Economics

ICAN #1 I Can  think like an economist.

Choose one of the following activities:

• Draw a circular-flow diagram. Identify the parts of the model that correspond to the flow of goods and services and the flow of dollars for the following activity:  You make minimum wage as a grocery store clerk.
• Imagine a society that produces military goods and consumer goods, which we’ll call “guns” and “butter.”  Draw a production possibilities frontier for guns and butter. 
• If you were president, would you be more interested in your economic advisers’ positive views or their normative views? Why? Write two paragraphs explaining your reasoning.
• Look up one of the Web sites listed below. What recent economic trends or issues are addressed there? 

Web Sites

Here are the Web sites for a few of the government agencies that are responsible for collecting economic data and making economic policy.

Department of Commerce  http://www.commerce.gov

Bureau of Labor Statistics   http://www.bls.gov

Congressional Budget Office   http://www.cbo.gov

Federal Reserve Board   http://www.federalreserve.gov

• 93% of economists agree that a ceiling on rents reduces the quantity and quality of housing available. Do you agree? Research the topic and list pros and cons of each side of the issue.

ICAN #2 I Can analyze the elements of America's market economy in a global setting.

ICAN #3 I Can analyze the aggregate behaviors of the U.S. Economy.

ICAN #4 I Can assess the influence of the federal government on the American economy.

ICAN #5  I Can research the U.S. labor market in a global setting.