Tuesday, May 24, 2011

Honors Business Economics: 25 May 2011

Beyond the Sound Bites:

The Higher Education Bubble
Cf. http://youtu.be/hCP8Z8X0cMw

It is often said that a process that cannot go on forever, won't. Over the past few decades, college and graduate tuitions have climbed much faster than the rate of inflation and the growth of household income, with the difference being made up by debt taken on by students who assumed they'd have no trouble paying it off after graduation. Now students are graduating with big debts, but no jobs. This process can't go on forever. What happens when it stops?

Glenn Harlan Reynolds is the Beauchamp Brogan Distinguished Professor of Law at the University of Tennessee. The author most recently of An Army of Davids: How Markets And Technology Empower Ordinary People To Beat Big Media, Big Government, And Other Goliaths, Reynolds is also a Contributing Editor at Popular Mechanics, a columnist at the Washington Examiner, and the host of "InstaVision" on PJTV.

The Education Bubble

A Tuition Bubble? by Andrew Gillen

Will Higher Education Be the Next Bubble to Burst? By Joseph Marr Cronin and Howard E. Horton

Price of Admission: America's College Debt Crisis

America's Most Overrated Product: Higher Education

The Chapter 13 Section 1 Quiz Make-up is today.
The Chapter 12 Section 3 Quiz Make-up is today.
The Chapter 12 Section 2 Quiz Make-up is today.

Cross out "f."
The Chapter 12 Section 1 Quiz Make-up is today.
The Chapter 11 Test Make-up is today.
The Chapter 11 Section 3 Quiz Make-up is today.
The Chapter 11 Section 2 Quiz Make-up is today.
The Chapter 11 Section 1 Quiz Make-up is today.
The Chapter 10 Test Make-up is today.
Skip #31; leave it blank.
The Chapter 10 Section 3 Quiz Make-up is today.
The Chapter 10 Section 2 Quiz Make-up is today.
The Chapter 10 Section 1 Quiz Make-up is today.
The Chapter 9 Test Make-up is today.

The Quiz 9.(4) Prep Page is available.

For the Make-up Quiz, consider the material found in Chapter 9 Section 3:

minimum tax, VAT (Value-Added Tax), flat tax, federal tax reform, business taxes, profits, tax burden, personal income rate, depreciation, investment tax credit, and, capital gains.

Cf. http://shanawiki.wikispaces.com/Honors+Business+Economics+Chapter+9+Section+4+Quiz+Prep+Page+Spring+2011

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.
Username: bshsinky@shanahan.org
Password: 10888

If you have been studying for the Exam since I first posted guidelines on "May 17, 2011 1:51 pm" you should be fine; however, these are intended to be helpful suggestions to improve your score.

Senior (Juniors too) Exam

Cf. http://shanawiki.wikispaces.com/Honors+Business+Economics+Senior+Exam+%26+%28Junior%29+In+Class+Exam+Spring+2011+

Unit 4 Macroeconomics: Performance and Stabilization

Chapter 13

Section 2: Inflation



Use a graphic organizer to identify the steps in measuring inflation.


Profiles in Economics

Milton Friedman

p. 368, #1, How did Friedman disagree with other economists about achieving economic stability?

#2, How do you think the quality of education would be affected if free market principles were applied to schools?

Milton Friedman - Socialism is Force, 6:39

Why did socialism fail in the Soviet Union?
What values does socialism have?
In contrast, what values does capitalism possess?
What happens when you try to do good with other people's money?
When is the most harm done?
Who was worst between Lenin, Mussolini, and Hitler? Why?

Milton Friedman discusses the moral values encouraged by economic systems and explains that a primary difference between capitalism and socialism is the difference between free choice and compulsory force.

Section 3 Unemployment

civilian labor force

labor force


unemployment rate

frictional unemployment

structural unemployment


technological unemployment

cyclical unemployment

seasonal unemployment

GDP gap

misery index

discomfort index


Complete a graphic organizer by describing the different sources of unemployment.


Reading Check


How do we calculate the monthly unemployment rate

Reading Check


Which categories of unemployment do you think are the most troublesome for the U.S. economy? Why?

Reading Check


What makes the GDP gap a type of opportunity cost?


Use a graphic organizer to identify the people who are considered unemployed and those excluded from the civilian labor force.




Student Web Activity


In Motion

13.1 Business Cycles


13.2 Index of Leading Economic Indicators


13.7 Measuring Consumer Discomfort


Crossword Puzzle




Ch. 13 Multiple-choice Quiz


Wisconsin Labor Protests - Noodles, 1:36

Homemaking Knowledge Contributes To The Enrichment of Life, 9:19

From the "Why Study Home Economics?" (1955); Two teenage girls learn how a knowledge of homemaking can contribute to the enrichment of life. They also learn about the vocational opportunities available to home economic students. Home economics, is an academic discipline which combines aspects of consumer science, nutrition, cooking, parenting and human development, interior decoration, textiles, family economics, housing, apparel design and resource management as well as other related subjects. Producer: Centron Corporation; Creative Commons license: Public Domain.

Guideline: the class schedule does not replace the official school Calendar.

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

Wednesday HW
1. p. 348, #26-28.