Download Assignment Guide: Unit II

Unit II Assignment Guide
Measurement of Economic Performance: Unemployment, Inflation, &
GDP
Chapters 6, 7, & 8
Wed. 1/27 (Periods 1 & 3) & Thurs. 1/28 (Period 2)
1. Discussion: “Unemployment”
Objectives and Key Terms—You must be able to:
1) Define labor force and labor force participation rate.
2) Define unemployment and explain the issues in measuring unemployment.
3) Identify and distinguish between a discouraged worker and an underemployed
worker.
4) Define and distinguish between frictional unemployment, structural
unemployment, cyclical unemployment, and seasonal unemployment.
5) Explain full employment.
2. Macro PS #2 (due Wed. 2/10)
3. Hand back and discuss Unit I Test
Mon. 2/1
1. Continue Discussion: “Unemployment”
2. Activities
--Measuring Broad Economic Goals (Unemployment)
--Types of Unemployment
Tues. 2/2-Thurs. 2/4
1. Simulation: Auction and Lima Beans (Tues. 2/2)
2. Discussion: “Inflation”
Objectives and Key Terms—You must be able to:
1) Define and distinguish between inflation and deflation.
2) Define and distinguish between nominal income and real income.
3) Define hyperinflation.
4) Define and compute the Consumer Price Index (CPI).
5) Demonstrate how to change the base year of a price index.
6) Define the inflation rate.
7) Define and apply the Producer Price Index (PPI).
8) Explain the difference between real GDP and nominal GDP.
9) Define price stability.
10) Define anticipated versus unanticipated inflation.
11) Identify the impact and consequences of inflation.
12) Distinguish between Demand-Pull and Cost-Push Inflation.
13) Define and distinguish between the nominal and real interest rate.
3. Simulation: The Trial of Ms. Ann Flation (Wed. 2/3)
4. Video: Inflation in Brazil (Thurs. 2/4)
5. Activities
--Price Indexes
--Who Is Hurt and Who Is Helped by Unanticipated Inflation
Fri. 2/5
1. Discussion: “The Business Cycle”
Objectives and Key Terms—You must be able to:
1) Define macroeconomics.
2) Define and describe the phases of the business cycle.
3) Distinguish between Classical Economic Theory and Keynesian Economic
Theory.
4) Define Say’s Law.
5) Define recession.
6) Recognize the trade-offs between macroeconomic goals.
2. Video (Economics USA): Booms and Busts & Business and Growth
Mon. 2/8
1. Holiday
Tues. 2/9 – Wed. 2/10
1. Discussion: “An Introduction to Aggregate Demand and Aggregate Supply”
Objectives and Key Terms—You must be able to:
1) Define aggregate demand.
2) Explain why the aggregate demand curve is downward sloping.
3) Define aggregate supply.
4) Explain why the aggregate supply curve is upward sloping.
5) Define macro equilibrium.
6) Define full-employment GDP.
7) Identify and explain the competing theories for achieving macro stability.
2. Activity
--Test Your Understanding of Macroeconomic Indicators
3. Turn in Macro PS#2 (Wed. 2/10)
Thurs. 2/11
1. Turn in and discuss Macro PS#2
2. Test Review and Practice
Fri. 2/12
1. Unit II Test (Multiple Choice & Free-Response)