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Objective: MACROECONOMIC MODELS AND
FISCAL POLICY
1.
2.
3.
4.
5.
Warm up—Explain the crowding out effect
of government deficit spending.
Fiscal policy reviewed
A couple homework problems reviewed
Test info
In the news
Objective: Business and
ESLR: Critical thinkers
1. Warm up—Why do many businesses
choose to incorporate?
2. Economics USA: The Firm (video, notes)
3. (p206-207 18, 20, 21)
4. Making a Profit (worksheet)
Complete Making a Profit (worksheet) for
HOMEWORK
Objective: Chapter 7: Immigration and the
growth of cities
1. Warm up—Why were fires such a threat in
industrial age cities?
2. Chapter 7 summary
3. Chapter 7 assessment
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http://www.youtube.com/watch?v=woVcHfnh
BqI
Objective: MACROECONOMIC MODELS AND
FISCAL POLICY
1.
2.
3.
Warm up—What does it mean to say
“aggregate demand,” as a opposed to just
demand?
Unit 3 Exam
In the news
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Warms ups
Notes (video)
Chapter 9,10,11 hw
Review worksheet
Objective: Business and Labor
ESLR: Critical thinkers
1. Warm up—What makes the cost of labor
for some products greater than that of
others?
2. Labor (reading, questions, discussion)
3. Labor notes
4. Review Making a Profit (worksheet)
Objective: Chapter 7: Immigration and the
growth of cities
1. Warm up—What was the spoils system?
2. Review Chapter 7 assessment and more
3. Main Idea questions 6-8 on page 272
4. Quiz tomorrow on chapter 7
HOMEWORK: Critical Thinking page 272 #1
Objective: MACROECONOMIC MODELS AND
FISCAL POLICY
Warm up—Examine daily life in an open
economy versus a closed economy. How is
life different in a global economy?
2. Job news
3. Local crises in a global world: side effects
4. Video, notes, discussion
Read chapter 12 for Monday
1.
Objective: Business and Labor
ESLR: Critical thinkers
1. Warm up—Examine daily life in an global
economy. What are some advantages and
disadvantages of the free movement of
goods and people?
2. Job news
3. Local crises in a global world: side effects
4. Video, notes, discussion
5. Review Profit worksheet
Objective: Chapter 7: Immigration and the
growth of cities
1. Warm up—What was is civil service?
2. Exam on Chapter 7
3. A look at ebola
Objective: MONEY, BANKING, AND MONETARY
POLICY (Financial Sector)
1. Warm up—What is money? What are the
functions of money?
2. Economic relationships
3. Topic A: Money, banking, and financial
markets
Objective: Business and Labor
ESLR: Critical thinkers
1. Warm up—Who is included in the labor
force?
2. Unemployment (pages 331-336
reading)
3. Questions 1-7
4. Secret History of the Credit Card (video,
notes, questions)
Objective: Life at the Turn of the Century
1. Warm up—What is segregation?
2. Chapter 8 (reading, handouts, discussion)
3. A look at ebola
Objective: MONEY, BANKING, AND MONETARY
POLICY (Financial Sector)
1. Warm up—Answer question 4 on page 243.
2. Topic A: Money, banking, and financial
markets
3. A bank’s balance sheet
4. Page 242-243 (3)
Objective: Business and Labor
ESLR: Critical thinkers
1. Warm up—List the 4 types of
unemployment. Which is most easily to
avoid?
2. Unemployment (page 336 3-7)
3. Secret History of the Credit Card (video,
notes, questions)
Objective: Life at the Turn of the Century
1. Warm up—How did education in America
change at the turn of the century?
2. Chapter 8 (Section 3 and 4 reading and
questions)
3. Complete Chapter 8 worksheet.
4. Discussion
Objective: MONEY, BANKING, AND MONETARY
POLICY (Financial Sector)
1. Warm up—What is the Federal Reserve
Bank?
2. Answer question 3 on page 242-243.
3. A bank’s balance sheet
4. Banking and the economy: Economics USA
Objective: Business and Labor
ESLR: Critical thinkers
1. Warm up—Consider an economy where
127 million people are employed and 8
million people are unemployed. What is
the unemployment rate?
2. Secret History of the Credit Card (video,
notes, questions) conclusion
3. Credit cards and the economy: breaking
it down.
4. Review/Moving on
Complete the following with a partner:
1. List 3 advantages of credit cards to the
consumer
2. List 3 disadvantages of credit cards to the
consumer
3. List 2 advantages of credit cards to
businesses
4. List 2 disadvantages of credit cards to
businesses
5. Are credit cards good for the economy?
Objective: Life at the Turn of the Century
1. Warm up—What years are we talking about
when we say the turn of the century?
2. Review Chapter 8 questions and worksheet.
3. The Century: Seeds of Change (video, notes)
Objective: MONEY, BANKING, AND MONETARY
POLICY (Financial Sector)
1. Warm up—What is open-market operations?
2. Banking and the economy: Economics USA
(video, notes, questions)
3. A bank’s balance sheet (reviewed)
4. Money creation
Objective: Business and Labor
ESLR: Critical thinkers
1. Warm up—Consider an economy where
95 million people are employed and 5
million people are unemployed. What is
the unemployment rate?
2. Advantages and disadvantaged of
Credit Card (review)
3. Quiz info
4. Reading
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Advantages and disadvantages of different
business organizations (sole proprietorships,
partnerships, and corporations)
What is liability?
Advantages and disadvantages of credit cards
Review questions on scarcity, production
possibilities, and supply and demand
Objective: Life at the Turn of the Century
1. Warm up—What is lynching?
2. Two views of America
3. Lynching (a reading, discussion and video)
4. Witness to lynching (
5. Moving pictures? Lillian Gish and The Birth
of a Nation (reading, discussion and video
Imagine you are travelling through a Southern
town in 1905. When you stop to rest, you
notice a large gathering of men in the process
of lynching a man. Write a paragraph on what
you witness, how you feel, and what you do.
Objective: MONEY, BANKING, AND MONETARY
POLICY (Financial Sector)
1. Warm up—What is the reserve requirement?
2. Spending, money and interest
3. Fed practice
4. Money creation and a bank’s balance sheet
(reviewed)
5. Morocco’s Mule Ladies
Homework: chapter 13 (4, 6-10,13)
Objective: Business and Labor
ESLR: Critical thinkers
1. Warm up—The nation of Nzerdifus has
200 workers. Doodle Dandy Inc., its
larger employer, lays off ten workers.
40 Nzerdifians were already looking for
work. The unemployment rate has
changed from ___% to ___%.
2. Quiz
3. Who is Malala? OR Morocco’s Mule
Ladies
Objective: Life at the Turn of the Century
1. Warm up—Solve it
2. Chapter 8 Assessment p.300
1. Terms and names 1-10
2. Critical Thinking 1
3.
Moving pictures? Lillian Gish and The Birth
of a Nation and The Great Train Robbery
(reading, discussion and video)
1.
2.
3.
4.
5.
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An island of immigrants
o________o_
After the war
e_ ___
To assimilate the Indians
e____
America’s pastime since
the mid 18th century
_____o__
Connected east and west
Objective: MONEY, BANKING, AND MONETARY
POLICY (Financial Sector)
Page 280 (1-13)
Objective: Business and Labor
ESLR: Critical thinkers
Page 308 (1-7)
Objective: Life at the Turn of the Century
Page 338 (Terms and Names 1-10;
Main Ideas 1-11)
Objective: MONEY, BANKING, AND MONETARY
POLICY (Financial Sector)
1. Warm up—Calculate the money multiplier
for the following reserve requirements:
a) 10% b) 15% c) 22%
2. The Fed (quick review)
3. The Fed today
4. You’re the Fed
Objective: Measuring National Income
ESLR: Critical thinkers
1. Warm up—What are intermediate
goods?
2. GDP (reading and questions)
3. GDP (details and notes)
4. Economics USA: Measuring national
income (video and notes)
Objective: The Progressive Era
1. Warm up—What was prohibition?
2. Origins of Progressivism (reading and
questions)
3. Women in Public Life
4. Teddy Roosevelt (video and notes)
Objective: MONEY, BANKING, AND MONETARY
POLICY (Financial Sector)
1. Warm up—Calculate the reserve
requirement for the following money
multipliers: a) 2.25 b) 3.1 c) 1.8
2. You’re the Fed (review items 1-3;
complete worksheet)
3. The Fed and 9-11
Objective: Measuring National Income
ESLR: Critical thinkers
1. Warm up—What intermediate good is
used in the production of ollygoggles?
2. GDP (details and notes)
3. GDP Worksheet
4. Economics USA: Measuring national
income (video and notes)
Objective: The Progressive Era
1. Warm up—Explain 1 goal of the Progressive
movement.
2. Chapter 9 summary continued (questions 3,
4 and 5)
3. Teddy Roosevelt (reading, video and notes)
4. Questions on TR. Page 325 #2
Objective: MONEY, BANKING, AND MONETARY
POLICY (Financial Sector)
1. Warm up—Explain the Fed’s concerns
during the attack on September 11.
2.
3.
4.
5.
Exam info
A bank’s balance sheet
The Fed reviewed
Homework review
Objective: Measuring National Income
ESLR: Critical thinkers
1. Warm up—What are durable goods?
Give an example.
2. Pop quiz!!!
3. GDP (reviewed)
4. GDP Worksheet reviewed
5. Economics USA: Measuring national
income (video and notes)
Objective: The Progressive Era
1. Warm up—Who were the Rough Riders?
2. Homework check (Page 325 #2)
3. Progressivism (a brochure) Chapter 9
Make a three fold brochure of the Progressive Era.
Include the goals of Progressivism, the major policies
of Roosevelt, Taft, and Wilson. Also include
information about Women’s suffrage and prohibition
movements.
Objective: MONEY, BANKING, AND MONETARY
POLICY (Financial Sector)
1. Warm up—What is Fractional Reserve
Banking?
2. A bank’s balance sheet (an exercise)
3. The Fed reviewed (worksheet)
4. A few homework items
5. History of the Fed (video, notes)
1.
2.
3.
4.
5.
Step one: Create a balance sheet for a bank that
has $210,000 in deposits, $33,000 in stocks,
$11,000 in bonds, $21,000 in real estate, and
$20,000 in loans with a reserve ratio of .2.
Step two: Show what happens when $28,000 is
deposited
Step three: Show what happens the Fed
conducts open-market operations of $10,000
to contract the money-supply.
Step four: Show what happens when $30,000
is now withdrawn.
Step five: Show what happens when $42,000 is
deposited AND the Fed decides to further
contract the supply of money by raising the
reserve requirement .25.
Objective: Measuring National Income
ESLR: Critical thinkers
1. Warm up—Give three examples of
services counted in GDP.
2. GDP quiz and worksheet reviewed
3. Economics USA: Measuring national
income (video and notes)
4. Business cycle and GDP (p310-316 14, 6)
Objective: The Progressive Era
1. Warm up—Who were the presidents before
and after Theodore Roosevelt?
2. Complete Progressivism brochure
Make a three fold brochure of the Progressive Era.
Include the goals of Progressivism, the major policies
of Roosevelt, Taft, and Wilson. Also include
information about Women’s suffrage and prohibition
movements.
Objective: MONEY, BANKING, AND MONETARY
POLICY (Financial Sector)
1. Warm up—Explain how the supply of money
influences interest rates.
2. The Fed reviewed. (notes, problems,
questions)
3. History of the Fed (video, notes)
Objective: Measuring National Income
ESLR: Critical thinkers
1. Warm up—When calculating GDP, what
does Investment include?
2. Business cycle, economic downturns and
GDP (reading, notes) p326-327 1-8
3. The circular flow of payments
4. Economics USA (video, notes)
HOMEWORK: Find an article online about the
economy. Summarize it in three paragraphs.
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Increase in business and personal bankruptcy
Fewer jobs
More unemployment
Increase in inventories
Fewer incomes received
Less spending
Increase in government spending/services
Stock market decline
Less investment
Decline in trade
Durable goods sales decline
Overall decline in GDP
Objective: Imperialism and America
1. Warm up—What is Imperialism?
2. Turn in Progressivism brochure
3. Reading page 342
4. Vocabulary and questions (p345 1 and 3)
5. Roots of Imperialism (p345 2)
HOMEWORK: page 368 Main Ideas 1-2
Objective: MONEY, BANKING, AND MONETARY
POLICY (Financial Sector)
1. Warm up—Why is stagflation a special
problem for the Fed?
2. Unit 4 Exam
Objective: Measuring National Income
ESLR: Critical thinkers
1. Warm up—When calculating GDP, what
does Government include?
2. Business cycle reviewed
3. Economic relationships (worksheet)
4. Economics USA (video, notes)
HOMEWORK: Find an article online about the
economy. Summarize it in three paragraphs.
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Increase in business and personal bankruptcy
Fewer jobs
More unemployment
Increase in inventories
Fewer incomes received
Less spending
Increase in government spending/services
Stock market decline
Less investment
Decline in trade
Durable goods sales decline
Overall decline in GDP
Objective: Imperialism and America
1. Warm up—What islands are located on the
Caribbean Sea?
2. HOMEWORK CHECK: page 368 Main Ideas
1-2
3. Roots of Imperialism (p345 2)
4. Spanish American War (p346, outline, video,
notes)
Objective: LONG RUN MACROECONOMIC
DEBATES
1. Warm up—Outline the stages of the
business cycle.
2. Unit 5 intro (text, discussion)
3. Inside job: The film that cost $20 trillion
dollars to make (video, notes)
Read Unit 5 topic A
Objective: Measuring National Income
ESLR: Critical thinkers
1. Warm up—Explain five effects of
increased consumer and business
spending on the economy.
2.
GDP two country comparison—step 1
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More incomes received
More jobs
Less unemployment
Improved living standards
Increase in overall production
More overall savings
Greater investment
Increase in GDP
Choose two nations in world. One from Europe
and another from Africa, Asia, or Latin
America. Collect the following data on these
nations:
Real GDP
GDP per capita
Location
Major cities
Major industries
Major trading partner
Currency
% of the economy that is
industry, agriculture and
services
• % of land that is arable
•
•
•
•
•
•
•
•
Urban population
Energy consumption
Population
Literacy rate
Birth rate
Death rate
Infant mortality rate
Life expectancy
Educational expenditures as a
% of GDP
• Population per physician
•
•
•
•
•
•
•
•
•
Objective: Imperialism and America
1. Warm up—What product was the backbone
of the Cuban economy?
2. Worksheets
3. Spanish American War (10.2 reading review)
4. Section quiz
5. Spanish American War (video, notes)
Objective: LONG RUN MACROECONOMIC
DEBATES
1. Warm up—Draw and explain the Philips
curve.
2. Inside job: The film that cost $20 trillion
dollars to make (video, notes)
Read Unit 5 topic A
Objective: Measuring National Income
ESLR: Critical thinkers
1. Warm up—What does GDP per capita
mean?
2. GDP two country comparison—
complete step 1
3. Government taxing and spending
(reading, notes, discussion, questions)
Choose two nations in world. One from Europe
and another from Africa, Asia, or Latin
America. Collect the following data on these
nations:
Real GDP
GDP per capita
Location
Major cities
Major industries
Major trading partner
Currency
% of the economy that is
industry, agriculture and
services
• % of land that is arable
•
•
•
•
•
•
•
•
Urban population
Energy consumption
Population
Literacy rate
Birth rate
Death rate
Infant mortality rate
Life expectancy
Educational expenditures as a
% of GDP
• Population per physician
•
•
•
•
•
•
•
•
•
Objective: Imperialism and America
1. Warm up—What territories did the US gain
after the war with Spain?
2. Acquiring New lands (summary review)
3. Geography activity
4. Spanish American War (video, notes)
HOMEWORK: Complete questions 1-4 on
Chapter Summary worksheet
Objective: LONG RUN MACROECONOMIC DEBATES
1. Warm up—The film Inside Job exposes many
fallacies about financial markets prior to the
2008 meltdown. Explain one of these fallacies.
2. The conclusion of Inside job: The film that
cost $20 trillion dollars to make (video,
notes)
Homework: step 1) Read the article “Rational
Irrationality.” step 2) Summarize the key points—
you should have about 20. step 3) Write two
solid paragraphs drawing conclusions about the
inherent stability or instability of markets.
Objective: Measuring National Income
ESLR: Critical thinkers
1. Warm up—What does a nation’s literacy
rate tell us?
2. Government taxing and spending
(reading, notes, discussion, questions)
3. GDP two country comparison—making
sense of the data
4. Step 2
Objective: Imperialism and America
1. Warm up—Why did Theodore Roosevelt
send the U.S. Naval fleet on a world tour?
2. Review homework questions 1-4 on Chapter
Summary worksheet
3. Chapter 10 Assessment questions (p368
Critical Thinking 1,2,3)
4. Spanish-American War video
Objective: LONG RUN MACROECONOMIC DEBATES
1. Warm up—Develop two arguments. One for
market regulation; another against market
regulation. Explain which argument is more
sound.
2. “Rational Irrationality” (discussion)
3. Chapter 15 questions (1, 2, 6, 8, 9)
4. Review
See www.mrclotzman.com for an extra credit
opportunity. NOTE: Extra credit will not be
accepted from anyone who has not turned in the
“rational irrationality” assignment.
Objective: Measuring National Income
ESLR: Critical thinkers
1. Warm up—Why are wealthy nations
more urban than poorer nations?
2. Government taxing and spending
(reading, notes, discussion, questions)
3. GDP two country comparison—Step 2:
making sense of the data.
4. Government fiscal policy.

Create a compare and contrast sheet for each
category with conclusions.
1. On a separate sheet of paper. List the category in
question. (e.g. Life expectancy).
2. Make a statement about the differences between the
data for the two nations (e.g. The average life
expectancy in the United States is 30 years longer
than in Chad.)
3. Draw a conclusion about why there is such a
difference in the data for the two nations in
question. You can easily use other data to support
this. (e.g. The U.S. is a much more productive nation
than Chad. Greater productivity means more output
of food, health care, social services, etc.)
Objective: World War One
1. Warm up—What is nationalism?
2.
Causes of war (reading and diagram)
3.
A race to arms. (Video and notes)
4.
Note review
Objective: LONG RUN MACROECONOMIC DEBATES
1. Warm up—Draw and explain the Laffer Curve.
2. Discuss Ch. 15 questions (1, 2, 6, 8, 9)
3. Review
4. Chapter 16: Ingredients of Growth/Labor and
productivity
5. Page 318 (1, 3)
6. Growth matters (p307)
Objective: Measuring National Income
ESLR: Critical thinkers
1. Warm up—Outline the five components
of GDP. Give a clear example of what is
counted in each. (e.g. Imports include
oil purchased from Saudi Arabia)
2. Government fiscal policy. (reading,
notes, discussion, questions)
3. Complete GDP two country comparison.
EXAM Friday

Create a compare and contrast sheet for each
category with conclusions.
1. On a separate sheet of paper. List the category in
question. (e.g. Life expectancy).
2. Make a statement about the differences between the
data for the two nations (e.g. The average life
expectancy in the United States is 30 years longer
than in Chad.)
3. Draw a conclusion about why there is such a
difference in the data for the two nations in
question. You can easily use other data to support
this. (e.g. The U.S. is a much more productive nation
than Chad. Greater productivity means more output
of food, health care, social services, etc.)
Objective: World War One
1. Warm up—How did militarism contribute to
war in Europe in 1914?
2. Causes of war (quick review)
3. Worksheet on Chapter 11 Section one.
4. A race to arms. (Video and notes) 23:55
HOMEWORK: Complete Ch. 11 Section 2
worksheet
Objective: LONG RUN MACROECONOMIC
DEBATES
1. Warm up—Explain the main ingredients in
economic growth. Give an example of each.
2. Discuss Page 318 (1, 3)
3. Growth matters (p307)
4. Economics USA: Economic growth (video,
notes)
Objective: Measuring National Income
ESLR: Critical thinkers
1. Warm up—Outline the components of
Investment
2. Complete GDP two country comparison paper
info.
3. GDP review worksheet
4. Review Government fiscal policy. (reading,
notes, discussion, questions)
5. Project work, question update.
EXAM Friday

Create a compare and contrast sheet for each
category with conclusions.
1. On a separate sheet of paper. List the category in
question. (e.g. Life expectancy).
2. Make a statement about the differences between the
data for the two nations (e.g. The average life
expectancy in the United States is 30 years longer
than in Chad.)
3. Draw a conclusion about why there is such a
difference in the data for the two nations in
question. You can easily use other data to support
this. (e.g. The U.S. is a much more productive nation
than Chad. Greater productivity means more output
of food, health care, social services, etc.)
Objective: World War One
1. Warm up—How did nationalism contribute
to war in Europe in 1914?
2. Chapter 11 summary and questions
3. A race to arms. (Video and notes) 23:55\
4. Worksheet on Chapter 11 review
Objective: LONG RUN MACROECONOMIC
DEBATES
1. Warm up—Explain the criticisms of the
Laffer Curve?
2. Page 318 (5-9)
3. An explanation of the 1929 Depression
(article, small groups, discussion)
Objective: Measuring Natio nal Income
ESLR: Critical thinkers
1. Warm up—Why is savings not counted
in GDP?
2. The multiplier effect
3. Project work, question update.
EXAM Friday
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Marginal Propensities to Consume and Save
(Marginal, meaning additional; Propensity,
meaning, the likelihood)
Marginal Propensity to Consume (MPC): how
much of each dollar added to the economy
will be spent on goods and services.
Marginal Propensity to Save (MPS): how much
of each dollar added to the economy will not
be spent on goods and services. It will be
saved
Thus, MPC+MPS=1
Because all spending is income, which in turn
becomes spending, we can use the MPC and
MPS to calculate how much additional spending
will result from any initial injection of spending
in the economy.
For example: If the Federal Government buys a
$10,000,000 fighter jet, the company will use
that $10,000,000 to pay salaries, buy
equipment etc. Those incomes will in turn be
spent on the needs of employees and suppliers
and so on.
If we know that .8 of every dollar will be spent,
we can calculate how much additional
spending will result from this $10,000,000.
1
MULTIPLIER= -----1 - MPC
1.
2.
3.
4.
5.
Explain the effect of $25 billion in
additional government spending with an
MPC of 80%.
Explain the effect of $50 billion reduction in
government spending with an MPC of 75%.
Explain the effect of $275 billion additional
spending in the economy with a MPC of 60%
Explain the effect of rising unemployment
that accounts for a $125 billion reduction in
household incomes with a MPC of 66%.
Explain the effect of $75 billion in
additional unemployment benefits with a
MPC of 90%.
Objective: World War One
1. Warm up—Who made up the alliances of
WWI?
2. Chapter 11 summary and questions review
3. The Century (Video) Take notes. When we
stop the video every 5 minutes. Ask a key
question from the portion we just watched.
4. Review key questions from Video.
OPEN BOOK TEST ON CHAPTER 11 FRIDAY
Objective: LONG RUN MACROECONOMIC
DEBATES
1. Warm up—Examine the economics of
Halloween.
2. If you did the extra credit, turn it in now.
3. An explanation of the 1929 Depression
(article, small groups, discussion)
4. Making sense of the article (groups)
Objective: Measuring National Income
ESLR: Critical thinkers
1. Warm up—Examine the economics of
Halloween.
2. GDP Exam
3. Economics USA: John Maynard Keynes
4. Project work, question update.
DON’T FORGET: GDP Comparison project is
due Wednesday, November 5, 2014 at the
beginning of class.
Objective: World War One
1. Warm up—Why did the U.S. finally go to war
in Europe in 1917?
2. Chapter 11 Open Book Exam
3. The Century (Video) Take notes. When we
stop the video every 5 minutes. Ask a key
question from the portion we just watched.
4. Review key questions from Video.