Macroeconomics and the Georgia Performance Standards
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Transcript of Macroeconomics and the Georgia Performance Standards
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Georgia Council on Economic Education w w w . g c e e . o r g
Macroeconomics and the Georgia Performance Standards
Mike RaymerProgram Manager
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The Mission
To help teachers teach those students, K-12, in the public and independent schools of
Georgia
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The Vision
• Productive Workers• Informed Consumers• Involved Citizens• Prudent Savers• Wise Investors• Sound lifelong decision makers in a
globally interdependent world
Students leaving school prepared for their roles as:
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EOCT Pass Rates
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Economics Test Data Trend
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Domain Performance for the 2008-2009 EOCT
DomainWeight Number
of ItemsAvg. CorrectFall Spring
% Correct Fall Spring
Fundamental2 weeks
20.5% 14 7.8 8.3 56% 59%
Micro4 weeks
22% 15 8.6 8.7 57% 58%
Macro5 weeks
20.5% 14 7.6 7.7 54% 55%
International2 weeks
18% 12 6.7 7.1 56% 59%
Personal Finance2 weeks
19% 13 8.2 8.3 63% 64%
Handout
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GPSPerformance standards provide clear
expectations for instruction, assessment, and student work. They
define the level of work that demonstrates achievement of the
standards, enabling a teacher to know “how good is good enough.”
(www.georgiastandards.org)
Handout
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Domain Focus
SSEMA1
The student will illustrate the means by which economic activity is measured.
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Domain Focus
SSEMA2
The student will explain the role and functions of the Federal Reserve System.
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Domain Focus
SSEMA3
The student will explain how the government uses fiscal policy to promote price stability, full employment, and economic growth.
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Macro Pacing
Option #1: Five weeks of fury
Option #2: Three weeks of indicators, two weeks fiscal/monetary
Option #3: Three weeks of indicators, one week fiscal, one week monetary
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The Macro “Must Haves”
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Circular Flow Model
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Business Cycle
GDP
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Expenditure Approach
GDP=C+I+G+(X-M)
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Aggregate Demand
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Aggregate Supply
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Types of Unemployment
1. Structural2. Cyclical3. Frictional
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Questions?
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Where to Begin?
Liberal Moderate Conservative
Georgia Council on Economic Education w w w . g c e e . o r g
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Georgia Council on Economic Education w w w . g c e e . o r g
Where to Begin?
Unemployment The Federal ReserveGDP Government SpendingInflation TaxationRecession Federal DebtDepression Federal Deficit
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Gross Domestic Product
• Gross= total
• Domestic= produced anywhere in the 50 states, by anyone
• Product= final goods and services
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What does GDP measure?
Total amount of final goods and services produced in a country
in one year.
(Measure of Output)
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Are there any cool formulas you can give us relating to this
interesting concept?
GDP=C+I+G+(X-M)
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• C= consumption spending (think consumers)
72%• I= investment spending
(think businesses investing in themselves)
15%• G= government spending
17%
• (X-M)= difference between exports and imports
-4%
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What is counted in GDP?
• FINAL goods and services
• Goods/Services produced here, even if by a foreign co.
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What is NOT counted?
• Things produced outside the country.
• Illegal stuff
• Purely financial transactions
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…and INTERMEDIATE GOODS
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Problems associated with GDP
• Slow to calculate
• Does not count everything (it’s an estimate)
• Inflation can distort the figure
Real vs. Nominal
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Per Capita GDP
GDP divided by a country’s population
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GDP practice(all about GDP)
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Demonstration Lesson #1
Aggregate Demand and Aggregate Supply Lesson
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AD/AS
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Questions?
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“Bag of Mystery”
Inflation
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Teaching Tools for MACROECONOMICS from John Stossel
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• 15 Video Clips• Instructor’s Manual• Segment Description• Preview Question• Discussion and Analysis Questions• Extension Activities• Multiple-Choice Questions
What You Get…
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Clip 2- Nominal Values vs. Real Values
SSEMA2b
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Demonstration Lesson #2
Money and Inflation
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Inflation Calculator
www.bls.gov
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Commanding Heights
Georgia Council on Economic Education w w w . g c e e . o r g
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Questions?
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Am I Unemployed?
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1. Structural2. Cyclical3. Frictional
Unemployment
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Structural Unemployment
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Cyclical Unemployment
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Frictional Unemployment
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Demonstration Lesson #3
Unemployment
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Questions?
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Debt v. Deficit
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• What is the national debt?• What caused the national debt?• Where does the government get the
money when it wants to spend more than it takes in?
• What is a budget deficit?• What is a budget surplus?
Questions for You
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Demonstration Lesson #4
Should we worry about the national debt?
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Georgia Council on Economic Education w w w . g c e e . o r g
1. Will the national debt cause the US to go bankrupt?2. Are the interest payments on the debt important?3. What about paying off the debt by increasing taxes?4. Does running deficits today, and adding to the national debt, put a burden on future generations?
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www.usdebtclock.org
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Clip 12- Is Govt. Too Big?
SSEMA3b
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Fiscal Policy
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Actions taken by the Federal Government to influence the economy (business cycles).
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How do they do it?
Taxation (revenue)
Spending (expenditures)
-transfer payments-
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How/When/Why
If the economy needs a “boost” the Federal Government might:
_______________ taxes.
_______________ spending.
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How/When/Why
If the economy needs to be “cooled off” the Federal Government might:
_______________ taxes.
_______________ spending.
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Demonstration Lesson #5
How Can Changes in the Federal Government’s Budget Stabilize the
economy?
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Questions?
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Monetary Policy
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The actions the Federal Reserve (Central Bank) takes to
influence the level of GDP and the rate of inflation in the
economy.
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Monetary Policy DVD
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Tools of the Fed:
1. Open Market Operations
2. Discount Rate (Fed to banks)
3. Federal Funds Rate (bank to bank)
4. Reserve Requirements
How Do They Do It?
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Open Market Operations Simulation
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How/When/Why
If the economy needs a “boost” the Federal Reserve might:
_______________ bonds._______________ interest rates._______________ reserve requirements.
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How/When/Why
If the economy needs to be “cooled off” the Federal Reserve might:
_______________ bonds._______________ interest rates._______________ reserve requirements.
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Questions?
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Demonstration Lesson #6
The Monetary Policy Game
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Lesson Ideas for the GPS Handout
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Georgia Council on Economic Education w w w . g c e e . o r g
www.gcee.org
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Georgia Council on Economic Education w w w . g c e e . o r g
www.georgiacouncil.blogspot.com
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Georgia Council on Economic Education w w w . g c e e . o r g