Thursday, July 16, 2020, Economics: Day 20

First hour of Google Meet 
Into 5 minutes: Standards, Objectives, Agenda, and attendance

Objectives: SWBAT

• describe Gross Domestic Product
• analyze Economic Challenges
• describe taxes and government spending

Warm Up 15 minutes: Students share work on the history of Banking in the U.S. trade and buy stock

• History of Banking 
• Stock Contest 

Lecture 20 minutes: 

1. Goods/Services, GDP, Aggregate Demand and Supply, Business Cycle
2.  Ch. 14 Taxes and Government Spending
3. Macroeconomic Equilibrium 

Key Terms 10 minutes: p. 310-316 Define and significance

1. Recession
2. Depression
3. stagflation 
4. leading indicators

Graphing 20 minutes:  Students graph their own business cycle, and Aggregate Supply and Demand. Students identify three durable and nondurable goods and three services. 
Independent Work 

Assessment 25 minutes: Chapter 12.3 p. 324 #1-6
Activity 25 minutes: Business Plan

• How much money will you need to start your business?
• How many workers? What will be the responsibilities of each? 
• How much production do you expect from each new worker added? 
• How will you be able to determine how to price your good or service? 
• How much will your fixed/variable costs be?
• How many goods or services will you have to sell a month to make it a profit?

Key Terms 20 minutes: Define and Significance

1. Inflation
2. purchasing power
3. price index
4. Consumer Price Index
5. market basket
6. inflation rate
7. hyperinflation
8. wage-price spiral
9. fixed income
10. deflation

Assessment 20 minutes: Ch. 13.3 Poverty p. 350 #1-7

Assessment 30 minutes: Ch. 14 Taxes and Government Spending #1-21 p. 382-383

Second hour of Google Meet 
4 Square Activity 25 minutes: Describe, Significance, Draw p. 331-333

1. Frictional Unemployment
2. Seasonal Unemployment
3. Structural Unemployment
4. Cyclical Unemployment

Case Study 10 minutes: Unemployment in a Booming Economy p. 351
Closing 5 minutes: Review Objectives