Honors Economics (Period 4) Assignments
- Instructor
- Mr. David Enowitz
- Term
- 2016-2017 School Year
- Description
-
Mr. EnowitzRoom 704Fall 2016Dear Parents and Students,David Enowitz
Welcome back to another school year. Your son or daughter is enrolled in my Principles of Economics class at Grant High School. It is a one semester course covering topics such as Scarcity, Types of Businesses, Types of Economies, Supply and Demand, Prices, Unions, Banks, Investments, and the Stock Market. The course will follow the California State History and Social Science Academic Standards for Economics.
Grading will be based on a point system. Each assignment or test will have a point value. The percentage of the total points a student earns will determine his or her letter grade. The Grading Scale will be as follows:
90-100% = A
77-89% = B
65-76% = C
52-64% = D
0-51% = F
The Work Habits grade will be based on the number of missing assignments. A student can be missing 0-3 assignments and still get an E in Work Habits. A student can be missing 4-6 assignments and still get an S in Work Habits. If a student is missing 7 or more assignments, he or she will get a U in Work Habits.
The Cooperation Grade will be based on the number of tardies and the student's behavior. A student with good behavior who has 0-3 tardies can get an E in Cooperation. Students with good behavior and 4-6 tardies (4-7 Tardies in Period One), can get an S in Cooperation. Students with 7 or more tardies (8 or more in Period One), will get a U in Cooperation. Also, if a student misbehaves, he or she will be warned first, and then have his or her seat moved if the behavior continues. After moving the seat, if the negative behavior still continues I will call the student's parent to discuss his or her behavior. If problems still continue after I have called home, the student will get a U in Cooperation.
The Classroom Rules are as follows:
1. Respect yourself and others.
2. Be in your seat, ready to work when the bell rings, and remain in your seat until the bell to dismiss rings.
3. Bring all required materials to class, including textbook, pen, paper.
4. Do not get up and walk around or talk while the teacher or another student is talking, or while the class is working.
5. All school rules apply in this classroom.
6. Use the restroom or take care of anything else you need to before class.
7. Clear all absences.
Students will receive a daily grade of five points for following the rules. They will get five out of five for following them for the entire period, and zero out of five if they violate the rules. They can also earn negative points for repeatedly breaking the rules during a class period. Uncleared absences and truancies will count against students for this grade. This daily grade may positively or negatively affect a student's grade.
If a student is absent, it is up to him or her to get the assignment from the teacher upon returning to school, or to get it from my webpage on granths.org. Students are responsible for all work missed during an absence, and will get a score of zero on work that is not completed following an absence. Students will get the same number of days as they were absent to make up the work. Late work will be accepted, but students can get no more than half credit on work that is turned in late. Make up work that is turned in will not be counted until I have seen on MISIS that the absence has been cleared. Work missed due to truancy cannot be made up.
Homework will usually be given two to three times a week. It must be done COMPLETELY AT THE TIME IT IS DUE. If it is not completely done at the time it is due, it will be graded either late or incomplete, and the student will get no more than half credit on the assignment. Work also must be done in COMPLETE SENTENCES. If it is not, the student will get no more than half credit. If a student does not understand the work, it is up to him or her to ask me for help, and I will be glad to provide it. Work that is not completely done because the student did not ask for help will be considered to be incomplete and the student will get half credit on the assignment.
Tests will be given periodically. They will be correctable True/False tests, in which the students will have to explain why the false answers are incorrect. Students will be able to use notes on the test, but if they choose to do so, they can get no better than 70% on the test. If they want to get a score higher than 70%, they must take the test without the notes.
If a student cheats or helps another student to cheat, he or she will get a grade of zero on that assignment or test. Cheating includes copying an assignment from a cell phone, copying from another student's paper, giving out an assignment for another student to copy from, looking at another student's paper during a test, use of notes or any other aid without telling the teacher, communication of any kind with other students during the test, and the use of any kind of electronic device during a test.
I hope this will be a rewarding school year for everybody involved. If you have any questions or concerns, please feel free to call me here at school at 818-756-2700, or email me at [email protected].
Sincerely,
Upcoming Assignments
No upcoming assignments.
Past Assignments
Due:
Assignment
Stock Market Project
150 points
Due the Day of the Final Exam
You are hypothetically going to buy $10,000 worth of stock, including commission ($9800-$9900 without commission) at the closing price on Thursday May 11th and sell your shares at the closing price on Wednesday May 24th.
You can use the sheets I gave you to make your stock purchase, and track the price per share of your stocks and the overall value of your investment.
Your project should be on a poster board of some kind.
It should have three graphs showing the price per share of your stocks for each day you owned the stock.
The fourth graph should show the overall value of your investment each day you owned the stock.
Your project should also have four written summaries, one for each of the stocks you owned, and one for your overall value.
Your summaries should include things like the reason you bought stock in that company, the value of the stock when you bought it, the highest point it reached, the lowest point it reached, and how much money you made or lost on it.
Your summary for the overall value should include things like the purchase price of your overall investment, how much money you made or lost overall, and the highest point and lowest point your investment reached.
Oral Report
150 points
Your oral report should be based on your summaries that you wrote talking about each stock and your overall investment. It should last from 1 to 2 minutes.
Due:
Assignment
Assets Assignment
Read pp. 324-326. Answer in complete sentences.
1. How are treasury notes different from treasury bonds?
2. Why are treasury notes and bonds popular with investors?
3. Why don't some people want to buy treasury notes and bonds?
4. What are T-bills?
5. How is an IRA different from a Roth IRA?
6. How is a capital market different from a money market?
7. What is the difference between primary and secondary markets?
Due:
Assignment
Stock Market Assignment
Read pp. 328-333. Answer in complete sentences.
1. What are equities?
2. What does the Efficient Market Hypothesis say?
3. What is portfolio diversification and why is it important?
4. What does a stockbroker do?
5. What are securities exchanges?
6. Graphic organizer showing four characteristics of the New York Stock Exchange.
7. How is the AMEX different from the NYSE?
8. What are regional stock exchanges?
9. What are global stock exchanges?
10. What is the OTC market?
11. How do people invest in NASDAQ stocks?
12. What is the Dow Jones Industrial Average?
13. What should you focus on when looking at the Dow Jones Industrial Average?
14. What is the Standards & Poor 500, and how is it different from the DJIA?
15. How is a bear market different from a bull market?
16. How is a spot market different from a futures contract?
17. How do people invest in futures markets?
18. How is a call option different from a put option?
Due:
Assignment
Bonds Assignment
Read pp. 320-323. Answer in complete sentences.
1. How do governments borrow money?
2. Describe each of the three components of a bond?
3. What established the final price of bonds?
4. What is the current yield of a bond?
5. If a bond is rated AAA, what does that mean?
6. If a bond is rated D, what does that mean?
7. How does the rating of a bond affect its price?
8. What is a certificate of deposit?
9. Why are CD's attractive to small investors?
10. When you purchase a corporate bond, what are you doing?
11. What are municipal bonds, and what is the big advantage of purchasing them?
12. What are savings bonds?
13. How is the interest on a savings bond paid?
14. Why are savings bonds attractive to all investors?
Due:
Assignment
Investment Assignment
Read pp. 318-320. Answer in complete sentences.
1. What is risk?
2. What is the relationship between risk and return?
3. What should your first consideration be when investing?
4. If you are saving for retirement, what kind of investment do you want to make?
5. What type of investment should you make if you need the money sooner?
6. How does an investor's goals affect his or her investment?
7. What are two rules that many investors follow?
8. Why is consistency important in investment?
9. What are 401k plans?
10. Why is it beneficial to use a 401k plan?
11. When are returns on 401k plans the highest?
12. Why are 401k plans popular?
Due:
Assignment
Depository Institutions Assignment #2
Read pp. 304-305. Answer in complete sentences.
1. What banking crisis took place in the 1980's?
2. Graphic Organizer showing four reasons the Savings & Loan (S&L) crisis took place.
3. What can the FDIC do if a bank is in danger of collapse?
4. Why are forced bank sales or liquidations kept secret?
5. Why don't depositors have to worry about bank failures?
6. Why do banks sometimes fail?
7. What made the banking industry more stable in the 1990's?
8. What were two trends in banking that emerged in the 1990's?
Honors Assignment (20 pts.)
pg. 308 Identifying Key Terms. Write the letter of the correct answer for each one.
Due:
Assignment
Financial System Assignment
Read pp. 313-316. Answer in complete sentences.
1. What is the difference between saving and savings?
2. How are savings beneficial to the economy?
3. What is a certificate of deposit?
4. What are financial assets?
5. What do financial intermediaries do?
6. How is the flow of funds that go from savers to borrowers circular?
7. What are non bank financial institutions?
8. How are finance companies different from banks?
9. What are bill consolidation loans?
10. What do Life Insurance Companies do with their excess funds?
11. What is a mutual fund?
12. How do people who invest in mutual funds make money?
13. What are pension funds?
14. What are REIT's?
Honors Question
Pg. 316 Sec. Assessment #6.
Due:
Assignment
Depository Institutions Assignment
Read pp. 303-304. Answer in complete sentences.
1. What are commercial banks?
2. What are DDA's?
3. How were thrift institutions different from commercial banks?
4. What were mutual savings banks and how did they change?
5. Why were mutual savings banks established?
6. Why didn't savings banks become popular nationwide?
7. What are NOW accounts?
8. What are Savings & Loans?
9. What are share draft accounts and why were they introduced?
10. Why were financial institutions closely regulated between the 1930's and 1970's?
11. What was Deregulation and why was it instituted?
12. Graphic Organizer showing three ways deregulation reduced differences between types of banks.
Honors Question
13. Pg. 308 Thinking Critically #1
Due:
Assignment
Federal Reserve Assignment
Read pp. 300-302. Answer in complete sentences.
1. What two needs do banks fulfill?
2. What did the 1863 National Banking Act do?
3. What finally led the U.S. Government to reform the Banking System?
4. What was the Federal Reserve System?
5. What banks were part of the FED?
6. Who owns the Federal Reserve, and who controls it?
7. What are Federal Reserve Notes?
8. What problems were there in banking from 1880-1929?
9. Why did banks fail during the Great Depression?
10. What did FDR do to try to solve the banking problems?
11. What did the Glass Steagall Act of 1933 do?
12. What was the FDIC, and why was it created?
13. How has the role of the FDIC expanded in recent years?
HONORS QUESTION
14. Why was it necessary for the U.S. Government to create the FDIC? What would have happened had it not been created?
Due:
Assignment
Banking and Monetary Standards Assignment #2
Read pp. 295-298. Answer in complete sentences.
1. What were Gold and Silver Certificates?
2. What were Treasury Coin Notes?
3. What was the Gold Standard?
4. What were two advantages of the Gold Standard?
5. What were four disadvantages of the Gold Standard?
6. What ended the use of the Gold Standard in the U.S.?
7. What did the 1934 Gold Reserve Act do?
8. What monetary system replaced the Gold Standard in 1934?
9. How is the U.S. Money Supply a managed one?
10. How has the Federal Reserve made management of the money supply easier?
11. What are the tangible and intangible components of the money supply?
12. What are four characteristics of modern money?
Honors Question
Some people say that the U.S. should go back on the Gold Standard. Do you agree or disagree? Explain why or why not.
Due:
Assignment
Banking and Monetary Standard Assignment
Read pp. 292-295. Answer in complete sentences.
1. What is a monetary standard?
2. Why didn't the Federal Government print paper currency until the Civil War?
3. How did state banks operate?
4. What were wildcat banks and what problems did they cause?
5. What were three problems that arose with paper currency?
6. Why did it reach the point where the paper money system had to be changed?
7. Why was paper money printed by the U.S. government for the first time in 1861?
8. How were the Congressional Demand Notes legal tender?
9. What did the 1862 Legal Tender Act do?
10. Why was Congress forced to create the National Banking System?
11. What did the National Banks do?
12. Why were the National Bank Notes better than Greenbacks?
13. What forced state banks to join the National Banking System in 1865?
Honors Question
14. Why doesn't the U.S. government put more money into circulation to solve economic problems? What would happen if there was too much money in circulation?
Due:
Assignment
Money Assignment #1
Read pp. 285-290. Answer in complete sentences.
1. What is a barter economy?
2. Why would life be difficult without money?
3. How is money a medium of exchange?
4. How is money a measure of value?
5. How is money a store of value?
6. What is the difference between commodity money and fiat money?
7. What did they use for money in colonial America?
8. What was wampum?
9. What were the early types of paper money?
10. What were Continental Dollars?
11. What is specie and how has it been used?
12. What are two possible origins of the dollar?
13. How were dollars made more divisible?
14. Graphic Organizer listing the 4 characteristics money must have to be effective.
Due:
Assignment
Government Expenditures Assignment #2
Read pp. 263-278. Answer in complete sentences.
1. Describe four ways government expenditures changed between 1980 and 2004.
2. What is medicaid?
3. What is a balanced budget amendment?
4. How are local government expenditures determined?
5. What are the three largest state government expenditures?
6. What are the three largest local government expenditures?
7. What is deficit spending?
8. How does the U.S. government finance deficit spending?
9. What part of the federal debt is often disregarded?
10. What is the difference between public and private debt?
11. Graphic organizer showing five ways the National debt affects the U.S. economy.
12. Complete the chart below:
Legislation What did it do to reduce What limited its success?
the federal debt?
1995 GRH Act
1991 BEA Act
Omnibus Budget
Reconciliation
Act of 1993
Balanced Budget
Act of 1997
13. Why did the U.S. achieve a budget surplus in 1998?
14. Why did the surplus turn into a deficit so quickly?
15. Why will the U.S. continue to have large debts for the foreseeable future?
Due:
Assignment
Government Expenditures Assignment
Read pp. 260-262. Answer in complete sentences.
1. What is the federal budget?
2. What is the difference between mandatory and discretionary spending?
3. What is the fiscal year?
4. What does the OMB do?
5. What is the difference between a federal budget surplus and a federal budget deficit?
6. What does the House debate when they receive the budget from the President?
7. What does the House do first?
8. What does the House do after targets are set?
9. What are appropriations bills?
10. Why are appropriations bills often delayed?
11. What are the Senate's options when it gets the House budget?
12. What role does the Conference Committee play in formulating the budget?
13. What are the President's options when the Compromise Bill is sent to him?
14. What are the two things that can happen if a budget is not passed on time?
Honors Question
The Social Security and Medicare funds will reach a point soon where it will no longer be able to fully pay all of the people entitled to payments. Some suggested solutions are raising the age at which a person can start collecting from the funds, cutting the amount of money people receive in benefits, or raising the Social Security collection cap up from $90,000. Which solution do you think is the best one? Explain why you think that is the case.
Due:
Assignment
Taxation/Government Spending Assignment
Read pp. 247-258. Answer in complete sentences.
1. Complete the chart below:
Type of Tax What does it do? 2 advantages 2 disadvantages
VAT
Flat Tax
2. Graphic Organizer that shows the five reasons the tax code will have to continue to be reformed in the future.
3. How much does the U.S. Government spend per capita?
4. What is the difference between the Public and Private Sectors?
5. How does the Government spend money on goods and services?
6. What are transfer payments, and describe an example of one.
7. How does government spending impact resource allocation?
8. How does government spending redistribute income?
9. How does government spending compete with the private sector?
Honors Questions pg. 242 Sec Assessment #'s 6,7.
Due:
Assignment
Taxation Assignment #3
Read pp. 238-247. Answer in complete sentences.
1. What is intergovernmental revenue?
2. What are the three largest sources of local government revenue?
3. What are the three largest sources of state government revenue?
4. How do states use lotteries?
5. What is a payroll withholding system?
6. Complete the chart below:
Year How was the tax system reformed?
1981
1986
1993
1997
2001
2003
7. What are surcharges?
8. What is the Alternative Minimum Tax?
9. What are the purposes of surcharges and the Alternative Minimum Tax?
10. What are Capital Gains Taxes?
Due:
Assignment
Tax Calculation Assignment
Use Figure 9.5 on page 233 to fill in the chart below by calculating how much each of the following people would pay in income tax, and what percentage of their total income they would pay in taxes.
A person earning $ amount paid in taxes % of income
this amount per yr. paid in taxes
$5000
$25,000
$50,000
$75,000
$100,000
$250,000
$400,000
$500,000
$750,000
$1,000,000
Due:
Assignment
Taxation Assignment #2
Read pp. 231-237. Answer in complete sentences.
1. What did the 16th amendment do?
2. In most cases, how are income taxes paid?
3. What is the IRS?
4. What is a tax return, and when is it due?
5. How do people who are self employed pay income tax?
6. How is the U.S. income tax progressive?
7. What is indexing?
8. What are FICA taxes?
9. How is social security a regressive tax?
10. How is medicare administered differently than social security?
11. How are corporations taxed, and what type of tax is it?
12. What is an excise tax, and what types of items are subject to it?
13. What is an estate tax?
14. What is a gift tax, and why is it necessary?
15. What are customs duties and what are their purpose?
16. What are user fees and why do some people favor them?
Honors Question
pg. 236 Sec. Assess. #6.
Due:
Assignment
Taxation Assignment #1
Read pp. 223-230. Answer in complete sentences.
1. Why do all the levels of the U.S. government have to collect so much in taxes?
2. How do taxes affect resource allocation?
3. What happened when Congress enacted a luxury tax in 1991 and why was it enacted?
4. How does the U.S. government use taxes to influence peoples' behavior?
5. How do taxes affect productivity and growth?
6. How do businesses shift the incidence of a tax?
7. What does equity in the tax system mean, and what doesn't it mean?
8. How do wealthy people use tax loopholes?
9. Why do taxes need to be simple?
10. What is the individual income tax?
11. What is a sales tax?
12. What makes a tax efficient?
13. How is the Benefit Principle of Taxation different from the Ability to Pay Principle of Taxation?
14. Complete the Chart below:
Type of Tax Description Who favors it?
Proportional
Progressive
Regressive
Due:
Assignment
Unions Assignment #4. Read pp. 211-218. Answer in complete sentences.
1. What are three reasons unions have declined in power in recent years?
2. Describe two ways employers have been able to reduce union wages.
3. What are three reasons women have been paid less than men in the past?
4. Complete the chart below
Law What did it do to end pay discrimination?
Equal Pay Act 1963
Civil Rights Act 1964
5. What is comparable worth and what is its difficulty?
6. Why are there more part time workers in the workforce now than in the past?
7. Why do unions fight the hiring of part time workers?
8. What argument is made by those who favor the minimum wage?
9. What argument is made by those who are opposed to the minimum wage?
10. When did the minimum wage have the most purchasing power?
Due:
Assignment
Unions Assignment #3
Read pp. 205-209. Answer in complete sentences.
1. Complete the chart below:
Type of Labor Description
Unskilled
Semiskilled
Skilled
Professional
2. Why don't members of the different types of labor compete with each other?
3. What does the traditional theory of wage determination say determines wages?
4. What does the theory of negotiated wages say?
5. What does signaling theory say?
6. What are three possible explanations for why wages are different in different parts of the country?
7. Why do teachers in Alaska make more money than teachers anywhere else in the U.S.?
8. How are the different types of employees here at Grant in non competing labor grades?
Due:
Assignment
Unions Assignment #2
Read pp. 196-198. Answer in complete sentences.
1. How did the Great Depression change Americans' attitudes towards unions?
2. Complete the chart below:
Legislation What did it do?
Norris LaGuardia Act (1932)
Wagner Act (1935)
Fair Labor Standards Act (1938)
3. How did peoples' attitudes towards unions change after World War II, and why did it happen?
4. How did the Taft-Hartley Act limit what unions could do in Labor-Management disputes?
5. How did the Taft-Hartley Act limit the effectiveness of strikes?
6. What did Right-to-Work Laws do?
7. What did the Landrum-Griffin Act of 1959 do?
8. Why was there conflict among the members of the American Federation of Labor (AFL)?
9. How did the AFL split up in 1937?
10. What did the AFL and CIO do in 1955 to increase their power?
11. What are independent Unions?
HONORS QUESTION (Pers. 3,4 Honors Students)
After World War Two Unions became less popular. What was the situation in the world from 1945 to 1991 that probably caused it? What are unions often associated with that might have made them less popular at the time?
Due:
Assignment
Unions Assignment
1. How are macroeconomics different from microeconomics?
2. What are two reasons unions are so important even though they represent a small percentage of workers?
3. How have the types of industries that have unions changed in recent years?
4. What was the first example in U.S. history of workers in a particular field getting together to get their demands met?
5. Why was public opinion against unions before the civil war?
6. How did the attitude towards unions change during and after the Civil War?
7. How is a craft union different from a trade union?
8. Complete the chart below:
Union Activity What did members do to get demands met?
Strike
Picketing
Boycott
9. How is a lockout different from a strike?
10. Why do business owners like company unions?
11. What was the attitude of the courts towards unions in the late 1800's?
12. How was the Sherman Antitrust Act used against unions?
13. How did the Clayton Antitrust Act help unions?
HONORS QUESTION
If you were a member of a union, and the union called for a strike, would you go on strike knowing you would not get paid for the days you were out of work? Explain why you would or wouldn't strike.
Due:
Assignment
Government Regulation Assignment
Read pp. 178-183. Answer in complete sentences.
1. Identify Key Terms pg. 178.
2. Complete the chart below:
Law Problem It Addressed What did it do to try to
Solve the Problem?
1890 Sherman
Anti Trust Act
1914 Clayton
Antitrust Act
1914 Federal Trade
Commission Act
1936 Robinson
Patman Act
3. When are monopolies beneficial?
4. How do states and local governments regulate monopolies?
5. What would happen if the government tries to tax polluters or other creators of negative externalities?
6. Why is "internalizing the externality" a good thing?
7. What is an example of public disclosure?
8. How has the government indirectly helped the public gain access to information?
9. Complete the Reading Strategy Graphic Organizer on pg. 178
Due:
Assignment
Externality Assignment
Using pp. 175-176, state whether each of the situations below is a positive or negative externality and explain why in a couple of sentences.
1. You own a house and a waste disposal company puts its new landfill a quarter mile from your house.
2. You own a restaurant, and a huge movie theater with 20 screens open right next door.
3. You own a dry cleaning business, and a huge apartment complex is built nearby.
4. A freeway is built right behind the backyard of your house.
5. You own a sports bar, and the city decides to build a new stadium for the baseball team down the block.
6. You own a liquor store, and a Wal-Mart opens nearby.
7. You own a fast food restaurant and a high school opens nearby.
8. You own a golf course with a pro shop, and a large sporting goods chain opens a store a quarter of a mile away.
Due:
Assignment
Market Failure Assignment
Read pp. 173-176. Answer in complete sentences.
1. Complete the Graphic Organizer on the four conditions that must exist for a competitive free enterprise economy to work.
2. How can a lack of competition in a market economy lead to inefficient resource allocation?
3. How does a lack of competition affect prices and output?
4. How can large companies who face little or no competition have too much political influence?
5. Why are market failures on the demand side more difficult to correct than those on the supply side?
6. What problems can arise if buyers and sellers have inadequate information?
7. What problems can arise when resources are immobile?
8. What is a positive externality, and give an example of one?
9. What is a negative externality, and give an example of one?
10. Why are externalities classified as market failures?
11. What are public goods?
12. What does the case of public goods teach us about a market economy?
Due:
Assignment
Competition Assignment
Read pp. 163-171. Answer in complete sentences.
1. What philosophy did Adam Smith express when he wrote about Laissez Faire in The Wealth of Nations?
2. How was American business changing in the late 1800's?
3. Graphic Organizer describing the five conditions that must be present for perfect competition to exist.
4. How are the equilibrium price and level of output determined in perfect competition?
5. Why is Perfect Competition only theoretical and rarely seen in a real economy?
6. How is monopolistic competition a form of imperfect competition?
7. How is monopolistic competition different from Perfect Competition?
8. How do monopolistic competitors use nonprice competition?
9. How do monopolistic competitors maximize profits?
10. What is an oligopoly, and what is an example of one in today's U.S. economy?
11. How do oligopolistic competitors price interdependently?
12. What are collusion and price fixing?
13. How do oligopolistic firms usually compete with each other?
14. How do oligopolistic firms maximize profits?
15. What is a monopoly?
16. How do monopolies usually face competition?
17. Why are there so few Monopolies in the U.S.
18. Complete the chart below:
Type of Monopoly Description Example
Natural
Geographic
Technological
Government
19. How are monopolies different from other profit maximizing firms?
HONORS QUESTION
20. How important do you think advertising is for companies to sell their product. Explain your answer. Describe a time when a company's advertising convinced you to buy its product.
Due:
Assignment
Fixed Prices Assignment
Read pp. 150-155. Answer in complete sentences.
1. Complete the chart below:
Fixed Price Description Example Effect it has
Price Ceiling
Price Floor
2. What were three things the CCC did in the 1930's to help farmers?
3. Why did the U.S. government like the deficiency payments better than the nonrecourse loans?
4. What did the 1996 FAIR ACT do?
5. When do markets talk?
Due:
Assignment
Prices Assignment #2
Read pp. 142-148. Answer in complete sentences.
1. What is an economic model?
2. What is market equilibrium?
3. Complete the chart below:
Situation Cause Effect on Price
Surplus
Shortage
4. What is the equilibrium price?
5. Why is the agriculture industry so unpredictable?
6. When do prices change dramatically?
7. When are price changes likely to be wider?
8. Why have gold prices varied so much over the years?
9. What does the competitive price theory say?
10. Why does the price of things like milk and bread vary sometimes?
11. What is the big advantage of competitive markets?
12. How does a market economy run itself?
Due:
Assignment
Prices Assignment
Read pp. 137-140. Answer in complete sentences.
1. What do high prices tell us?
2. What do low prices tell us?
3. Complete the graphic organizer listing the four reasons prices are the best way of allocating resources in a market economy.
4. What is rationing?
5. How can rationing be unfair?
6. Why are the administrative costs for rationing so high?
7. Why do people have less of an incentive to work hard when rationing takes place?
8. How do prices serve as signals?
9. How has the American auto industry adjusted over time to changes in oil prices?
10. If a school gives each student the same number of graduation tickets, is that a form of rationing? Explain why or why not. What complaints might people have about that system of distributing graduation tickets? What do you think is the fairest way to do it?
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Assignment
Production Assignment
Read pp. 122-131.
Part One
Answer Identifying Key Terms pg.134. Write the letter of the correct answer. It covers the whole chapter.
1. What does the theory of production say?
2. What is the difference between the short and long runs?
3. What does the Law of Variable Proportions say?
4. What takes place in stage one of production?
5. What takes place in stage two of production?
6. What does the law of diminishing returns say?
7. What takes place during stage three of production?
8. What is marginal cost?
9. How are self serve gas stations different from internet stores?
10. What is total revenue?
Honors Question
10. How can the Law of Diminishing Returns be applied to studying for a test?
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Assignment
Supply and Demand Curve/Schedule Assignment
-Pick a Product you are going to sell. It must be legal and school appropriate. Create a Supply and Demand Schedule for your product using at least five prices. Then, use the graph paper to create Demand and Supply Curves that match the schedule. All schedules and Curves must follow either the laws of supply and demand. Use art to decorate the graph paper in order to get an A on the assignment. Examples from the book can be found on page 90 and 114.
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Assignment
Supply Assignment
Read pp. 113-120. Answer in complete sentences.
1. What is supply?
2. How is the Law of Supply different from the Law of Demand?
3. How are the Supply Schedule/Curve different from the Demand Schedule/Curve?
4. How is a change in quantity supplied different from a change in Supply?
5. How can a change in the cost of inputs lead to a change in supply?
6. What might happen to the supply of a product if the workers do not get a Christmas Bonus?
7. How does new technology affect supply?
8. How do taxes affect supply?
9. How do subsidies affect supply?
10. How can a change in expectations affect supply?
11. How do government regulations affect supply?
12. How can a change in the number of sellers affect supply?
13. How are the determinants of supply elasticity different from the determinants of demand elasticity?
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Assignment
Demand Elasticity Assignment
1. Define Key Terms pg. 101.
2. If demand for a particular product is elastic, and its price goes up, what will happen to the quantity demanded?
3. If demand for a product is inelastic, and its price goes up, what will happen to the quantity demanded?
4. How are Total Expenditures determined?
5. How does the ability to delay the purchase affect demand elasticity?
6. How does the availability of substitutes affect demand elasticity?
7. How does the amount of income used in the purchase affect demand elasticity?
For each of the following state whether demand is elastic or inelastic and explain why that is the case.
8. The demand for fixing the air conditioner in your house in June.
9. The demand for a pack of gum whose price has gone up from 75 cents to 85 cents.
10. The demand for gasoline when you drive 40 miles to work each day.
11. The Demand for a house whose price has gone up from $350,000 to $450,000.
12. The Demand for a McDonald's hamburger.
13. The Demand for a football helmet in March.
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Assignment
Demand Assignment
Read pp. 89-99. Answer in complete sentences.
1. Define Key Terms pg. 89.
2. How is a demand schedule different from a demand curve?
3. Why is the Law of Demand stated as a "Law"?
4. Define Key Terms pg. 95.
5. How is a change in quantity demanded different from a change in demand?
6. How can a change in consumer income lead to a change in demand?
7. How can a change in consumer tastes lead to a change in demand?
8. How can the availability of substitutes affect a change in demand?
9. How does a change in demand for one product affect complementary products?
10. How can a change in expectations affect demand?
11. How can a change in the number of consumers lead to a change in demand?
HONORS QUESTION
12. Why do stores offer deals like "buy two get the third for half price"? Use the principle of diminishing marginal utility to explain your answer.
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Assignment
Non Profit Organizations Assignment
Read pp. 75-79. Answer in complete sentences.
1. Define: Non Profit Organization, Cooperative, Credit Union, Collective Bargaining, Chamber of Commerce, Better Business Bureau, Public Utilities.
2. How are Non Profits similar to for Profit Businesses?
3. Complete the Chart Below:
Type of Cooperative Description Example
Consumer
Service
Producer
4. Complete the chart below:
Organization What does it do? Example
Union
Professional Association
Trade Association
5. Describe three examples of the U.S. Government being directly involved in the country's economy.
6. How are the government agencies in #5 similar to corporations?
7. Why are public utilities subject to so much regulation?
8. Describe one example of the government playing an indirect role in the U.S. economy.
9. The Trump Organization recently announced that any hotel or building built by the company will no longer have the President's name on it. It will instead be called Scion. Why do you think the company made that decision?
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Assignment
Mergers Assignment
Read pp. 68-73. Answer in complete sentences.
1.Define key terms pg. 68.
2. Why is depreciation considered to be a non-cash charge?
3. What do business owners often do with their cash flow?
4. What are five reasons mergers take place?
5. What advantage does a corporation gain by becoming a conglomerate?
6. How have conglomerate mergers changed in recent years?
7. Why are multinationals important?
8. Why do governments often welcome multinationals into their countries?
9. Why do some people complain about the presence of multinationals in their countries?
10. Why do most economists welcome the presence of multinationals?
Honors Question
11. Is Disney a conglomerate? Explain why or why not. What advantage would Disney get from being a conglomerate?
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Assignment
Capitalism Assignment
Read pp. 46-51. Answer in complete sentences.
1. How is the American economic system a Capitalist or Free Enterprise system?
2. How do Americans engage in voluntary exchange?
3. How do Americans exercise their private property rights?
4. Why do Americans enter into businesses?
5. Why is competition important in a capitalist system?
6. What happens to most entrepreneurs?
7. How do other people benefit from the success of the entrepreneur?
8. What role does the Consumer play in a market economy?
9. How is the Consumer Sovereign in a market economy?
10. How does the government protect people in a market economy?
11. How is the government a provider in a market economy?
12. How is the government a consumer in a market economy?
13. How is the government a regulator in a market economy?
14. How does the U.S. government promote national goals?
15. How is the U.S. a modified free enterprise economy?
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Assignment
Economic Goals Assignment
Read pp.41-44. Answer in complete sentences.
1. How do people in the United States exercise their economic freedom?
2. When is the U.S. economy efficient?
3. Describe an example of how there is equity in the U.S. economy.
4. How does Social Security provide Americans with economic security?
5. What do people want from their economic system when it comes to jobs?
6. What happens to people on fixed incomes when inflation becomes a problem?
7. Why is economic growth an important goal?
8. What was the economic goal of many developing countries from the 1950's to the 1970's?
9. How did these goals change by the mid 1990's?
10. Why does the U.S. have to make trade offs when trying to achieve these goals?
11. How is the minimum wage an example of the U.S. government making a trade off among two of the goals described in pages 41-44? Explain the trade off the U.S. government has made.
Honors Question
12. California law requires people to buy auto insurance. People who oppose it say that forcing people to buy something is a violation of their economic freedom. Do you agree with them? Explain why or why not. Also, explain why you think people who favor the plan might think that in this case, it might be in the public interest to sacrifice some economic freedom?
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Assignment
Types of Economies Assignment
This assignment was on a xerox given to the class. Please see Mr. Enowitz to get it.
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Assignment
Scarcity Assignment #3
Read pp. 19-25. Answer in complete sentences.
1. Define Key Terms pg. 19.
2. You are going to a baseball game. You have $10 to spend on food. Your choices of what to buy are:
Hot Dog $4
French Fries $3
Ice Cream $3
Popcorn $3
Soft Drink $3
Peanuts $2
Candy $2
What would you buy? What trade off did you make and what was your opportunity cost?
3. If the two major products a country produces are guns and butter, and the country is producing at its maximum, if the country goes to war what decision is its government going to have to make, and explain why that is the case. What trade off was the country forced to make, and what was its opportunity cost?
4. You have a choice about what to do tonight. You could go to the movies with friends, or study for an important test you are taking tomorrow at school. Use Cost Benefit Analysis (pg. 24) to decide which one you would choose. Explain the trade off you made and the opportunity cost in the decision.
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Assignment
Scarcity Assignment #2
Read pp. 12-17. Answer in complete sentences.
1. Define Key Terms pg. 12.
2. Is air an economic product? Explain why or why not.
3. How is a good different from a service?
4. Why are diamonds more valuable than water, even though we need water to survive, but do not need diamonds to survive?
5. Why aren't services considered to be wealth?
6. Is the internet a market? Explain why or why not.
7. How are factor markets different from product markets?
8. When does productivity go up?
9. Why are division of labor and specialization important in production?
10. How are supermarkets and the companies that produce frozen dinners interdependent?
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Assignment
Scarcity Assignment #1
Read pp. 5-10. Answer in complete sentences.
1. Define Key Terms pg. 5
2. Give an example of a resource that is scarce in the United States today, and explain what makes it scarce.
3. Give an example of both a want and a need and explain why each one fits into that category.
4. If you were to open a business by the beach, what type of business would you start and explain why you chose it.
5. If you were to start a factory that makes electric cars, what would you consider when deciding how to produce the cars?
6. If you were in charge of allocating resources to people, how would you decide who gets the resources and who doesn't?
7. Explain how each of the four factors of production are necessary for goods and services to be produced.
8. Use the four key elements to the study of economics on pages 9-10 to explain why people's water bills are so much higher right now than they were a few years ago.
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Assignment
SCARCITY ASSIGNMENT #1
HONORS QUESTIONS
9. Is public education in the U.S. really free? Explain why or why not.
10. Pg. 29, Math Practice 1-3.
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Assignment
Extra Credit Preview Assignment (+40 points)
Answer in complete sentences. You may use your phones to answer.
1. Why doesn't the government just give things out to people in equal amounts instead of having people use money to buy things?
2. What makes a product valuable?
3. How is the U.S. economy dependent on other countries?
4. How is a capitalist economic system different from a communist system?
5. How is a corporation different from other types of businesses?
6. What determines the price of a product?
7. Why is competition so important in a market economy?
8. What determines how much a person earns in his or her job or profession?
9. What do unions do?
10. Why do governments collect taxes?
11. Complete the chart below:
Level of Government Type of tax that One thing it
is its largest spends its
source of revenue money on
Local
State
National
12. Why do people put money in banks?
13. How do banks make money?
14. How do people make money in the stock market?