AP ECONOMICS: October 24 Learning Target #1 In order to understand how equilibrium national output and price level are determined, I will analyze how.

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Presentation transcript:

AP ECONOMICS: October 24 Learning Target #1 In order to understand how equilibrium national output and price level are determined, I will analyze how the economy responds to short-run shocks and adjusts to long-run equilibrium through wage changes. I will know I have it when, on an LRAS-AD-AS graph, I can draw the economy self-correcting from three different situations. Self-correcting Economy (HO) --self-correction situations: recession due to negative D shock; overheating due to positive D shock; recession due to stagflation Learning Target #2 In order to understand how money has evolved over time to meet the needs of people everywhere, I will analyze the different types, characteristics, and functions of money. I will know I have it when I can: (1) differentiate between the use of bartering, commodity money, and fiat money; (2) explain the functions of money; and (3) explain the characteristics of money. Money --What is Money? (using Worksheet 23.3—HO) --Types of Money (read pp. 234-235 closely—note role of fiat money) --work on Module 23 Handouts (23.4; 23.5; Money Summary) (HO) Assignment Read Mod. 26; GC videos; Mod. 23 HOs (work on throughout week) NOTEBOOKS DUE TOMORROW (see arrangement form from Tues.)