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Advanced Economics Week #4
Spring 2012
Advanced Economics 4/16/12http://mrmilewski.com
• OBJECTIVE: Examine consumer spending with credit cards.
• I. Administrative Stuff-Attendance-Journals 1-10 due tomorrow-Ch#10sec#4 & Ch#13sec(2-4)
• II. Journal#10-notes Frontline: The Card Game
• Notice: 36 Days until the Senior’s Last Day!
Advanced Economics 4/17/12http://mrmilewski.com
• OBJECTIVE: Begin examination of economic statistics. • I. Journals 1-10 Due!• II. Journal#11pt.A
-Watch the following:-Indiana's RV Industry Starts a Comeback Amid
Uncertain Economy• III. Journal#11pt.B
-notes on economic statistics• Notice: 35 Days until the Senior’s Last Day!
Quote
• Everybody is a genius. But if you judge a fish by it's ability to climb a tree, it will go through it's whole life thinking it is stupid.
• ~Albert Einstein
Full employment• When people
work, they earn income for themselves while producing goods and services for others.
http://www.publicradio.org/columns/marketplace/whiteboard-blog/Employment-Jan-2011-CORRECTED.jpg
Economic growth• Growth is needed so
that people can have more goods and services.
• Since the nation’s population is likely to grow, economic growth is necessary to meet everyone’s needs.http://change-production.s3.amazonaws.com/photos/wordpress_copies/uspoverty/2010/10/2010-10-
29econ-f1-250x174.jpg
CPI• Consumer Price Index – an index used to measure
price changes for a basket of frequently used common items.
• The CPI reports on price changes for 90,000 items in 364 categories from 85 geographic areas of the country and are compared to their 1982-84 base year prices.
• Produce Price Index – measure price changes paid by domestic consumers for their inputs and is based on a sample of about 100,000 commodities and uses 1982 as the base year.
Midwest urban CPI• Source: U.S. Department of Labor
Bureau of Labor Statistics• Base Year 1982-84=100
Year CPI19951996199719981999200020012002200320042005
148.4153.0156.7159.3162.7168.3172.8174.9178.3182.6188.4
http://data.bls.gov/PDQ/servlet/SurveyOutputServlet?data_tool=dropmap&series_id=CUUR0200SA0,CUUS0200SA0
Midwest Urban CPI 1967-2005
http://data.bls.gov/PDQ/servlet/SurveyOutputServlet
Midwest Urban CPI 1988-2005
http://data.bls.gov/PDQ/servlet/SurveyOutputServlet
Advanced Economics 4/18/12http://mrmilewski.com
• OBJECTIVE: Examine the history of oil. • I. Film: Modern Marvels, Oli
-Answer questions while watching the film• II. Study Hall
-work quietly until the end of class• Notice: 34 Days until the Senior’s Last Day!
Advanced Economics 4/19/12http://mrmilewski.com
• OBJECTIVE: Continue examination of economic statistics.
• I. Journal#12pt.A-Watch the following:-Getting the Laffer Curve Right
• II. Journal#12pt.B-notes on economic statistics
• Notice: 33 Days until the Senior’s Last Day!
CPI• Consumer Price Index – an index used to measure
price changes for a basket of frequently used common items.
• The CPI reports on price changes for 90,000 items in 364 categories from 85 geographic areas of the country and are compared to their 1982-84 base year prices.
• Produce Price Index – measure price changes paid by domestic consumers for their inputs and is based on a sample of about 100,000 commodities and uses 1982 as the base year.
Midwest urban CPI• Source: U.S. Department of Labor
Bureau of Labor Statistics• Base Year 1982-84=100
Year CPI19951996199719981999200020012002200320042005
148.4153.0156.7159.3162.7168.3172.8174.9178.3182.6188.4
http://data.bls.gov/PDQ/servlet/SurveyOutputServlet?data_tool=dropmap&series_id=CUUR0200SA0,CUUS0200SA0
Midwest Urban CPI 1967-2005
http://data.bls.gov/PDQ/servlet/SurveyOutputServlet
Midwest Urban CPI 1988-2005
http://data.bls.gov/PDQ/servlet/SurveyOutputServlet
Organized Stock Exchanges• NYSE – oldest, largest, and most prestigious in
the U.S. Located on Wall Street in NYC• AMEX – smaller stocks, those who can’t quite
make it to the NYSE are traded here. (the JV team) Also located in NYC
• Regional Stock Exchanges – originally listed small companies and new companies. Now, they trade local stocks and better meets the needs of smaller companies. Located in: Chicago, Pacific, Philadelphia, Boston, and Memphis
Over-the-Counter Market• OTC – most stocks in the U.S. are not
traded on organized exchanges. They are traded electronically using NASDAQ
• NASDAQ – National Association of Securities Dealers Automated Quotation
• Few OTC stocks pay dividends. Most are small and new companies
Bull v. Bear
• Bull market – when stocks are strong and stock prices are rising
• Bear Market – when stock prices are falling
Advanced Economics 4/20/12http://mrmilewski.com
• OBJECTIVE: Examine how human psychology and finance interact.
• I. Administrative Stuff• II. Journal#13
-Take notes on the following film:-Nova: Mind over Money
• Notice: 32 Days until the Senior’s Last Day!