Unit 3: Macro and International Economics
SSEMA1 Illustrate the means by which economic activity is measured.
A. Explain that overall levels of income, employment, and prices are determined by the spending and production decisions of households, businesses, government, and net exports.
B. Define Gross Domestic Product (GDP), economic growth, unemployment, Consumer Price Index (CPI), inflation, stagflation, and aggregate supply and aggregate demand.
C. Explain how economic growth, inflation, and unemployment are calculated.
D. Identify structural, cyclical, and frictional unemployment.
E. Define the stages of the business cycle; include peak, contraction, trough, recovery, expansion as well as recession and depression.
F. Describe the difference between the national debt and government deficits.
SSEMA2 Explain the role and functions of the Federal Reserve System.
A. Describe the organization of the Federal Reserve System.
B. Define monetary policy.
C. Describe how the Federal Reserve uses the tools of monetary policy to promote price stability, full employment, and economic growth.
SSEMA3 Explain how the government uses fiscal policy to promote price stability, full employment, and economic growth.
A. Define fiscal policy.
B. Explain the government’s taxing and spending decisions.
SSEPF3 Explain how changes in monetary and fiscal policy can have an impact on an individual’s spending and saving choices.
A. Give examples of who benefits and who loses from inflation.
B. Define progressive, regressive, and proportional taxes.
C. Explain how an increase in sales tax affects different income groups.
SSEIN1 Explain why individuals, businesses, and governments trade goods and services.
A. Define and distinguish between absolute advantage and comparative advantage.
B. Explain that most trade takes place because of comparative advantage in the production of a good or service.
C. Explain the difference between balance of trade and balance of payments.
SSEIN2 Explain why countries sometimes erect trade barriers and sometimes advocate free trade.
A. Define trade barriers as tariffs, quotas, embargoes, standards, and subsidies.
B. Identify costs and benefits of trade barriers over time.
C. List specific examples of trade barriers.
D. List specific examples of trading blocks such as the EU, NAFTA, and ASEAN.
E. Evaluate arguments for and against free trade.
SSEIN3 Explain how changes in exchange rates can have an impact on the purchasing power of individuals in the United States and in other countries.
A. Define exchange rate as the price of one nation’s currency in terms of another nation’s currency.
B. Locate information on exchange rates.
C. Interpret exchange rate tables.
D. Explain why, when exchange rates change, some groups benefit and others lose.
A. Explain that overall levels of income, employment, and prices are determined by the spending and production decisions of households, businesses, government, and net exports.
B. Define Gross Domestic Product (GDP), economic growth, unemployment, Consumer Price Index (CPI), inflation, stagflation, and aggregate supply and aggregate demand.
C. Explain how economic growth, inflation, and unemployment are calculated.
D. Identify structural, cyclical, and frictional unemployment.
E. Define the stages of the business cycle; include peak, contraction, trough, recovery, expansion as well as recession and depression.
F. Describe the difference between the national debt and government deficits.
SSEMA2 Explain the role and functions of the Federal Reserve System.
A. Describe the organization of the Federal Reserve System.
B. Define monetary policy.
C. Describe how the Federal Reserve uses the tools of monetary policy to promote price stability, full employment, and economic growth.
SSEMA3 Explain how the government uses fiscal policy to promote price stability, full employment, and economic growth.
A. Define fiscal policy.
B. Explain the government’s taxing and spending decisions.
SSEPF3 Explain how changes in monetary and fiscal policy can have an impact on an individual’s spending and saving choices.
A. Give examples of who benefits and who loses from inflation.
B. Define progressive, regressive, and proportional taxes.
C. Explain how an increase in sales tax affects different income groups.
SSEIN1 Explain why individuals, businesses, and governments trade goods and services.
A. Define and distinguish between absolute advantage and comparative advantage.
B. Explain that most trade takes place because of comparative advantage in the production of a good or service.
C. Explain the difference between balance of trade and balance of payments.
SSEIN2 Explain why countries sometimes erect trade barriers and sometimes advocate free trade.
A. Define trade barriers as tariffs, quotas, embargoes, standards, and subsidies.
B. Identify costs and benefits of trade barriers over time.
C. List specific examples of trade barriers.
D. List specific examples of trading blocks such as the EU, NAFTA, and ASEAN.
E. Evaluate arguments for and against free trade.
SSEIN3 Explain how changes in exchange rates can have an impact on the purchasing power of individuals in the United States and in other countries.
A. Define exchange rate as the price of one nation’s currency in terms of another nation’s currency.
B. Locate information on exchange rates.
C. Interpret exchange rate tables.
D. Explain why, when exchange rates change, some groups benefit and others lose.
Do Nows
Unit Vocabulary
MA1:
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MA2:
22. Federal Reserve System 23. Monetary Policy MA3: 24. Fiscal Policy PF3: 25. Progressive taxes 26. Regressive taxes 27. Proportional taxes IN1: 28. Absolute advantage 29. Comparative advantage 30. Balance of Trade 31. Balance of payments IN2: 32. tariffs 33. quotas 34. embargos 35. standards subsidies 36. EU 37. NAFTA 38. ASEAN |
Directions for Quizlet Vocabulary Assignment
This is going to be very simple - just follow these directions. If you don't - your grade on the assignment will reflect that. AND that will just be sad.
2. Do you see the vocabulary words above these directions? (nod your head, yes)
- IF you have a FIRST NAME that begins with A-L you will complete definitions for numbers 1-19.
- IF you have a FIRST NAME that begins with M-Z you will complete defiitions for numbers 20-38.
3. So you are asking yourself - how do I do that on QUIZLET? It's so easy. You're going to create a set of flashcards. Click on the word CREATE that's in the blue bar at the top. It will open up to say "create a new study set." For the title - write KENDRICK U3 MACRO ___________ (YOUR FIRST NAME ONLY)
4. After you create this set you are going to (MAKE SURE THEY HAVE NO TYPOS OR GRAMMAR ISSUES - PEOPLE FROM ALL OVER THE WORLD WILL SEE YOUR WORK AND YOU DON'T WANT TO LOOK UNEDUCATED)
- ADD them to the class
- play one complete game with YOUR words
- play one complete game with a classmates words
Last but not least -
5. You are required to create your set of words and add them to the class by FRIDAY.
6. By Saturday morning - bright and early - have your 2 game sets completed.
7. AND because the vocabulary is SO important for this unit - it will be counted as a QUIZ GRADE.
8. BTW - vocab test on Friday over the first 12 words. (why those? bc that's what we're covering first)
5. You are required to create your set of words and add them to the class by FRIDAY.
6. By Saturday morning - bright and early - have your 2 game sets completed.
7. AND because the vocabulary is SO important for this unit - it will be counted as a QUIZ GRADE.
8. BTW - vocab test on Friday over the first 12 words. (why those? bc that's what we're covering first)
overview notes for ssema1
Gross domestic product (GDP)
GDP Project Assignment Directions:
Use my sample as a guide for your assignment. On the large piece of drawing paper you will need the title, formula and four columns. Each column should have a heading which are: Consumer, Investment, Government and Net Exports. Then using the project cards, glue or tape the card into the appropriate column. Make sure you write a PLUS or a MINUS on the card so you can show that you know if it is an INCREASE or DECREASE of the GDP. Make sure there is some color on the drawing paper so that it not only correct in content, but looks good!
Use my sample as a guide for your assignment. On the large piece of drawing paper you will need the title, formula and four columns. Each column should have a heading which are: Consumer, Investment, Government and Net Exports. Then using the project cards, glue or tape the card into the appropriate column. Make sure you write a PLUS or a MINUS on the card so you can show that you know if it is an INCREASE or DECREASE of the GDP. Make sure there is some color on the drawing paper so that it not only correct in content, but looks good!
CPI, Inflation & Unemployment
Business Cycle
Quiz review
Use this link to study for your quiz...
National Debt & Deficit
The federal reserve
Watch this first...
Now, let's do notes...
monetary policy
Again, watch this first...
Then, take notes...