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Tax Freedom Day® 2014 is April 21, Three Days Later Than Last Year

Tax Freedom Day® 2014 is April 21, Three Days Later Than Last Year | 4 Kilcrease Katherine | Scoop.it
What is Tax Freedom Day®?
4 Kilcrease Katherine's insight:

Tax freedom day is the day where American make enough money to pay that year's taxes on average, and the rest of the year's money is their own personal income. Georgia currently ranks #34, with tax freedom day coming April 12th. Americans will pay 30.2% of their income to taxes. I don't think that is a fair amount b/c people with college degrees are being taxed more for being more successful than someone who relies on the government their entire life and never gets a job. 

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3 Blanton Caleb's curator insight, December 5, 2014 2:48 PM

Tax Freedom Day is the day when the nation as a whole has earned enough money to pay its total tax bill for year. it divides all federal, state, and local taxes by the nation’s income. 

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Budget Puzzle: You Fix the Budget - Interactive Feature - NYTimes.com

THIS IS AN ONLINE GAME WE WILL PLAY ON FRIDAY, 11/21 IN THE COMPUTER LAB. 

Answer in insight box:  Describe the decisions you made in the Budget Puzzle game.  What did you do with taxes?  What spending did you cut?  Why is it so difficult for the federal government to fix the budget?

4 Kilcrease Katherine's insight:

You have to please the people by funding what the want. If you don't they will not support your decisions. I raised taxes in order to not borrow too much money. I cut unnecessary spending that is not vital to the economy. Without people's support of the government budget, you have to borrow money. 

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3 Blanton Caleb's curator insight, December 5, 2014 2:49 PM

In the budget puzzle game, I did my best to try and lower taxes and keep it fair for all income levels.  I had 38% savings from tax increase and 68% savings from spending cuts.  It is really tough to decide what is really necessary to send money on and what you can cut.

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Foreign Exchange Practice- Macro Practice - YouTube

INTERNATIONAL ECONOMICS

QUESTION 8:  What factors affect the foreign exchange market (Forex market) and cause the value of a country's currency to change?  What do "appreciation" and "depreciation" of a currency mean?

4 Kilcrease Katherine's insight:

The factors that affect the foreign exchange market and cause the value of a currency to change are taste, income, price level, and interest rates. Appreciation of currency means the value of currency goes up and depreciation of currency is when the value decreases. 

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6 Johnson Jasmine's curator insight, November 11, 2014 8:20 PM

The forex market is affected by tastes and preferences, income, price level, and interest rates. A shift in demand affects whether or not the value will appreciate or depreciate. 

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(Macro) Episode 33: Exchange Rates - YouTube

INTERNATIONAL ECONOMICS

QUESTION 6:  How do currency values rise and fall? Why would a country want to manipulate the value of its own currency? 

4 Kilcrease Katherine's insight:

Currency values rise and fall when the demand or supply of currency changes. They would want to manipulate the value of its own currency in order to buy foreign goods for cheap.

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6 Johnson Jasmine's curator insight, November 11, 2014 8:24 PM

Currency values rise and fall in response to shifts in supply and demand. Countries would manipulate the value of its country in order to buy foreign goods for cheaper prices. 

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Episode 36: Types of Trade Restrictions - YouTube

INTERNATIONAL ECONOMICS

QUESTION 4:  What are the ways in which countries restrict international trade?  Who wins and who loses win trade is restricted?

4 Kilcrease Katherine's insight:

Countries can restrict international trade by tariffs, quotas, VER's, and Health and Safety Regulations. When trade is restricted, winners include domestic industry and government, and losers include domestic consumers and foreign producers.

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6 Johnson Jasmine's curator insight, November 11, 2014 8:28 PM

Countries restrict international trade by implementing tariffs, quotas, standards, and embargoes. When trade is restricted, jobs can be lost.

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Micro 1.3 Comparative Advantage: Econ Concepts in 60 Seconds - YouTube

INTERNATIONAL ECONOMICS

QUESTION 2: Which country has the comparative advantage in cars?  Which country has the comparative advantage in rice?

4 Kilcrease Katherine's insight:

Country A has comparative advantage in cars and country b has the comparative advantage in rice because there is less of an opportunity cost 

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6 Johnson Jasmine's curator insight, November 11, 2014 8:18 PM

Yes, I am able to correctly answer an FRQ such as the one in this video. If I am confused, I will ask questions in class. 

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Macroeconomics Foreign Markets and Trade Unit

Macroeconomics Foreign Markets and Trade Unit | 4 Kilcrease Katherine | Scoop.it

INTERNATIONAL ECONOMICS

COMPUTER LAB ACTIVITY FOR 11/7/14

 

QUESTIONS/DIRECTIONS:  Complete the following exercises AND answer the question next to each exercise:

1.  U.S. Balance of Payments:  WHAT IS THE DIFFERENCE BETWEEN THE "CURRENT ACCOUNT" AND THE "CAPITAL (FINANCIAL) ACCOUNT" OF A COUNTRY?  WHY DO THE CURRENT ACCOUNT AND CAPITAL ACCOUNT ALWAYS BALANCE OUT?

2.  Current and Capital Accounts Interactive:  WHAT WAS YOUR SCORE?  WHICH ITEMS DID YOU MISS?

3. Exchange rates:  WHAT IS AN EXCHANGE RATE?  WHAT IS CURRENCY APPRECIATION?  WHAT IS CURRENCY DEPRECIATION?  WHAT CAUSES A CURRENCY TO CHANGE VALUE?  

4.  Currency Exchange Interactive:  WHAT WAS YOUR SCORE?

 

 

4 Kilcrease Katherine's insight:

 

1. Current account includes exports (credits) and imports (debit). The capital account includes US owned assets abroad and foreign-owned assets in the US. Because debit is negative and credit is positive. 

2. I missed unilateral transfers and foreign or domestic securities. Everything else I got correct.

3. Exchange rate is the price of a nation's currency in terms of another currency. Currency appreciation is an increase in the value of one currency in terms of another. Currency depreciation is a decrease in the level of a currency in a floating exchange rate system due to market forces.
4.  9/10

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6 Fernandes Chyla's curator insight, November 7, 2014 2:08 PM

1. The "Current Account" includes exports which are credits on the Balance of Payments, imports which are debits on the Balance of Payments - included in both are merchandise that is tangible, services that are intangible and income from assets. "Capital Account" are U.S. owned assets abroad(debits in the capital account because they are an outflow of Capital from U.S. to foreign countries), The other part of this is foreign owned assets in the U.S. These things always balance out because money spent on imports is larger than money spent on exports and there is more money coming in for assets by foreigners than there is money going out for the U.S. owned assets abroad; the unilateral current transfers and statistical discrepancy is then calculated and the negative amount is changed to a positive because of how things are filed differently in different countries. 

2. 13/15. Missed royalties from patents and royalties from copyrights..

3. An exchange rate is how much the value of one currency is for the other; like 1 US dollar is 42 Euro's. Currency appreciation is the increasing value of one currency for the other. So like the more US dollars that are demanded the higher value a single dollar bill holds. Currency depreciation is the loss of value of a currency with respect to one or more foreign reference currencies; less US dollars are demanded which makes one US dollar lose dollar amount. The thing that causes a currency to change value is the demand for that specific type of currency.

4. Score: 6/10

6 Johnson Jasmine's curator insight, November 7, 2014 2:26 PM

1. US BALANCE OF PAYMENTS: The current account includes imports and exports. The capital account includes US government  reserves, foreign currency purchased by the US, direct private investments, private ownership of foreign securities, and US claims. The current and capital account always balance out because a deficit or surplus in one account is matched by the opposite in the other account. 

2. CURRENT AND CAPITAL ACCOUNTS INTERACTIVE: I placed the emigrants sending money home in the current account, which was wrong. 

3. EXCHANGE RATES: The exchange rate is the value of money in terms of another currency. Appreciation is when the value of a currency increases; depreciation is when the value decreases. 

4. I missed 2. 

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Recovery.gov - Tracking the Money

Recovery.gov - Tracking the Money | 4 Kilcrease Katherine | Scoop.it

COMPUTER LAB 11/21 ACTIVITY

Open this page for Recovery.gov.  In your insight box, explain what the American Recovery Act did, and describe the government spending that was done in GA and Henry County.  Evaluate the impact of this fiscal policy.  Write your answer in insight box.

4 Kilcrease Katherine's insight:

The 3 goals of the recovery act were to create new jobs and save old ones, spur economic activity and invest in long term growth, and foster unprecedented levels of accountability and transparency in government spending. Henry county was awarded $83,903,017. Georgia was awarded  $6,930,974,231. We were awarded a good bit of money that helped out massively  

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3 Blanton Caleb's curator insight, December 5, 2014 2:52 PM

The American Recovery Act gave american citizens large amounts  of money. The government gave 1 million dollars to the Department of Education. They also gave $386,220 to the Department of Energy. This fiscal policy gave a lot of money to the american people but will have to be payed back later in taxes. 

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Budget Process

Budget Process | 4 Kilcrease Katherine | Scoop.it

COMPUTER LAB ACTIVITY 11/21

Scoop this window to your scoop.it page.  Read the flowchart and the article and answer these questions in Insight box.  The answers will help you write your FRQ on quia (parts a, b, and c).  Remember, creating the budget is a significant part of fiscal policy!

a) Define fiscal policy and describe the process in which fiscal policy is made.

b) Describe one significant way the executive branch (President) influences fiscal policy.

c) Describe one significant way the legislative branch influences fiscal policy.

 

4 Kilcrease Katherine's insight:

a.) Fiscal policy is when the government adjusts the rates of spending and taxing to influence and growth the overall economy. 1.The President submits a budget request to Congress 2.The House and Senate pass budget resolutions 3. House and Senate Appropriations subcommittees “markup” appropriations bills 4.The House and Senate vote on appropriations bills and reconcile differences and 5.The President signs each appropriations bill and the budget becomes law.

b.) The president submits a budget request, but it is just a proposal. The president also has the power to sign the appropriations bill after it is sent to him by the Senate and the House. 

c.) Congress reviews the budget request and passes its own appropriation bills. Congress passes the federal budget, and Congress acts on tax and spending.

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3 Blanton Caleb's curator insight, December 5, 2014 2:50 PM

a. Fiscal policy is a government altering their spending and borrowing habits in order to affect the current status of an economy. The president requests a budget, then congress alters that budget, then the president has to approve the congress's budget. 

 

b. The president requests the first budget, then approves congress's budget. 

 

c. Congress has the choice to either alter, or accept the president budget request. Then they send budget to the president to be approved. 

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Macro Unit 5.1- Balance of Payments - YouTube

INTERNATIONAL ECONOMICS

QUESTION 7:  What does Mr. Clifford mean by "balance of payments?"  How is that different from "balance of trade?"  What is included in a country's "current account?"  What is included in a country's "capital account?"  

4 Kilcrease Katherine's insight:

Balance of payments is when the net exports is balanced with the purchasing/selling of a countries assets to another. A balance of trades is when net exports equal zero. A current account includes their exports and imports. A capital account includes a countries assets like bonds and securities.

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6 Johnson Jasmine's curator insight, November 11, 2014 8:26 PM

Balance of payments means that the current account and financial account will be equal. When there is a deficit in one account, there is a surplus in the other. The current account includes goods and services. The capital account includes the assets between countries. 

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Episode 38: Trade Blocs - YouTube

INTERNATIONAL ECONOMICS 

QUESTION 5:  What are some examples of trade blocs?  What is a trade bloc?  What are the benefits for joining a trade bloc?

4 Kilcrease Katherine's insight:

Examples of trade blocks include preferential trade area, free trade area, customs union, common market, economic union, and full integration. Trade blocks are relationships between countries relating trade. Benefits of joining include agreements and treatment with some countries that you do not get with others.

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6 Johnson Jasmine's curator insight, November 11, 2014 8:32 PM

A trade bloc is a group of countries that agree to reduce and/or eliminate trade barriers among members. Trade blocs can be one of three forms: Preferential trade area, free trade areas, or customs unions. Benefits include being able to form their own rules of trade.

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Episode 34: Comparative Advantage & Trade - YouTube

INTERNATIONAL ECONOMICS

QUESTION 3:  How does Gilligan's Island illustrate comparative advantage?  How is comparative advantage different from absolute advantage?

4 Kilcrease Katherine's insight:

Gilligan's Island illustrated comparative advantage by giving an example of producing huts and fish. Absolute advantage says that whoever produces the most, should produce that item, while comparative advantage says that whoever produces the most with the least opportunity cost, should produce that item.

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6 Johnson Jasmine's curator insight, November 11, 2014 8:34 PM

Huts and fish were used to illustrate comparative and absolute advantage. Absolute advantage is simply who can produce more of an item. Comparative advantage is who can produce an item at a lower opportunity cost. Comparative advantage is what encourages trade. 

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Comparative Advantage and Terms of Trade - YouTube

INTERNATIONAL ECONOMICS

QUESTION 1:  What is comparative advantage?  What examples does Mr. Clifford use to illustrate comparative advantage?

4 Kilcrease Katherine's insight:

Comparative advantage is when one country is more productive producing a resource than another because of the opportunity costs. He uses the example of U.S. and Chinese plane and toy production.

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