Economics – 5/05/14

I.  Bellwork:

• ARIZONA PROPOSES MEDICARE FAT FEE – WSJ.COM

1. Summarize Arizona’s Proposed tax and why they deem it necessary.
2. What principle of taxation does this tax involve?
3. Based upon the criteria for effective taxes (p. 232), do you believe the tax will be effective? Why?

II.  Objective:

• Given various scenarios distinguish between progressive, regressive, and proportional taxes
• Analyze the incidence of Tax and determine the circumstances in which the producer or the consumer bares the cost of the tax
• Cite specific textual evidence to support analysis of primary and secondary sources
• Analyze the ways in which governments generate revenue on consumption, income and wealth and use that revenue for public services and social welfare.

III.  Classwork

A. Taxes

• Review Incidence of a Tax

• Regressive Progressive Proportional Exercise

B. Expenditures

1. Waste Book Government Pork Spending

2.  Stossel Real or Fake?

3.  Congress, Earmarks, and Pork Barrel Spending

 IV.  Chapter-10PPT-1 – Copy  (For Next Test)

V.  Chapter 9.1 & 9.2 iLearn Test – Today -Wednesday @ 10:00 pm

A. What to study:

• Objectives for Sections 9-1 & 9-2
• Know vocabulary words
• Progressive, Regressive, and Proportional tax & Examples of each
• Guided Reading 9-1- Ability to Pay & Benefit Principle
• Incidence of a tax/graphs pg 231
• Impact of a tax on producers and consumers(inelastic/elastic conditions)
• Types of taxes pg 235
• Federal Revenue Sources  (Pie Chart Above)
• State & Local Revenue Sources p 242
• Page 255 Visual Summaries

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