Transcript Day 3 - Mr

What will we learn today?
Anyone have extra
credit packets
completed? Now or
never.
12.4.1 Labor unions, procedures, benefits for their members, effects of unionizations,
the minimum wages, and unemployment insurance.
12.4.4 Explain the effects of international mobility of capital and labor on the U.S.
economy.
12.5.2 Significance of unemployment rate, new jobs created monthly, inflation and
deflation, and rate of economic growth.
Unit: Hectic January
Day 1
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Super Notes Quiz #2
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1. What do taxes collected
under the Federal Insurance
Contribution Act (FICA) fund?
a. Social Security and Medicaid
b. Social Security and Medicare
c. Medicare and Medicaid
d. Medicaid and Supplemental
Security Income
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2. What is an entitlement?
a. a social welfare program providing benefits to
people who meet certain eligibility
requirements
b. a social welfare program paying bills for
government spending such as supplies and
utilities
c. a social welfare program spending funds over
which legislators have direct control
d. a social welfare program providing payments
that the government receives for certain
services
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3. What is the major source of
tax revenue for local
governments?
a.
b.
c.
d.
inheritance taxes
property taxes
income taxes
sales taxes
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4. The “market basket” that is used by
the Bureau of Labor Statistics to
calculate prices is made up of which of
the following?
a. food items only
b. nonfood items only
c. typical goods and services for an urban
household
d. food and necessary services for any family
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5. Economists look to which of
the following explanations for
inflation?
a. too much money in the economy
b. demand for goods exceeds supply, as in
wartime
c. producers raise prices in order to meet
increased costs
d. all of the above
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6. What is workfare?
a. welfare that is limited to preschool-age
children
b. a state-by-state grant program of aid to the
elderly
c. a program that requires work in exchange
for assistance
d. an early poverty program from the 1950s
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7. Which of the following families
is statistically the most likely to live
below the poverty threshold?
a. a two-parent family of Hispanic origin
living in the inner city
b. a black family headed by a single mother
living in the inner city
c. a black family headed by a single mother
living in the suburbs
d. a two-parent white family living in a rural
area
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8. Your department store
receipt says that you paid a 5%
sales tax on sports equipment.
This sales tax is an example of a
a. proportional tax.
b. regressive tax.
c. progressive tax.
d. income tax.
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Super Notes #3
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Fiscal Policy
 Fiscal policy is the use
of government
spending and revenue
collection to influence
the economy.
 One such example is
the $700 billion
Stimulus Package that
was passed by Obama
in 2009.
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Affecting the Economy
 Expansionary policies are
policies that encourage growth
or expansion. They often
involve more government
spending (like stimulus) and tax
cuts. Good for recessions.
 Contractionary policies are
policies that encourage slowing
down growth. They involve
lowering government spending
and raising taxes.
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The Federal Reserve
 The Federal Reserve, or Fed,
is the nation’s central bank that
lends money to banks when
they need it.
 The Fed’s monetary policy
refers to the actions that they
take to influence the GDP and
rate of inflation in the
economy.
 The Fed alters their monetary
policy to lessen the effects of
the business cycle.
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What does the Fed do?
 Serves the US government
as its bank
 Serves US banks
 Clears and verifies checks
 Supervises bank lending
practices
 Makes emergency loans to
banks
 Regulates Banks
 Regulates the money
supply
 Prints and destroys money
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The Fed’s Influence
 If the Fed wanted to encourage banks to
lend out more of their reserves to
Americans, they would reduce the discount
rate, or the rate they charge banks to borrow
money.
 The lower the interest rate, the more
demand there will be for money.
 If the Fed is fighting contraction (slowdown
in economic growth), they will institute an
easy money policy. In other words, they
will increase the money supply in the US
and encourage investment.
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Major Trade Organizations
 Tariff: a tax placed on imported goods
(example: Toyota costs more than Dodge)
 Some countries join together and ban
tariffs between them
 NAFTA: North American Free Trade
Agreement: will eliminate all tariffs and
other trade barriers between Canada,
Mexico, and the United States.
 Most successful trade union: European
Union
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The Econ Song
 Take a information from a chapter of the book and convert the
information into the beat of your favorite song.
 You are basically re-teaching your assigned chapter, so you need to
be informative. That being said: have fun with this and be
comfortable!
 The basics:
- groups no bigger than two or three (people absent on
presentation day affect your grade)
- choose your chapter from a list provided by me
- figure out what song you want to use
- take a look at your chapter and start turning the info into notes /
song
- presentation works best in video form, but I’m willing to accept
live performances
- anything inappropriate or use of bad language will result in an F
on the project. Seriously.
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Econ Song: Today’s Goals
 Take a look at your assigned chapter.
 Write down all the vocabulary from your chapter.
You may paraphrase or write in your own words, but
you need to write all of it.
 Answer questions 1 – 4 on all of the Section
Assessment questions. Example: if your chapter has 4
sections, you have 16 questions to answer.
 Break up the work amongst your group evenly, then
place it all together in a packet.
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What Mr. Rob Will Need:
 Song lyrics with vocab underlined
 Song emailed or brought in on a USB or DVD. Be
organized. Bring a backup.
A Good Econ Song:
 Uses at least ten vocab words from your chapter
appropriately, showing that you know what they
mean when you use them.
 Teaches the main concepts of your chapter
 Uses a visual (music video, poster, dance, whatever)
 Is long enough / loud enough / clear enough
 Cannot be inappropriate
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Econ Song Rubric
100 points total
Required:
Lyrics typed up with
vocab underlined.
Teaching Factor: 60 points
- Vocabulary use (at least 10 words, used showing that you know what they mean for
an A)
- Do the lyrics make sense and relate to the chapter? Did you really teach your
peers? (warning: don’t just relate to the title of your chapter)
- Does it seem like you read and understood your chapter?
Entertainment / Performance Factor: 25 points
- Song choice and rhythm / lyrics
- Visual to accompany the song (video, poster, live dance, etc.)
- How was your song received by the class / teacher?
Other Factors: 15 points
- Long enough to teach the entire chapter?
- Is the audio clear and loud enough?
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