Transcript File - AKHS Social Studies

Welcome Knight Time!
• Find a seat and settle in
• If you did not receive a packet
yesterday pick one up
• Finals are a month away!
Welcome C&E Students!!!
• Grab your handouts, a chromebook and
settle in
• Turn in your Budget Project!!!!
• Roll Call Question: Which of your 5
senses would you decide to lose?
•
Sight, Smell, Taste, Hearing, Touch
• Bell Work: Prepare for your Quiz!
•
•
Labor Unions
Gov’t Revenue and Expenditures
Reminders
• Unit 7 Test has been moved to Next Thursday
• Start reviewing powerschool and turn in your
missing assignments
• Recovery
• Next Year’s Classes
• SOT Care Package Project
• HW: Download the notes on Globalization and
prepare to take a vocab quiz on Tuesday
• Unit Opportunity (Chicago’s Teacher’s Strike) due
Next Thursday
Unit Opportunity
• Research the Chicago Teachers’ Strike from 2012
• Write a one page essay…
– Summarizing the event
– Explaining how Labor Unions played a major role in
this event
– Outcome
• Times New Roman, 12 pt font and doublespaced
• Worth 3 points
• Due Next Monday
Shhh! Quiz in Progress!
• All you need is a chromebook
• Login
• URL
– http://goo.gl/forms/TCtFH30zKk
• When finished work on your DBQ
research
Question to Ponder
What characteristics should money
have?
Characteristics of Money
• Durable: means that the item must be
able to withstand being used repeatedly
• A cow is fairly durable, but a long trip to market runs the
risk of sickness or death for the cow and can severely
reduce its value. Twenty-dollar bills are fairly durable and
can be easily replaced if they become worn. Even better,
a long trip to market does not threaten the health or
value of the bill.
• Portable: means that individuals are
able to carry money with them and
transfer it easily to other individuals
• While the cow is difficult to transport & to
the store, the currency can be easily put
in my pocket.
• 3. Divisible: means that the money can
easily be divided into smaller units of
value
• A 20-dollar bill can be exchanged for other
denominations, say a 10, a 5, four 1s, and
4 quarters. A cow, on the other hand, is
not very divisible.
• 4. Limited in Supply: means that
restrictions on the amount of money in
circulation ensure that values remain
relatively construct for the currency
How do Blind People Use Money?
• http://www.youtube.com/watch?v=JuBaUt
qqR50
7.4
“Economic Indicators ”
Identify the role of money in
the economy
I. Three Uses of Money
A. Medium of Exchange
1. Any object that is accepted
for goods and services
2. Barter- w/o money, goods
and services are traded for
others
B. Unit of Account- means that prices of goods and
services are quoted in a standardized manner
1. Allows us to compare similar offers for goods and services
to determine the best value
C. Store of Value
1. Money keeps its value in two forms: currency (bills and
coins) and deposits (money in financial institutions)
2. Interest- cost of borrowing money
II. Value of Money
A. Inflation- value of money goes down,
prices go up
1. Determined by the Consumer Price Index
(CPI)- change in prices of essential
goods/services
2. Deflation- value of money goes up, prices down
HUH?!?
• Suppose that an ice-cream cone that costs
you a dollar doubles in price. This price
increase causes the purchasing power of
your dollar to fall because you have to use
twice as many dollars to buy the same
item.
• This is why inflation is particularly hard on
people who have fixed incomes – people
who get pensions or other fixed amounts
of money.
• B. GDP (Gross Domestic Product) –
value of all final goods and services
produced w/in a country’s borders in a
year
GDP
10 Bicycles
@ $200 each
= $2,000
10 Computers
10 Watches
@ $1,500 each
= $15,000
@ $100 each
= $1,000
GDP = $18,000
C. Gross National Product (GNP)- goods and
services produced by Americans
Think ABOUT IT! – Even if a country produces
the same amount of goods and services from
one year to the next, the GDP could go up
simply because prices increase. That would
make it seem like the economy was growing
even though it wasn’t
D. Real GDP- adjusted for inflation
E. Per capita GDP- average per person
Welcome C&E Students!
• Grab your handouts and settle in
• Roll Call Question: Would you
rather be a hamster the size
of a Rhino or a Rhino the size
of a hamster?
• Bell Work:
– What is CPI?
– How are GDP and GNP
different?
– What are the four
characteristics all money should
have?
Reminders
• Unit 7 Test has been moved to this Thursday
• Start reviewing powerschool and turn in your
missing assignments
• Recovery
• Next Year’s Classes
• SOT Care Package Project
• HW: Download the notes on Globalization and
prepare to take a vocab quiz TOMORROW!
• Unit Opportunity (Chicago’s Teacher’s Strike) due
Next Thursday
Unit Opportunity
• Research the Chicago Teachers’ Strike from 2012
• Write a one page essay…
– Summarizing the event
– Explaining how Labor Unions played a major role in
this event
– Outcome
• Times New Roman, 12 pt font and doublespaced
• Worth 3 points
• Due Thursday
7.5 Business Cycle and
Government Intervention
identify the economic
indicators of the business
cycle
I. Phases in Business Cycle
A. Peak- when GDP stops rising, the height of
economic expansion
B. Contraction- an economic decline marked
by falling GDP, rising unemployment
1. Recession- prolonged contraction (6-18 months)
2. Depression- long and severe recession with high
unemployment, low output
C. Trough- economy at lowest point in economic
contraction
D. Expansion
1. Period of economic recovery and growth as
measured by rise in GDP
2. Business prosperity, falling unemployment
Let’s draw it!
Business Cycle Analysis
• Your group will look at several images and
descriptions.
• You must determine what part of the
business cycle it falls under
– Peak
– Contraction
– Trough
– Expansion
A: Rising house construction
D: Rising homelessness
E: Rising demand for
steel
B: The number of job
vacancies rises
C: Increasing
hours of
overtime
F: More people use
pawnbrokers
J: Rising air traffic
G: Rising quantity of mail
I: Home delivered pizza
becomes more popular
H: Slower delivery
times
K: Falling share prices
L: Rising
lipstick
sales
M: Rising real income
N. Rising car sales
R: Imports of sewing
machines rise
P: Growing mountain of unsold
bricks
Q: Fast food shops cut their prices
O: More rental housing
available
U: More skips start
appearing on the
streets
S: Increasing
supply of
credit
X: Oil refineries report
a reduction in stocks
V: Sales of milk
chocolate start to
decline
T: The cost of
shipping goods
around the world
starts to rise
Y: Citizens Advice
Bureau gets more
callers
Z: Rising
government
spending
W: Shops delivering
lunchtime sandwiches
to offices raise their
prices
• b. The Crash
• (1). Black Tuesday (1929) – huge sell
off of all stocks that led to fear that all
banks would fail
• (2). Massive amounts of people began
emptying their bank accounts, caused
banks to fail
II. Economic Low Points
• A. The Great Depression – deepest and
longest-lasting economic downturn in the
history of the Western world.
• 1. Signs of Trouble
• a. large gap between rich and poor
• b. large portion of Americans were going
into debt to buy consumer goods
2. Other Causes
• a. Investing
• (1). 1925-29 stocks tripled in value
• (2). Climb encouraged speculation –
making investments with borrowed
money
• (3). Unfortunately most speculators
ended up losing all the borrowed
money and then some
• 3. Aftermath
• a. Falling prices led to deflation
and eventually massive
unemployment
• b. Large trade tariffs are placed
on all foreign goods to protect
domestic industry
II. Creation of “The Fed”
A. Federal Reserve Act of 1913- created
the Federal Reserve
1. After getting off gold standard, needed
federal bank to respond to economy
2. Purpose is to regulate/support banks,
control money supply, and stabilize
economic growth
B. Operates mostly
independently from the
government
C. Chairman, Board of
Governors, 12 Districts
II. Monetary Policies
A. Monetary Policy- actions The Fed takes to
influence level of GDP (value of economic
activity in the country) and rate of inflation
B. Fiscal Policy – the federal government’s use
of spending and taxation policies to affect our
economy
C. Reserve requirement- amount of money
banks must keep in Fed banks as a reserve
D. Discount rate- cost for banks borrowing
from the Fed
1. Reducing the rate- encourages banks to borrow
more money so they lend more to other people
2. Increasing the rate- slows down economy by
discouraging borrowing
E. Fed Policies
1. Loose-money policy- reduce rates, lower reserve
requirement, print currency= more money in
economy
2. Tight-money policy- increase rates, raise reserve
requirement= less money in the economy
Inside the Fed
• While you watch the film,
complete a 3-2-1
–3 Things You learned
–2 Questions you still have
–1 Fact you found most interesting
https://www.youtube.com/watch?v=
I2m3t2Yr8Vg
SPLAT!
Excise Tax
Inflation
GDP
Expansion
Collective
Bargaining
Lockout
LooseMoney
Policy
Monetary
Policy
Estate Tax
CPI
GNP
Capital
Gains Tax
The Fed
Strike
Trough
Fiscal Policy
Discount
Rate
Contraction
Tight-Money
Policy
Corporate
Income Tax
Password
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Traditional economy
Revenue
Capital Gains Tax
GDP
Quota
Password
• Excise Tax
• Capitalism
• Karl Marx
• Entitlement Programs
• Strike
Password
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Protectionism
Tariff
Adam Smith
Expansion
Loose-Money Policy
Password
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GNP
Subsidy
European Union
Corporate Income Tax
Office of Management & Budget
Password
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Invisible Hand
Command Economy
Progressive Tax
Strike
Trade Surplus
Password
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Socialism
Laissez-Faire
Estate Tax
Deficit
Upton Sinclair
Inside the Fed
• We will be watching a film on the Federal
Reserve
• You will complete a 3-2-1 for this activity
• 3 things you learned
• 2 questions you still have
• 1 interesting fact from the film
Economics BINGO!
Homework
• Find and print an article about inflation,
deflation, monetary policy, or the Federal
Reserve
• Underline/highlight any economics terms
you know
• Circle any terms or concepts you don’t
understand
Desk Work
Read p. 663-665 and answer the
following questions:
1. What does the Federal Reserve do?
2. How does monetary policy affect the
economy?
3. What do you think the Fed is doing
or should be doing to help our
current economy?
Welcome C&E Students!
• Grab today’s handout and settle in
• Roll Call Question: Would you rather be a
hamster the size of a Rhino or a Rhino the
size of a hamster?
• Bell Work
– How can we identify the 4 phases of the
business cycle?
– What were the main causes of the Great
Depression?
Bell Work Answers
• Peak – height of economic expansion –
GDP stops rising
• Contraction – falling GDP, rising
unemployment
• Trough – lowest point of contraction
• Expansion – economic recovery and rising
GDP
• People going into debt to by consumer
goods, speculation in stock market and
eventually the stock market crash
Reminders
• Unit 7 Test is next Wednesday!
– Study Guide
• Recovery is Every Monday, Tuesday and
Thursday
– If you have more than 10 absences you must
recover these to pass this class!!!
• Start reviewing powerschool and turn in
your missing assignments
• Extra credit due Next Wednesday!