I. Bellwork: On iLearn
- Given various scenarios distinguish between progressive, regressive, and proportional taxes
- Cite specific textual evidence to support analysis of primary and secondary sources
- Analyze and discuss the merits of various methods in which governments generate revenue on consumption, income and wealth.
III. Notebook Work:
A. Tree Maps
- Pages 251-253
- Describe Flat Tax and list its advantages (3) and disadvantages (3)
- Describe Value Added Tax and list its advantages (4) and disadvantages (3)
- Would a Flat Tax Be More Fair?
A. Tennessee firefighters watch as home burns
- Do you believe the firefighters action was justified? Explain.
- Develop some alternative policies in which this situation may be avoided.
VI. Chapter 9.1 & 9.2 iLearn Test – Tomorrow
I. Bellwork Q&A
- What classification of accounts are include on the balance sheet columns of the worksheet? (3)
- What classification of accounts are include on the income statement columns of the worksheet? (2)
- Prepare the Balance Sheet and Income Statement columns of a worksheet.
- Total and rule the worksheet.
- Follow and apply the steps for finding errors on a worksheet
III. Discussion/Notebook Work
- Tree Map – Worksheet, Columns & Accounts
A. Working Together(p. 175).
- 6-3 Working Together & On Your Own
- Application Problem 6-3 (p. 183)
- Page 675 Free Response #2
- Explain why oligopolists and monopolistic competitors differentiate their products
- Discuss the economic significance of advertising and brand names
III. Module 68 Product Differentiation and Advertising Pgs. 676-680
A. How Firms Differentiate Their Products
- Differentiation by Style or Type
- Differentiation by Location
- Differentiation by Quality
B. Controversies about Product Differentiation
- The Role of Advertising
- Brand Names
IV. Classwork (Turn in Today)
A. Explain how oligopolists and monopolistic competitors benefit from product differentiation.
B. Use the outline above in Section III to explain and provide two examples for each of the enumerated subtopics in A & B.
C. Page 681
- Multiple Choice 1-5
- Free Response 1-2
I. Bellwork: iLearn 67.1 Worksheet
- Copy & Label the Graph – Answer the Questions
- Determine the prices and profits in both in the short run and the long run for Monopolistic Competition
- Construct and interpret graphs for short run and the long run monopolistic competition
- Examine how changes in cost impact monopolistic competition and why it operates at less than capacity
III. Turn in Homework
IV. Monopolistic Competition = “Monopoly” + ”Competition”
· Controls price of own good due to differentiated product
· D greater than MR
· Plenty of Advertising
· Not efficient
Perfect Competition Qualities
· Large number of smaller firms
· Relatively easy entry and exit
· Zero Economic Profit in Long-Run since firms can enter
· Page 674 MC 1-5
· Page 675 Tackle the Test #2
· Extra Credit?
VI. Homework: 4.5 Monopolistic Competition Sheet
- Budget Challenge – Pay Bills
- Determine which accounts appear on the Balance Sheet and Income Statement columns of a worksheet.
- Explain the purpose of the Balance Sheet and Income Statement
- Discuss the steps for finding errors on a worksheet
III. Discussion/Notebook Work
A. Explain the purpose of the financial statements:
- balance sheet
- income statement
B. Determining and Recording income statement and balance sheet account balances on a worksheet
- PPT 6-3
- On iLearn: Drill 7-D1 & 7-D2
C. Net Loss or Net Income
D. Correcting Errors
- Page 175 Vocabulary (5) & 1-5 Q&A
A.) Claim Statement:
Which type of tax (progressive, proportional, or regressive) do you believe is the most equitable way for the government to raise money? Provide support for your claim.
- Distinguish between the ways in which local, state, and federal governments generate revenue.
- Write arguments to support claims in an analysis of substantive topics or texts, using valid reasoning and relevant and sufficient evidence
- Determine the meaning of words and phrases as they are used in a text
III. Discussion & Notebook Work:
- Page 238 Content Vocabulary 15
V. Chapter 9.1 & 9.2 iLearn Test – Wednesday