Articles for Class Discussion 12/18

Read the articles.   Take notes.  Consider printing and annotating them for class.  I want to have an awesome discussion about our scary future!


Come prepared with 3 open-ended, though provoking, discussion generating, questions written out!






Article 1:
http://www.forbes.com/sites/singularity/2012/07/19/could-automation-lead-to-chronic-unemployment-andrew-mcafee-sounds-the-alarm/




Article 2:


http://www.dallasnews.com/opinion/sunday-commentary/20151009-brynjolfsson-and-mcafee-will-humans-go-the-way-of-horse-labor.ece




Super Awesome Scary Interactive Graph:
https://public.tableau.com/profile/mckinsey.analytics#!/vizhome/AutomationandUSjobs/Technicalpotentialforautomation

Reading guide due Wed. 12/16-Last one of the week!

1.  What is the short run aggregate supply (SRAS) curve upward sloping?
2.  What does short run equilibrium tell us? 
3.Create a chart just as your did for AD identifying each factor affecting SRAS, defining each, and illustrating how a change in each factor would cause an increase or decrease in SRAS. 


Be prepared for a test on this economic model including AD, LRAS, and SRAS on Thursday or Friday.  No notes.

Reading Guide Due Tues. 12/15

1.  Identify the slope of the Long Run Aggregate Supply Curve
2.  What information does LRAS tell us?
3.  Illustrate an increase in LRAS.  What factors may cause this?
4.  Illustrate a decrease in LRAS.  What factors may cause this?
5.  What is meant by "Long Run Equilibrium"?


That is all :)

Links for Budget Project

House Budget Committee
http://budget.house.gov/budgetprocess/budgetfunctions.htm


Budget Priorities Center
http://www.cbpp.org/research/policy-basics-where-do-our-federal-tax-dollars-go


Interactive Budget (2013) NY Times
http://www.nytimes.com/interactive/2012/02/13/us/politics/2013-budget-proposal-graphic.html?hp


GAO Glossary of Budget Terms
http://www.gao.gov/new.items/d05734sp.pdf



Breakdown of Military Spending
http://www.businessinsider.com/how-the-us-military-spends-its-billions-2015-8

Ch. 8 Reading Guide: Due Wednesday 11/4

1.  Review all unemployment topics:
a.  types of unemployment
b.  types present at full employment rate
c.  Okun's Law
d.  Unemployment rate calculation
e.  Statistical inaccuracies/problems with the UR as an indicator






2.  Illustrate the business cycle.
a.  indicate where cyclical unemployment would most likely occur






3.  Define inflation.


a.  Create a chart of who is helped and hurt by inflation in an economy.




4.  Describe the CPI and how it measures inflation.




5.  Define Demand Pull Inflation. 




4.  Define Cost Push Inflation.

Ch. 7 Reading Guide

Dues Tues. 10/20
Read. p 112-118 (really read it!)
1.  Identify the four components of GDP using the expenditures approach.  Create an example of a transaction which would be counted under each transaction.
2.  Identify examples of transactions that would be excluded from GDP.  Provide an example of each.
3.  Explain the concept of "unplanned investment" and how it relates to the calculating GDP.




Due Thursday. 10/22.
Read p. 123-127
1.  Explain the difference between real and nominal GDP (or real vs nominal anything).
2.  Complete questions 7 and 12 on p. 129.




Due Friday, 10/23.
1.  What are the4 drawbacks, shortcomings, and failures of GDP as an accurate indicator of our economy?

Blog Response II: The American Dream Is Dead (or not)

Have you ever thought about the American dream?  Did you learn about it in history class?  Discussed it with your parents?  Are you living it right now?  Or is a concept that is dead and gone?


Read and watch the sources linked below.  In a short blog post, consider issues like the historical origins of the American dream, what is has meant throughout our nation's development, and what it means to our modern society?  Has pursuing the "dream" always been positive, or has it been harmful in some ways?   How do you and your friends view the American dream.  Post your response tonight.  This would be a great topic to discuss with parents, grandparents, neighbors, and friends!












What is the American Dream?  Is it alive and well?  Watch and read.
http://www.cbsnews.com/news/still-believing-in-the-american-dream/


Is the Dream Still Alive?    Read the point of view of all contributors to this NY Times debate.
http://www.nytimes.com/roomfordebate/2015/01/01/is-the-modern-american-dream-attainable




Home Ownership and the Dream:
http://www.spiegel.de/international/world/a-superpower-in-decline-is-the-american-dream-over-a-726447-2.html

Additional Review Terms

Be sure to study:


Laws of S and D, the S and D schedules and curves, and the relationships illustrated by them


Law of Diminishing Marginal Utility


Price Floors and Ceilings (important!)


Demand Elasticity


Normal vs Inferior goods


All supply and demand factors


Good luck!

Graphing Review Solutions

1.  Demand Right
2.  Demand Left
3.  Supply Left
4.  Insert the price ceiling below equilibrium,  Result is a shortage of  power.
5.  Demand Left
6.  Supply Left
7.  Demand Left
8.  Insert the price floor above equilibrium.  Result is a surplus of labor.
9.  Demand Left
10.  Supply Left
11.  Supply Left
12.  Supply Left
13.  Supply Left
14.  Demand Right
15.   Supply Left

Reading Guide: 3 continued

Due Tuesday, 10/6
1.  Define supply.
2.  Explain the Law of Supply.  Contrast it to the Law of Demand that we have already discussed.
3.  Create your own example of how the Law of Supply functions in a real-life situation.
4.  List and explain each of the factors affecting the supply curve.






Due Wednesday, 10/7
1.  Define price floor.  Provide an example
2.  Define price ceiling.  Provide an example.
3.  Page 57- Study question #5

Ch. 3 Reading Guide: Due Tues 9/29

Note:  This assignment covers only the fist half of Ch. 3- pages 39-44.  You need only read to page 44 at this time. 


1.  In your own words, what is a market?  Excluding retail stores and the stock market, what are some markets you interact with daily? 


2.  What are the characteristics of an ideal, well functioning market?


3.  Define the Law of Demand.


4.  Define the Law of Diminishing Marginal Utility.


5.  Define income effect.


6.  Define substitution effect.


7.  Describe a time in your own life when your behavior closely followed the Law of Demand.


a.  Do the same for the law of the Law of Diminishing Marginal Utility.


b.  Now relate to a time when your consumer behavior rejected the conventions of the Law of Demand.

Chapter 2 Reading Guide

1.  Define the concept of opportunity cost.  Put this idea within the contexts of scarcity and tradeoffs.
2.  Define Law of Increasing Opportunity Cost.
3.  Illustrate an increasing opportunity cost PPC for the goods cars (x axis) and trucks (y axis)
a.  plot point "A" indicating fully utilized resources
b.  plot point "B" indicating idle/inefficient use of resources
c.  plot point "C" indicating an unattainable point of production.
4.  Review the rest of ch.2.  You should be familiar with this material from class.

Does Money Really = Happiness?

If you've grown up in suburban America, it's hard to completely escape the consumer culture that is so pervasive.  It seems that one can prove her rejection of  "materialism" by showing off an I Phone more than one version old.  While this is certainly a generalization with plenty of exceptions, it is easy to see that most of the people we interact with-if not ourselves-seem to place great value on "stuff" and the money that buys that stuff.  And while it is easy to agree that "money isn't everything" it is hard to see where we actually seem to follow this old adage.

In your blog post of about 2 paragraphs, you will want to address some of the concerns below and perhaps add some of your own.

1.  What is the "conventional wisdom" with respect to money and happiness?   Have you experienced this view?
2.  What is the author's thesis and how does it relate to the conventional wisdom?
3.  The author gives a lot of attention to a critical "income threshold" for understanding the money/happiness relationship.   What is this all about?  What do you think of this assertion?
4.  Evaluate the author's thesis.  Is she correct?  To what extent?  What flaws, if any, are present in your view?
5.  How are the views on money expressed in the article compatible with the views expressed by your family?  Yourself?  This is a great opportunity to discuss at home!
6.  To what extent has money/income affected your college and career choice?  If salary was not an issue, would you pursue a different major?   Is this a valid criterion in the decision?
7.  You own questions or comments.

Smithtown Sesquarcentennial Selfies-Optional Assignment Due 9/9

Smithtown Sesquarcentennial Selfies

This year we celebrate the 350^th anniversary, or sesquarcentennial, of our town’s founding.  Relics from our town’s history are all around us. You have the option to find one these historic sites, visit, take a selfie, and prepare a detailed paragraph-length write-up of this site’s significance.  You will need to use some ingenuity to find the site, research its significance (books on reserve in the Library), and of course,  take and print a photo of yourself experiencing the historical site.  This is a great activity to do with a friend, but you each must complete your own write-ups.   Again, include.

1.  An interesting picture of you at the site.

2.  A detailed write-up of the history behind the place.

3.  Some of your own impressions of the historical site from your visit.

Most of these site are NOT museums.  They are public place like houses of worship, working structures, and private homes.  Do not trespass, park illegally, or otherwise disrupt others or endanger yourself.

1.  Structures in the Blydenburgh Historic District (Located within Blydenburgh Park)

2. The St. James General Store (Moriches Road , St. James)

3. The Obadiah Smith House (Sunken Meadow Road, Kings Park)

4.  The Kings Park Psychiatric Center (off Rt. 25A, Kings Park)

5. The Mills Pond House (Rt. 25 just west of Mills Pond Road)

6.  First Presbyterian Church (Across from Smithtown Library, Main Branch)

7.  The Halliock Inn (Rt. 25a just east of the Smithtown Library, Main Branch)

8. The Wyandanch Club (Within Caleb Smith State Park)

9.  Box Hill Estate (Moriches Road or Harbor Hill Road St. James)

10.  East Farm (Harbor Road St. James)

11.  Deepwells Estate (Rt. 25a St. James)

12.  St. James Episcopal Church (Rt. 25a St. James)

13. Flowerfields (Mills Pond Road, St. James)

14. Statue of Whisper (Rt. 25a and Rt. 347 Smithtown)

15. St. James Railroad Station (Lake Avenue, St. James)

16.  Smithtown Town Hall (Main St. , Smithtown)

17.  Epenetus Smith Tavern (Main St., Smithtown just west of library)

18.   Caleb Smith House (HQ of the Smithtown Historical Society on library grounds)

19. Head of the River (General historic area in and around the bull and Nissequogue River)

20. Sherrewogue Estate (Harbor Road, St. James)

Music and the Economy Extra Credit- Post Here!

Hi All,


If you were in class and received the extra credit, you can post your response here as well as the link to the song and they start/stop points.  Be prepared to play the song and lead a brief discussion on Tuesday.  This is extra credit and for students who plan to be in class on Tuesday.

Ch. 38 Assignment Due Wed. 4/21 and Thurs. 4/23

Due Tues 4/21.


1.  What is a nation's Balance of Payments?  What three accounts make up the balance of payments?


2.  Define the current account and describe the types of transactions included in it.


3.  Define the capital account and describe the types of transactions included in it.


4.  Define the official reserves account and describe the types of transactions included in it.


5.  If a nation has a deficit in the capital account, what must be true of the current account?  Explain.






Due Thurs. 4/23


1.  Consider the definitions of a flexible and fixed exchange rate systems.  Which currency valuation system do we have in the US?  How do you know?


2.  Define currency appreciation.  Define currency depreciation.


3.  Create a chart for all of the factors impacting currency value.  The chart should indicate the name of the factor, how this factor may cause appreciation, and how it may cause depreciation. 

Homework for Wed. 4/15

	Determine absolute advantage and comparative advantage for each good.  Who should specialize in which? Potatoes	Cabbage
Anna	100	200
Barry	120	150

Ch. 35 Assignment for Tues 4/14

Identify:

Free Trade
Protectionism
Tariff
Quota
Non-Tariff Barrier
Absolute Advantage
Comparative Advantage

Contrasting Budget Proposals

President Obama At City Club of Cleveland:
https://www.youtube.com/watch?v=i424Dth2_bY






Collection of videos on House Republican Budget:
http://www.newsy.com/videos/the-weapon-republicans-can-use-to-push-their-budget/


https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=republican+house+budget+video&tbm=vid
http://thehill.com/policy/finance/236592-conservative-house-republican-budget-would-cut-71t-in-spending


Great article!
http://www.nytimes.com/interactive/2015/03/17/us/politics/comparing-obama-and-republican-budgets.html?_r=0


























Two weeks ago majority Republicans in the House of Representatives unveiled their 2016 budget.  the President did the same.  It would be an understatement to say that the economic priorities of the two major parties are not aligned.  And while neither budget is likely to be adopted in its entirety, these political documents speak volumes about the economic goals and ideologies of each party.


You should watch both videos/collection of videos and:






1.  Identify 3 economic issues on which the President and House Republicans present conflicting views.  Compare and contrast each with details from the videos.


2.  Select one of the 3 issues for deeper investigation.  Find an additional source (article, video, speech) and use that source to provide some more context.  Post the link to your alternative source.


3.  Continue your analysis of that issue, and provide your views on the issue in light of the two positions presented.  To what extent do you agree with each side on this issue?  Describe your views on each budget proposal in general.










President Obama At City Club of Cleveland:
https://www.youtube.com/watch?v=i424Dth2_bY




Summary of House Republican Proposal:


http://thehill.com/policy/finance/236592-conservative-house-republican-budget-would-cut-71t-in-spending

Homework Due Tues. 3/24

 1. The unemployment rate in the country of Southland is greater than the natural rate of unemployment.


(a) Using a correctly labeled graph of aggregate demand and aggregate supply, show the current equilibrium real gross domestic product, labeled YC, and price level in Southland, labeled PLC. The president of Southland is receiving advice from two economic advisers—Kohelis and Raymond—about how best to reduce unemployment in Southland.


(b) Kohelis advises the president to decrease personal income taxes. (i) How would such a decrease in taxes affect aggregate demand? Explain. (ii) Using a correctly labeled graph of the short-run Phillips curve, show the effect of the decrease in taxes. Label the initial equilibrium from part (a) as point A, and the new equilibrium resulting from the decrease in taxes as point B.


(c) Raymond advises the president to take no policy action. (i) What will happen to the short-run aggregate supply curve in the long run? Explain. (ii) Using a new correctly labeled graph of the short-run Phillips curve, show the effect of the change in the short-run aggregate supply you identified in part (c)(i).

Ch. 15 Reading Guide

Due Tues:


1.  Study the roles/responsibilities of the components of the Federal Reserve from today's class.


2.  Define each of the  Federal Reserve's monetary policy tools:
a.  Open-market operations
b.  Reserve ratio (requirement)
c.  Discount rate


3.  Define easy money policy and tight money policy.




Due Wed:


1.  Graph the sequence of events that transpire when the Fed implements monetary policy.  Use a money market, investment demand curve, and finally an AS/AD diagram.  Complete this task for.
a.  Easy money policy starting at a recessionary gap
b.  Tight money starting at an inflationary gap.
Textbook page 279 will assist you with any problems.




Due Thurs:
Not in your textbook.  Be resourceful! 


1.  Who was Milton Friedman and what were some of his popular ideas/theories?
2.  Explain "Monetarism"






Friday will be a catch up/summary/review day.  The Monetary Policy Exam will take place on Monday, 3/9.  This test will include elements of Ch. 13, 14, and (primarily) 15.  You will need study for this one.  Start early.

AP Paper Submission Instructions

Instructions for www.turnitin.com- Papers Due by 8am on Mon. 2/16

In order to register for Turn-it-in.com you will need an active e-mail. If you do not have an e-mail account, make sure you create one BEFORE you attempt to sign up; I suggest G-mail, but any provider will work.

Go to www.turnitin.com.

• If you already have an account, sign in at the top of the screen. Once you are in, click “I agree” and then “enroll in a class.” Enter the class information as listed below.
• If you already have an account, but have forgotten your password, you can either “Create Account” or “Retrieve Password.”  If you click “Retrieve Password”  a link to reset your password will be sent to your e-mail address; you will have to reset this from home as the school does not have access to e-mail.
• If you are new to Turn-it-in please click “Create Account” and on the next page select student. Fill out all the information including the class information listed below. Make sure you click that you are over 13 and click “I agree.”

After you are registered, you can submit assignments. Please click on your class. You should see an assignment named Extra Credit OR Incomplete Assignment.” Click “Submit.” 

            Give your submission a one word title and click on the browse button to choose your file

            Your essay must be in one of the following formats:

MS Word, WordPerfect, PostScript, PDF, HTML, RTF, and plain text.

 

When you see your unformatted essay on the screen, click yes, submit.

IMPORTANT: Turn-it-in.com does NOT accept “Works” files.  If you are using “Works” at home, you must save the file as an “RTF” or “TXT” file.  When you go to save your file, make sure you click the “File Type” drop down under the file name and choose one of these formats.  Not being able to upload because of the wrong format is NOT a valid excuse. It is STRONGLY suggested that you complete all work on Google-Docs and use Google Drive.

If you ever have an issue with Turn-it-in when a paper is due, you must bring the file saved on your jump drive to class.  Computer issues will not be considered a valid excuse without these.  You may still submit a paper copy prior to February break. 

 

Class Information

 

PERIOD 2 LOGIN

Turnitin class ID:                       9524168

  AP Eco Period 2

Turnitin class enrollment password: apeco2

 

 

PERIOD 3  LOGIN

Turnitin class ID:                       9524177  AP Eco Period 3

Turnitin class enrollment password: apeco3

 

PERIOD 6  LOGIN

Turnitin class ID:                       9524185  AP Eco Period 6

Turnitin class enrollment password: apeco6

If you have any doubt about whether your paper was submitted properly, you should email me a copy of your paper. snadramia@smithtown.k12.ny.us

 

PERIOD 9  LOGIN

Turnitin class ID:                       9524189  AP Eco Period 9

Turnitin class enrollment password: apeco9

Ch. 13 Reading Guide

Due Tues:
1.  Identify and explain each function of money.
2.  Explain how US currency meets each function.




Due Wed:
1.  What is liquidity?
2.  Determine what parts the of money supply are classified as M1, M2, and M3.






Due Thurs:
1.  What determines the size of the nation's money supply?
2.  What are the three types of money demand?  Illustrate the money demand curve for each.
3.  Create a properly labeled example of the money market in your notes. 






FRIDAY:  Multiple Choice Quiz (25 pts)

Ch. 9 Reading Guide

1.  Define consumption schedule.
2.  Define savings schedule.
3.  What do the average and marginal propensity to consume tell an economist?  What are the formulas for the APC and APS?
4.  What do the marginal propensities to consume and save tell an economist?  What are the formulas for MPC and MPS?
5.  Identify how an increase in each of the following would impact C and S: (you should remember this from AS/AD).
a.  wealth
b. price expectations
c  real interest rates
d.  household debt
e. taxation*