Objective: Examine the laws of Supply and Demand and the graphs that reflect these concepts. 1. Warm up—What is the law of demand? 2. Complete yesterday’s assignment: Draw all the graphs (supply and demand) on a separate sheet of paper; summarize and label the graphs in your own words.

1. Warm up—What is a command economy? 2. Answer questions 1-11 on page

1. Warm up—Who was Samuel Adams? 2. Complete yesterday’s assignment 3. Answer 2-4 on page 63)

Objective: Examine the laws of Supply and Demand and the graphs that reflect these concepts. 1. Warm up—Mr. Peabody owns a toy store. The store is filled with the finest toys in the world. Every child wants these toys but nobody ever buys them. What are some possible explanations? 2. Supply and demand 3. Graphing supply and demand Homework: Why Starbucks Prices went up when coffee beans got cheaper. Read the article. Fill out the say, mean, matter form.Why Starbucks Prices went up when coffee beans got cheaper.say, mean, matter form.

Demand: how much of a good (Q) consumers will buy at a particular price (P) and how the quantity changes when the price changes. What does the law of demand tell us? Buyers buy more of a good when the price of that good is lower. WHY?

A demand schedule is a range of prices and corresponding quantities buyers will purchase a particular good in the market. For example here is a demand schedule for t- shirts: pricequantity $255 $2010 $1515 $1020 $525

Supply: how much a good (Q) producers or sellers will bring to the market at a particular price (P) and how the quantity changes when the price changes. What does the law of supply tell us? Sellers will bring more of a good to market when the price for that good is higher. WHY?

A supply schedule is a range of prices and corresponding quantities producers/sellers will bring a particular good to the market. For example here is a supply schedule for t- shirts: PriceQuantity $55 $1010 $1515 $2020 $2525

Objective: Examine different types of economic systems and how they respond to the three basic questions all economies must answer. 1. Warm up—What is private property? 2. Copy the homework on a separate sheet of paper 3. Economies and values (reading pages 26-27) 4. Three types of economies 5. How they answer the three basic questions 6. I am a pencil (video, notes) HOMEWORK: Why Starbucks Prices went up when coffee beans got cheaper. Read the article. Fill out the say, mean, matter form.Why Starbucks Prices went up when coffee beans got cheaper.say, mean, matter form.

Market economy Command economy Mixed economy

What are we going to produce? How are we going to produce it? For whom are we going to produce it? Market Economy Command Economy Mixed Economy

List an advantage and a disadvantage for each:  Market economy advantage: disadvantage:  Command economy (centrally planned) advantage: disadvantage:  Mixed economy advantage: disadvantage:

Objective: Examine the characteristics of colonial 1. Warm up—What was the stamp act? 2. Review section 1 outline 3. Confederation and the Constitution (reading, discussion, questions) 4. Key conflicts in the Constitutional Convention (notes and discussion) 5. Review questions from section 1 and 2 Homework: Chapter 2 summary and questions

Objective: Examine the laws of Supply and Demand and the graphs that reflect these concepts. 1. Warm up—Why did Starbucks prices go up even though coffee beans got cheaper? 2. Supply and demand continued 3. Graphing supply and demand Homework: p.62 (3,6-9,14)p.62 (3,6-9,14)

 Changes in demand are caused by change in preference ◦ Income effect  Normal goods  Inferior goods ◦ Substitution effect ◦ Role of complements  Changes in supply are caused by change in the factors of production ◦ Changes in the costs of resources ◦ Taxes

 Sports Chalet raises the price on tennis rackets. What impact will this have on tennis ball sales?  Burger King has a special half off chicken sandwiches. What impact will this have on burger sales? What impact will this have on the sale of French fries?  Hurricane Katrina wipes out southern Louisiana. What impact does this have on the shrimp market?  Workers at the Spam factory end their strike. What impact will this have on the Spam market?

Objective: Examine different types of economic systems and how they respond to the three basic questions all economies must answer. 1. Warm up—Why did Starbucks prices go up even though coffee beans got cheaper? 2. What did the economist in the video mean when he said “no can make a pencil?” 3. Adam Smith (reading, notes, discussion) second adventures in economics (video) 5. Three types of economies (reviewed) 6. How they answer the three basic questions 7. Advantages and disadvantages of each type of economy.

 The wealth of the nation is the wealth of the entire nation despite who own it.  Competition and self-interest will drive resources to their most productive use.  Government should stay out basic economic decision-making.  Specialization increases productivity. 60 second adventures in economics: the invisible hand

Objective: Examine the transition from the Articles of Confederation to the Constitution in the years of the American republic 1. Warm up—Why were the Articles of Confederation considered inadequate? 2. Confederation and the Constitution (question review) 3. We the people (video, notes) 4. Key conflicts in the Constitutional Convention (notes and discussion) 5. Chapter 2 summary and questions

Objective: Examine the laws of Supply and Demand and the graphs that reflect these concepts. 1. Warm up—Explain the difference between the demand for a good and the quantity demanded for that same good? 2. Youth and Government 3. Graphing supply and demand 4. Supply and demand exercise 5. Economics USA: Markets and prices (video, worksheet) Current Homework: p.62 (3,6-9,14)p.62 (3,6-9,14) UNIT 1 EXAM—Friday, September 11

Objective: Examine different types of economic systems and how they respond to the three basic questions all economies must answer. 1. Warm up—It has been said that no one person can make a pencil. What does this mean? 2. Define the key terms on p Public goods (reading p62-66) 4. Economics USA: Markets and prices (video, worksheet)

Objective: Examine the transition from the Articles of Confederation to the Constitution in the years of the American republic 1. Warm up—Explain the three features of the Constitution. 2. Youth and Government 3. Chapter 2 summary and questions 4. Outlining the Constitution

Objective: Examine the laws of Supply and Demand and the graphs that reflect these concepts. 1. Warm up—Explain the difference between the supply of a good and the quantity supplied for that same good? 2. Supply and Dance, Man! 3. Supply and demand exercise 4. Economics USA: Markets and prices (video, worksheet) 5. Review Homework: p.62 (3,6-9,14) UNIT 1 EXAM—Friday, September 11

Objective: Examine the role public goods play in the economy. 1. Warm up—What is a public good? 2. Five public goods 3. Public goods (p66 1-3,5,6) 4. Externalities (defined with examples) QUIZ FRIDAY on Types of economies, Adam Smith, and Public goods.

Objective: Examine the key features of the Constitution. 1. Warm up—What is popular sovereignty? 2. Chapter 2 summary and questions 3. Review our outline of the Constitution 4. Chapter 2 main ideas QUIZ FRIDAY on Chapter 2 summary and the Constitution

Objective: Examine the laws of Supply and Demand and the graphs that reflect these concepts. 1. Warm up—When do we know the price of a good is too high? 2. Economics USA: Markets and prices (video, worksheet) 3. A couple questions 4. Supply and demand exercise (reviewed) 5. Review Homework: p.62 (3,6-9,14) UNIT 1 EXAM—Friday, September 11

Objective: Examine the role public goods play in the economy. 1. Warm up—What is an externality? 2. Externalities (defined with examples) 3. Safety net (reading p67-68, video, etc.) 4. Page (1-7, 9, 12) 5. Public goods (p66 1-3,5,6) HOMEWORK: Read pages , Answer the Reviewing the Facts questions 5,8, & 9 on p186. QUIZ FRIDAY on Types of economies, Adam Smith, and Public goods, externalities.

Objective: Examine the key features of the Constitution. 1. Warm up—Why did some of the Framers accept slavery as a fact of life in the new republic even though they opposed it? 2. Constitutional principles with examples 3. Review our outline of the Constitution 4. Chapter 2 main ideas reviewed QUIZ FRIDAY on Chapter 2 summary and the Constitution

1. Popular sovereignty: the people are the source of governmental authority. 2. Limited government: government is not all powerful and should be limited. 3. Separation of powers: the types of powers are divided so that no one has too much power. 4. Checks and balances: each branch needs the cooperation or agreement of another in order to carry out certain duties. 5. Federalism: division of authority between the states and the national government.

Find examples of the these principles in the Constitution: 1. Popular sovereignty: 2. Limited government: 3. Separation of powers: 4. Checks and balances: 5. Federalism:

Welcome parents to Back to school night September 10, 2015 Steven Clotzman Room G-11 AP Macroeconomics—Periods 2, 3 and 6 Economics—Period 4 Honors U.S. History—Period 5

Objective: Examine the laws of Supply and Demand and the graphs that reflect these concepts. 1. Warm up—What causes a shift in demand? 2. UNIT 1 EXAM—Friday, September Turn in packet I after everyone is done with the test. 1.Packet includes all warm ups, all homework exercises from book, all worksheets, and all other classwork. Read Unit II Topic A for Tuesday

Objective: Examine the role public goods play in the economy. 1. Warm up—What is the safety net? Why is it necessary? 2. Collect HOMEWORK: Read pages , Answer the Reviewing the Facts questions 5,8, & 9 on p Safety net (quick review video) 4. QUIZ Is Wal-mart good for the economy 6. Collect packet

Objective: Examine the key features of the Constitution. 1. Warm up—Who was Alexander Hamilton? 2. Quiz 2 3. Packet includes: warm ups, chapter 2 summary questions, outline of section 1, other notes, etc. 4. History (video, notes)

Objective: UNIT II. MACROECONOMIC ISSUES AND MEASURING ECONOMIC PERFORMANCE 1. Warm up—Explain the difference between a good and a service. Give an example of each. 2. Topic A: Measuring Domestic Output and National Income Gross Domestic Product 3. GDP exercise HOMEWORK: Ch 6. P122- (2,3,4,11,12,13)

 Total $ value of final goods and services produced in a nation for one year  C+I+G+(X-M)=GDP  Expenditures (purchases) of Households, Business firms, and Government  Consumption (household purchases of goods (durable and nondurable) and services)  Investment (business purchases of capital goods, new construction, and changes in inventory)  Government (purchases—not all spending)  Trade balance (Net exports: Exports minus imports)

 100 cars  86 to individuals  5 to Saudi Arabia  4 to florist  2 to City of LA

Objective: Examine the laws of Supply and Demand and the graphs that reflect these concepts. 1. Warm up—What factors determine why a consumer buys a product? 2. Chapter 4 handout: Demand 3. Is Wal-mart good for the economy? (video, notes, questions)

1. Define all the bold terms in the reading 2. Answer questions 1 and 2 on each page of the reading. (write the questions) 3. Answer 1-10 on the chapter test. (Do not write the questions of these)

1. What are the economic benefits of shopping at a store like Wal-Mart? 2. How does the existence of a “big box” chain store like Wal-Mart hurt our economy? 3. Explain what it means as a worker to be a member of a labor union. 4. What are the effects of Wal-Mart not allowing it workers to unite and form a union? 5. Do you or your family shop at Wal-Mart? Why or why not?

PQ $525 $1017 $1510 $203 PQ $55 $1010 $1515 $2020

1. At what price will 15 ollygoggles be demanded? 2. At what price will 12 ollygoggles be supplied? 3. What happens in the market at a price of $5? 4. What happens in the market at a price of $15? 5. What is the quantity demanded of ollygoggles at $12.50? 6. What is the equilibrium price of ollygoggles?

Objective: Ch. 3—Growth of a young nation 1. Warm up—What is Judicial review? 2. Acting up and acting out.

In groups, define the basic idea of the chapter section. Then select an important event from the section, create a dialogue about the event, and act it out for the class. 1 and 2The Jeffersonian Era - pg and 4The Age of Jackson - pg and 6Manifest Destiny - pg and 8The Market Revolution - pg and 10Reforming American Society - pg. 144

Objective: UNIT II. MACROECONOMIC ISSUES AND MEASURING ECONOMIC PERFORMANCE 1. Warm up—What does GDP measure? 2. Topic A: Measuring Domestic Output— review 3. Real GDP and GDP per capita 4. GDP exercise review 5. Homework review (p122 2,3,4,11,12,13)

 Total $ value of final goods and services produced in a nation for one year  C+I+G+(X-M)=GDP  Expenditures (purchases) of Households, Business firms, and Government  Consumption (household purchases of goods (durable and nondurable) and services)  Investment (business purchases of capital goods, new construction, and changes in inventory)  Government (purchases—not all spending)  Trade balance (Net exports: Exports minus imports)

 Total $ value of final goods and services produced in a nation for one year  We use $ value (market value) is order to compare different types of goods and services. This allows us to measure unlike items such as a legal fee with a turkey sandwich.  Likewise, we need a way to compare the GDP over time for different years.

 Nominal GDP: ◦ Total $ value of final goods and services produced in a nation for one year in today’s dollars.  Real GDP: ◦ Total $ value of final goods and services produced in a nation for one year adjusted for changes in price (inflation) ◦ Real GDP allows us to compare output for different years and measure real growth. ◦ For example....

For example, imagine Fredonia only produces wheat.  In 1914 Fredonia produced 1 million bushels of wheat at $1 a bushel for a nominal GDP of $1,000,000  In 2014 Fredonia produced 1 million bushels of wheat at $10 a bushel for a nominal GDP of $10,000,000.  On the surface, it looks as if Fredonia’s GDP has grown by 10 times in a century’s times. But actually they’ve produced the same amount of wheat (1 million bushels)  Real GDP allows us to compare these years by making adjusts for changes in prices.  But wait...

But wait...  When we look at the inflation rate from 1914 to 2014 we see $1 is actually worth $23.67 in today’s dollars.  Without changes in the cost of production, 1 million bushels of wheat at $23.67 a bushel would result increase in GDP of $23,670,000.  But our output in 2014 was only $10,000,000. What happened? ◦ Technology made wheat production more efficient and thus cheaper. ◦ The economy of Fredonia has actually declined significantly. (It only 42% of what it was) ◦ Remember, we usually use a base year between the years we are comparing. This is just an illustration.

 Another important factor is how many people are involved in a nation’s economy. We do this by dividing the GDP by the population  For example, ◦ In 1914, Fredonia’s population was 100,000.  Nominal GDP per capital of $10 = 1,000, ,000 ◦ In 2014, Fredonia’s population was also 100,000.  Nominal GDP per capita of $100 = 10,000, ,000 ◦ On the surface, it looks like Fredonia’s GDP per capita has increased significantly. 10 times, in fact! But wait...  Consider there was not change in Fredonia’s population but there was a reduction of Real output.  Consider also that $1 in 2014 is equal to $.042 in 1914  Looked at this way, we can see Fredonia’s per capita GDP per capita in 1914 would be $2,381 in today’s dollars, significantly less than $100. ◦ The point is... We have to consider many factor in order to measure economic changes in time.

Objective: Examine the laws of Supply and Demand and the graphs that reflect these concepts. 1. Warm up—What does the law of demand tell us about consumer behavior? 2. Wal-mart questions 3. Is Wal-mart good for the economy? (video, notes, questions) 4. Chapter 4 handout: a) Review bold terms; b) Review questions 1 and 2 on each page of the reading; c) Chapter test 1-10.

1. What are the economic benefits of shopping at a store like Wal-Mart? 2. How does the existence of a “big box” chain store like Wal-Mart hurt our economy? 3. Explain what it means as a worker to be a member of a labor union. 4. What are the effects of Wal-Mart not allowing it workers to unite and form a union? 5. Do you or your family shop at Wal-Mart? Why or why not?

Objective: Ch. 3—Growth of a young nation; Student 1. Warm up—What is the Louisiana Purchase? 2. Acting up and acting out. Complete your dialogue/scene. We will share the group projects tomorrow

Objective: UNIT II. MACROECONOMIC ISSUES AND MEASURING ECONOMIC PERFORMANCE 1. Warm up—Explain the difference between Nominal GDP and Real GDP. 2. Topic B: Economic growth and the business cycle 3. GDP exercise/quick review 4. How to calculate Real GDP reviewed 5. Homework review (p122 2,3,4,11,12,13) 6. Economics USA Read: Topics B and C in Chapter 7

Objective: Examine the laws of Supply and Demand and the graphs that reflect these concepts. 1. Warm up—What usually happens in a market when the price of good drops? 2. Graphing supply and demand 3. Is Wal-mart good for the economy? (video, notes, questions)

demand PQ $525 $1017 $1510 $203 supply PQ $55 $1010 $1515 $2020

1. At what price will 15 ollygoggles be demanded? 2. At what price will 12 ollygoggles be supplied? 3. What happens in the market at a price of $5? 4. What happens in the market at a price of $15? 5. What is the quantity demanded of ollygoggles at $12.50? 6. What is the equilibrium price of ollygoggles?

Objective: Ch. 3—Growth of a young nation; Student 1. Warm up—What is the significance of the Supreme Court’s decision in Marbury v Madison? 2. Marbury v Madison (video review) 3. Acting up and acting out. Group presentations Answer 1-5 on the chapter 3 summary

Objective: UNIT II. MACROECONOMIC ISSUES AND MEASURING ECONOMIC PERFORMANCE 1. Warm up—Draw the business cycle. Explain your diagram. 2. Economics USA: Boom and bust 3. How to calculate Real GDP reviewed 4. Homework review (p122 2,3,4,11,12,13) 5. Topic C Homework: Page 144 (2, 4, 6, 9-12, 14)

price of market basket Price index in specific year. x 100 In a given year = price of market basket in base year Price index = nominal GDP (in hundredths) Real GDP Real GDP = nominal GDP price index

Objective: Examine the laws of Supply and Demand and the graphs that reflect these concepts. 1. Warm up—Explain one criticism of Wal-Mart mentioned in the video? 2. The supply and demand of ollygoggles: use your graph to answer the questions 3. Economics USA—Markets: Do they meet our needs? (video, handout) 4. Supply (reading, key terms, questions, and test) 5. Review Wal-mart questions

1. At what price will 15 ollygoggles be demanded? 2. At what price will 12 ollygoggles be supplied? 3. What happens in the market at a price of $5? 4. What happens in the market at a price of $15? 5. What is the quantity demanded of ollygoggles at $12.50? 6. What is the equilibrium price of ollygoggles?

Objective: Ch. 3—Growth of a young nation; Student 1. Warm up—Who was John Marshall? 2. Review Ch.3 summary questions (1-5) 3. Complete Group presentations 4. Chapter review on a separate sheet of paper (p152 Terms and Names 1-10; Main Ideas 1,3,5,7,9. Finish for homework.

Objective: UNIT II. MACROECONOMIC ISSUES AND MEASURING ECONOMIC PERFORMANCE 1. Warm up—What’s worse, unemployment or inflation? Provide a few economic arguments for each. 2. GDP Smackdown! (short video, notes) 3. Topic C—Unemployment (notes, discussion) Types of unemployment; Natural rate of unemployment; Graphs: GDP and unemployment (p132) 4. Topic D—Inflation: Price indices; Nominal and real values; Costs of inflation. Graphs: Inflation in five nations (p135), U.S. Annual inflation rates (p136) 5. Review Homework: Page 144 (2, 4, 6, 9-12, 14)

Objective: Examine the laws of Supply and Demand and the graphs that reflect these concepts. 1. Warm up—What’s the ultimate goal of all producers? 2. Supply (reading, key terms, questions, and test) 3. Supply and Dance, Man! (short video notes) 4. Reviewing: The supply and demand of Ollygoggles: use your graph to answer the questions 5. Review Wal-mart questions

Objective: Students will examine the causes of the Civil War (Chapter 4) 1. Warm up—Who was Frederick Douglas? 2. Collect Homework (p152 Terms and Names 1-10; Main Ideas 1,3,5,7,9) The Divisive Politics of Slavery - pg (reading, skill-building, discussion) 5. Abraham Lincoln (video, notes)

Objective: UNIT II. MACROECONOMIC ISSUES AND MEASURING ECONOMIC PERFORMANCE 1. Warm up—New Landia has a population of 3 million people. 1.2 million are employed and 300,000 are unemployed. What is the current unemployment rate in New Landia? 2. Topic C—Unemployment reviewed/GDP and unemployment (p132) How do economist define “full employment? 3. Topic D—Inflation: Price indices; Nominal and real values; Costs of inflation. Graphs: Inflation in five nations (p135), U.S. Annual inflation rates (p136) 4. Page 144 (2, 4, 6, 9-12, 14)

Objective: Examine the laws of Supply and Demand and the graphs that reflect these concepts. 1. Warm up—Doodle dandies are essential in the production of Ollygoogles. What happens to the supply of Ollygoggles is the price of doodle dandies goes down? 2. Reviewing: The supply and demand of Ollygoggles: use your graph to answer the questions 3. Supply (reading, key terms, questions, and test)

Objective: Students will examine the causes of the Civil War (Chapter 4) 1. Warm up—What was the Missouri compromise? 2. The Divisive Politics of Slavery (review worksheet) 3. Complete worksheet 4. Abraham Lincoln (video, notes)

Objective: UNIT II. MACROECONOMIC ISSUES AND MEASURING ECONOMIC PERFORMANCE 1. Warm up—According to the text, who is hurt by inflation? 2. GDP practice: where would you put these? 3. Unit 2 review questions 4. Topic E Read: Unit 2 Topic E UNIT 2 Exam—Friday, October 2

1. A farmer’s new tractor 2. A household washing machine 3. Government construction of a new freeway 4. Social security checks for the month of December 5. Bananas American-made ollygoggles to Russia 7. A private company’s construction of a new post office building 8. My HBO subscription

1. What is Gross Domestic Product? 2. Explain the components of GDP. 3. Explain the difference between GDP and GNP. 4. Why must we consider both trade balance (x-m) and total trade (x+m) when examining GDP? 5. A small nation has a nominal GDP of 3.5 million in 2015 and a Real GDP of 3.85 million. What is the price index? 6. The same nation has a labor force of 400K. 350K are employed. What is the unemployment rate? 7. In 2002, the CPI was 155.3, up from 150 in What is the rate of inflation for 2002?

Objective: Examine the laws of Supply and Demand and the graphs that reflect these concepts. 1. Warm up—What role do prices play in the supply of a good? 2. Matching supply with demand: Graphing 3. Matching supply with demand: Chapter 6 key terms 4. Chapter 6 reading and questions

 Demand  Quantity demanded  Changes in demand  Supply  Quantity supplied  Changes in supply  Equilibrium  Surplus  Shortage  Causes of the changes in demand  Causes of the changes in supply

Objective: Students will examine the causes of the Civil War (Chapter 4) 1. Warm up—List two key issues in the fight over slavery before the civil war. 2. The Civil War in four minutes (video, discussion) The Civil War in four minutes (video, discussion) 3. Chapter 4 summarized (reading, outline notes, discussion) Open book test on Chapter 4 tomorrow. Make sure you have your book. There will be no sharing.

 Politics of Reconstruction  Reconstructing Society  Collapse of Reconstruction

Objective: UNIT II. MACROECONOMIC ISSUES AND MEASURING ECONOMIC PERFORMANCE 1. Warm up—Explain this statement: All spending is income. 2. The multiplier effect (notes and exercise) 3. Economics USA: John Maynard Keynes Read: Unit 2 Topic E UNIT 2 Exam—Friday, October 2

1 MULTIPLIER= MPC

1. Explain the effect of $25 billion in additional government spending with an MPC of 80%. 2. Explain the effect of $50 billion reduction in government spending with an MPC of 75%. 3. Explain the effect of $275 billion additional spending in the economy with a MPC of 60% 4. Explain the effect of rising unemployment that accounts for a $125 billion reduction in household incomes with a MPC of 66%. 5. Explain the effect of $75 billion in additional unemployment benefits with a MPC of 90%.

Objective: Examine the laws of Supply and Demand and the graphs that reflect these concepts. 1. Warm up—Draw the graph that shows what happens when the price of a good is too high. 2. Quiz has been cancelled (We’ll have a big exam next week instead) 3. Supply and demand curves exercise (work in pairs) 4. Economics USA

Objective: Students will examine the causes of the Civil War (Chapter 4) 1. Warm up—What was Reconstruction? 2. Open book test on Chapter 4. You cannot share a book! 3. Civil War (video, notes)