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052110 econ greece 50m


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052110 econ greece 50m

  1. 1. Good Day! DRAW A LINE SEPARATING TODAY & YESTERDAY 1) Write: Date: 05/21/10 , Topic: Greece 2) On the next line, write “ Opener #53 ” and then: 1) Plot your mood, reflect in 1 sent . 2) Respond to the opener by writing at least 2 sentences about : Your opinions/thoughts OR/AND Questions sparked by the clip OR/AND Summary of the clip OR/AND Other things going on in the news. Announcements: None Intro Music: Untitled
  2. 2. Agenda 1) Greece (last notes) 2) Test 4 on Thursday End Goal, you will be able to… 1) What is going on in Greece Reminder 1) No homework
  3. 3. Work #53a , Title “ Ghana Ad ” 1-X) Name + rate each 1-10. Turn in your rubric when it’s your radio ad. EC for the class favorite.
  4. 4. Work #53b , “ McDonald Debate ” 1) Read the 2 sides, choose 1 side, and write which you choose and explain why . 2) Then write down what your partner thinks ( include their name at the end ). 1 2 3 4 5 CON: Do not open a McDonalds 1) It will kill local businesses + culture 2) It will make Ghana fat. Not all kinds of businesses should be welcome under free trade PRO: Open a McDonalds in Ghana 1) It will introduce Western style business skills and methods 2) It will make Ghana more competitive. Free trade means if ppl want it, they should have it
  5. 9. Review 1) Bond : Gov or biz borrows from investors, rather than from a bank (AAA-C, rate determines interest) 2) Interest : What they pay on their debt (in gov’s case, this is the bond interest to investors) 3) Pensions : A retirement plan offered to workers with defined (guaranteed benefits) regardless of gov, biz, or pensions future financial status. 3) Pension Fund : Worker and employer put money in a investment fund, if fund comes short, gov will cover rest (gov p: by law, priv p: by gov insurance) 4) 401k : A retirement plan offered to workers with defined upfront payment to help workers save for retirement, there is no guarantee on the outcome of those investments.
  6. 14. Notes #53a , Title: “ Greece Notes ” 1) European Union : 27 European nations that have unified their economies under one currency (Euro) + 1 central bank (ECB) 2) Tax Evasion : Not paying taxes you owe 3) Debt to GDP Ratio : Shows relative to the annual economy’s size, how much gov debt, paying more debt = higher taxes, less gov services 4) Greece’s Problem : Greece gov borrows from Eur. banks, can’t pay back, IMF+ECB loans Greece money to pay back Euro banks (swap one loan for another, but this one with austerity rules attached) 5) Greece/CA Connection : CA is also burdened by large state pensions and low tax (not b/c evasion, but recession)
  7. 18. Notes #52a , Title: “ Greece Notes ” 6) Gov Solutions : a) Cut spending > hurt needy ppl b) Raise taxes > hurt businesses c) Both d) Invest in something that will make ppl more productive (make more money > more taxes) 7) Gov Goes Bankrupt (Iceland) : a) Investors won’t loan to gov (or super high %) b) If a country, it’s money become super weak (reduced ability to buy foreign goods) c) Gov services limited by lower econ activity + inability to borrow d) Gov workers who aren’t paid stop working National gov’s can print money, but = hyper inflation
  8. 27. Work #53a Title “ Greece Simulation ” a) IMF: Greece must raise retirement from 61 to 65, raise sales tax by 2%, must lower gov worker pay by 10% to get hundreds of billions in IMF + ECB loans. b) Greece Parliament: You want Greece to survive. c) Greek Workers: You will strike (refuse to work) and shut down Greece if the parliament makes any cuts. d) Germany: As a major lender to the IMF and ECB, you are tired of bailing out other EU country’s when you have your own problems. You are not sure if Greece should be part of the Euro currency, you want to protect Germany from others. Instructions: 1) Write down your role 2) Read/write the main problem from the article. 3) Negotiate, write down your team’s solution. Reading/Film Qs Come From These Work Sections
  9. 28. Work #53b , Title “ Econ Review ” 1) Copy Source Title: John Stossel 2…) Discuss questions on the board with a partner. Summarize your discussion ( include their name at the end ). Remember participation points are deducted if off task. 5 Reading/Film Qs Come From These Work Sections
  10. 29. Homework: 1) Study today’s notes + work sections for a possible workbook quiz . Workbook Check: If your name is called, drop off your workbook with Mr. Chiang ( if requested, points lost if your workbook is not turned in )