Beyond the Sound Bites:
March 21 (Bloomberg) -- Sven Richter, managing director of frontier markets at Renaissance Asset Management, discusses investing in the Middle East and North Africa amid political upheaval in the region. He talks with Mark Barton on Bloomberg Television's Countdown.
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.
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Chapter 9 Sources of Government Revenue
Section 3 Current Tax Issues and Reforms
Economic Analysis
In-class assignment: with a partner, answer the questions.
VAT, 6:26
Explain the value-added tax:
In Europe is the tax buried in the price of goods?
Is 2011 the year of a huge tax fight?
What are the pros and cons about a VAT?
Is the VAT popular in European socialist economies?
Why do some argue that a VAT is necessary?
Reading Strategy
In-class assignment: with a partner, complete a graphic organizer by listing the advantages and disadvantages of the flat tax. Include a definition of flat tax in your own words.
Business Week News Clip
Europe Circles the Flat Tax
Sec. 3 Review
In-class assignment: with a partner, use a graphic organizer to list the advantages and disadvantages of the value-added tax.
Business Week News clip
Europe Circles the Flat Tax
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
Chapter 10: Government Spending
Chapter Overview
Section 1: The Economics of Government Spending
The government has two types of expenditures: goods and services, and transfer payments. The government buys many goods, such as tanks, planes, ships, space shuttles, office buildings, land for parks, and capital goods for schools and laboratories. This spending affects the distribution of income and competes with the private sector for scarce resources. As a result, this spending has a large impact on the nation's economy.
Chapter 10: Government Spending
In-class assignment, with a partner, examine the budget and answer the questions.
Student Web Activity
"Understanding the Federal Budget"
Introduction
You have already learned that the federal budget is an annual plan outlining the proposed revenues and expenditures for the coming year. A good source for further information about the budget is the Citizen's Guide to the Federal Budget released by the Government Printing Office. This document is designed to provide an outline of how the government raises revenues and spends money; how the budget is enacted by the president and Congress; reasons for the budget deficit and debt; and accomplishments the president hopes to achieve with the current budget.
After you examine "The Budget," summarize the expenses in your own words.
Cf. http://www.whitehouse.gov/omb/budget
From what sources does the federal government raise revenues?
Cf. http://en.wikipedia.org/wiki/Federal_budget_%28United_States%29
What major categories of spending comprise the federal budget?
Cf. http://en.wikipedia.org/wiki/Federal_budget_%28United_States%29
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.) receivecd 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
fiscal year
appropriations bill
budget deficit
budget surplus
mandatory spending
discretionary spending
Medicare
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 lareest 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.
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.
10.3 Review
In-class assignment, with a partner, list five ways the national debt can affect the economy.
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/
Email (or hand in hard copy) to gmsmith@shanahan.org.
Wednesday HW
1. p. 236, #6-8
Thursday HW
1. p. 241, Reading Check; 2. p. 243, Reading Check; 3. p. 245, Reading Check.
Friday HW
1. p. 245, #3
