AP Economics
Economics isn’t just something you find in a textbook. It can be a potent tool to right past wrongs and improve people’s lives. - Janet Yellen
Your to-do list
Negotiations
It's time for the Thornton Academy Teachers' Association to renegotiate their contract and they have hired you to represent them to the Board of Trustees. Let's be clear, your teachers want to get paid. Because you are a brilliant economist, you anticipated that the inflation rate will be 2% next year. What percent increase in salary will you ask for and why? Keep in mind, I am looking for you to demonstrate your understanding of inflation.
Please head to Google Classroom to the Negotiations assignment to respond and consider do you prefer responding to this type of question on Google Classroom or in the Zoom chat? Unanticipated Inflation: Winners and Losers
While unanticipated inflation isn't usually considered a good thing, there can be winners in that scenario as well. Please head to the Who Is Hurt and Who Is Helped by Unanticipated Inflation? on Google Classroom.
Real versus Nominal GDP
It's great to make more money. It's great for the economy to be doing well. But how do we know if the situation really improving? We take nominal figures and make them real. Please head to the Price Indices and Nominal versus Real values assignment on Google Classroom.
Your homework
Please complete the Costs of Inflation assignment for Tuesday, 11/3. I will be posting more work for our asynchronous days as well as some resources to help you navigate election day.
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Your to-do list
Entry to class
In order to gain entry to today's class you must answer the questions in the picture below. Assume that 2019 is the base year. You may use your notes and each other to reach the solution. Please send me the answers privately in the chat.
Calculating CPI and Inflation
Let's return to the activity we were working on the last class.
Winner and Losers in Inflation
While unanticipated inflation isn't usually considered a good thing, there can be winners in that scenario as well. Please head to the Who Is Hurt and Who Is Helped by Unanticipated Inflation? on Google Classroom.
Your to-do listIn our Zoom chat, please send me Jacob Clifford's PIES (his limits on GDP as a measure of the economy). Price Indices and InflationHow do we know if we are paying more for goods and services or not? Inflation, as well as deflation and disinflation, leads to constantly changing prices. Just look above at the menu from McDonald's in 1955. Those prices are pretty appealing. But are they actually less than what we pay today? Please head to Google Classroom to the Calculating CPI (Consumer Price Index) and Inflation assignment for some practice. If you need more help, watch the video below. Your homework: Winner and Losers in InflationWhile unanticipated inflation isn't usually considered a good thing, there can be winners in that scenario as well. Please head to the Who Is Hurt and Who Is Helpful by Unanticipated Inflation? on Google Classroom. Is Google in trouble?This week, the Justice Department filed a case against Google for an antitrust violation. Put more simply, in the view of the Justice Department, in regards to search Google has become too big. While I think that it would be hard to deny that Google is massive, when it comes to antitrust laws this case isn't so simple. There are a few resources that I have found to be pretty good in laying out the case. NPR's Planet Money has two episodes, Hey Google, Are You Too Big? and The Case Against Google, which references Brian X. Chen's essay from the New York Times. While monopolies and imperfect competition are microeconomic concepts, I thought you might find this case interesting. It could drastically change what Google looks like and how we use it. Your to-do listJoin the Zoom meeting for today. In the chat, privately send me the equation for GDP using the expenditure model. GDP, or not GDP? That is the question.Head to the GDP or not GDP? quiz on Google Classroom to see if we can identify what is included in GDP and what isn't. The Limitations of GDPHow do you know that you've had a great day? What do you look for in order to be able to determine that? Please respond at your class' padlet below. Price Indices and InflationHow do we know if we are paying more for goods and services or not? Inflation, as well as deflation and disinflation, leads to constantly changing prices. Just look above at the menu from McDonald's in 1955. Those prices are pretty appealing. But are they actually less than what we pay today? Please head to Google Classroom to the Calculating CPI (Consumer Price Index) and Inflation assignment for some practice. Don't forget test retakes are due on FridayYour to-do list
Unit 1 Multiple Choice Test RetakesFirst let me say, I think our first test went pretty well. That being said, I know that a few of you are disappointed with your scores. Because so much of your grade rests on your test scores, I want to give you the chance to retake it. For every missed question that you correct, I will give you half credit back. This process works easily on Google Classroom but not so easily on AP Classroom. If you submitted your test on AP Classroom and wish to retake it, please e-mail me. I will let you know what questions you got wrong and your incorrect answer. Google Classroom will do this for us on its own. Your retake will be due next Friday, October 23rd. Unit 1 Practice FRQYour AP exam will consist of three Free Response Questions, two short and one long. To put this in context you should know the follow information.
Please head to the Unit 1 Practice FRQ to begin our work. Circular Flow 2.0Your work on the Circular Flow assignment was good but many of you commented that the diagram is a mess. Let's take a look at the Circular Flow Model 2.0 on Google Classroom to make sure that we've got it. Understanding this model leads to an understanding of GDP, one of the most important concepts in Macroeconomics. Your homework: What's counted in GDP and what's notNot every transaction in the economy is counted in GDP. Please head to the What's counted in GDP and what's not on Google Classroom. Watch the video that I have posted and then complete the activity that will test your knowledge of what is part of GDP and what isn't.
Your to-do list
Good luck! Unit 1 Practice FRQIf we have time today, we'll take a look at the Unit 1 practice FRQ. I am not in a rush to get to it today. Our focus is to complete the test. Your homework
Your to-do list
Unit 1 Graphing TestLet's discuss the Basic Economic Concepts Graphing test so I can explain it in more detail and you can get your questions answered. Sorry, we just didn't have enough time on Tuesday to do this. This assignment will now be due on Friday, October 16th. Review of the Practice Multiple Choice Test: the questions you struggled withLet's go back to the Practice Multiple Choice Test and go over the questions that you as a group struggled with the most. If there are other questions that you are curious about, please bring them up. Our first FRQThe other part of the AP Exam is the FRQ, the free response question. I would like to practice one together today. Please head to AP Classroom to access the Unit 1 Practice FRQ. We're going to do a short FRQ today. In the past on the exam, there is one long FRQ and two short ones. Reminders for the testWe are taking our test on AP Classroom, which does not have a great reputation for reliability. When we take the test, I will have a back-up ready to go that will involve using a pdf and a Google Form. I would ask that you come to the test with your patience and flexibility. Please know that if there is a tech issue, it will in no way impact your grade. I also encourage you to have paper available to work out problems. There may be times that you have to do some calculations or drawing a graph will help you answer a question. Your to-do listCheck out the video below for our plan for Wednesday, 10/7. EquilibriumShifts in Supply and DemandTesting out AP ClassroomWe will take our Unit 1 test on Tuesday, 10/13 using AP Classroom. It is my first time using AP Classroom so I want to take it for a quick test drive. Please head to AP Classroom. For those of you in class with me, I'll assign it shortly. For those of you accessing the class at a different time, I will leave the exam up for you. Unit 1 Graphing TestPart of what the AP Exam will assess is your ability to draw graphs that illustrate economic concepts. There are a lot of ways to lose small amounts of points on the exam with incorrectly drawn graphs. This test will help you prepare to draw a number of the graphs you could see and draw on your AP exam. See the Unit 1 Graphing Test on Google Classroom for more details. This assignment will be due on Tuesday, October 13th. Our Activity for WednesdayI want you to spend our Wednesday time reviewing for our first Unit test. Please read through the article titled Advice on Multiple Choice questions. Part of taking the test is having a strategy for how to attack these questions. I think this article provides some pretty good advice.
Once you have read the article and feel ready, please complete the Unit 1 Practice Multiple Choice Questions. Supply, Demand, and Market Equilibrium, Disequilibrium, and Changes in Equilibrium (1.4, 5, & 6)10/2/2020 Your to-do list
Terms of Trade helpFor those of you who want a little more help with terms of trade, as well as opportunity cost and comparative advantage, this video should help. EquilibriumHow do we know when everyone is happy? When we reach equilibrium. Let's determine how in the Equilibrium Price and Quantity activity. Shifts in Supply and DemandWhat happens to price, quantity and equilibrium when the supply and demand curves shift? Let find out in the Shifts in Supply and Demand activity on Google Classroom. Ultimate Review PacketPlease head to Google Classroom for instructions on how to access the Ultimate Review Packet. Your homeworkI have posted a Unit 1 questions for use to prepare yourself for the first unit test. Please answer this set of questions as a practice. I would recommend timing yourself just to see how long it takes you to get through it. We will go over them on Tuesday in class.
If you feel you need additional practice in any area, continue your work on any of the activities I have posted. |
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