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WELCOME TO UNIT 6: THE GREAT DEPRESSION AND THE NEW DEAL
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IN YOUR NOTEBOOK: WRITE DOWN YOUR BEST INFERENCES ABOUT WHAT THE DEPRESSION WAS, BASED ON YOUR PRIOR KNOWLEDGE AND THESE IMAGES.
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THE GREAT DEPRESSION Date: 1929-1939 Definition: a period of economic depression in the United States and the rest of the world Less production Massive unemployment Poverty and starvation Significance Huge cost to human well-being Transformed the role of the US federal government
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WHAT THIS UNIT LOOKS LIKE 3.5 weeks – now through 3/20 Topics Causes of the Depression Responses to the Depression – the New Deal Assessments Causes quiz, Mon 3/9 or Tu 3/10 New Deal poster + presentation (small groups) IA3, 3/19 and 3/20 (in class)
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AND NOW FOR ECONOMICS 101
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KEY TERMS TO KNOW AND LOVE Supply: the amount of a good or service that sellers are willing to sell Demand: the amount of a good or service that buyers are willing to buy Price: the amount that a buyer pays a seller for a particular good or service
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SIMULATION 1: SUPPLY AND PRICE Buyers: your job is to buy pencils at auction We’re going to vary the amount of pencils in the economy Round 1: one pencil Round 2: three pencils Round 3: twenty pencils What happened to the price as the supply increased?
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SIMULATION 2: DEMAND AND PRICE Buyers: your job is to buy pencils at auction We’re going to vary the number of people who are interested in buying pencils Round 1: anyone caught with a golf pencil earns an automatic Saturday detention Round 2: you have to take a lot of notes this week; they can be in pencil or pen Round 3: you are now required to have a golf pencil every day in history class What happened to the price as the demand increased?
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IN YOUR NOTEBOOK: WHO DETERMINED PRICES IN THESE SIMULATIONS?
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THREE REALLY BASIC RULES OF ECONOMICS Demand is directly proportional to price – the more people want something, the more it will cost. Supply is inversely proportional to price – the more of something is available, the less it will cost. Individuals’ decisions, taken together, affect the economy – supply, demand, and prices are all the result of different individual consumers and producers, coordinated through the market.
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