ECONOMICS: November 6 Warm-up (from Keynes reading—class set HO) What does Keynesian economics argue? What happens to Real GDP and unemployment during.

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ECONOMICS: November 6 Warm-up (from Keynes reading—class set HO) What does Keynesian economics argue? What happens to Real GDP and unemployment during a recession? --complete Ch. 14, Lesson 2 reading and turn in (HO from earlier) (if have not done so yet) --state & local taxation: property and sales taxes (HO from earlier) (5th only) Economics Learning Target In order to understand how the government works to promote the economic goals of full employment, price stability, and economic growth, I will analyze demand-side fiscal policy. I will know I have it when I can: (1) list the fiscal policy tools; (2) explain changes in fiscal policy on unemployment, inflation, real GDP, the budget, and the national debt; and (3) draw AD-AS graphs illustrating how fiscal policy can close recessionary and inflationary gaps. Keynes (5:15) fiscal policy players: Congress and President working together Chapter 15, Lesson 1: Demand Side Fiscal Policy (HO) -fiscal policy tools (taxation and government spending) -fiscal policy practice + some more on deficits/surpluses and debt -AD curve in the AD-AS Model (closing economic gaps) Assignment Read Ch. 15, Lessons 2 & 3