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Describing How did experiences during and after the Revolutionary War affect banking in the United States?
Explain the significance of state bank, legal tender, national bank, national currency, gold certificate, silver certificate, central bank and bank run.
Write the actions on a piece of paper. Next to each, identify which of the functions of money your actions illustrated.
How does money advance the exchange of goods and services? Why would some people be more willing to accept commodity money rather than fiat money?
Explain the significance of Federal Reserve System (Fed), Federal Reserve note, barter economy, commodity money, fiat money, specie and monetary unit.
Explain the significance of inflation, deflation, price index, consumer price index, market basket, base year, creeping inflation and hyperinflation.
Suppose you were the head of a household. How would you plan spending for your family if you had an accurate prediction of future business cycles?
Determining Cause and Effect Assume that business inventories are falling. What would these indicators say about the economy, and why?
What are the two main phases of a business cycle
Explain the significance of business cycles, business fluctuation, recession, peak, trough, expansion, trend line, depression and depression scrip.
If so, is the income gap narrowing or widening? Prepare a three-page written report. Be sure to include a list of the references you used in your report.
Explain why greater life expectancies and declining birthrates make some entitlements like Social Security and Medicare more difficult to fund.
Suppose you were told that you would earn $95,000 in 2020. Explain why this information would say little about the standard of living you might enjoy.
Which of the factors affecting population growth will have the greatest impact on the United States in the next 50 years? Why?
Misery Index How might the psychological strains that many people feel during difficult economic times help prolong an economic downturn?
What would likely happen to the unemployment rate? The inflation rate? The poverty rate? Explain your answers.
Describe structural and technological unemployment and give an example of each. Why are these kinds of unemployment serious problems for an economy?
Discuss how econometric models describe the behavior of the economy. Explain the difference between the price level and the rate of inflation.
List three reasons why a person may become discouraged from finding a job. What factors make it difficult to determine the unemployment rate?
Why is structural unemployment a more difficult problem for the economy and for individual workers than other types of unemployment?
Explaining How do economists measure the economic cost of instability? Defining What is frictional unemployment?
Explain the significance of civilian labor force, unemployed, unemployment rate, frictional unemployment, structural unemployment and outsourcing.
Market Basket Construct a market basket of goods and services that high school students typically consume. Would it be a useful economic indicator?
Categorizing Information What kind of inflation might be described as too many dollars chasing too few goods? Why?
Understanding Cause and Effect In 2005 and 2006, the price of crude oil suddenly increased. What type of inflation might this development cause? Why?