Have a great summer

Economics Final Review Sheet

Key Terms and Ideas

inelastic                       law of demand                inferior good          elastic          complement    

substitute                     ceteris paribus              market                   surplus            

Factors of production  shortage                          bank run               entrepreneur   

Broker                         Bear Market                 Exempt                Regressive tax            

FICA                           Bull Market                   Gross Pay            Net Pay                      

Price of Inputs            Fixed Cost                      Human Capital      Supply curve  

Demand Curve            Property taxes                Income Tax          Sales tax         

Excise Tax                   S&P 500                      Compliments          Traditional      

Mixed                          Command                      Social Security     Types of Bonds

Budgeting- Auto Loan, Mortgage, Rent, Types of Insurance, Spousal Support, Child Support, Utilities

Taxes- tax brackets, evasion, types of taxes, tax forms, and deductions

Money/Banking- Types of money, Loans, FDIC, Mortgage, Checking

Today we started the monthly budget activity.  See me if you missed class

Joe's Credit Application-  If you missed class see me for makeup work.

1.               What social pressures may lead young adults to obtaining credit cards?

2.                How can credit cards be used as a useful tool for people?

3.                  How much responsibility should be placed on the credit card companies regarding allowing people 
            to have access to multiple credit cards?

4.                 If someone starts to get into credit card debt, what steps would you recommend they take in order to get out of         it?  (Pretend you are the one in debt)

5.                Explain each of the three types of credit cards.

6.               What should a person look for when shopping for a credit card?

7.               What costs are associated with credit cards? Why is it important to shop around for credit cards?

8.               How does the Schumer box help consumers?

9.              Explain the two types of disputes that could arise with a credit card.  For each dispute, what should you do?

10.         How has technology played a role in credit card fraud?

11.         What important safety tips would you recommend someone doing who owns a credit card?

12.        What are the Three C’s of Credit? How is each used to determine whether a person receives a loan or not?

13.        List 4 things you can do to build credit history.

Banking Today Notes:https://docs.google.com/file/d/0B_gpVfHfuRG2dU15TWlyUk92OEU/edit

Bank Failure Video and Quiz today.

Watch the video here: Your Bank Has Failed

See me about taking the quiz

For Thursday we worked on the worksheet below

History of Banking Table

History of Banking Notes

Ch. 16 Exam and Notebook Check today!

Chapter 16 Review
Pp. 436-437  #1-7, 9-17

Test on Tuesday and Notebook Check

1. 16.1 Notes
2. 16.2 Notes
3. Federal Reserve Functions Worksheet
4. Monetary Policy Worksheet
5. Ch. 16 Worksheet
6. Ch. 16 Review

We discussed Tight vs Easy Money Policy, Inside and Outside Lags

Monetary Policy Worksheet

We conducted a Jigsaw on chapter 16 section 3 in class on Thursday.

Take notes on sections 1 and 2 in the powerpoint

Chapter 16 Notes

Turned notebooks in and took Tax exam

Tax review questions

1. What type of tax does the Federal government get most of their money from?  What about State government? What about Local government?

2. What is an excise tax?

3. What is cyclical unemployment?  Give an example.

4. What is seasonal unemployment?  Give an example.

5. What is a progressive tax mean? Who does it impact the most?

6.  What are the four characteristics of a good tax?  Explain the meaning of each.

7. What is a customs tax? Is it progressive?

8. What is structural unemployment?  Give an example.

9. What is a regressive tax? What types of taxes are regressive?

10. What are the characteristics of an expansion period?

11. What are the characteristics of a contraction period?

12. When does cyclical unemployment take place?

13. How do frictional and structural unemployment differ?

14. What are the 3 main indicators of the economy?

15. What is Gross Domestic Product?

16.  Explain how proportional taxes work.

17. What form do you fill out when you get a job?  How is the form used?

18. What is a W2?

19. Why do you fill out a 1040?

20. What is pay-as-you-earn taxation?

Prezi on Unemployment: http://prezi.com/3zgtoinox-mf/copy-of-eco-chapter-13-section-1/

Business Cycles Notes:https://docs.google.com/file/d/0B_gpVfHfuRG2dVVfOUdqTTUxNmc/edit?usp=drive_web

Chapter 12 Section 2

1.  What are the 4 phases to a business cycle? Draw a pictorial representation of a business cycle.

2.  What are the contributing factors to each phase regarding GDP?

3.  What is stagflation?  Why is it a problem when an economy experiences it?

4.  What are the 4 main economic variables that affect business cycles?

5.  How can interest rates push a business cycle into a contraction?

6.  How did the Great Depression affect economists’ beliefs about the macroeconomy?

7.  At what point of the business cycle would you want to be?  In 1-2 sentences explain your reasoning.

Today we discussed/showed what the W2, W4,  and 1040EZ forms are.

Complete the Tax Tables Assignments
Tables:https://docs.google.com/file/d/0B_gpVfHfuRG2VHVyaXVqdzdFQ00/edit?usp=drive_web
Questions:https://docs.google.com/file/d/0B_gpVfHfuRG2WFBsajJVRHBuM1k/edit?usp=drive_web

14.2 Questions

1. Why do employers withhold a set amount of your income?
2. What is taxable income?
3. What does Social Security provide?
4. What is Medicare?
5. What items are taxed for the purpose of changing behavior?
6. Explain pay-as-you-earn taxation.
7. What is the purpose of FICA?
8. Describe withholding and explain how it would affect someone with a part-time job.
9. How much of the federal government’s income comes from individual income tax?

10. What is the difference between an estate tax and a gift tax?

Federal Tax Notes

Pay Stub Example

Pay Stub Questions

Where your tax dollars go pie chart

LAST DAY TO TURN IN WORK FOR THIS 6 WEEK GRADING PERIOD IS WEDNESDAY, APRIL 22!  NO WORK WILL BE ACCEPTED AFTER WEDNESDAY

Taxes Chart

1. What is the fairest taxation method?  Why? 

2. Read each of the following situations:

·          A city wants to build a new: park, stadium, parking garage, swimming pool, homeless shelter, convention/civic center, or school.

·          The federal government wants to increase the size of the military force.

·          The state government wants to repave all of the state roads.

For each situation, write a short paragraph (2-3 sentences) that:

·          Identifies a type of tax that can be used to generate money for the civic project.

·          Categorizes whether the tax is progressive, regressive, or proportional and explains reasons for the categorization.

·          Justifies why the tax chosen is appropriate for the particular project.

·          Analyzes how it impacts taxpayers.

3. Which income level does a higher proportional tax rate, such as 25 percent, affect the most? Why?

4. Would a low proportional tax rate, such as 5 percent, raise enough money to cover the nation’s needs? Why or why not?

5. Do fixed fees have a place in the larger tax system? For example, states require fees for driver’s licenses. Is such a fee regressive? Is it fair to all income levels?  Explain your opinion on this fee placed on drivers. Or, write a suggestion for an alternative way of collecting a fee from people who seek driver’s licenses.

6. Why do governments impose taxes?

7.  What is the difference between a progressive tax and a regressive tax?

Intro to Taxes Notes

 Kinds of Taxes

Movie Notes- Progressive, Regressive, Proportional Taxes

Exam and notebook check today

Supply and Demand Review Sheet

Exam tomorrow!

SUPPLY AND DEMAND REVIEW

1.        Explain the law of supply using a graph on the your paper

2.        Explain the law of Demand using a graph on your paper

3.        What is an inelastic good? Explain why it is inelastic

4.        What conditions lead to a surplus?

5.        What is an elastic good?  Give an example.

6. What is the point called where supply and demand intersect?

7. Graph an increase in demand and a decrease in supply

8. Explain how the “price of inputs” affects supply

9. Explain how demand changes due to the income effect

10. Explain how demand is affected by the complementary effect.

11. What is a demand schedule?

12.     Goods that have no substitute are what types of demand?

13. Name 4 reasons why supply changes

14. What happens to price if there is a decrease in supply?

15. What happens to price if there is an increase in supply and a decrease in demand?

16.     What 4 things will cause a demand curve to shift?

17.     How can future price affect current demand?

18.     How is elasticity determined?

19.     What is a price floor?  Give an example.

20.     What is a price ceiling?  Why would the government implement this?

Graph the change that would take place for each of the following scenarios.

21.     There is an expectation of higher future prices of all goods for consumers.

22.     Incomes rise for all consumers, what happens to demand for Top Ramen?

23.     The government decides to tax a good heavily.

24.     Foreign producers are now allowed to compete with domestic products.

25.     Producers anticipate higher future prices.

Finished Big Apple Game and graphed data.

Big Apple Game

Complete the Elasticity Worksheet.  You must have taken notes yesterday and understand how to calculate elasticity in order complete the worksheet.
Elasticity Worksheet

Project Presentations tomorrow!!

Today we continued working on the project.  This was the last day in class you will be able to work on it.  Due Friday.

Project Example

Elasticity Project

Due Friday!!!

Notes on Elasticity:  Read pages 90-93(top half of 93) in your text and take Cornell Notes on Elasticity.  Pay special attention to page 92 as that page shows the formulas to calculate elasticity.

Elasticity Questions:https://docs.google.com/file/d/0B_gpVfHfuRG2TE9qcjZEaXY4LWs/edit?usp=drive_web

Equilibrium Notes-https://docs.google.com/file/d/0B_gpVfHfuRG2Z243aXR1ZXZyNVU/edit?usp=drive_web

  Equilibrium and Supply/Demand Shifts packet

Read the following pages and take notes (Shifts of a Demand and Supply Curve)  Make sure you understand the difference in each curve and how to graph a change in Supply/Demand.  Show on your notes the explanation of how to graph a change in Supply/Demand as well as a graphic example of both and increase/decrease in Supply/Demand

P 117- Supply Shifts

P. 106 #1-3, 6

Supply Shifts Worksheet

Supply Notes:https://docs.google.com/file/d/0B_gpVfHfuRG2RWlEdi1pemN1U0E/edit?usp=drive_web

Supply and Demand Concept Map-  See the example link below and make a Concept Map for both supply and demand

Concept Map

Demand Notes:https://docs.google.com/file/d/0B_gpVfHfuRG2bS1XbnNNVjdBZlE/edit?usp=drive_web

See page 86- How to create a demand Curve

Exam and Notebook Check Wednesday

1.  Explain the role and importance of financial intermediaries in an economic system and their involvement in investing.

Mutual Funds Financial Assets Diversification Portfolios Risk and Liquidity

2.  Compare and contrast the structure of bonds and money markets and the role each play in the financial system.

·         ·         Coupon Rate Maturity Par Value Types of Bonds Standard & Poor Types of Markets

3.  How is stock performance measured? What information can indexes give perspective investors?

Risks Brokers/Firms Stock Exchanges Bull/Bear Dow/S&P 500

4.  Analyze the events of the Great Crash of 1929.

Early 1920’s Stock Market Speculation Wealth Distribution Surplus of Goods Buying on the Margin Repayment of Loans

Notes on Bonds:https://docs.google.com/file/d/0B_gpVfHfuRG2MW9jWUhybjlpSWM/edit?usp=sharing

Questions #1-8 on page 283

Annotate Timeline

Create a Timeline of The Great Crash.  Read pp 290-291 for dates and events related to The Great Crash.  Explain significances and dates from this period of time.  Think about what the important concepts, ideas, events, people and places are and include in your timeline.  Be creative by using charts, drawings or illustrations.  

Stock Project/Paper.  Started on Friday.  Paper due Wednesday in class

Stock Project: https://docs.google.com/file/d/0B_gpVfHfuRG2bGphbm52eVpsT2M/edit?usp=sharing

Weekly Stock Update Sheet: https://docs.google.com/file/d/0B_gpVfHfuRG2Z3ZiRko4eDg4dVk/edit?usp=sharing

Saving/Investing Notes Cornell: Saving and Investing Notes

Socratic Seminar tomorrow.

Socratic Reading

Why is it important for young people to invest?  How do stocks affect the economy.

If you miss the Socratic Seminar you need to write a one page response.  1/2 page answering the first question and a 1/2 page answering the second question.

Friday- Finish the Chapter 11 Tour

Monday-  Chapter 11 Section 1 Notes

Investing discussion questions

Chapter 11 Tour: Within chapter 11 read the following and write down what you think you know about it just by reading the heading.  (Do not read the chapter, only the headings)
Chapter Title
Subtitles (Anything in Red)
Photographs or Illustrations
Charts or Graphs
Vocabulary Words
Timelines.

Skim through the chapter and find all of the above mentioned if they are there.  Write out what you know (or think you know) about the topic.  Don't be afraid to be wrong, do your best.

Unit 1 Exam and notebook check today!

Unit 1 Review
P. 20-21 #1-16
P. 46-47 #1-6, 9-1, 13-14

Exam tomorrow

Notebook Check Tomorrow
1. Concept Map
2. Visual Vocab
3. Economies Questions
4. Unit 1 Review

Last day to work on research paper.  Paper due Today!

Where to build a factory research paper Due Friday!!!

Factory Research Paper

Today we conducted at Tableau.

We also worked on a worksheet below

 Economic Systems Scenarios

Economies Notes

#1:Economies Questions


#2 List each of the 4 types of economies
for each type do the following:
1. list characteristics that it possesses
2. Give some reasons why this type of economy works
3. How could you benefit from this type of economy?

Continued Invention Activity

INVENTION ACTIVITY 

    Invent something that you think could make money.

    Invent a completely new product/service Or Improve a current product/service.
    YOUR PRODUCT MUST BE REALISTIC (not technology that does not yet exist)

1.    Explain your invention and how it works.

2.    Provide a poster (8 ½ X 11) that shows your product/service.

3.    Who is the product intended for? Why?

(Males? Age group?, Middle class?)

4.    Identify what is needed to make the product

-Land: materials in the product

-Labor: types of jobs employees will do

-Capital: tools/machines that are needed

DUE THURSDAY!!!!

Question of the Day:  What is the difference between a want and a need? Answer this in your notebook.

Visual Vocabulary Example- Visual Vocabulary

Choose the 10 words to complete a Visual Vocab with on page 20 of text.

Take a look at the 20 things that go into a product from Friday.  Next to each item, label the item as being either Land, Labor, or Capital. 

Think of a product you use. Make a list of 20 things that go into the production of that product

Factors of Production Concept Map
Read pp 4-5 to understand Land, Labor, and Capital

Make a concept map for each. See example below
https://docs.google.com/file/d/0B_gpVfHfuRG2WlJPQUhNVUtHYlU/edit

Goal Setting

Write down 15 things that you want to accomplish by the time you are 25 years old.

Write a paragraph on why goal setting is important for success.

Finished discussing credit cards and 401k/Roth IRA.  Began the budget activity.
If you missed class this week, you need to see me upon return to get a makeup activity.

1/7 Questions:

Chapter 10 Questions

1.       What is Money?

2.       The Three uses of money are:

3.       What are the Six Characteristics of Money and what does each mean?

4.       What are the Sources of Money’s Value? (3types)

5.       Explain the two views of banking.

6.       The national Banking Acts of 1863 and 1864 gave the federal government the power to:

7.       Explain what the Gold Standard is.

8.       What was The Federal Reserve Act and the Banking Act of 1933 and what did they do?

9.       What is M1 and M2 money?

10.    List the services that banks offer.

11.    How do banks make a profit?

12.    List the 5 types of financial institutions and briefly explain their role in the banking system.

13.    How does money serve as a store of value?

14.    Why did Continentals become worthless?

15.    Would movie tickets or popcorn make good money? Explain why or why not.

16.    What does it mean to barter?

17.    What is a medium of exchange?

18.    Look at figure 1032 on page 245. What does the fact that Roman coins have been found in places as far from Rome as Britain and Egypt suggest about how well the coins served as currency?

 



1/8 Lecture
Credit Card Notes: https://drive.google.com/file/d/0B_gpVfHfuRG2al9qQXZCSU9uZW8/edit?usp=sharing