27 April 1 May

Class spent the week analyzing documents and policies related to taxes and wealth distribution.

Students will have an analytical poster assignment due on Monday, May 11th. To complete that assignment students began work on the following on Thursday / Friday:

Comparison of Liberal and Conservative Views on Tax Policy and Income and Wealth Distribution

Name __________________________________________ Date _____________________ Period ________

You are to create a set of Venn Diagrams that show how liberals and conservatives view economic issues similarly and differently. You have three sets of documents, the first set “”Tax Policy in The United States” consists of graphs (factual data); the second set are nine graphs and policy analysis by Datatools.org (liberal analysis of factual data; and the third set is from Sen. Marco Rubio and the Republican Party (conservative POV). Because their Points of View are often very different you may have to recognize discussion of similar concepts under different titles (for example “Corporate Taxes” & “American Competiveness” address similar parts of our economic system from different points of view; another example is “Balance the Budget” and “Federal Policies to Promote Asset Building”).

Begin with a diagram that shows basic assumptions and values of liberals and conservatives.

 Liberals Conservatives

Next you will need to look at both the titles and the subject matter of the graphs as well as the names of ideas and the actual policies being proposed in the conservative documents.

Use the space below to identify topics that both sets of documents address (including those listed above). Then work in your groups to make Venn Diagrams that shows similarities and differences in liberal and conservative opinions about the issue. The Tax Policy graphs may be useful in this analysis. Each diagram should have a title; different people may give different titles to the diagram based on their own understanding and beliefs about the issue.

On the back, make a list of titles and topics addressed and sources of info to consult you will need to turn in at least three diagrams. You will need at least four (4) for an “A”

Thursday / Friday April 23rd/24th

Classes presented their interpretation of the data that they were assigned.

Classmates took notes on and asked questions about the graphs and the data that the graphs represent.

Students took time to reflect in writing on the information that they have been examining.

Next week the class will examine these issues with documents from a conservative and / or Republican perspective.

Next week students will be working in class on writing a short essay on one of the topics addressed in the Tax Policy and Wealth unit.

Tuesday and Wednesday 21 and 22 April

The class used the following guidelines to examine a set of data on income and wealth inequality collated by a left leaning group.

What is the graph about? (define terms as needed)
     Who is represented?
      What measurements are shown?

What does the graph show is /was happening (and to whom)?

Who /what seems to be being valued  and / or supported? Not supported?

How do you / ya'll feel about who / what is being valued and / or supported?

Do any of the suggested policies seem to apply? Which? Why?

Predictions? Recommendations?


The class was cautioned not to draw specific conclusions about a person or person from general statistics. The class reviewed the difference between correlation and causation.

The class was divided into groups and each group prepared a presentation of their analysis of one of the graphs.

Monday, 20 April

Classes finished an examination of basic federal tax documents: 1040ez; 1040A; and 1040 including Schedule A.

The class examined the values that United States Tax Policy represented.

Friday, April 17th

Periods 5 and 6 learned about hyper inflation from a short historical video (Revolutionary America; Weimar Germany; and Boliva in the 1980s).

Then the class continued the study of the Gold Standard and inflation by listening to the Planet Money Podcast, The Gold Standard: RIP (Episode 253).

Primarily for enrichment the class then listened to the podcast Gold!

Thursday April 16th

Class began with students attempting to guess the percentage of the Federal Budget that is spent on 11 categories.

After viewing the correct answers; the class compared the data provided with data provided from a different perspective.


The class then read this description of federal programs (the source has a left of center bias). The class discussed the value of these expenditures, and the values behind them.

The class then considered the sources of Federal revenue:

and discussed the values of this distribution.

The class then compared a typical state's sources of revenue:

Then the class considered the effect of sales tax on people of different income brackets:

And the class considered data for how income taxes impact people at different income levels (data set from Robert Reich on California income)

2ND PERIOD CLASS LEFT OFF AT THIS POINT

The class looked at the trends for Federal Corporate Tax Rates:

Finally the class looked at the effective tax rates for high income people and low income people over time:

Tuesday and Wednesday April 14th and 15th

Class began by reviewing deflation as an economic factor.

Then the class began an examination of United States Tax Policy as well as tax practice.

We noted that once a job is offered employees will have to complete:
Form I-9
Form W-2
then employees will receive a pay stub
and then a
W-4

Students saw examples of these documents.

Next the class examined how to complete Federal Tax form 1040ez using a mock W-4.

The class compared form 1040a to the 1040ez then form 1040 and Schedule A to both.

The class looked for evidence of Federal Tax policies in the various documents noting a support for marriage; home ownership; and for owning more expensive homes.

Examination of Tax Policy will continue next class.

Monday, 13 April

Class today was focused on the concept of "Deflation" and on the effects of falling prices.

We listened to and then read the following article with an eye for evidence the influence of supply and demand: In Pennsylvania, Employment Booms Amid Oil And Natural Gas Bust.

Then the class read UK economy poised to welcome deflation for the first time since 1960. Students were to bring two short written answers to the following questions to the next class:

How can deflation be bad?

How can deflation in one part of the economy (say energy prices) be good?

Thursday April 9

Periods 2 and 3 learned about hyper inflation from a short historical video (Revolutionary America; Weimar Germany; and Boliva in the 1980s).

Then the class continued the study of the Gold Standard and inflation by listening to the Planet Money Podcast, The Gold Standard: RIP (Episode 253).

Primarily for enrichment the class then listened to the podcast Gold!

Tuesday / Wednesday April 7/8

Class began with a review of production, supply, cost, and economies of scale. The class worked through the following problems:

: X	Fixed Costs	Marginal Cost 1-100	Total Cost to Produce 100	Marginal Cost 101-1,000	Total Cost to Produce 1,000 Widgits	Profit selling 100 Widgits for $4.00 each	Profit selling 1,000 Widgits for $4.00   each
Company A		$2.00 total Marginal Cost for 1-100 =	$300	$1.00 total Marginal Cost for 101-1000 =
Company B	$250	$3.00 total Marginal Cost for 1-100 =		$.50 total Marginal Cost for 101-1000 =

Then the class used the two graphic organizers below to begin studying Macroeconomics and inflation. The first page of notes came from a video; the second page of notes is based on this episode of Planet Money. Episode 252: The Gold Standard.

Name __________________________________________ Date _____________  Period _______

Mediums of Exchange; What is Money? Introduction to Macroeconomics; Inflation and Monetary Policy

List at least five things people have used to facilitate trade and commerce over the years and around the world:

1 2 3 4 5

Who created the first money? ________________________

Where was “paper” money (e.g. currency that has no value on it’s own first developed? _________________________

What are some ways paper money makes trade easier?

“Paper currency” is controlled by a government; what can a government do when they control the supply of money?

What determines prices?

What is the law of Demand?

What will happen if the supply of money increases?	What will happen if the supply of money decreases?

In a modern economy who controls the supply of money? __________________________________

Planet Money: The Gold Standard

http://www.npr.org/blogs/money/2011/02/15/133781593/the-tuesday-podcast-the-gold-standard

Essential Question: Should the government be able to control the supply of money?

(Hint: most economist say, “Yes.”) The episode we are about to listen to is introduced this way:

On today's show, we visit the charming curmudgeon and respected finance writer James Grant. He says we should go back on the gold standard.

His basic argument: Under the gold standard, money holds its value. Central banks can't create (or destroy) money at a whim. In his words:

So the gold standard, the value was fixed and we adjusted our affairs to this North Star of value. Today, the North Star is like a comet. Ben Bernanke testifies one day, he thinks he wants to impart a little zest into our shopping by injecting more green, paper dollars into the world. He thinks that more of them will be more better. Why? Because it will cause prices to go up just enough. Not too much, but just enough. Do you believe that? It's risible. Laughable.

Arguments in FAVOR of the Gold Standard	Arguments AGAINST the Gold Standard	Questions I have	Additional Notes

My final thoughts on gold:

Monday, 6 April, 2015

Class took a test on 1st Quarter topics.

The topic of "Compounding," however, is being moved to the unit on personal finance.

Thursday / Friday April 2 / 3

Students finished their chapter study, and the class reviewed the items.

Students were given the following sample questions to help prepare for the test on Monday; the class reviewed items by student request.

Sample Micro-Economics Test Questions

Note: Test questions may include more complex variations of these skills and knowledge.

NOTES

1) Which will result in having more money at the end of the time periods specified?

A) $10,000 earning 5% for one year

            Or

B) $1,000 earning 5% for ten years

2) Which will result in having more money at the end of the time periods specified?

A) $5,000 earning 5% for one year

            Or

B) $5,000 earning 1% for five years

2A) Given the figures above; which option “A” or “B” has the greater “opportunity cost”?

3) Which will result in having more money at the end of the time periods specified?

A) Starting with $0 and adding $1000 each year while earning 5% interest for ten years

            Or

B) $10,000 earning 5% for five years

4) If a major scientific study came out next week proving that eating one apple a day will make a person healthier, happier, more popular, and richer what will you expect to happen to the prices of apples?

5) The current Demand for oil is shown as D1; will D2 or D3 be the new Demand for oil as a result of a new invention that makes electric cars cheaper and easier to produce?

6) If the price of a “Good A” rises, according to the Law of Supply what will producers do?

7) What are the economics arguments in favor or against raising the legal minimum wage?

8) If a company sell widgets for $2, and it’s fixed costs are 10 dollars, and it’s marginal cost is $1 how many widgets must it sell in order to begin to make a profit?

Tuesday / Wednesday March 31 & April 1

Students worked on the chapter study.

Mr. Zartler handed out the following study guide:

Micro-Economics Test Study Guide

Test Date: Monday, 6 April (Make up Thursday, 9 April during tutorial)

Vocabulary:

Value

Wants

Needs

Supply

Demand

Scarcity

Cost

Economy

Opportunity Cost

Consumer

Return on Investment (ROI)

Risk

Budget

Income

Capital

Investment

Credit

Principal

Interest

Debt

Deficit

Consumer

Producer

Market

Opportunity Cost

Law of Supply

Surplus

Shortage

Law of Diminishing Returns

Fixed Cost

Marginal Cost

Economies of Scale

Compounding Interest

9 February

Supply & Demand & Cost (Price)

11 February and 5 March

Minimum Wage

24 February

Supply & Demand & Cost in the Labor Market

26 February

1) Are wages following the trends that traditional economics would suggest?
2) Given the quote: "The absence of meaningful gains in American workers' pay has been one of the lingering problems in the economy." Say why.
3) Given that inflation is the decrease in the value of money over time .... If there _is_ inflation, why is wage growth important to the economy?

9 March

Inferior Goods & Normal Goods

5 March

Demand and Supply and Cost and EQUILIBRIUM

Law of Supply

17 March

Production and Cost

30 March

Much of Economics is based on the assumption of rationality; do people always make rational choices?

How can your understanding of the economics we have discussed and studied help you make well-informed (and hopefully good) decisions about your future?