Wednesday, March 23, 2011

Honors Business Economics: 24 March 2011

Prayer
Beyond the Sound Bites:



A new fiscal index puts the U.S. at the bottom of the list of countries that are fiscally responsible, with David Walker, former U.S. Comptroller General/Comeback America Initiative founder/CEO.

Cf. US Finances Rank Near Worst in the World: Study

The Chapter 9 Section 1 Quiz is on Friday.

Cf. http://shanawiki.wikispaces.com/Honors+Business+Economics+Chapter+9+Section+1+Quiz+Prep+Page+Spring+2011

The Chapter 8 Test Make-up is today.

The Chapter 8 Section 3 Quiz Make-up is today.

The Chapter 8 Section 2 Quiz Make-up is today.

The
Chapter 7 Section 3 Quiz Make-up is today.

The Chapter 7 Test Make-up is available.

The Chapter 7 Section 1 Quiz Make-up is today.

The Chapter 7 Section 2 Make-up Quiz is today.

The Chapter 6 Test Make-up is available.

The Ch. 6 Sec. 3 Quiz Make-up is today.

The Ch. 6 Sec. 2 Quiz Make-up is today.

Standard feature:

The electronic edition of the Philadelphia Inquirer is available. We have the Sunday edition, available on Mondays, in addition to the Tuesday through Friday editions on the other days.

Please follow the steps below:

URL: http://nie.philly.com
Click on the words "Access e-Inquirer" located on the gray toolbar underneath the green locker on the opening page.
Login:
Username: bshsinky@shanahan.org
Password: 10888

Chapter 10: Government Spending

Section Preview

Content Vocabulary

pork

In-class assignment, with a partner, answer the following questions.

Pork Party House: Where DC insiders go for taxpayer-subsidized fun, 6:26

What is pork legislation?
What does Citizen's Against Public Waste do?
Over the last 10 years, the Sewall-Belmont House has gotten how much in earmarks?
What are one of the "biggies?"
Sen. Mary Landrieu (D-La.) received how much in the "Louisiana Purchase" for her vote on Obamacare?
Who is one legislator who is against pork?
How many times has he come to the floor, only to lose?
What is his bad behavior?
What happened after the Cunningham scandal?
Has it ended now?


public sector

private sector

In-class assignment, with a partner, answer the questions.

China 30 years: Private economy, 6:26

The private sector now comprises what percent of the country's total?
In contrast, what was the sector like 30 years ago?
In what year did things begin to change?
The private sector was no longer denounced as an evil of capitalism, but was regarded as what?
According to one professor, most importantly, how did people's attitudes change?
Within 30 years, the private economy represented what percent of the national industrial output?
The private sector creates how many million new jobs each year?
How many million private entrepreneurs are there across the country?


transfer payment

grant-in-aid

subsidy

distribution of income

In-class assignment, with a partner, complete the graph organizer by listing reasons for the increase in government spending since the 1940s.

10.1 Strategy

Government Spending in Perspective

p. 262, Government Spending

In-class assignment, with a partner, answer the questions.

Has government spending grown?
By how much?
Have state and local government spending increased as well?
What percentage of GDP has government spending increased over the years?

Chapter 10: Government Spending In Motion Government Spending

Cf. http://glencoe.com/sites/common_assets/socialstudies/in_motion_08/epp/EPP_p263.swf

Spending Since the 1930s

Two Types of Spending

Impact of Government Spending

Affecting Resource Allocation

Redistributing Income

Competing with the Private Sector

Increasing the Tax Burden

10.1 Review

In-class assignment, with a partner, use the graphic organizer to list two kinds of government spending and provide three examples of each.

Business Week News clip

The NSA: Security in Numbers (Cf. Matt Damon in Good Will Hunting)

Section 2: Federal, State, and Local Government Expenditures

The president, the House of Representatives, and the Senate develop and approve the federal budget. The largest components of the federal budget are Social Security, national defense, income security, and health care services. State expenditures are intergovernmental transfers, public welfare, insurance contributions, and higher education. On a local level, the government spends money on elementary and secondary education, public utilities, hospitals, police protection, interest on debt, public welfare, and highways.

Content Vocabulary

federal budget

In-class assignment, with a partner, answer the questions.

Budget Chef Presents: How to Balance the Budget W/O Raising Taxes!, 2:05

Between 2011 and 2020, the Congressional Budget Office estimates that total federal outlays - for defense, agriculture subsidies, Medicare, Social Security, you name it, will total how much?

To bring outlays down to revenue, we need to cut how much?

What percent per year needs to be cut for the next 10 years?

To put it in dollar terms, it means cutting how many billion a year?


fiscal year

appropriations bill

budget deficit

National Debt & Budget Deficit Explained, 7:19

In-class assignment, with a partner, answer the following.

What is a budget deficit?
How is a budget debt different than a deficit?
Did the debt grow during the Clinton presidency?
Can debt be easily paid off?
How is the debt placed in perspective?
What is the danger zone percentage?
How did Japan enter the danger zone?
What is the pressing issue?


Find more about debt to GDP ratio in other nations at the CIA Factbook:

Cf. https://www.cia.gov/library/publications/the-world-factbook/

budget surplus

mandatory spending

discretionary spending

Medicare

Corporatism and Medicare, 2:25

Michael Harrington (Corporatism) vs. Milton Friedman (Free Market) from 1980

Who makes a stronger argument in your opinion? In your own words, why?


Medicaid

balanced budget amendment

intergovernmental expenditures

10.2 Strategy

In-class assignment, with a partner, complete a graphic organizer by describing the different types of government spending.

Federal Government Expenditures

Establishing the Federal Budget

In-class assignment, with a partner, answer the following.

What is the largest mandatory spending item in the budget? The largest discretionary item?

Chapter 10: Government Spending In Motion The Federal Budget for Fiscal Year 2007

Social Security

National Defense

Income Security

Medicare

Health

Net Interest on Debt

Other Expenditure Categories

State Government Expenditures

The Budget Process

Intergovernmental Expenditures

Public Welfare

Insurance Trust and Retirement

Higher Education

Other Expenditures

Local Government Expenditures

The Budget Process

Elementary and Secondary Education

Utilities

Public Safety and Health

Other Expenditures

10.2. Review

In-class assignment, with a partner, list the five largest federal government expenditures.

Case Study

Boeing Going Strong

Section 3: Deficits, Surpluses, and the National Debt

Deficit spending adds to the federal national debt. The national debt affects the distribution of income and transfers purchasing power from the private to the public sector. Attempts to control the deficit have taken the form of mandated deficit targets and pay-as-you-go provisions.

Content Vocabulary

deficit spending

national debt

balanced budget

trust funds

per capita

crowding-out effect

"pay-as-you-go" provision

line-item veto

spending cap

entitlement

10.3 Strategy

In-class assignment, with a partner, list the various attempts by government to reduce the federal deficit and the national debt, then discuss the results.

From Deficits to Debt

Predicting the Deficit

Deficits Add to the Debt

A Growing Public Debt

Public vs. Private Debt

Impact of the National Debt

Transferring Purchasing Power

Reducing Economic Incentives

Crowding Out

Redistributing Income

Reducing Deficits and the Debt

Legislative Failures

Raising Revenues

Reducing Spending

10.3 Review

In-class assignment, with a partner, list five ways the national debt can affect the economy.

Profile in Economics

Alice Rivlin

Chapter 10 Resources

Chapter 10: Government Spending Multiple Choice Quiz

Chapter 10: Government Spending ePuzzles and Games Column

Chapter 10: Government Spending Vocabulary eFlashcards

Chapter 10: Government Spending In Motion The Federal Budget for Fiscal Year 2007

Chapter 10: Government Spending In Motion State and Local Expenditures

Chapters 8-11

Cf. http://glencoe.mcgraw-hill.com/sites/0078747643/student_view0/unit3/

Chapter 9 Resources

Chapter 9: Sources of Government Revenue
Multiple Choice Quiz


Cf. http://glencoe.mcgraw-hill.com/sites/0078747643/student_view0/unit3/chapter9/self-check_quizzes.html

Ch. 9 Crossword Puzzle

Chapter 9 Flashcards

Email (or hand in hard copy) to gmsmith@shanahan.org.

Thursday HW
1. p. 241, Reading Check; 2. p. 243, Reading Check; 3. p. 245, Reading Check.
Friday HW
1. p. 245, #3