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AP EconomicsWriting ScheduleAndersonDirections: You will write one reflection paper per week on the topics outlined below. Each paper is to have the following as a minimum requirement for me to read:Your own work submitted in !1-2 pages typewritten 12 point font, double-spaced (or PRINTED BY HAND -parents write me a note explaining you do not have a computer).Use numbers with examples to explain any formulas that you use. Include graph(s) whenever they are necessary to demonstrate meaning and/or explanation.Explain fully in simple language with a works cited page includedBe thorough!Marking Period One:WeekWeekly Essay Response AssignmentTextChapWeekly Homework ActivitiesYou will do these on your own, take notes and ask questions during class if you do not understand the concepts in activities.1.Why must “Need” and “Free” be used with quotation marks in my class? How does TANSTAA”F”L figure into the reasons for using quotation marks.1-What is Economics?-Scarcity (Star Wars Scarcity)-What is Opportunity Cost (OC)? (Scroll half way down to interactive on Tradeoffs vs OC)-What are Economic Systems?2.Explain what Loaded Terminology means. Make sure you distinguish (with examples) the differences between Fallacy of Composition, Post Hoc Fallacies, and Correlation vs. Causation and Economic Resources.1-Self Assess using link:- HYPERLINK "" Fallacies (Post Hoc and Composition)Economic Resources-3.What is the PP Curve? Why is it important? What is the difference between movement on the PP Curve and a shift of the PP Curve? What are the things that will cause a PP Curve to expand or Contract? Provide examples of each factor that will cause it to shift. 2 HYPERLINK "" -PP Curve, Interactive I-On the Curve4.Explain the law of supply and the law of demand. Explain at least three reasons the demand curve slopes down to the right.3-Quantity Demanded vs. Demand-Quantity Supplied vs. Supply-Slope of the Demand Curve (scroll)-Supply & Demand Indiana Jones Style- HYPERLINK "" Supply and Demand (Both) 5.Explain the difference between comparative advantage and absolute advantage. Explain how and why countries trade based on comparative advantage.6Comparative and Absolute AdvantageMore Comparative and Absolute Advantage6Identify the phases of the business cycle. Explain where the United States Economy is in the business cycle right now and use data to support your claims. 8-Business Cycle-Define GDP & explain it. (help)-See how the US ranks against other countries’ GDP-Read this article-Monthly US GDP DATA-GDP and What is NOT included7.Explain the differences between the various types of unemployment (Frictional, Seasonal, Cyclical, and Structural). Besides frictional, provide a real historical example of each type of unemployment and why it occurred. Explain how unemployment rate is calculated. Explain how the labor force participation rate is calculated.8-Types of Unemployment and Full Unemployment8.Explain the relationship between nominal GDP, real GDP and inflation. Also, explain why inflation occurs (Cost-Push, Demand-Pull, and Too Much Money relative to amount of goods).7, 8-Inflation HYPERLINK "" -Demand Pull and Cost Push Inflation-Nominal vs. Real9.Explain the difference between GDP Deflator and CPI with examples of each. Show how to calculate Real GDP if given a GDP Deflator Number or CPI number set.7-Inflation and the CPI-GDP Deflator-Calculating rGDP using CPI or GDP data 10.Explain the difference between Aggregate Supply and Aggregate Demand. Identify the factors that will shift each curve. Also, explain the difference between long run aggregate supply and short run aggregate supply.9-11 and 16- -Aggregate Demand -Aggregate Supply-Aggregate Supply & Demand Lesson-Production Possibilities Curve?? and Aggregate Supply11.Explain at least 4 main differences between Classical and Keynesian economists. At least one of the points needs to explore the differences between sticky and flexible wages.Pg 177 and Ch.19 Check this out.12. Part A: What is the formula for the Time Value of money (Future Value-Present Value)? How would this be useful to someone who won the lottery or is planning for retirement?Part B: How does velocity affect the Money Stock? Money Supply?Reff-- HYPERLINK "" Youtube VideoAlso—consider the following-Functions of money-Velocity of Money13. Explain why the Federal Reserve was created—what problem was it attempting to fix? Is the Federal Reserve part of the government? Why is it set up that way? What powers does the Federal Reserve have and who runs it? What are T-Accounts and why are they important?13-Federal Reserve Act Defined-History and Function of FED-Board of Governors and FMOC-Tools of Monetary Policy-Federal Reserve Balance Sheet-A Bank's T-Account14.The economy is in a mild slump. What are three different monetary tools that could be used to help jumpstart the economy? Would you use easy or tight money policy? Explain how each tool would work by explaining what it will do to the economy using an AS/AD graph.13, 15-FED Policy Interactive with Graphs-Bond Prices and Interest Rates-Spending Multiplier Interactive15.Explore the three interactive on on Lesser Developed Countries. Write a paper explaining how to best help lesser developed countries regarding: Private Ownership, Rule of Law, Taxation as well as AD/AS factors.Reff--Less Developed Countries -Poorest Countries in the World16.Write a paper explaining Balance of payments, current accounts, capital accounts and how trade impacts each item.38-U.S. Balance of Payments-Exchange Rates-Vicious Circle of Twin Deficits17.Write a paper explaining the Philips Curve, the difference between long and short run Philips Curves and describe what causes movement along the Philips curve vs. SHIFTS of the Philips Curve.-Phillips Curve Interactive ................
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