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Objectives: by the end of this unit, students will… Be able to define each of the following: a. Microeconomics b. Macroeconomics c. Aggregate Supply d. Aggregate Demand. Be able to describe and provide examples of each of the following: a. Capitalism b. Socialism c. Communism d. Fascism e. Marxism Define each of the following: The Invisible Hand b. Classical Economics c. Laissez-faire Economics Summarize the beliefs of Adam Smith regarding government regulation. Summarize the principles that enabled the US to become an economic superpower. Define Gross Domestic Product, recession, depression, and unemployment. Write and use the formula for unemployment. Summarize the tools used by both Hitler and FDR to end the depressions in their countries. Summarize the theories of Keynes in regards to government roles in ending recessions. Compare and contrast the advantages and weaknesses of a strong or a weak dollar. Summarize the role the lack of a Gold Standard played in the Great Depression. Summarize the outcome of the Bretton Woods Conference. Take a stance on whether or not the US should return to the Gold Standard and back this stance with evidence. Define inflation. Summarize how each of the following are used to regulate the economy: a. Fiscal Policy b. Monetary Policy c. Exchange Rate Policy Summarize what role the Fed plays in the US economy.