Today we will learn how to calculate unemployment and inflation. We will start class today with you working cooperatively with a partner to find a solution to the "Problem of the Day" and then there will be a lecture on our next topic. We will also go over the problem set you've been doing for homework. This page contains all the information you need for today's class: homework, the problem of the day, helpful resources (videos, podcasts, etc.) and an explanation of the activities we will do in class. Use the table of contents on the right to help you navigate.
Read Chapters 24 and 28.
Problem of the Day: You will work cooperatively with your partner to construct a response to the following prompt.
Draw a circular flow diagram. Identify the parts of the model that that correspond to the flow of goods and services and the flow of dollars for each of the following activities.
Selena pays a storekeeper $1 for a quart of milk.
Stuart earns $4.50 per hour working at a fast-food restaurant.
Shanna spends $30 to get a haircut.
Sally earns $10,000 from her 10% ownership of Acme Industrial.
Videos: Watch these videos.
Problem Set: Work on the unemployment and inflation problems I give you in class.