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
Costs of Inflation (2.5)
Let's start with a few activities to see if you remember the different types of costs on inflation as well as who is hurt and helped by unanticipated inflation.
Real v. Nominal GDP (2.6)
What is Real? And what is just Nominal? Let's apply these concepts to GDP.
Happy Halloween!The Inflation Song
In 1975, Sugar Daddy and the Gumbo Roux, lead by singer Earnest Jackson, recorded "Inflation" but it never was released. Fast forward to today, NPR's Planet Money has stepped in to release the song. Let's see if we can help Earnest Jackson make some money and help your first quarter grade as well.
What's coming up
Wednesday, November 2nd (Early Release)
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Your to-do list
Please take out your notes on Price Indices (2.4) and make sure you have the notes on Costs of Inflation (2.5) and Real v. Nominal GDP (2.6)
Costs of Inflation (2.5)Real v. Nominal GDP (2.6)
What is Real? And what is just Nominal? Let's apply these concepts to GDP.
And watch out for Shrinkflation
While we are so focused on changing prices, there is another way that businesses adjust to changing prices: shrinkflation. It may harder to notice that it's happening but it is and in more ways than you might expect.
What's coming up
Monday, October 31st
Your to-do list
Please take out your notes from the last class on Price Indices (2.4) and grab the notes on Costs of Inflation from Google Classroom.
Price Indices (2.4)
There are a lot more calculations to do. Let's head back to our notes on Price Indices and make sure that we know the math.
Costs of Inflation (2.5)And watch out for Shrinkflation
While we are so focused on changing prices, there is another way that businesses adjust to changing prices: shrinkflation. It may harder to notice that it's happening but it is and in more ways than you might expect.
Your homework
Please complete the Topic Questions on Price Indices (2.4) and the Costs on Inflation (2.5) as well as the Edpuzzle on Real v. Nominal GDP (2.6).
Your to-do list
Please make sure that you have the notes for Business Cycles (2.7) and Price Indices and Inflation (2.4)
Business Cycles (2.7)
Economists are notoriously awful at being able to predict when the economy will expand and contract. What they do know is that it will expand and contract. Let's take a look at the Business Cycle to understand why.
Price Indices and Inflation (2.4)
How 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?
How is the CPI calculated?Your homeworkYour to-do list
Please make sure you have your notes on Unemployment(2.3) and Business Cycles (2.7)
Unemployment (2.3)
Let's head out on the ice to learn more about unemployment.
Business Cycles (2.7)
Economists are notoriously awful at being able to predict when the economy will expand and contract. What they do know is that it will expand and contract. Let's take a look at the Business Cycle to understand why.
And because one of you asked...
Here's a great feature on how the Bureau of Labor Statistics compiles it data. It comes from The Indicator, a feature of Planet Money, a show on National Public Radio,
Your homework
Your to-do list
Please access the notes on both Unemployment (2.3) and Business Cycles (2.7).
Unemployment (2.3)
Unemployment isn't as simple as being out of work. There are different types of unemployment and counting it is tricky as well. Luckily, if you remember a few simple concepts from ice skating, you'll be all set.
Business Cycles (2.7)
Economists are notoriously awful at being able to predict when the economy will expand and contract. What they do know is that it will expand and contract. Let's take a look at the Business Cycle to understand why.
Your homework
Please complete the Topic Questions on the Business Cycle (2.7) and Unemployment (2.3). Please complete the Edpuzzle on Prices Indices and Inflation (2.4). All of these assignments are due on Monday, October 17th.
Don't forget that your Unit 1 Quest retakes are due Wednesday, October 19th. Your to-do listPlease grab your notes on GDP as well as the notes on the Limitations of GDP (2.2). GDP: Who's in and who's out?Let's test our knowledge of GDP and see if we can tell what gets counted and what doesn't. The Limitations of GDP (2.2)GDP as a measure isn't perfect. What are the problems with it? Well, they are as easy as pie to remember. Your homeworkPlease complete the Topic Questions on Circular Flow and GDP (2.1) and the Limitations of GDP (2.2). Please complete the Edpuzzles on Unemployment (2.3) and the Business Cycle (2.7)
Your to-do listPlease take out your notes from the last class on the Circular Flow and GDP. Gross Domestic ProductIt's arguably the most important economic indicator. So how is it calculated and what is included and what isn't? If you want more practice, check out the interactive below. What's next: The Limitations of GDP(2.2)Please complete the Topic Questions on The Circular Flow and GDP (2.1) as well as the Edpuzzles on the Limitations of GDP (2.2) and Unemployment (2.3) for our next class on Tuesday the 11th.
Enjoy the long weekend and rest up! Your to-do list Please head to Google Classroom to access the Unit 1 Test. It will be opened shortly for you. Good luck! All of you are going to do great! The Circular Flow and GDP (2.1)Let's dive into Unit 2 and learn how resources move around the economy. Your homeworkPlease make sure that you have watched the Edpuzzle on The Circular Flow and GDP (2.1)
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