1. Bell Ringer #8 – 3/17/11 1.Read & Copy the “Economics Notebook” question on page 348. 2.Respond in paragraph form.

2. 3 Types of Taxes 1.Proportional – “flat rate taxes”, takes the same % of income from everyone. 2.Progressive – takes larger % from high-income person than low-income 3.Regressive – Takes larger % from low-income (sales tax)

3. Largest Sources of Tax Revenue 1.Individual income taxes 2.Corporate income taxes 3.Social Security Taxes 4.Property Taxes 5.Sales Taxes

4. History of St. Patrick’s Day Patrick was not a leprechaun who had a pot of gold. He was a missionary who converted 120,000 Druids to Christianity. He started over 300 churches and used a shamrock to teach the Holy Trinity.

5. Patrick was taken as a slave to Ireland by Vikings. He was there from 16 to 22 years old, when he escaped. For the rest of his life, Patrick preached about Jesus, spread Christianity, and spoke out against slavery. Some historians even call him the world’s first abolitionist!

6. Why is he a Saint? The Roman Catholic Church made him a saint in 664 A.D. It wasn’t until 1846, when there was a potato famine in Ireland, and millions of Irish Catholics came to America, that “St. Patrick’s Day” was celebrated. The Irish population in the U.S. went from 2% to 20% in just a decade.

7. Celtic Cross The druids of Ireland worshiped the sun. Patrick used the cross to spread Christianity. The Irish combined the two to create the Celtic Cross.

8. Labor Unions Labor Union - organization of workers that negotiates for better wages, improved working conditions, and job security Plumbers, electricians, teachers, etc. Union membership has greatly declined over past 100 years

9. Collective Bargaining Union leaders are selected to negotiate a new contract with management – this is collective bargaining. Union and management reps meet to discuss goals and offer solutions. A contract settlement is often reached.

10. Types of Negotiation Mediation – negotiators call in a neutral third party, or “mediator”, to listen to the arguments of both sides and to suggest an agreement. Arbitration – calls for the assistance of a negotiator, but uses an “arbitrator” to arrive at a contract. The decision is legally binding.

11. Poverty & the Gini Index Gini Index – This is used as a statistical measure of income inequality between wealth and poverty. The Gini coefficient ranges 0-1 (sometimes X 100 to range 0-100). A low Gini coefficient indicates a more equal distribution, with 0 indicating equality. (Never exists)

12. The U.S. Gini Index In the U.S. the Gini continues to rise – meaning the rich are getting richer and poor are getting poorer or staying poor. The Gini Coefficient for the U.S. has risen steadily since 1967. If the current trend continues, the U.S. will reach a Gini Coefficient of 0.55 by 2043. This coefficient is equal to Mexico’s in 2000. Mexico is not known for having a large prosperous middle class. Unless the U.S. breaks this trend, the American middle class will be a thing of the past - actually within the lifetime of most Americans living today.

13. Here is a list of recent Gini Indexes for a select group of nations Japan- 24.9, U.K.-36.0, Sweden- 25.0, Iran- 43.0, Germany-28.3, USA-46.6, France-32.7, Argentina-52.2, Pakistan- 33.0, Mexico-54.6, Canada-33., South Africa-57.8, Switzerland- 33.1, Namibia- 70.7 Notice that the Gini Index for the United States is closer Mexico's than it is to Canada's.

15. Writing Part of Assignment Due Monday (3/22) 1 piece of notebook paper with 1 paragraph about each company – title paragraphs with company names. Who? What? When? Where? –Explain how and when the company started, who runs it, where offices are located, products/services it provides, and the current economic strength of the company. –IN YOUR OWN WORDS!

16. Homework Read Ch 8, Sections 1,2,3 (pgs 169- 190) Complete Ch 8 Review, “Identifying Ideas” and “Understanding Main Ideas” on page 192 (due Friday)