Econ and AP Macro Retest: Quiz III open

Econ: Chapters 5-6 Supply and Demand Quiz III – close Monday 4/7

AP Macro: Chapter 11 Fiscal Policy Quiz III – close Monday 4/7

online quiz4

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Econ and AP Macro Retest: Quiz II closing

Econ: Chapters 5-6 Supply and Demand Quiz II – close Monday 3/31

AP Macro: Chapter 11 Fiscal Policy Quiz II – close Monday 3/31

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AP Macro: International Trade

international_trade-300x220     Why do nations trade? The easy answer is that nations possess different natural resources and build their industries based on their available resources. Nations develop land-intensive, labor-intensive, or capital-intensive industries—or a combination of such industries—based on their best available resources. They then trade for those products they cannot profitably produce themselves. The benefits of international trade include a wider variety of products, greater output, greater efficiency in production, and a higher standard of living. The increased competition with foreign firms helps to deter monopolies and holds prices down in the marketplace. International connections help to promote peaceful solutions to political problems, rather than war.

AP Macro Homework:
1. Read Chapter 5.1-5.2  pp.85-89

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Econ: Gross Domestic Product

GDP image     Measuring national output deals with the economy using aggregate measures of output, income, prices, and employment. Gross Domestic Product (GDP) is the nation’s most comprehensive measure of total output. Economists view the economy as being organized into four sectors: the consumer or household sector, the investment sector, the government sector, and the foreign trade sector. These sectors are then combined to form the output-expenditure model, which is written as GDP =  C + I + G + X. The GDP measures the total dollar value of all final goods and services produced over a specific time period. GDP is commonly used as an indicator of the economic health of a country, as well as to gauge a country’s standard of living. There are two ways of measuring GDP, the expenditure approach and the income approach. The expenditure approach is to add up the market value of all domestic expenditures made on final goods and services in a single year. Final goods and services are goods and services that have been purchased for final use or goods and services that will not be resold or used in production within the year. Intermediate goods and services, which are used in the production of final goods and services, are not included in the expenditure approach to GDP because expenditures on intermediate goods and services are included in the market value of expenditures made on final goods and services. Including expenditures on both intermediate and final goods and services would lead to double counting and an exaggeration of the true market value of GDP. 

Economics Homework:
1. Read Chapter 13.2 pp.252-256

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Econ and AP Macro

Spring Break Over

Economics & AP Macro classes: Reminder to bring your textbook to class.

Economics: graphic equations completed

AP Macro: caught up with reading chapters

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Spring Break Is Almost Over

NowThatTheBreakIsOver-32243

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Econ and AP Macro Retest: Quiz II

Econ: Chapters 5-6 Supply and Demand Quiz II – close Monday 3/31

AP Macro: Chapter 11 Fiscal Policy Quiz II – close Monday 3/31

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