1. ECONOMICS: November 7
Warm-up: Why is the property tax regressive? (see pie chart HO from yesterday) Do tenants of rentals have to pay property taxes?
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 demand-side fiscal policy. I will know I have it when I can: (1) list the fiscal policy tools; (2) explain changes in fiscal policy on unemployment, inflation, real GDP, the budget, and the national debt; and (3) draw AD-AS graphs illustrating how fiscal policy can close recessionary and inflationary gaps.
-John Maynard Keynes biography (class set) and video clip (5:15) -fiscal policy players: Congress and President working together Chapter 15, Lesson 1: Demand Side Fiscal Policy (HO) -fiscal policy tools (taxation and government spending)
-fiscal policy practice + some more on deficits/surpluses and debt -discretionary vs. automatic fiscal policy (Act. 5-2—HO)
GQ: How is aggregate demand (AD) related to individual D? AD curve in the AD-AS Model (closing economic gaps) Closure: Why are entitlements “safe” from G action?
Assignment:
--read Ch. 15, Lessons 2 & 3