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Macroeconomics
and the Georgia Performance Standards
Mike Raymer
Program Manager
Georgia Council on Economic Education
www.gcee.org
The Mission
To help teachers teach those
students, K-12, in the public
and independent schools of
Georgia
The Vision
Students leaving school
prepared for their roles as:
•
•
•
•
•
•
Productive Workers
Informed Consumers
Involved Citizens
Prudent Savers
Wise Investors
Sound lifelong decision makers in a
globally interdependent world
EOCT Pass Rates
Economics Test Data Trend
Domain Performance
for the 2008-2009 EOCT
Weight
Number
of Items
Avg. Correct
Fall Spring
% Correct
Fall
Spring
20.5%
14
7.8
8.3
56%
59%
Micro
4 weeks
22%
15
8.6
8.7
57%
58%
Macro
5 weeks
20.5%
14
7.6
7.7
54%
55%
International
2 weeks
18%
12
6.7
7.1
56%
59%
Personal Finance
19%
13
8.2
8.3
63%
64%
Domain
Fundamental
2 weeks
Handout
2 weeks
GPS
Handout
Performance standards provide clear
expectations for instruction,
assessment, and student work. They
define the level of work that
demonstrates achievement of the
standards, enabling a teacher to know
“how good is good enough.”
(www.georgiastandards.org)
Domain Focus
SSEMA1
The student will illustrate the means by
which economic activity is measured.
Domain Focus
SSEMA2
The student will explain the role and
functions of the Federal Reserve
System.
Domain Focus
SSEMA3
The student will explain how the
government uses fiscal policy to
promote price stability, full
employment, and economic growth.
Macro Pacing
Option #1: Five weeks of fury
Option #2: Three weeks of indicators,
two weeks fiscal/monetary
Option #3: Three weeks of indicators,
one week fiscal, one week monetary
The Macro
“Must Haves”
Circular Flow Model
Business Cycle
GDP
Expenditure Approach
GDP=C+I+G+(X-M)
Aggregate Demand
Aggregate Supply
Types of Unemployment
1. Structural
2. Cyclical
3. Frictional
Questions?
Where to Begin?
Liberal
Moderate
Georgia Council on Economic Education
www.gcee.org
Conservative
Where to Begin?
Unemployment
GDP
Inflation
Recession
Depression
The Federal Reserve
Government Spending
Taxation
Federal Debt
Federal Deficit
Georgia Council on Economic Education
www.gcee.org
Gross Domestic Product
• Gross= total
• Domestic= produced anywhere in the 50
states, by anyone
• Product= final goods and services
What does GDP measure?
Total amount of final goods and
services produced in a country
in one year.
(Measure of Output)
Are there any cool formulas you
can give us relating to this
interesting concept?
GDP=C+I+G+(X-M)
• C= consumption spending
(think consumers)
72%
• I= investment spending
(think businesses investing in themselves)
15%
• G= government spending
17%
• (X-M)= difference between exports and
imports
-4%
What is counted in GDP?
• FINAL goods
and services
• Goods/Services produced
here, even if by a foreign co.
What is NOT counted?
• Things produced outside the
country.
• Illegal stuff
• Purely financial transactions
…and INTERMEDIATE GOODS
Problems associated with GDP
• Slow to calculate
• Does not count everything
(it’s an estimate)
• Inflation can distort the figure
Real vs. Nominal
Per Capita GDP
GDP divided by a country’s population
GDP practice
(all about GDP)
Demonstration Lesson #1
Aggregate Demand and Aggregate
Supply Lesson
AD/AS
Questions?
Inflation
“Bag of Mystery”
Teaching Tools for MACROECONOMICS
from John Stossel
What You Get…
•
•
•
•
•
•
•
15 Video Clips
Instructor’s Manual
Segment Description
Preview Question
Discussion and Analysis Questions
Extension Activities
Multiple-Choice Questions
Clip 2- Nominal Values vs.
Real Values
SSEMA2b
Demonstration Lesson #2
Money and Inflation
Inflation
Calculator
www.bls.gov
Commanding Heights
Georgia Council on Economic Education
www.gcee.org
Questions?
Am I Unemployed?
Unemployment
1. Structural
2. Cyclical
3. Frictional
Structural Unemployment
Cyclical Unemployment
Frictional Unemployment
Demonstration Lesson #3
Unemployment
Questions?
Debt v. Deficit
Questions for You
• What is the national debt?
• What caused the national debt?
• Where does the government get the
money when it wants to spend more
than it takes in?
• What is a budget deficit?
• What is a budget surplus?
Demonstration Lesson #4
Should we worry about the
national debt?
1.
2.
3.
4.
Will the national debt cause the US to go bankrupt?
Are the interest payments on the debt important?
What about paying off the debt by increasing taxes?
Does running deficits today, and adding to the national
debt, put a burden on future generations?
Georgia Council on Economic Education
www.gcee.org
www.usdebtclock.org
Clip 12- Is Govt. Too Big?
SSEMA3b
Fiscal Policy
Actions taken by the Federal
Government to influence the
economy (business cycles).
How do they do it?
Taxation (revenue)
Spending (expenditures)
-transfer payments-
How/When/Why
If the economy needs a “boost” the
Federal Government might:
_______________ taxes.
_______________ spending.
How/When/Why
If the economy needs to be “cooled off”
the Federal Government might:
_______________ taxes.
_______________ spending.
Demonstration Lesson #5
How Can Changes in the Federal
Government’s Budget Stabilize the
economy?
Questions?
Monetary Policy
The actions the Federal Reserve
(Central Bank) takes to
influence the level of GDP and
the rate of inflation in the
economy.
Monetary Policy DVD
How Do They Do It?
Tools of the Fed:
1. Open Market Operations
2. Discount Rate (Fed to banks)
3. Federal Funds Rate (bank to bank)
4. Reserve Requirements
Open
Market
Operations
Simulation
How/When/Why
If the economy needs a “boost” the
Federal Reserve might:
_______________ bonds.
_______________ interest rates.
_______________ reserve requirements.
How/When/Why
If the economy needs to be “cooled off”
the Federal Reserve might:
_______________ bonds.
_______________ interest rates.
_______________ reserve requirements.
Questions?
Demonstration Lesson #6
The Monetary Policy Game
Lesson Ideas for the GPS Handout
www.gcee.org
Georgia Council on Economic Education
www.gcee.org
www.georgiacouncil.blogspot.com
Georgia Council on Economic Education
www.gcee.org
Workshop: Macroeconomics
Workshop Leader: Mike Raymer
[email protected]
Georgia Council on Economic Education
www.gcee.org