Monday, September 21, 2015

13.2: Inflation

Before we begin 13.2, let's look a couple pages back at page 341 and discuss the Unemployment Rate.

13.2: Inflation
  • What are the causes and effects of inflation? (p.342): Chart
  • Chart Skills (p.343): #1 & 2
  • What is Inflation? (p.344): 
    • What inputs may have contributed to higher ticket prices for these events?
    • Political Cartoon:
      • How will consumers react to an increase in the cost of goods and services?  
      • How might an increase in wages affect prices?
  • Inflation Rate (p.345): #1 & 2
  • The Wage-Price Spiral (p.346): #1 & 2
  • Economics & You (p.347): How has inflation changed your spending habits?
  • Section 2 Assessment (p.348): 2, 3, 6, 7, 10a, 10b, 10c
What is Monetary Inflation?

Inflation Explained

Friday, September 18, 2015

9.2: Labor and Wages / The Minimum Wage Debate

Chapter 9 Section 2: Labor and Wages

Assignment:
  • Read the two Wall Street Journal articles and answer the questions on a separate sheet of paper.
  • Complete the answer sheet.
  • Vocabulary (p.226)
  • Factors Affecting Wages (p.226): Chart
  • Checkpoint (p.227): What determines the equilibrium wage of labor?
  • Graph Skills (p.227): #1 & 2
  • Visual Glossary (p.228): Why are investments in training and technology important for a business?  At what point would increased investment not result in increased productivity?
  • Graph Skills (p.229): #1 & 2
  • Graph Skills (p.230): #1 & 2
  • Checkpoint (p.230): How do education, training, and experience affect wages?
  • Graph Skills (p.231): #1 & 2
  • Cartoon (p.231): How does this cartoon symbolize a glass ceiling for women?
  • Graph Skills (p.232): #1 & 2
  • Checkpoint (p.232): What groups have been hurt by wage discrimination?
  • Question (p.234): What are some of the costs that are eliminated when a company replaces workers with machines?

Animated History of the Minimum Wage: http://business.time.com/2014/02/28/an-animated-history-of-the-minimum-wage/



 

 
 

Thursday, September 17, 2015

9.1: Labor Market Trends

Chapter 9 Lesson 1: Labor Market Trends
  • Graph Skills (p.218): #1 & 2
  • Checkpoint (p.218): What important information can we learn from the Bureau of Labor Statistics?
  • Graph Skills (p.219): #1 & 2
  • Graph Skills (p.220): #1 & 2
  • Checkpoint (p.220): Why do companies engage in offshoring?
  • Graph Skills (p.221): #1 & 2
  • Summarize [in your own words] the 4 reasons for "temporary employees". (p.222)
  • Case Study (p.223): How has the economic downturn changed the nature of employment for many people?
  • Checkpoint (p.224): How are education and income connected?
  • Graph Skills (p.225): #1 & 2
  • Checkpoint (p.225): Why have real wages dropped in recent years?
  • Section 1 Assessment (p.225): #3, 4, 5, 6, 7, 8

Friday, September 11, 2015

5.2: Starting Your Business

As you start your business, you begin with 1 employee (yourself) and then through the course of the first year you may try to add more employees to see how much production you can achieve.  For example, if you produce something (a pair of shoes, a beanbag chair, etc.) or provide a service (cutting trees, washing cars, etc.) or selling something, you can keep track of the output to know how productive you are.
  • Using the chart on page 117 as a model, create a table relating to your specific business:
MARGINAL PRODUCT OF LABOR
LaborOutputMarginal Product
0
0--
1
2
3
4
5
6
7
8

  • Marginal Product of Labor (p.117): Chart Skills 1 & 2
  • What could be a possible reason for having less output after adding additional employees?
  • What are Production Costs? (p.119): #1 & 2
  • Looking at your particular business:
    • What are your fixed costs?
    • What are your variable costs?
  • Checkpoint (p.120): Why does a closed factory still have production costs?
  • Checkpoint (p.122): When should a firm keep a money-losing factory open?
  • Production Skills (p.120): #1 & 2
  • Section 1 Assessment (p.122): #4, 6, 7

Thursday, September 10, 2015

Chapter 6: Section 3

Background note about price:  Apple introduced a black version if its popular iPod in the fall of 2005.  It was technically identical to the traditional white version and sold for the same price.  Inventories of the black version were quickly depleted, while the white iPod remained in stock.  Apple continued to sell both versions at the same price.  The company reacted to this price signal in a different way, however.  When it introduced its new laptop computer, MacBook, in the spring of 2006, the white machines sold for $1349.  The identical black MacBook cost $1499.
Assignment:
  • #2: Prices often act as signals.  Describe how prices acted as a signal or an incentive in the last two major purchases that you made.
  • #5: Why do buyers and sellers conduct business on the black market?
  • #7a: What is the quickest way to solve a shortage?
  • #7b: What is the quickest way to eliminate a surplus?
  • #9: Describe three market problems that prevent efficient allocation of resources.
  • #10: Look at the illustrated "Economics & You" feature (p.153) on profit incentive.  List additional examples of how the desire for profit motivates people.
  • Do you agree or disagree that incentives motivate people's actions?  How do incentives affect your daily life?

Friday, September 4, 2015

Labor Day: The Economic Origins of a Holiday

Note: Monday is Labor Day!  Three day weekend!!!  But what is "Labor Day" about?


Labor Day is today considered a day for relaxation, BBQ's, and a nice day off of work.  But where did it begin?







Thursday, August 13, 2015

Young Politicians of America

Mr. Miles and Mr. Griffith will be starting a "Young Politicians of America" club at Jellico High School.  We will have regular meetings, discussions, debates, etc.  We want to build political awareness and encourage involvement in community issues and political discourse.

YPA is a nationwide, nonpartisan, 501(c)3 nonprofit organization dedicated to creating youth political awareness through community service.

http://ypa.org/home.php

The "About YPA" page says:

The Young Politicians of America is a service-learning movement composed of young Americans aged 14-22 working together to revive political discourse and awareness by establishing nonpartisan civic clubs in high schools and colleges. We deliver our services and spread our mission through our innovative Service-Chapter program. YPA also operates a networking group for graduates.

Driving this movement is a national 501(c)(3) nonprofit organization that has provided support, resources, and direction to YPA clubs since 1998. Over 2,500 members hail from all 50 United States and more than a dozen countries.

Q: Why are you called the Young Politicians of America?A: We understand that “politician” is a loaded term in today's political climate, and this is precisely why we chose to incorporate “politician” into our name. It is crucial for young Americans to realize the scope of their future responsibilities. By considering themselves politicians today, the leaders of tomorrow will be guided by the formative virtues our program emphasizes—hopefully restoring nobility and idealism to the political profession.
Our “Young Politicians” practice politics in a nonpartisan setting of issue-related community service and relevant discussions/debates. They are expected to see themselves as public servants in their own communities, and to realize the effects of their own actions on their neighbors—their “constituents.”
Q: What is a Service-Chapter? What activities do they perform?

A: 
YPA Service-Chapters (also called Clubs) are established in high schools and colleges across America—ranging in size from fifteen students to fifty students. These YPA Service-Chapters combine community service projects and politically relevant discussions to understand the importance of government.
Service-Chapters meet weekly on campus and, together, show that the problems community service aims to answer are the same problems government seeks to solve. Too many young Americans have lost focus on the importance of government as a vehicle for change by instead solely concentrating on community service to make a difference. YPA Service-Chapters uniquely build upon existing enthusiasm for community service to shine light on the political context and consequences of students' actions.
Every Service-Chapter registered with the YPA organization must:
  • Meet weekly on campus to discuss political issues of the day, prepare for their community service projects, plan for debates and panel discussions, or organize fundraising.
  • Monthly, complete at least one service-learning activity in their community. Example activities are highlighted below.
  • At the end of every month Service-Chapters must report to the national YPA organization, summarizing their meetings/service activities and also grading themselves on a sliding scale. Teacher Advisors certify reports to ensure accountability and authenticity.
As mentioned above, Service-Chapter members must satisfy a monthly service-learning requirement and then relate their experience to government at the local, state, or national level. Example activities include (but are not limited to):
  • Volunteering at a local Senior Center segues into a discussion on Medicare.
  • A Creek Cleanup followed by a debate on environmental policy, the EPA, pollution regulations, and even fuel efficiency standards for SUVs.
  • Visiting a Veteran's Home lends light to the practices of the Department of Veterans Affairs and also touches on foreign policy decisions.