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Week 20/ January 8 to January 12

January 8 2018

Essential Question:

SSEMA1 The student will illustrate the means by which economic activity is measured.

a. Explain that overall levels of income, employment, and prices are determined by the spending and production decisions of households, businesses, government, and net exports.

b. Define Gross Domestic Product (GDP), economic growth, unemployment, Consumer Price Index (CPI), inflation, stagflation, and aggregate supply and aggregate demand.

c. Explain how economic growth, inflation, and unemployment are calculated.

e. Define the stages of the business cycle; include peak, contraction, trough, recovery, expansion as well as recession and depression. 

EQ: How do we measure Supply and Demand at the Aggregate level?

Activator:

After classnotes we will go over quiz.

Classnotes: (2 days to write)

Aggregate Demand and Aggregate Supply are macroeconomic models that are used to show the effect of total production and total consumption on GDP and price level.

(Aggregate Demand and Aggregate Supply Curve Example)

Aggregate demand: Total purchases of goods and services at all price level.

AD= C +I+G+Xn = GDP

C= Consumer Spending

I= Business Investment and new houses

G= Government Spending

Xn = Net Exports = (Exports-Imports)

Any increase or decrease in the factors in the equation will cause AD to increase or decrease, and make GDP increase or decrease as well.

Shifters of AD: C, I, G, or Nx

 

Aggregate Supply: total production at all price levels

 

Aggregate supply will shift whenever input prices change, the legal environment changes, or expectations about the economy change.

Shifters of AS: Technology, Input Costs, or Government Actions.


Students will discuss a statement that will lead them to the expenditure approach of GDP.

Teaching Strategies: 

Students will be introduced to the concept of GDP, Aggregate Demand, and Aggregate Supply.  Students will then work through a number of sample problems/ activities that deal with these concepts.  Activity is available under Unit 5 Macroeconomics entitled AD AS Activity.

Presentation available in Unit 5 Macroeconomics entitled GDP Expenditure Aggregate Supply and Aggregate Demand.pdf

Presentation CLICK HERE

Presentation 1 CLICK HERE

Practice CLICK HERE

Notes Page CLICK HERE

Summarizer:

Socrative Exit Ticket

 

January 9 2018

Essential Question:

SSEMA1 The student will illustrate the means by which economic activity is measured.

a. Explain that overall levels of income, employment, and prices are determined by the spending and production decisions of households, businesses, government, and net exports.

b. Define Gross Domestic Product (GDP), economic growth, unemployment, Consumer Price Index (CPI), inflation, stagflation, and aggregate supply and aggregate demand.

c. Explain how economic growth, inflation, and unemployment are calculated.

EQ:  How do we measure Supply and Demand at the Aggregate Level?

Activator:

Classnotes:

Aggregate demand: Total purchases of goods and services at all price level.

If Aggregate Demand Increases:                If Aggregate Demand Decreases:

-    Real GDP increases                             - Real GDP decreases

-    Unemployment falls                              - Unemployment rises

-    Price level increases                             - Price level falls

-    The business cycle is in an expansion. - Business Cycle: Contraction

Aggregate Supply: total production at all price levels

If Aggregate Supply Increases:                If Aggregate Supply Decreases:

-    Real GDP increases                            - Real GDP decreases

-    Unemployment falls                             - Unemployment rises

-    Price level falls                                    - Price level rises

-    Expansion                                           - Stagflation    

-                                                               - Contraction

Students will take a prequiz on Socrative that will assess their understanding up to this point.

Prequiz CLICK HERE

 

Teaching Strategies: 

Based on the Socrative prequiz students will be grouped in 3 groups.  Level 1(C) will first focus on the basics of Aggregate Demand and Aggregate Supply and will work up to more complex concepts.  Level 2(B) will start with application Problems.  Level 3(A) will begin working with problems that ask them to examine Aggregate Supply and Aggregate Demand from a higher more indepth level.  Tiered activities are avaliable under Unit 5 Macroeconomics entitled AS AD Level 1,2, and 3 Practice.

Practice 1 CLICK HERE

Practice 2 CLICK HERE

Practice 3  CLICK HERE

Answers CLICK HERE

Summarizer:

Students will take the same Socrative quiz that they took as a prequiz to assess growth.

 

Januray 10 2018

Essential Question:

SSEMA1 The student will illustrate the means by which economic activity is measured.

a. Explain that overall levels of income, employment, and prices are determined by the spending and production decisions of households, businesses, government, and net exports.

b. Define Gross Domestic Product (GDP), economic growth, unemployment, Consumer Price Index (CPI), inflation, stagflation, and aggregate supply and aggregate demand.

c. Explain how economic growth, inflation, and unemployment are calculated.

EQ:  How are Aggregate neasures used?

Activator:

Students will complete a sample question related to what will be on the quiz.

Teaching Strategies: 

Review concepts of Aggregate Supply and Aggregate Demand.  Students will then take a quiz on Aggregate Supply and Aggregate Demand.

These vidoes will be used as references.

https://www.youtube.com/watch?v=l6Udc6uDX8o

https://www.youtube.com/watch?v=UwAQRnpVMzI

Summarizer:

Go over quiz, if time

 

January 11 2018

Essential Question:

SSEMA1 The student will illustrate the means by which economic activity is measured.

b. Define Gross Domestic Product (GDP), economic growth, unemployment, Consumer Price Index (CPI), inflation, stagflation, and aggregate supply and aggregate demand.

c. Explain how economic growth, inflation, and unemployment are calculated.

d. Identify structural, cyclical, and frictional unemployment.

EQ:  What are the various types of unemployment?

Activator:

Classnotes: (will take 2 days to write)

Unemployment refers to people over the age of 16 who wish to work and are actively seeking a job.  There are many types of unemployment, a specific way of figuring the unemployment rate, and problems with our unemployment rate.

Frictional Unemployment is the typical unemployment that always exists when people are between jobs or have just graduated and are looking for their first job.  

Structural Unemployment: Occurs when people’s skills don’t match the needs of the labor market.  There are jobs out there, but they do not have the skills needed.  This can happen when technology makes a job obsolete or a job is off-shored to another country.  This can best be corrected through education and training programs.

Cyclical Unemployment is the type of unemployment that occurs during a downturn of the business cycle, as in during a recession.  People are laid off simply because business has dropped and there is no need for their work.  They will often be rehired once the economy turns around.

Full Employment is a goal of macroeconomics.  This is the ABSENCE of cyclical unemployment. (It makes sense that if the goal of macroeconomics is to have a healthy economy, there would be no cyclical unemployment.) Full Employment will never be 0% unemployment due to frictional unemployment.  Typically it is around 4-6% unemployment.

Unemployment Rate:  (Number Unemployed/Labor Force) X 100;  The labor force includes those who are employed and those who are considered unemployed.  To be considered unemployed, a person must be over the age of 16 and actively seeking work within the past month.

Discouraged Workers are those individuals who have given up looking for work.  They are not reflected in the unemployment rate.

Underemployed Workers are workers who have jobs but are dissatisfied.  Either they are overqualified for the job they are doing or have part-time work and want full time.  They count as employed in the unemployment rate.

 

What is unemployment?  Who is included in unemployment?  Brainstorm.

Teaching Strategies: 

Students will be introduced to the concept of unemployment, the different types of unemployment, and who is included.  Students will read a series of scenarios and try to determine if each scenario describes someone who is unemployed.

Presentation is available under Unit 5 Macroeconomics entitled Unemployment.  Activity is avaliable under.Unit 5 Macroeconomics entitled Am I Unemployed Activity.

Presentation CLICK HERE

Am I Unemployed Practice CLICK HERE

Summarizer:

Go over activity as a class and discuss any individual that they class misidentified as being unemployed or not.

 

January  12 2018

Essential Question:

SSEMA1 The student will illustrate the means by which economic activity is measured.

b. Define Gross Domestic Product (GDP), economic growth, unemployment, Consumer Price Index (CPI), inflation, stagflation, and aggregate supply and aggregate demand.

c. Explain how economic growth, inflation, and unemployment are calculated.

d. Identify structural, cyclical, and frictional unemployment.

EQ: How is unemployment utilized to measure economic growth?

Activator:

Students will take a prequiz on unemployment. CLICK HERE

Teaching Strategies: 

Unemployment Review Neapod OFNTK

Based on quiz results, students will be be put into groups to complete two activities.  One is a review that asks students to self identify whether specific individuals are unemployed or not.  The second is a number of basic unemployment concepts.  Both activities are avaliable under Unit 5 Microeconomics entitled Unemployment Practice and Unemployment in Cottonstalk.

Students who need practice with basic concepts will have to complete a separate handout.  Handout found under Unit 5 Macroeconomics entitled The Unemployment Problem.

Practice CLICK HERE

Problem CLICK HERE

Summarizer:

Students will take the same quiz they took as a prequiz.

 

January 15 2018

Essential Question:

SSEMA1 The student will illustrate the means by which economic activity is measured.

b. Define Gross Domestic Product (GDP), economic growth, unemployment, Consumer Price Index (CPI), inflation, stagflation, and aggregate supply and aggregate demand.

c. Explain how economic growth, inflation, and unemployment are calculated.

d. Identify structural, cyclical, and frictional unemployment.

EQ:  How is unemployment utilized to measure economic growth?

Activator:

As a class students will decide whether several individuals are unemployed.  Avaliable under Unit 5 Macroeconomics entitled types of unemployment.

Types of Unemployment CLICK HERE

Teaching Strategies: 

Summarizer:

Review concepts for quiz.  Students will take quiz on unemployment.

Go over quiz, if time

 

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