposite. We can put more money into the economy. How does that help? In the GDP power point it talks about how we can achieve economic growth. The common thing among the three methods listed is that they all require money. So putting money in the economy means businesses can expand their capital, people can save & invest, and new things get invented which businesses can then buy. Of course when businesses get bigger they have to hire more people and that makes unemployment go down.
Money is the key to solving all three of these problems.
But who is it that is actually watching these indicators and what are they doing about it?
Today we will look at one of those groups. It is the Federal Reserve. The Fed is a government agency that is actively watching the economy and trying to adjust things to keep unemployment and inflation low and GDP rising. We call this monetary policy.
Tomorrow we will look at how the Federal Government is doing the same thing. When the government does this we call it fiscal policy.
Power Points
The Federal Reserve
Monetary Policy
Worksheet
Monetary Policy
Monday, March 16, 2020
March 16 - Beginning Unit 5 - Macroeconomic Indicators
The first part of Unit 5 is about Macroeconomics or the study of the economy as a whole.
One big difference to keep in mind while going through Macroeconomics is that we are no longer concerned with what is best for the individual. Instead, we are worried about what is best for the entire economy.
The first thing we need to look at is how do we tell if an economy is doing well? There are lots of different economic indicators that we could use to find that out, but in the end there are three big indicators that we rely on the most: unemployment, inflation and GDP.
These three indicators serve two purposes. The first is that they generally indicate how the economy is going. So, by watching them, we can see how the economy as a whole is trending. The second purpose relates to fixing the problems once they've been identified. We will get to that later.
GDP has a second, 1 slide, power point that describes the formula for calculating GDP. This is the only formula we have to memorize.
Of our two indicators we generally think of unemployment and inflation as bad things. GDP is a good thing. Thus we want the first two to stay low and for GDP to continually rise.
Go through the power points for Unemployment, Inflation and GDP.
Answer the worksheets for the 3 indicators as well.
Power Points:
Worksheets:
Friday, March 13, 2020
Class Instructions for the Days we are Out
[Right now I am posting materials for us to be out of school two weeks. If we are out longer than that, I will be adding more.]
My specific office hours while we are out will be between 12:00 and 1:00, however, I will be checking my email consistently throughout the day as well during time we are off.
Here is a link to my email:
Mr. Baumann: scott.baumann@cobbk12.org
Feel free to ask questions about specific items. If I get multiple questions about the same things, I will post a longer explanation for everyone on this blog.
Below this post there are two additional posts.
One of them is titled: Unit 3 Materials. It has links to the notes and worksheets related to monopolies and monopolistic competition. Please review this material and complete the worksheets you were given in class on Friday, March 13.
The second post is titled: Unit 5 Materials. It has links to the notes and worksheets related to the non-AP information you will need to do well on the Replacement EOC.
Assuming we are out for two weeks, you should complete the Unit 5 Materials during the first week. Then you can spend the second week focusing on the Unit 3 materials.
For all of the posts, I handed out more worksheets than I have linked in the post. This is because I do not have the ability/right to post all of those things online. I have listed all of the materials I handed out, but only those for which I have the right to post them online have I attached a link.
There are also three more chapter summaries that can occur over the dates we are out. You should complete those as well. The dates for those are:
March 20: Section 12 - Module 67
March 23: Section 12 - Module 64-66
March 31: Section 13 - Module 69-72
You may email the chapter summaries directly to me as you normally do, or you can wait and turn those three in when we get back.
See you when we get back.
My specific office hours while we are out will be between 12:00 and 1:00, however, I will be checking my email consistently throughout the day as well during time we are off.
Here is a link to my email:
Mr. Baumann: scott.baumann@cobbk12.org
Feel free to ask questions about specific items. If I get multiple questions about the same things, I will post a longer explanation for everyone on this blog.
Below this post there are two additional posts.
One of them is titled: Unit 3 Materials. It has links to the notes and worksheets related to monopolies and monopolistic competition. Please review this material and complete the worksheets you were given in class on Friday, March 13.
The second post is titled: Unit 5 Materials. It has links to the notes and worksheets related to the non-AP information you will need to do well on the Replacement EOC.
Assuming we are out for two weeks, you should complete the Unit 5 Materials during the first week. Then you can spend the second week focusing on the Unit 3 materials.
For all of the posts, I handed out more worksheets than I have linked in the post. This is because I do not have the ability/right to post all of those things online. I have listed all of the materials I handed out, but only those for which I have the right to post them online have I attached a link.
There are also three more chapter summaries that can occur over the dates we are out. You should complete those as well. The dates for those are:
March 20: Section 12 - Module 67
March 23: Section 12 - Module 64-66
March 31: Section 13 - Module 69-72
You may email the chapter summaries directly to me as you normally do, or you can wait and turn those three in when we get back.
See you when we get back.
Unit 3 Materials
We went over a lot of the Monopoly notes in class on Friday, March 13. Below are the power points that are related to those topics. As Monopolistic Competition is very similar to monopoly, I have included that power point as well, though I did not hand out any monopolistic competition work. In class I mentioned the 3rd day of monopoly notes, but we didn't actually go over any of it in class. I have attached the notes for you to look at, but if you find it confusing, don't worry we will definitely go over it in whole when you get back.
1) Review the Power Points about Monopolies.
Monopoly Day 1
Monopoly Day 2
Monopoly Day 3
Monopolistic Competition
2) Do the Worksheets
I handed out four sheets. However, I only have the right to post 1 of the 4 sheets. If you do not have the other three sheets you can either make a copy of someone else's blank sheet and fill that out; write your own answers on a separate piece of paper; or wait until you get back to get your own copy. The fourth sheets was the sheet about drawing and comparing both Monopoly and PC Graphs. We will have a quiz on that sheet shortly after we get back from the break.
Revenue Functions of a Monopoly (Activity 3-10)
Profit Maximization by a Monopoly (Activity 3-11)
Comparing Perfect Competition and Monopoly (Activity 3-15)
PC vs Monopoly Graphs
1) Review the Power Points about Monopolies.
Monopoly Day 1
Monopoly Day 2
Monopoly Day 3
Monopolistic Competition
2) Do the Worksheets
I handed out four sheets. However, I only have the right to post 1 of the 4 sheets. If you do not have the other three sheets you can either make a copy of someone else's blank sheet and fill that out; write your own answers on a separate piece of paper; or wait until you get back to get your own copy. The fourth sheets was the sheet about drawing and comparing both Monopoly and PC Graphs. We will have a quiz on that sheet shortly after we get back from the break.
Revenue Functions of a Monopoly (Activity 3-10)
Profit Maximization by a Monopoly (Activity 3-11)
Comparing Perfect Competition and Monopoly (Activity 3-15)
PC vs Monopoly Graphs
Unit 5 Materials
Unit 5 is the economics topics that will be covered on the Replacement EOC.
Here is what you can do to prepare:
1) Review the Power Points I have linked below
2) Do the worksheets
3) Review and practice on USATestprep.com
1) Review the Power Points: I have organized them into topics. (These topics correlate to the linked domain on USATestprep.com) I would go through them in the order listed. Below the power points are links to all of the worksheets that I handed out on Friday, March 13th. If you were in class you already have them. Not every power point has a worksheet to go with it.
Topic 1: Macroeconomics (Domain 3 on USATestprep)
Measuring the Health of a Country's Economy
Unemployment
Inflation
Gross Domestic Product
GDP Formula
The Federal Reserve
The Federal Reserve
Monetary Policy
The Federal Government
Fiscal Policy
Taxes
Debt and Deficit
Federal Spending and State Taxes
Topic 2: International Economics (Domain 4 on USATestprep)
Trade Barriers and Agreements
Exchange Rates and Measuring Trade
Topic 3: Personal Finance (Domain 5 on USATestprep)
Money
Credit and Interest
Saving & Investing and Insurance
2) Do the worksheets
Here are links to the worksheets that I have a digital copy of. For one of the sheets, I don't have the right to post it here. If you don't have it, you can either make a copy of a classmates blank sheet; fill out your own answers on another piece of paper; or wait until you get back to get your own copy.
Unit 5 Study Guide
Unemployment
Inflation
GDP
Testing Your Understanding (No digital copy available)
Monetary Policy
Fiscal Policy
Exchange Rates
3) Review and practice on USATestprep.com
USATestprep.com has several ways to practice.
They have some games to use for review, but I would recommend that you instead take the domain tests and the Summative Tests
There are 5 domain tests. The 5 domains are:
1- Fundamentals
2- Microeconomics
3- Macroeconomics
4- International
5- Personal Finance
The work linked in this post is all about domains 3-5. However, all 5 domains are on the Replacement EOC. Thus it is worth doing all five domains.
Alternately there are summative assessments in which it will review all of Econ in one test.
You should start by doing one of the long summative assessments first. When you finish this, the results will divide up your score by the five domains. Looking at those results will show you which domains you are struggling in. The more questions you are asked, the more accurate the results will be. Then you can use the individual domain tests to review and strengthen your abilities for the domains on which you are weakest.
You can get to all of this by:
1) Logging into USATestprep.com
2) Near the top of the screen is a Resources Bar. Under EOC select "Economics EOC Updated".
3) Click the Pink/Purple link near the upper right side of the screen that says "Take a Test" under it.
4) A box will pop up.
- If you want to take a domain test, choose which domain from the pulldown menu.
- If you want to take a summative test, choose the percentage you wish to take. (I would suggest doing the 100% the first time. See above for the reason.) The bigger the percentage the more questions you will be asked.
Here is what you can do to prepare:
1) Review the Power Points I have linked below
2) Do the worksheets
3) Review and practice on USATestprep.com
1) Review the Power Points: I have organized them into topics. (These topics correlate to the linked domain on USATestprep.com) I would go through them in the order listed. Below the power points are links to all of the worksheets that I handed out on Friday, March 13th. If you were in class you already have them. Not every power point has a worksheet to go with it.
Topic 1: Macroeconomics (Domain 3 on USATestprep)
Measuring the Health of a Country's Economy
Unemployment
Inflation
Gross Domestic Product
GDP Formula
The Federal Reserve
The Federal Reserve
Monetary Policy
The Federal Government
Fiscal Policy
Taxes
Debt and Deficit
Federal Spending and State Taxes
Topic 2: International Economics (Domain 4 on USATestprep)
Trade Barriers and Agreements
Exchange Rates and Measuring Trade
Topic 3: Personal Finance (Domain 5 on USATestprep)
Money
Credit and Interest
Saving & Investing and Insurance
2) Do the worksheets
Here are links to the worksheets that I have a digital copy of. For one of the sheets, I don't have the right to post it here. If you don't have it, you can either make a copy of a classmates blank sheet; fill out your own answers on another piece of paper; or wait until you get back to get your own copy.
Unit 5 Study Guide
Unemployment
Inflation
GDP
Testing Your Understanding (No digital copy available)
Monetary Policy
Fiscal Policy
Exchange Rates
3) Review and practice on USATestprep.com
USATestprep.com has several ways to practice.
They have some games to use for review, but I would recommend that you instead take the domain tests and the Summative Tests
There are 5 domain tests. The 5 domains are:
1- Fundamentals
2- Microeconomics
3- Macroeconomics
4- International
5- Personal Finance
The work linked in this post is all about domains 3-5. However, all 5 domains are on the Replacement EOC. Thus it is worth doing all five domains.
Alternately there are summative assessments in which it will review all of Econ in one test.
You should start by doing one of the long summative assessments first. When you finish this, the results will divide up your score by the five domains. Looking at those results will show you which domains you are struggling in. The more questions you are asked, the more accurate the results will be. Then you can use the individual domain tests to review and strengthen your abilities for the domains on which you are weakest.
You can get to all of this by:
1) Logging into USATestprep.com
2) Near the top of the screen is a Resources Bar. Under EOC select "Economics EOC Updated".
3) Click the Pink/Purple link near the upper right side of the screen that says "Take a Test" under it.
4) A box will pop up.
- If you want to take a domain test, choose which domain from the pulldown menu.
- If you want to take a summative test, choose the percentage you wish to take. (I would suggest doing the 100% the first time. See above for the reason.) The bigger the percentage the more questions you will be asked.
Friday, March 6, 2020
Mar 9-13
Monday:
Mid Unit Half Test
Friday:
- UE Chap 6 Quiz
- Discuss UE Ch 6
- Review
- Notes on PC part 2
- WS on PC Charts
- Quiz on PC
- Go over next part of
Marvelous Marginal Manipulation Mania
- Notes on PC - Part 3 (PC in the Long Run)
- Worksheets on PC in the Long Run
- EARLY
RELEASE
- Go
over PC Quiz
- Review
for ½ test
Mid Unit Half Test
Friday:
- Summary Due: Section 11
Mod 61—63
- Go Over Mid Unit Half Test
- Notes on Monopoly part 1
- Two Worksheets on Monopoly
Friday, February 28, 2020
Mar 2 - 6
Monday:
- Review
yesterday’s worksheets
- Notes
on Graphing Costs
- Understanding the Different Cost Measures of a Firm (Activity 3-3)
- Worksheet on Graphing Costs
- Undercover Economist Chap 4 Quiz
- Summary Due: Sect 10: Mod 56 & 57
- Go over quiz/work from Yesterday
- Notes on Long Run Prod Costs
- A Firm’s Long-Run Average Total Cost (Activity 3-4)
- Finding Profit in General
- Marshmallow Towers Demonstration
- Quiz on Graph Reading (If time)
- Notes
on Market Structures
- Worksheet on Market Structures
- Marvelous Marginal Manipulation Mania
- Summary
Due: Section 11: Mod 58-60
- Notes
on Perfect Competition (Part 1)
- Worksheet on the Cost, Revenue and Profit of a PC Firm – Stone
- Go over MMMM
Tuesday, February 25, 2020
Friday, February 14, 2020
Feb 24 - 28
Monday:
Go over test from Unit 2
Tuesday:
Go over test from Unit 2
Tuesday:
- UE
Chap 4 Quiz
- Section
14 Mod 74-76 Summary Due
- Notes
on Business Types
- Sole
Prop, Part, Corp WS
- 2
or 6 Extra Points on Test Activity
- Fire
Jumper Video
- Notes
on Market Failures
- Crash
Course #21
- Externalities
WS (A5-2)
- Section
10 Module 52-55) Summary Due
- Notes on Costs of Production
- Costs
of Production Game/Review
- Profit Review Sheet w/ Profit Definition Exercise
- Profit Expressions Worksheet
- Notes on
Short Run Costs of Production
- Worksheet on Same – Done in Class (Productivity and Cost Exercise #1 x2 – Stone 94,95)
- Worksheets on Same – Done for Homework (Productivity and Cost Exercise #2, #3 and questions on 1&2 – Stone 96, 97)
Friday, February 7, 2020
Feb 10 - 14
Monday:
Test on Unit 2 – Written Questions
Friday:
Test on Unit 2 – Multiple Choice
- Elasticity Quiz
- Notes on Surplus,
Efficiency and Deadweight Loss
- Seven CS/PS/DWL Graphs Game
- Surplus Worksheets (pages 55 and 56)
- Evaluating an Excise Tax (Stone 81)
- Summary Due – Section 9: Mod 51
- Return/Review
Quiz Retake
- Notes on Marginal Utility (Ch. 19)
- Consumer
Equilibrium Examples (Stone 85)
- Unit Checksheet
- Review for Test
- Practice AP Writing Portion Day
Test on Unit 2 – Written Questions
Friday:
Test on Unit 2 – Multiple Choice
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