Ib Economics CW HW Unit 2 Macroeconomics

IB
Economics Unit 2: Macroeconomics

Class Assignments: Week #11

Monday November 9, 2015
Read & Discuss: 11.1 The Circular Flow Model of Income pages 234-237
Explain: The Circular Flow Diagram on page 236 (put in your notebooks).
Examine: The Government Sector; Taxes and Spending
Analyze: The Foreign Sector; Imports and Exports
Analyze: The Financial Sector; Savings and Investments

Tuesday November 10, 2015
Read & Discuss: 11.2 The Measurement of Economic Activity; GDP, GNP and GNI
pages 237-250
Explain: The Expenditure Approach
Examine: The Income Approach
Analyze: The Output Approach

Wednesday November 11, 2015
No School: Veteran's Day

Thursday November 12, 2015
Read & Discuss: 11.2 The Measurement of Economic Activity; GDP, GNP and GNI
pages 237-250
Explain: The Why Measure Economic Performance?
Examine: GNP vs. GNP
Analyze: Net National Product (NNP)
Examine: Nominal vs. Real GDP
Examine: Per capita GDP
Analyze: Groups by Income

Friday November 13, 2015
Read & Discuss: 11.3 The Circular Flow Model of Income pages 254-255
Explain: The Business Cycle Diagram on page 254 (put in your notebooks).
Examine: The Short Term Results

Homework Assignment: Week #11

Identify someone from the Forbes Wealthiest List (Not in the top 50):
Their Estimated Net Worth
What Country
What Industry
Have the moved up or down recently
Continue your rough draft of Internal Assessment #1 on Unit 1 Microeconomics
Rough Draft is Due Starting Tuesday November 24th

Practice Question #2 on page 255, answer with 100-250 words in your notebook

No School: Veteran's Day

Practice Question #3a & b on page 255, answer with 100-250 words in your
notebooks

notebooks


Read & Discuss: 12.1 Aggregate Demand (AD) page 256 & 12.2 The Components of
AD pages 257-258
Explain: What is meant by Aggregate Demand?
Identify AD as: AD = C + I + G + (X - M)
Examine: Aggregate Demand page 257 (define in notebooks; green box in margin)
Examine: The AD Curve on page 257 (put in your notebooks).
Analyze: The Wealth Effect
Analyze: The Interest Rate Effect
Analyze: The Net Export Effect

Read & Discuss: 12.3 Determinants of AD or Shifts in the AD Curve pages 258-272
Explain: The Determinants of Consumption (C)
Examine: Level of National Income pg. 259
Identify: Consumption, Savings, Taxes and Imports %
APC + APS + ART + APM = 1
Analyze: Keynesian Consumption Function pg. 260

Explain: Non-Income Determinants of Consumption
Examine: Wealth pg. 263 (define in noteboks; green box in margin)
Analyze: Real Interest Rates pg. 264
Analyze: Household Debt and Expectations of Future Income pg. 264
Analyze Consumer Confidence pg. 265

Explain: Determinants of Investments (I)
Examine: Interest Rates (Higher and Lower Rates) pg. 266
Analyze: Business Confidence pg. 268
Explain: Determinants of Government Spending (G) pg. 269
Explain: Determinants of Net Exports (X-M) pg. 270
Analyze: Causes of Shifts in the AD Curve pg. 271

Read & Discuss: 12.4 The Keynesian Spending Multiplier pages 272-273
Explain: The Keynesian Multiplier on page 272 (put in your notebooks).


notebook

Practice Question #2 a & b on page 284, answer with 100-250 words in your
notebook

Practice Question #3 a & b on page 284, answer with 100-250 words in your
notebook

notebooks



Read & Discuss: 12.5 Aggregate Supply & National Output (AS) page 274-275
Diagrams: Figure 12.10 Keynesian and Neo-Classical Aggregate Supply (AS) Curve
Explain: Full Employment National Output

Read & Discuss: 12.6 Short-Run Equilibrium (AD/AS) Model page 275-279
Examine: SRAS is Horizontal at Levels of Output Below Full Employment
Analyze: Workers Contracts
Analyze: Minimum Wage Laws
Analyze: Wage Agreements with Labor Unions
Analyze: Government Regulations
Examine: SRAS is Vertical at Levels of Output Beyond Full Employment

Read & Discuss:
The Guardian News Article on Protectionism

Read & Discuss:
The Wall Street Journal Euro Zone Consumer Confidence
The Wall Street Journal Euro Zone Business Confidence

Thanksgiving Break

Thanksgiving Break



Rough Draft is Due Starting Tuesday November 24th Final Drafts are Due December
4th

Begin News Article Research for Internal Assessment #2 on Unit 2 Macroeconomics




Chapter 13: Macroeconomic Objective: Unemployment
Read & Discuss: 13.1 The Meaning of Inflation, Disinflation and Deflation pages 285-
286
Analyze: The 4 Macroeconomic Objectives. Which one is most important
Define: Unemployment
Read & Discuss: 13.2 The Meaning of Unemployment pages 286-293
Identify: How the Unemployment Rate is Calculated.

Tuesday December 1, 2015
Read & Discuss: 13.2 The Meaning of Unemployment pages 286-293
Identify: The Labor Force Participation Rate
Examine: Underemployment vs. Unemployment
Analyze: The Shortcomings of the Unemployment Rate
Analyze: The Labor Market Diagram
Answer: Practice Question #2 a & b in notebooks on page 299

Wednesday December 2, 2015
Read & Discuss: 13.3 Consequences of Unemployment pages 293-294
Analyze: Individual Consequences of Unemployment
Analyze: Social Consequences of Unemployment
Analyze: Economic Consequences of Unemployment

Thursday December 3, 2015
Read & Discuss: 13.4 Consequences of Inflation pages 293-294
Examine: Frictional and Seasonal Unemployment
Examine: Structural Unemployment
Examine: The Natural Rate of Unemployment
Discuss: Case Study and answer exercises 7, 8 & 9
Examine: Cyclical Unemployment
Examine: Types of Unemployment Table 13.1 on page 299

Friday December 4, 2015
Review Internal Assessment Exemplar on Unit 2 Macroeconomics
Read Article and Rate Commentary with IB Rubric


Find Unemployment Rates for Buffalo/WNY, NYS, USA, Canada & Mexico
Continue News Article Research for Internal Assessment #2 on Unit 2
Macroeconomics
Internal Assessment #1 Microeconomics Rough Draft is due by December 4th

Find Unemployment Rates for UK, France, Germany, Finland & Denmark
Continue on Internal Assessment #1 on Unit 1 Macroeconomics

Find Unemployment Rates for Portugal, Ireland, Italy, Greece & Spain

Find Unemployment Rates for Australia, New Zealand & Japan

Macroeconomics
Internal Assessment #1 Rough Draft Due Today


Monday December 7, 2015
Chapter 14: Macroeconomic Objective: Low Inflation
Read & Discuss: 14.1 The Meaning of Inflation, Disinflation and Deflation pages 300-
308
Define: Inflation, Disinflation and Deflation
Identify: Consumer Price Index (CPI) formula
Examine: Measuring Inflation Using a Price Index
Analyze: Shortcomings of the CPI as a Measure of Inflation

Read & Discuss: 14.2 Types of Inflation and Their Causes pages 309-311
Analyze: Demand-Pull Inflation
Examine: Cost-Push Inflation

Read & Discuss: 14.3 Consequences of Inflation pages 311-315
Analyze: Maintaining a Stable Price Level
Examine: Loss of Purchasing Power
Examine: Lower Real Interest Rates for Servers
Examine: Higher Nominal Interest Rates for Borrowers
Examine: Reduction of International Competitiveness
Analyze: The Inflationary Spiral
Notes: Figure 14.4 The Inflationary Spiral on page 314 in notebooks

Read & Discuss: 14.4 Deflation and it's Consequences pages 315-317
Examine: Supply-Side Deflation
Examine: Deflation Due to Fall in AD
Notes: Figure 14.7 The Deflationary Spiral in notebook on page 316
Analyze: The Deflationary Spiral graphic
Answer: Case Study and Exercises #5-9 in notebooks on page 317

Review News Article on Inflation

Practice Question #2 on page 327
Continue News Article Research for Internal Assessment #2 on
Unit 2 Macroeconomics Internal Assessment #2 Article is due by December 18th

Macroeconomics

Macroeconomics

Read Case Study and answer exercises 5, 6, 7, 8 & 9 on page 317
Macroeconomics

Macroeconomics


Chapter 15: Macroeconomic Objective: Economic Growth
Read & Discuss: 15.1 The Meaning of Economic Growth pages 328-332
Define: Economic Growth
Illustrate: Economic Growth
Examine: Economic Growth in the AD/AS Model
Analyze: GDP Since 1920

Read & Discuss: 15.2 Causes of Economic Growth pages 333-336
Analyze: Productivity Growth
Examine: Sources of Productivity Growth: Human Capital
Read and Discuss: Case Study, Answer Exercise 1-3 in notebooks on page 336
OMIT Section 15.3 (HL Only)

Read & Discuss: 15.4 Consequences of Economic Growth pages 340-342
Analyze: Non-Economic Consequences of Growth
Examine: Externalities
Examine: Inflation
Examine: Resource Depletion
Examine: Structural Unemployment
Examine: Consumer Goods vs. Capital Goods
Examine: Military vs. Civilian Goods
Examine: Unequal Income Distribution
Analyze: Effect on the Balance of Payments

Chapter 16: Macroeconomic Objective: Equity in Income Distribution
Read & Discuss: 16.1 Equality vs. Efficiency in Market Economics pages 344-346
Define: Equity and Equality
Identify: Strengths of a Market Economy
Examine: Equality and Efficiency; The Big Trade Off
Examine: Economic Growth in the AD/AS Model
Analyze: GDP Since 1920

Read & Discuss: 16.2 Indicators of Income Equity/Inequality pages 346-346
Examine: The Lorenz Curve
Examine: The GINI Coefficient
Analyze: Figures 16.4 and 16.5 answer Exercises #1-3 on page 360

Read & Discuss: 16.3 Indicators of Poverty pages 361-3
Define: Poverty
Compare: Relative Poverty vs. Absolute Poverty
Identify: Possible Causes of Poverty
Examine: Consequences of Poverty
Read and Discuss: Case Study; answer exercises 4-6 on page 353


Practice Question #1 a & b on page 343

Macroeconomics

Macroeconomics

Macroeconomics

Analyze: Figures 16.4 and 16.5 answer Exercises #1-3 on page 360
Macroeconomics

Unit 1 Microeconomics Internal Assessment #1 Final Copy Due.


Chapter 16: Macroeconomic Objective: Equity in Income Distribution
Read & Discuss: 16.4 The Role of Taxation in Income Distribution pages 353-362
Examine: Marxist View
Examine: The Lasissez-Faire View
Examine: The Modern, Mixed Economy
Analyze: The Role of Government; Taxes (Direct and Indirect)
Examine: Different Taxes Result in Different Burdens
Analyze: Proportional, Regressive & Progressive Tax Structures
Define: in your notebooks
Direct Tax (green box page 355)
Indirect Tax (green box page 355)
Proportional Tax (green box page 357)
Regressive Tax (green box page 357)
Progressive Tax (green box page 357)

Read & Discuss: 16.5 Other Measures to Promote Equality pages 362-366
Examine: Role of Government; Provision of Public Goods
Notes: Figure 16.13 Poverty Cycle on page 363 in your notebooks

Examine: Role of Government; Transfer Payments (Public Assistance or
Entitlements)
Analyze: Unemployment Benefits
Analyze: Social Security Benefits
Analyze: Nutritional Subsidies
Analyze: Higher Education Grants and Tuition Subsidies
Examine: 16.6 The Relationship Between Equity and Efficiency

PBS Frontline: Inside the Meltdown
View and Discuss the 2008 Financial Crisis in the USA

Winter Break

Classes Resume Monday January 4, 2016


Macroeconomics

Macroeconomics

Winter Break

Winter Break

Winter Break


Monday January 4, 2016
Chapter 17: Fiscal Policy
Read & Discuss: 17.1 The Government Budget pages 367-369
Define: Fiscal Policy
Examine: Government Budget Concept

Analyze: Figure 17.1 UK Government Budget
Analyze: 2015 US Government Budget
Analyze: Deficits, Surpluses and Debt
Examine: US Budgets between 2000-2010

Tuesday January 5, 2016
Read & Discuss: 17.2 Automatic Fiscal Policy and the Impact of Automatic Stabilizers
pages 370-371
Examine: Periods of Economic Growth
Examine: Periods of Recession
Analyze: Built-In Stability
Notes: Figure 17.3 Built-In Stability Graph

Wednesday January 6, 2016
Read & Discuss: 17.3 Discretionary Fiscal Policy and it's Effect on Potential Output
pages 372-375
Examine: Goals of thee ARRA
Examine: Keynes, The Demand-Siders and Fiscal Policy
Examine: Fiscal Policy and Short-Term Demand
Analyze: Closing an Inflationary Gap
Exercises: 2 a, b & c
OMIT 17.4 HL ONLY

Thursday January 7, 2016
Read & Discuss: 17.5 Evaluation of Fiscal Policy pages 378-384
Examine: Government Spending vs. Tax Cuts
Examine: Strengths and Weaknesses of Fiscal Policy
Analyze: The Crowding Out Effect
Analyze: The Net Export Effect
Analyze: Time Lags
Analyze: Political Influence

Friday January 8, 2016
POTUS 2016 Election News Articles related to Fiscal Policy
Wall Street Journal Examines Bernie Sanders Fiscal Policy
Washington Post Examines Bernie Sanders Fiscal Policy

Exercises Question #1 a, b, c & d on page 369
Macroeconomics


Macroeconomics

Macroeconomics

Macroeconomics

Macroeconomics


Chapter 18: Monetary Policy
Read & Discuss: 18.1 Interest Rates and the Role of a Central Bank pages 385-3392
Define: Money
Examine: What Money Is and Does
Analyze: Modern Money: M1 and M2
Examine: The Role Role of Central Banks
Analyze: Central Banks and the Money Supply
Examine: Central Banks and Monetary Supply
Analyze: Tools for Changing the Money Supply
Answer: Figure 18.6 Amount of Capital Banks Must Hold in Reserve 1 a & b

Read & Discuss: 18.2 Monetary Policy and Short-Term Demand Management pages
393-395
Examine: Expansionary Monetary Policy
Analyze: Figure 18.7 a, b,c page 394
Examine: Contractionary Monetary Policy
Analyze: Figure 18.8 a, b, c page 395
Answer: Exercises 2 a & b
View: Crashed Course Monetary Policy Video

Read & Discuss: 18.3 Evaluation of Monetary Policy pages 395-400
Examine: Stimulating Growth During Recession
Analyze: Strengths and Weaknesses
Examine: Inflation Control
Analyze: Strengths and Weaknesses

Examine: Exchange Rate Management
Analyze: Conflicting Goals
Notes: Figures 18.10 Conflicting Goals of Monetary Policy on page 398
View: Crashed Course Inflation, Bubbles and Tulips

Chapter 19 Supply Side Policies
Read & Discuss: 19.1 Role of Supply Side Policies 401-403
Examine: Types of Supply Side Policy
Examine: The Appeal of Supply Side Policies
Read & Discuss: 19.2 Market Based Supply Side Policies 403-406
Examine: Origins of Market Based Supply Side Policies
Examine: Types of Market Supply Side Policies
Analyze: Policies to Encourage Competition
Analyze: Labour Market Reforms
Analyze: Incentive Related Policies

CNN/Money News Article on Donald Trump Fiscal Policy
Wall Street Journal News Article on Donald Trump Fiscal Policy


Practice Question #1 a, b, c & d on page 400
Macroeconomics

Macroeconomics

Macroeconomics

Exercise Question #6 on page 400
Macroeconomics


Macroeconomics


MLK Day No School

Read & Discuss: 19.3 Evaluation of Market Based Supply Side Policies pages 407-
408
Examine: Policies to Encourage Comepetition
Examine: Labour Market Reforms
Examine: Incentive Related Policies
Read & Discuss: 19.4 Interventionist Supply Side Policies pages 409-410
Examine: Types of Interventionist Supply Side Policy
Analyze: Investment in Human Capital
Analyze: Investment in New Technology
Analyze: Investment in Infrastructure
Analyze: Industrial Policies

Read & Discuss: 19.5 Evaluation of Interventionist Supply Side Policies pages 411-
413
Examine: Investment in Human Capital
Examine: Investment in New Technology
Examine: Investment in Infrastructure
Examine: Industrial Policies
Answer: Case Study Big Dam Corruption questions #3 & #4
Answer: Supply Side Prompts on page 413

Macroeconomics Unit 2 Review Question
Sample External Assessment Paper #1 Questions

NPR New Article on Hillary Clinton Fiscal Policy
Crains Business Article on Hillary Clinton Tax Policy


No School MLK Day
Macroeconomics

Macroeconomics

Macroeconomics

Macroeconomics

Macroeconomics
Rough Draft Due January 22, 2016


Regents Week Tuesday-Friday
PBS Frontline: The Madoff Affair

Regents Week
Macroeconomics
Final Draft Due February 5, 2016

Ib Economics CW HW Unit 2 Macroeconomics

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IB

Economics Unit 2: Macroeconomics

Analyze Consumer Confidence pg. 265

Explain: Full Employment National Output

Class Assignments: Week #14

Internal Assessment #1 Microeconomics Rough Draft is due by December 4th

Continue News Article Research for Internal Assessment #2 on Unit 2

Notes: Figure 16.13 Poverty Cycle on page 363 in your notebooks

Examine: Government Budget Concept

Continue News Article Research for Internal Assessment #2 on Unit 2

Analyze: Strengths and Weaknesses

Friday January 15, 2015

Homework Assignment: Week #20

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