AP ECONOMICS: March 21 Warm-up

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AP ECONOMICS: March 21 Warm-up Draw two LRAS-AD-AS graphs depicting: (1) The economy self-correcting from an inflationary gap; and (2) The economy self-correcting from a recessionary gap due to stagflation. A.P. 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 the structures and responsibilities of the Fed. I will know I have it when I can explain: (1) how it is largely independent from politics; (2) why it is a decentralized central bank; (3) the role of the Board of Governors; (4) the role of the FOMC; and (5) how it interacts with banks and in the payments system. --Federal Reserve System (video guide—HO) The Federal Reserve and You (26:02) -Intro; Structure of the Fed; Payments System; Supervision and Regulation; Monetary Policy; Fed’s Role Today Fed Chair Jerome Powell (1:40) Assignment --study for self-correction quiz (QUIZ IS TOMORROW) --GC Assignment #20 (Module 28)