AGES Do Now
How to do a Do Now • 2 pts per day • Complete in 3-5 full sentences, unless otherwise noted • Date each entry • Use the entire page • Write on only one side
DO NOW • 2/24/2014 *List and define the 4 factors of production. Relate these factors to opening up an Soft Pretzel store in Doylestown.
2/26/2014 • Discuss how scarcity, trade offs and opportunity cost are related. Give a specific example.
2/27/2014 • A. Explain why a point outside of the PPF curve is not attainable. • B. What does any point on the PPF line represent? • C. What does any point inside the PPF line represent?
3/7/2014 • What are the names of your representatives in PA to the Federal Government and their title? • Which of these do you feel you have more access to? (Could call to set up a meeting, who understands your local issues.) • What is the difference between the Federal Reps and your State Reps? USA Reps Link
3/18/2014 • Considering the presidency from George Washington to now, how has technology related to communication and social media changed the way presidents campaign for office and present their position on issues to the public? • How do you think our 1st 10 presidents would have viewed and adapted to this new technology?
3/19/2014 • What 2 roles of the POTUS discussed so far do you feel is most important and why? • How has the president exercised this role in recent news?
3/21 TGIF • Identify which of the roles of the president are being demonstrated in each of the following photos.
3/24 • Executive Branch Review • What is the role of the executive branch? • List the 8 roles of the president (hats)? • What does “federal bureaucracy” mean? • What is the cabinet and what is their role? • What does impeachment mean? • What is the maximum number of years a President can serve? • Identify one check the executive Branch has on each of the other branches.
3/25 • What do you already know about the Judicial branch of government? Write at least one question you have about this branch.
3/26 • Briefly explain the significance of the Marbury v. Madison case of 1803. • What was established as a result of this case? • What is your opinion/reaction of/to the following statement: “Scholars argue that the power of judicial review in the United States predatedMarbury, and that Marbury was merely the first Supreme Court case to exercise a power that already existed and was acknowledged.”
3/26 Background • These scholars point to statements about judicial review made in the Constitutional Convention and the state ratifying conventions, statements about judicial review in publications debating ratification, and court cases before Marbury that involved judicial review. • At the Constitutional Convention in 1787, there were a number of references to judicial review. Fifteen delegates made statements about the power of the federal courts to review the constitutionality of laws, with all but two of them supporting the idea.
3/26 Background • Likewise, at the state ratifying conventions, over two dozen delegates in at least seven states indicated that under the Constitution, the federal courts would have the power to declare statutes unconstitutional. Professors Saikrishna Prakash and John Yoo point out, with respect to the ratification of the Constitution, that "no scholar to date has identified even one participant in the ratification fight who argued that the Constitution did not authorize judicial review of Federal statutes. This silence in the face of the numerous comments on the other side is revealing." • The concept of judicial review was discussed in the Federalist Papers. Alexander Hamilton asserted in Federalist No. 78 that under the Constitution, the federal courts would have not just the power, but the duty, to examine the constitutionality of statutes
3/27 • What is a president and how does this relate to the Supreme Court? • What is the process to become a Supreme Court Justice? How long do they serve?
3/28 • Bucks County Court System • Watch a few minutes of the video and list 5 specifics about the Bucks County Court System. • What did you learn that was new or interesting?
3/31 • What are the three (3) ways a case can be heard by the US Supreme Court?
3/31 Answer (1) filing directly in the Supreme Court (2) filing in a lower federal court, such as a district court, and appealing all the way up to the Supreme Court (3) filing in a state court, appealing all the way up through the state's highest courts, and then appealing to the Supreme Court on an issue of federal law • The first is an exercise of the Court's original jurisdiction; the second and third are exercises of the Supreme Court's appellate jurisdiction.
3/31 • What results if the Supreme court declines to hear a case from a lower court? Do you feel that this pass on a review gives the previous case fair treatment?
3/31 Information • The U.S. Supreme Court announced Monday it would not hear a Pennsylvania school district’s appeal challenging student’s right to wear “I (heart) boobies” bracelets. The Supreme Court’s refusal to hear the case means the August 2013 ruling of the Third Circuit Court of Appeals in Philadelphia will stand, marking a clear victory for students Brianna Hawk and Kayla Martinez. • During the Justices' regular conference, the Justices discuss the petitions, and grant certiorari in less than five percent of the cases filed. Recently, the number of cases granted has averaged well under 100 annually. Before each conference, the Chief Justice prepares a list of those petitions he believes have sufficient merit to warrant discussion.
4/4 TGIF!! • Consider the current news headlines and draw a demand curve with all of the required labeling. • Connecticut Senate approves highest minimum wage. How with this impact the demand for household goods in Connecticut? 2. Drought conditions raise food costs-The cost of getting beef on the grill is higher now than it's been over the past five years. How will this impact the demand for chicken?
4/8 • List the supply shifters. Which of these do you think is most common in the real world and why? • Review the link below and identify which supply shift factor is being described. • Heat Source
TGIF!! 4/10 What do each of these graphs represent? Create a shift factor situation for each that would be represented by each graph.
4/14 • Create a Market graph with both supply and demand curves in response to these current news events. Identify the shift factor and Q-demanded change. Use the supply and demand shifters at least once. Mind your Ps and Qs. 1. Consumers seen springing ahead — for now Retail spending likely surged in March, but key is whether it can be sustained. 2. Gold will resume a decline as US economic growth accelerates. 3. Toyota pulls out of small car race, will focus on bigger ones.
4/15 Identify for each situation below if this is a demand or supply side issue and the shift factor. Do not graph and use your notes. 1. The number of firms (businesses) that make drones for personal and business use have greatly increased over the past 2 years. 2. As today is the last day to file your taxes, how will the market for stamps be effected? 3. General Motors has found another flaw in the ignitions of the 2.6 Million it's already recalled, and will replace an additional part to remedy the problem. How may this news impact the market for qualified GM mechanics?
4/16 • A February 4, 2009 Wall Street Journal article stated, "Last month State Farm pulled the plug on its 1.2 million homeowner policies in Florida, citing the state's punishing price controls...State Farm's requested an increase of 47%, but state regulators refused. State Farm says that since 2000 it has paid $1.21 in claims and expenses for every $1 of premium income received. 1. Why did State Farm pull out of FL and stop insuring their residents? 2. Why couldn't State Farm raise their rates to pay for the large number of claims due to storms? 3. Graph the situation this caused for the residents of FL regarding obtaining insurance?
4/28 Happy Monday • What factors determine if you are willing to obtain a loan to buy a car? • Consider your monthly loan payment and what factors determine what this payment may be.
4/29 Hey…It’s Tuesday A. In your own words define GDP. B. Give an example of an economic good or service that would contribute to the US GDP C. Write the equation for GDP. x + x + x + x = GDP D. Select one of the components of the GDP equation and explain what it means. Give an example. GOTO THE NEXT SLIDE
4/30 Hump day! • Define the term inflation and give an example of how you may experience this in 10 years. • How does what people earn from working usually respond to inflation? *A camel cost $2-6K. How to Buy a Camel
5/2 It’s Friday!! • Explain how GDP and the unemployment rate in the US indicates a: • A surging-growing economy • A sluggish-slowing economy
5/5 Monday • List the 4 types of unemployment and give and example of each.