I. Bellwork
A. Annual economic growth hits 3 percent, defying predictions of Trump critics
Summarize the article explaining its significance, what it is attributed to, and the critics responses.
B. Page 372 FRQ #2
II. Objectives:
- Illustrate changes in productivity using an aggregate production function
- Discuss how growth has varied among several important regions of the world and explain why the convergence hypothesis applies to economically advanced countries
III. Discussion: Productivity and Growth Pgs. 373-382
MODULE 38 NOTES: AGGREGATE PRODUCTION FUNCTION
- Aggregate production function: Tech x Physical capital per worker x Human capital per worker
- Diminishing Returns to physical capital
- Economic Freedom Quality of Life [MIRROR]
- Natural resources impact on economic growth
- Economic growth disparity (East Asia, Latin America, & Africa)
IV. Classwork: Due today
A. Questions:
- Explain diminishing returns to physical capital and provide an example of how it can occur. 2pts
- P.378 FYI Explain the information technology paradox and how it is resolved. 2pts
- P.381 FYI Explain the Convergence hypothesis. the problem with the theory, and why conditional convergence is needed. 3pts
B. MC page 382-383 MC 1-5
C. P383 FRQ #2 a, b, c, & d (Draw a graph for each question with a small explanation) Watch video below
V. Summative Classwork/Homework:
A. Select the link: https://sffed-education.org/chairman/
- Read and follow the directions on how to play the game.
- When you win, hit CTRL & PRTSC to copy the screen.
- Paste it on a Google document
- Type a paragraph 6-8 sentences about the decisions you had to make, your strategy, and any problems you encountered. – 3 handwritten
- Print it off or email it to me. farhoua@dearbornschools.org
1. Scoring: 10 summative
- Successful completing and copy of the screen. 5 pts
- Typed Paragraph (6-8 sentences) about the decisions you had to make, your strategy, and any difficulties you encountered while playing the simulation. 5 pts
- If you are not successful, you will lose 3 points and still need to to everything mentioned above
C. Homework – Formative 10 pts
Find an article on quantitative easing. Describe it, determine why and how it is used. Explain its benefits and drawbacks. provide your opinion on its use, include a link to the article – 6-8 sentence