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  • IB Economics SL
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      • Ch #01 Foundations of economics
      • Ch #02 Demand and supply
      • Ch #03 Makt equilibrium & efficiency
      • Ch #04 Elasticities
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      • Ch #06 Market failure
    • Macro
      • Ch #11 Measuring national economic performance
      • Ch #12 Aggregate demand and supply
      • Ch #13 Macro Obj: Low unemployment
      • Ch #14 Macro Obj: Low inflation
      • Ch #15 Macro Obj: Economic growth
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      • Ch #20 International trade
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      • Ch #29 The balance between markets and intervention
    • IB Economics SL IA
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    • September
      • Wk #01 Introduction
      • Wk #02 Ch 01 Marketing is all around us
      • Wk #03 Ch 02 The marketing plan
      • Wk #04 Ch 2/DECA paper
    • October
      • Wk #05 Ch 03 Political and economic analysis / DECA paper section II
      • Wk #06 Ch 04 Global analysis
      • Wk #07 DECA paper section III
      • Wk #08 Ch 05 The free enterprise system / DECA paper section IV
      • Wk #09 Ch 06 Legal and ethical issues / DECA paper section IV
    • November
      • Wk #10 DECA paper Section IV
      • Wk #11 DECA paper Section V
      • Wk #12 Ch 12 Selling overview / DECA paper Section V
      • Wk #13 Ch 13 Beginning the sales process / DECA paper Executive summary
    • December
      • Wk #14 Ch 14 Presenting the product / DECA paper 1st draft
      • Wk #15 Ch 15 Closing the sale / DECA Area test
      • Wk #16 DECA paper final
    • January
      • Wk #17 DECA paper finalize / Area competition
      • Wk #18 Final review
      • Wk #19 Finals
      • Wk #20 DECA presentation
    • February
      • Wk #21 DECA presentation
      • Wk #22 DECA presentation
      • Wk #23 Sales presentation
      • Wk #24 DECA State preparation
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    • May 18 - May 22, 2020
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  • DECA
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  • Contact
  • Ch #05 Gov't Intervention test
  • Home
  • IB Business HL
    • Opening week
    • 5.7 Crisis mgmt VW, TSLA, TM
    • IBBM HL IA
    • Financial
    • DECA Event Prep
    • Finals Prep Semester 1
    • IB Exam prep
    • DECA State prep
    • Production
    • April 20 - May 1, 2020
    • May 4 - May 15, 2020
    • May 18 - May 29, 2020
    • June 1 - June 12, 2020
  • IB Economics SL
    • Micro
      • Ch #01 Foundations of economics
      • Ch #02 Demand and supply
      • Ch #03 Makt equilibrium & efficiency
      • Ch #04 Elasticities
      • Ch #05 Gov't Intervention
      • Ch #06 Market failure
    • Macro
      • Ch #11 Measuring national economic performance
      • Ch #12 Aggregate demand and supply
      • Ch #13 Macro Obj: Low unemployment
      • Ch #14 Macro Obj: Low inflation
      • Ch #15 Macro Obj: Economic growth
      • Ch #16 Equity in income distribution
      • Ch #17 Fiscal Policy
      • Ch #18 Monetary policy
      • Ch #19 Supply side policies
    • International
      • Ch #20 International trade
      • Ch #21 Protectionism
      • Ch #22 Exchange rates
      • Ch #23 Balance of payments
      • Ch #24 Economic integration
    • Development
      • Ch #26 Economic development
      • Ch #27 Domestic and international factors
      • Ch #28 Foreign investment, aid, trade & debt
      • Ch #29 The balance between markets and intervention
    • IB Economics SL IA
  • Sales and Marketing
    • September
      • Wk #01 Introduction
      • Wk #02 Ch 01 Marketing is all around us
      • Wk #03 Ch 02 The marketing plan
      • Wk #04 Ch 2/DECA paper
    • October
      • Wk #05 Ch 03 Political and economic analysis / DECA paper section II
      • Wk #06 Ch 04 Global analysis
      • Wk #07 DECA paper section III
      • Wk #08 Ch 05 The free enterprise system / DECA paper section IV
      • Wk #09 Ch 06 Legal and ethical issues / DECA paper section IV
    • November
      • Wk #10 DECA paper Section IV
      • Wk #11 DECA paper Section V
      • Wk #12 Ch 12 Selling overview / DECA paper Section V
      • Wk #13 Ch 13 Beginning the sales process / DECA paper Executive summary
    • December
      • Wk #14 Ch 14 Presenting the product / DECA paper 1st draft
      • Wk #15 Ch 15 Closing the sale / DECA Area test
      • Wk #16 DECA paper final
    • January
      • Wk #17 DECA paper finalize / Area competition
      • Wk #18 Final review
      • Wk #19 Finals
      • Wk #20 DECA presentation
    • February
      • Wk #21 DECA presentation
      • Wk #22 DECA presentation
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      • Wk #24 DECA State preparation
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  • Ch #05 Gov't Intervention test
"Fill the plane 2020!"

​Skyline IB Economics SL

Ch. #12 Aggregate demand and aggregate supply

Monday, November 11, 2019 – Friday, November 22, 2019

01/9-10 Weekend
Homework:
  • Chapter 12

11/11 Monday
In class:
  • No school

Homework:
  • Finish reading Ch 12

11/12 Tuesday (Period 5)
​

In class:
  • NOTE: section 12.4 (pages 272-273) is a HL topic, but not marked as such in the text
  • PPT lecture aggregate demand (#2-6 and 10-15)​
​
Homework:
  • 2.2 The determinants of aggregate demand worksheet
    • Click here for answers

11/13 Wednesday (Period 4)
In class:
  • Same as Tuesday

Homework:
  • Choice

11/14 Thursday
In Class:
  • AD practice problems #1
  • AD practice problems #2 with answers
​
Homework:
  • Choice

11/15 Friday
In class:
  • Lecture AS
  • PPT lecture aggregate supply (#22-29)

Homework:
  • Worksheet - Why are there two AS curves
    • Answers
  • ​Aggregate supply practice problems
  • Paj Holden explaining the difference between Neo-Classical and Keynesian curve 8:16m

​11/18 Monday
In class:
  • ​Chapter grading includes 10 point homework (2 X 5), 20 (2 X 10) point presentation, 30 (2 X 15) point free write and a 30 point MC for a total of 90
  • Lecture
    • Full employment or natural rate of unemployment - NRU (slide 30)
    • Demand deficient recession (slide 31 & 32)
    • Demand pull inflation (slide 33 & 34)
      • Factors of demand pull inflation:
      • Increases in consumption increases C
      • Decreases in exchange rate increases Xn
      • Increases in government spending increases G
      • Decreased expectations become self-full fulfilling decreasing C, I
      • Increase in interest rates decreases C, I
    • Cost push inflation (the return back to Yfe)
      • Factors of cost push inflation:
      • Wage inflation increases input costs
      • Government regulation
      • Taxes
      • Exchange rates
    • Negative supply shocks or "Stagflation" (slide 35)
    • Positive supply shock or "Economic growth" (slide 36)
    • Long-run economic growth (slide 37)
  • ​Fear of the boom and bust round 1 7:32m
    • ​Identify theory differences
  • In preparation for your Friday in-class free write assessment, using the Three graph method model provided, neatly draw each of the following on a separate page providing a narrative to explain your AD/AS diagram - collected on Thursday and scored for completion 5 pts.
    • ​​Beginning at full employment, a self determined (your choice) demand pull inflation example in the short run and the ensuing long run correction
    • Beginning in a recessionary gap, a self determined (your choice) policy change example that corrects the economy back to full employment
    • Beginning in an inflationary gap, a self determined (your choice) policy change example that corrects the economy back to full employment​
  • YouTube assignment​ (see Tuesday)
Homework:
  • Review documents:
    • Aggregate demand
    • Aggregate supply
    • Macroeconomic equilibrium
  • 2.2 Equilibrium in the AD/AS model worksheet - collected on Thursday and scored for completion 5 pts.
    • Answers

11/19 Tuesday (Period 5)
In class:
  • Hand back IA, discuss touch points and samples:
    • Negative externality of consumption
    • Negative externality of production
    • Subsidy
  • Work period
    • Three graphs assignment
    • 2.2 worksheet
    • Prepare for Thursday's YouTube presentations
      • Individually (this is a change), prepare an ~3 minute YouTube video, uploaded (login: skylineibecon@gmail.com PW: shsecon2020) before class to answer your assigned IB exam 10 point "Explain" question. You will be assessed on content (DEED + 1 CLASPP) clarity, including an accurate definition, explanation of theory, quality of example and corresponding visual, relevant of CLASPP element selected, time and professionalism of presentation. Please put your question # in the title.
        • Your definition should be in a visual format
        • Your explanation of theory should be applied utilizing a hand drawn diagram(s) that you use. This portion should have you on camera applying, not just a diagram with a verbal explanation. We want to see you!
        • Your example should be a real world situation, preferably current, from another country outside of the USA. A picture, chart, graph or some other relevant visual is required to be integrated.
        • You should include a verbal description of one evaluation element from CLASPP to extend the "explain" exercise.
        • Professionalism of face time is necessary, as this is a practice situation for DECA presentations. Meaning, watch for filler words, fidgeting, etc.
        • We will watch one randomly selected video from each of the 10 questions and will discuss, using the mark scheme, IB rubric and examiners report comments as a guide to understand the demands of the question and the answers provided.
        • The teacher will provide a final score from all videos
      • The following questions and students are assigned below. Remember, this is individual, so duplicate examples will result in a no score.
        1. Explain how the aggregate demand curve can be shifted by a reduction in interest rates.
        2. Explain how an increase in investment might affect aggregate demand and aggregate supply.
        3. Explain how business spending on research and development and government expenditure on infrastructure might shift the long-run aggregate supply curve.
        4. Explain why, using the monetarist/new classical model, the economy will always return to the full employment level of output following a recession.
        5. Explain how an increase in the level of taxation can influence the level of aggregate demand in an economy.
        6. Explain the impact that a fall in the world price of oil might have on aggregate supply and gross domestic product (GDP) in an economy.
        7. Explain how aggregate demand might be affected by an increase in interest rates.
        8. Explain the possible impact of an increase in wealth and consumer confidence on aggregate demand.
        9. Explain how a deflationary gap might occur.
        10. Explain how increased investment by the government in education and training can affect both aggregate demand and aggregate supply.
        11. Explain how aggregate demand in an economy might be affected by a rise in the exchange rate and a decrease in the income of major trading partners.
  • Describe Friday's evaluate free write - collected and scored for accuracy applying an IB rubric 30 pts.
    • Possible terms for inclusion 
      • Long run and short run 
      • Aggregate supply 
      • Aggregate demand 
      • Inflationary gap 
      • Price level 
      • Sticky wages 
      • GDP & real GDP 
      • Stagflation 
      • Inflation & deflation 
      • Full employment 
      • Recession 
      • Trough and peak 
      • Market correction 
      • Ceteris paribus 
      • Demand pull
      • Cost push
      • Negative supply shock
      • Positive supply shock
      • Minimum wage
      • Unemployment benefits
      • Unions
    • Diagrams: 
      • Label axis, points and curves (use subscripts) 
      • Label shifts and changes w/ arrows 
      • Title 
      • PPC & Business cycle 
    • Relevant Theories: 
      • Neo-classical (Hayek) vs. Keynesian (Keynes)
      • Inflationary/deflationary gap 
      • Government intervention 
      • Determinants of shifts/changes 
      • Levels of employment/NRU
      • Changes in components of GDP 
    • Theoretical/Real examples: 
      • Relevant and specific examples correctly applied from list provided
    • Synthesis: 
      • Stakeholders 
      • Compare and contrast 
      • Cause and effect 
      • Intervention of Government 
  • Free write​ presentation preparation

Homework:​
  • Choice

11/20 Wednesday (Period 4)
In class:
  • Same as Tuesday
    ​
Homework:
  • ​Same as Tuesday

11/21 Thursday
In Class:
  • Video presentations and all class assessments/discussions
Homework:
  • Choice

11/22 Friday
In class:
  • Typed free write with hand drawn three graph method
    • Click here for the in-class AD/AS essay that is now due Monday

Homework:
  • Study for Monday MC quiz - 30 questions
  • Listen to Keynes vs Hayek podcast 28:29m (optional)
​
​
Key learning
AD graphic organizer​
AS graphic organizer
AD/AS/EQ learning objectives
AD learning objectives answers
AS learning objectives answers
EQ learning objectives answers
​Vocabulary
Diagrams

Textbooks:
Jason Welker (interactive)
Alternative textbook

Lecture notes:
Macro notes by chapter

Video lectures:
Jason Welker (our textbook)
AC/DC
Khan
Crashcourse

PPT lectures:
Jason Welker (our textbook)

Economic writing:
How to structure your essays
Command terms
Glossary

​Diagramming:
Key diagrams
​How to read and interpret graphs
Comprehensive list

Course resources
​​Course overview
Syllabus (Skyline)

IB course guide (official IB syllabus)
LO's by page #

Chapter index
IBO Sub reports
OSPI framework
Module review guides:
  Micro
  Macro
  International
  Development
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  • Home
  • IB Business HL
    • Opening week
    • 5.7 Crisis mgmt VW, TSLA, TM
    • IBBM HL IA
    • Financial
    • DECA Event Prep
    • Finals Prep Semester 1
    • IB Exam prep
    • DECA State prep
    • Production
    • April 20 - May 1, 2020
    • May 4 - May 15, 2020
    • May 18 - May 29, 2020
    • June 1 - June 12, 2020
  • IB Economics SL
    • Micro
      • Ch #01 Foundations of economics
      • Ch #02 Demand and supply
      • Ch #03 Makt equilibrium & efficiency
      • Ch #04 Elasticities
      • Ch #05 Gov't Intervention
      • Ch #06 Market failure
    • Macro
      • Ch #11 Measuring national economic performance
      • Ch #12 Aggregate demand and supply
      • Ch #13 Macro Obj: Low unemployment
      • Ch #14 Macro Obj: Low inflation
      • Ch #15 Macro Obj: Economic growth
      • Ch #16 Equity in income distribution
      • Ch #17 Fiscal Policy
      • Ch #18 Monetary policy
      • Ch #19 Supply side policies
    • International
      • Ch #20 International trade
      • Ch #21 Protectionism
      • Ch #22 Exchange rates
      • Ch #23 Balance of payments
      • Ch #24 Economic integration
    • Development
      • Ch #26 Economic development
      • Ch #27 Domestic and international factors
      • Ch #28 Foreign investment, aid, trade & debt
      • Ch #29 The balance between markets and intervention
    • IB Economics SL IA
  • Sales and Marketing
    • September
      • Wk #01 Introduction
      • Wk #02 Ch 01 Marketing is all around us
      • Wk #03 Ch 02 The marketing plan
      • Wk #04 Ch 2/DECA paper
    • October
      • Wk #05 Ch 03 Political and economic analysis / DECA paper section II
      • Wk #06 Ch 04 Global analysis
      • Wk #07 DECA paper section III
      • Wk #08 Ch 05 The free enterprise system / DECA paper section IV
      • Wk #09 Ch 06 Legal and ethical issues / DECA paper section IV
    • November
      • Wk #10 DECA paper Section IV
      • Wk #11 DECA paper Section V
      • Wk #12 Ch 12 Selling overview / DECA paper Section V
      • Wk #13 Ch 13 Beginning the sales process / DECA paper Executive summary
    • December
      • Wk #14 Ch 14 Presenting the product / DECA paper 1st draft
      • Wk #15 Ch 15 Closing the sale / DECA Area test
      • Wk #16 DECA paper final
    • January
      • Wk #17 DECA paper finalize / Area competition
      • Wk #18 Final review
      • Wk #19 Finals
      • Wk #20 DECA presentation
    • February
      • Wk #21 DECA presentation
      • Wk #22 DECA presentation
      • Wk #23 Sales presentation
      • Wk #24 DECA State preparation
    • March
    • April
    • April 20 - May 1, 2020
    • May 4 - May 8, 2020
    • May 11 - May 15, 2020
    • May 18 - May 22, 2020
    • May 26 - June 16, 2020
  • DECA
    • Samples
    • Business Plan Resources
    • Operations Research Resources
  • Contact
  • Ch #05 Gov't Intervention test