1. Date SWBATA 4/27/2016 How are economic decisions made?
Materials Needed
Agenda
Pencil
Warm-up Sheet
Missing Assignments?
Warm-up
Remediation
New Content
Independent Practice
Closure

2. 4/27/2016
Date
List and explain at least two Supreme Court cases that provided additional civil liberties to citizens.
Warm Up ?

3. Unit IV Benchmark
Do your best!

4. Domestic Policy

5. Domestic Policy
Domestic Policy is an integral part of American Government.
Policies help to regulate our lives and influence our decisions as citizens
Affects our economic decisions, our education, our health, and more

6. Economics!!
Economics studies the behavior of individuals, groups, and organizations when they use scarce resources to achieve desired ends.

7. [& learn some economic concepts]
Let’s try an exercise:
[& learn some economic concepts]
Your group is building a new zoo.
You have to decide what animals to have.
Space is limited. You get 25 acres.
Take 10 minutes to make your selections, based on the next slide.

8. Zoo Choices – 25 acres total!
Lion - 2 acres
Turkey - 1/10 acre
Giraffe -1 acre
Seal - 1/2 acre
Camel - 1/2 acre
Cheetah - 1 acre
Cow - 1/3 acre
Monkey - 1/2 acre
Asian Elephant - 1 acre
African Elephant acres
Reptile House - 5 acres
Hammerhead Shark - 1/2 acre
Kangaroo - 1/2 acre
Tiger - 1 acre
Whales - 3 acres
House of Birds - 5 acres
*Numbers are acres required for ONE animal (hint: they don’t like being alone!)
[If you had 2 of each, it would take over 34 acres–so you will have to make choices.]

9. 25 ACRES
Lion - 2 acres; Turkey - 1/10 acre; Giraffe -1 acre; Seal - 1/2 acre; Camel - 1/2 acre;
Cheetah - 1 acre; Cow - 1/3 acre; Monkey - 1/2 acre; Asian Elephant - 1 acre;
African Elephant acres; Reptile House - 5 acres; Hammerhead Shark - ½ acre;
Kangaroo - 1/2 acre; Tiger - 1 acre; Whales - 3 acres; House of Birds - 5 acres.
*Numbers are acres required for ONE animal (hint: they don’t like being alone!)
[If you had 2 of each, it would take over 34 acres – so you will have to make choices.]

10. 25 ACRES Two camels Two seals
To get you started here are some examples of what you might do!
Two monkeys
This would have taken care of 7 of the 25 acres. 18 more to go!
Two
Asian
elephants
Two camels
Remember that 2 of each
helps future zoo stock.
Two seals
Two tigers

11. 3. Why didn't your group put a turkey in your zoo?
Questions
1. Why didn't your group put one of every animal in the zoo? 
Scarcity
2. We had a TINSTAAFL problem.
If we wanted more on one animal we had to give up more
of another animal.
3. Why didn't your group put a turkey in your zoo? 
Benefits vs. costs (turkeys, like cows, are too common)
4. Why didn't your group have a zoo with only monkeys? 
Diminishing[less] marginal[extra] utility[satisfaction]
5. Why did your group choose an Asian elephant and not an African elephant?
Benefits vs. costs (the Asian Elephant takes less land)

12. Questions [continued]
6. What was the last animal to make the cut for your zoo? 
Marginal Analysis
7. What was the animal that just missed the cut for your zoo? 
That animal is the “opportunity cost” [“opportunity lost”]
8. What animal did everyone in your group agree to include ___? 
9. Would everyone in your group have made the same choices if they did the zoo alone? 
Individual benefits vs. social benefits

13. * Write at least 2 sentences for each question.
Discussion Questions
* Write at least 2 sentences for each question.
What is the cost of staying in school?
Why do some students choose to drop out of school?
Why do most students choose to stay in high school and graduate?
What are the future consequences of a decision to drop out of school vs. stay in school?

14. Scarcity Less materials available than are requested by consumers.
Why is that?
What are some possible solutions to scarcity?

15. Economic Principles
Using the worksheet provided, identify scarcity concerns in your life.
Then, solve the Economic Mystery Activity using “The Guide to Economic Thinking”

16. Opportunity Cost What is opportunity cost?
Opportunity Cost is the good or service GIVEN UP in favor of another good or service.
When is there an opportunity cost?
ALWAYS!!!!!!!!!!!!

17. Exit Ticket
Answer the following questions on a separate sheet of paper:
Why can you not always get everything you want when you want it?
In what ways is your opportunity cost similar AND different to those around you?
How does the government make economic decisions that all have opportunity costs?
By what means are scarcity and opportunity cost related?
List at least 3 ways opportunity costs affect your life EVERY day.

18. 5/2/2016 How are different types of economies structured?
Date
5/2/2016
SWBATA
How are different types of economies structured?
Materials Needed
Agenda
Pencil
Warm-up Sheet
Warm-up
Remediation
New Content
Independent Practice
Closure

19. Date
5/2/2016
Warm Up ?
How is scarcity a problem for the United States federal government?

20. Economic Systems
Would you be willing to spend the weekend picking up trash for free?
If you were paid $500, would you be willing to spend the weekend picking up trash?
What is the difference between these scenarios?

21. Economic Systems Read “The Market Economy” notes sheet
Underline main ideas
Circle words you do not know the definition of
Using the reading, complete the “6 Traits of a Market Economy” sheet
Raise your hand to vote for the answers on the “Prices Up, Prices Down” exercise

22. Economic Systems Types of Economic Systems Traditional Market Command
With a partner, complete the “Market Economy” packet
Some parts are a review from last class, so use your notes and the article if necessary
Types of Economic Systems
Traditional
Market
Command
Mixed

23. Economic Systems Project
Choose one Economic System type to create a five-minute presentation to the class on
Include the following:
Definition of type of Economic System
Countries that adhere to that system
How does the institution of the economic system compare to the definition?
Similar, different, etc.
Images and diagrams to bring creativity
CITE your sources!

24. WHAT’S IN GROSS DOMESTIC PRODUCT (GDP)?

25. What is gross domestic product (GDP)?
Currency value (such as U.S. dollar) of all final goods and services produced within a country in a given period
Total income of a nation
Measure of nation’s economic well-being
Measure of a nation’s economic growth from one period to the next

26. Consumption by households
What’s included in GDP?
Consumption by households
Goods: groceries, clothes, iPods
Services: haircuts, oil changes
Consumption (C) is the expenditure by households on consumption goods and services. It includes durables (goods lasting three or more years), nondurables, and services.

27. Investment by businesses and households
What’s included in GDP?
Investment by businesses and households
Fixed assets for production
New homes
Inventories
Investment (I) is the purchase of new capital goods (tools, instruments, machines, buildings, and other constructions) and additions to inventories. In other words, it is spending by firms, including final purchases on machinery, equipment and tools, all construction of new houses, buildings, and apartments, and additions to inventory.

28. Government expenditures by local, state, and federal government
What’s included in GDP?
Government expenditures by local, state, and federal government
Roads and schools
Government purchases of goods and services (G) are purchases of goods and services by all levels of government. It excludes transfer payments (welfare spending and unemployment compensation) because those payments do not represent new products or services; rather, they are transfers of income.

29. What’s included in GDP? Net exports
Value of a country’s exports to other nations, less its imports from other nations
Net exports of goods and services (X-IM or NX) is the value of exports of goods and services minus the value of imports of goods and services. In the United States, it is the value by which American spending on foreign goods and services exceeds foreign spending on American goods and services.

30. What’s included in GDP?
GDP = Consumption + Investment + Government spending + Net exports
GDP is equal to all of the spending by households, businesses, government, and the international sector on final goods. It is also the dollar value of the nation’s goods and services produced in a given period within the nation’s borders.

31. What’s not included in GDP?
Intermediate goods
Used goods
Underground production (black market)
Financial transactions
Household production
Transfer payments
Intermediate goods. Only the final goods and services purchased for final use and not for resale or further processing and manufacturing are included in GDP. Intermediate goods are not counted in GDP. Intermediate goods are goods and services that are used for further processing and manufacturing or resale, for example, the lead that will eventually go in a pencil. This process avoids double-counting and therefore exaggerating GDP. Goods produced but not sold do go into GDP in the form of inventory investment. After that, they are not included in the GDP of the year in which they are sold.
Second-hand sales/used goods. Expenditure on used goods is not part of GDP because these goods were part of GDP in the period in which they were produced and during which time they were new goods. Buying a house that is not new is not part of GDP. Also, bartered goods are not included in GDP.
The black market/underground production. Illegal drugs, illegal goods, and illegal services in the underground economy are not part of GDP. The hidden part of the economy in which people trade in illegal goods and services and try to avoid taxes and regulations cannot be correctly ascertained.
Financial transactions. When households buy financial assets such as bonds and stocks, they are making loans, not buying goods and services. Nothing new has been produced.
Transfer payments. Transfer payments are payments from the government, including education grants, Social Security payments, welfare checks, and unemployment checks. They do alter household income, but they do not reflect the economy’s production.

32. What are the components of GDP?
Personal Consumption Expenditures
(C)
Investment
(I)
Government
(G)
Net Exports
(NX)
Fixed Investment
Inventories
Exports
Imports
Nonresidential
Residential
Expenditures on final goods and services are divided into four types: consumption, investment, government purchases, and net exports (exports – imports) of goods and services.
GDP = C + I + G + NX

33. How much of GDP is each component?
Average Percent of GDP since 2003
Component % of GDP
Government %
Investment %
Consumption (PCE) %
The chart shows the average percent since 2003 of GDP for each component of GDP. Consumption is the highest proportion of GDP, at 70%. Government spending accounts for 19% of GDP on average, and investment, 16%. Net exports have averaged -5%. Since imports have exceeded exports, net exports has been a drag on GDP. Changes to components of real GDP will change the overall level of real GDP.
Calculated using data from the Bureau of Economic Analysis (BEA):
Net Exports %
GDP %
Source: Bureau of Economic Analysis

34. What is a good rate of growth?
For a developed economy like the United States, a desirable rate of growth is approximately 3 % to 3.5%. The U.S. economy has grown at about a 3% average rate since 1980.

35. Real and nominal GDP
When GDP is computed in the current year’s prices, rising prices (inflation) can make it difficult to determine if a change in GDP from one year to the next is due to the country’s production of more goods and services or to increases in the price level.
Nominal GDP: GDP that is not adjusted for inflation. The value of goods and services in current prices.
Real GDP: The dollar price of GDP in a base year’s price, used to compare changes in GDP from one year to the next. An increase in real GDP is an increase in economic growth.
Nominal GDP measures the total spending on goods and services in all markets in the economy. If total spending rises from one year to the next, one of two things must be true: The economy is producing a larger output of goods and services, and/or goods and services are being sold at higher prices.
To obtain a measure of the amount produced that is not affected by changes in prices, we use real GDP, the production of goods and services valued at constant prices. We calculate real GDP by choosing one year as a base year to express the prices in. Real GDP uses constant base-year prices to place a value on the economy’s production of goods and services.

36. What GDP does not tell us
Does not measure income distribution
Does not measure non-monetary output or transactions (e.g., barter, household activities)
Does not take into account desirable externalities, such as leisure or environment
Does not measure social well-being
Correlates to standard of living but is not a measure of standard of living

37. GDP Handout Exercises Complete Activities 1, 2, and 4 in class
Activity 3 is for extra credit

38. Date
5/4/2016
SWBATA
How do Unemployment, Inflation, and CPI affect United States Fiscal Policy?
Materials Needed
Agenda
Pencil
Warm-up Sheet
Warm-up
Remediation
New Content
Independent Practice
Closure

39. 5/4/2016 What is the formula for Gross Domestic Product? Date
Warm Up ?
What is the formula for Gross Domestic Product?

40. Unemployment Define the following vocabulary words in your notes:
Employed:
Unemployed:
Total labor force:
Not in the labor force:
Frictional unemployment:
Structural unemployment:
Cyclical unemployment:

41. Unemployment in Media
As you listen to each song, what are the lyrics asserting about unemployment?
– Worried Man
– Johnny 99
What type of unemployment is evidenced in each song?

42. Unemployment Extension
On a separate sheet of paper, answer each bulleted question in AT LEAST 5 sentences.
Define and give examples of ALL three types of unemployment (frictional, cyclical, and structural).
Using “Johnny 99” and “I’m A Worried Man,” discuss the various consequences of unemployment, citing specific aspects of the songs examined to support their answer.
List other media examples (songs, television shows, movies, etc.) of unemployment and list the effects on the person and those around them.

43. CPI and Inflation
How often does the value of $1.00 change in the United States? What determines how much it changes?
What other economic principles effect the US economy? Why is the dollar a floating currency?
Consumer Price Index (CPI) is used to compare money between different time periods.
The change of money’s value is called inflation.

44. Then and Now Exercise
Using your CPI Chart and the formula provided, complete the “Then and Now” Exercise for Babe Ruth and other famous individuals
Amount in Constant Dollars (Recent Year) = Salary in Current Dollars (Old Year)*(CPI in Recent Year/CPI in Old Year)

45. Fiscal Policy
Take notes throughout the video and be prepared to answer the questions!
Fiscal Policy is the use of government revenue collection (mainly taxes) and expenditure (spending) to influence the economy.

46. Date
5/9/2016
SWBATA
How does the government address land use and environmental issues?
Materials Needed
Agenda
Pencil
Warm-up Sheet
Warm-up
Remediation
New Content
Independent Practice
Closure

47. Date
5/9/2016
Warm Up ?
How would you design and carry out United States Fiscal Policy?

48. Budget and Finance What is a budget?
Why are budgets important to financial success?
Complete the Sample Budget Activity using a working income of $350 monthly

49. Budget and Finance What did you learn from the Budget Activity?
Positives?
Negatives?
Why does the United States government have a budget?
How the US government’s budget is handled is called Monetary Policy

50. SMART Growth
Smart growth is an urban planning and transportation theory that concentrates growth in compact walkable urban centers to avoid sprawl.
Economic factors of tradeoffs, scarcity, and opportunity cost all factor into SMART Growth
As we walk-through the website, take notes on the mission of Smart Growth and its various aspects.

51. SMART Growth Project
Choose a social, economic, political, or health issue that you want to investigate
Research your chosen issue and create a PowerPoint presentation including:
How it relates to SMART Growth
Why is this a prevalent issue in 2015 America?
What is your solution to this issue?
How is your solution accurate?
How is your solution viewed as inaccurate by adversaries?
Images and creativity
Citations
Be prepared to share your project with the class!

52. Exit Ticket
How does SMART Growth connect to economics and fiscal policy?
In your response of at least five sentences, be sure to note how the topics interact as well as instances where there is much disparity.
How does use of a budget make you a more informed American citizen?

53. Date
5/9/2016
SWBATA
How does the government take care of its citizens economically?
Materials Needed
Agenda
Pencil
Warm-up Sheet
Warm-up
Remediation
New Content
Independent Practice
Closure

54. 5/9/2016 List at least three benefits of using a budget. Date
Warm Up ?
List at least three benefits of using a budget.

55. What is a DBQ?
A DBQ is an essay that measures your ability to analyze and interpret documents
There is no wrong answer!
All the information you need is given to you!

56. Steps to doing a DBQ Step 1: Understand the question
Take the time to read the directions!
Make sure you understand what you are being asked
Sometimes, you will be asked multiple questions
Begin to think about an answer, but don’t write anything yet

57. Steps to doing a DBQ Step 2: Read through the documents
Get a general idea of what they are telling you
Pay attention to provided information
Author, date

58. Steps to doing a DBQ Step 3: Group the documents
There is no right or wrong way
“The documents are like play dough, mold them to be what you need, but don’t eat them.”
Should be grouped to help answer the question
Demonstration
Bucketing

59. Steps to doing a DBQ Step 4: Write your thesis Make sure to:
Notice this is the first time we write anything
Make sure to:
Answer the question
Mention name of three groups

60. Steps to doing a DBQ Step 5: Outline Essay Intro:
Background Info (usually given to you)
Thesis
Answers questions
Lists groups
Supporting paragraphs:
At least 3 (one for each group)
Starts with topic sentence (names group)
Details from documents and class
Remember to cite documents (Doc. 6)
Conclusion:
Restate argument
Impact

61. Benchmark V Your next exam will be on Monday!
All assignments for Unit 5 are due on the day of the exam (they will not be accepted after).
Use the provided study guide to help you!
If you have any questions…
Refer to your notes
Visit
Mr. Barr at