Update

I will be away in Whitehorse from Tuesday, October 26 p.m. to Monday, November 1 at lunchtime.  My sub is Ashley Tufts, and she will be fully prepared with work for all students.

Have a great week, students, and Happy Halloween!

Monday, October 25

Socials 30/33:
Mixed Economies
Module work
Note** Test on Capitalism Wednesday, October 27**

English 30-2:
Go over tests
Looking at theme connections

Socials 10-1:
Go over tests/essays
Begin "Staking the Claim" Unit

Friday, October 22

Socials 30/33:
Problems with Capitalism (see previous notes)
Module work

English 30-2:
Test on the novels

Socials 10-1:
Test on Justice Unit

Problems with Capitalism

Problems with Capitalism

Economics Notes, Module 3, Section 4

All capitalist economies are subject to what is known as the “business cycle”.  Here’s how it first reared its ugly head:

Robber barons, like J.D. Rockefeller and J.P. Morgan became very wealthy under American capitalism.  They ultimately developed monopolies on economic power.  (Does this remind you of mercantilism at all?)  Remember, that capitalism was supposed to decentralize economic decision making.

Poverty is a lack of money and possessions needed to supply life’s basic needs.  A  large number of people in the U.S. in the early 20^th Century were living in poverty while the robber barons did well.

In October of 1929, the North American stock market crashed, leaving many robber barons penniless, and not even Darwin’s “strongest” could survive.  The business cycle had let America down.

Economic “Boom” Characteristics:

-         Full employment

-         High inflation

-         High investment

-         High demand

Economic “Bust” Characterisitics:

-         High unemployment

-         Low inflation

-         Low investment

-         Low demand

As a result, Franklin D. Roosevelt, President of the United States, developed policies that would relieve personal misery due to the depression and potentially turn the American economy around.  The “New Deal” offered:

-         Federal aid to the 48 states

-         Social security in the form of unemployment benefits and sick pay

-         “Make Work” projects like irrigation projects and bridge construction

Keynesian Economics works very similarly to this.  John Maynard Keynes argued that when pure capitalist economy is working well, there is little need for the government to get involved.  However, in times of recession, according to Keynes, the government should take a more active, or interventionist role.

In order to stabilize an economy, Keynes recommended using monetary policy, or government control of how much money is available in an economy.  During times of inflation, governments should increase taxes to reduce consumer spending.  Conversely, during times of recession, governments should reduce taxes to encourage spending.  In addition, in order to discourage spending during economic boom, governments should increase interest rates to encourage saving and discourage spending or borrowing.  On the other hand, government should encourage spending during times of recession by reducing interest rates.

Debt:  The total amount of money owed by a country on any given day.

Deficit:  A period of debt within an economy in a specified period of time. 

Reaganomics:

Beginning in 1981, President Reagan decided that the U.S. national debt was too high.  In addition, he wanted to control inflation and bring in tax reform in order to stimulate the economy, while at the same time reducing the size of the national government.  He felt that if people were employed, they would have money to spend, which would keep the wheels of the economy rolling, so he increased defense and military spending.  He didn’t want to raise taxes in order to pay for this, because that would slow the economy.  Therefore, he ran consecutive annual deficits, increasing the overall U.S. debt.

Economics Notes, October 19

Economics Notes

Module 3, Sections 2/3

In economics, the invisible hand, also known as the invisible hand of the market, is the term economists use to describe the self-regulating nature of the marketplace.  This is a metaphor first coined by the economist Adam Smith.  For Smith, the invisible hand was created by the connection of the forces of self-interest, competition, and supply and demand, which he believed capable of allocating resources in society.  This is the founding justification for the laissez-faire economic philosophy.

Through self interest, producers and sellers will produce and sell what consumers demand to avoid going out of business.  Through the course of this, there will be jobs provided to people, perpetuating the cycle of production, sales, and consumption.  Everyone benefits.

Private enterprise is an economic system based upon the values of private business and individual freedom.

Specialization, or division of labour, allows for greater productivity in an economy.

Economic competition takes place when a large number of producers and buyers interact in a free market in search of profit.

Individual incentive is the motivation for individuals to act in their own self-interest in the market.

Private property is a good or service belonging to an individual or company.

Dollar voting means to express your opinion on certain products by either using your dollars to buy or not buy a product.

The equilibrium point is the point at which the rate of supply meets the rate of demand.

Inflation is a time of rising prices that results in the devaluation of the dollar.  It is caused by three things:

-          Expectation (anticipation  of inflation; increased spending; increased inflation)

-          Demand pull (increased demand=increased prices=increased inflation)

-          Cost push (workers demand higher wages thus employers increase prices to cover wages, and inflation is the result)

October 20, 2010

Socials 30/33:
- Current events class update
- Work on economics assignments
- Note frame:  Problems with Capitalism
- Reading/Discussion

English 30-2:
- Final day for in class work on Soundtrack C.D.'s (due Monday, October 25)
- Note *TEST* on the novel, Friday, October 22

Socials 10-1:
- Current events class update
- Review conflict resolution strategies
- Uqalurait Justice reading and response
- Test outline:
     - Conflict Resolution Options
     - Canadian Charter of Rights and Freedoms
     - Rights and Responsibilities (note:  nothing specific to Allan Littlewood)
     - Essay Writing
     - Current Events

October 19, 2010

Socials 30/33:
- Economics notes (Invisible Hand)
- Reading/Discussion
- Assignment work

English 30-2:
- Complete reading Fallen Angels
- Work on Soundtrack C.D.'s

Socials 10-1:
- Complete review of Rights and Responsibilites
- Review ways of resolving conflict (due on Wednesday)
- Charter of Rights and Freedoms
- Reminder *TEST* on Justice, Thursday, October 21

October 18, 2010

Socials 30/33:
- Economics notes
- Creating an economic system, flaws and all
- Reading

*33 Essays due today*

English 30-2:
- work on Soundtrack C.D.'s

Socials 10-1:
- Reviewing Rights and Responsibilites work
*TEST on Justice, Thursday, October 21, 2010

TAPS--Validation Statements

October 15, 2010 Class Updates

Socials 30/33: 
Module 2 Take Home Tests due Friday, October 15.
Schedule for today: 
Economics Notes All
Economics Questions 30
Essays 33, due on Monday, October 18

English 30-2 Block B:
View "Night" at Nakasuk School

English 30-2 Block C:
Complete reading Into the Wild
Work on Theme inquiry

Socials 10-1:
Review Persuasive Essays
MLA format
Rights and Responsibilites Questions due Monday, October 18
Capital Punishment Essays, including work drafts, due Monday, October 18

Happy Weekend, Everyone! :)