Completion of Unit Test on Economics. Definition of Propaganda: Use of Propaganda by Governments and Private Businesses to advance/promote their mission (agenda) to the general public. Civics 360 Video on Propaganda : Origin of propaganda during Wilson administration with World War 1. During today's session, PJ completed the Unit test on economics and we discussed the use of Propaganda as a political mechanism/tool.

Unit Test on Economics: Part 1, Full period.
During today's session, PJ worked diligently for the entire class period on Part 1 of the Unit Test on Economics. Part 2 will be completed tomorrow.

Review for Unit Test on Economics: Adam Smith Free Market Capitalism, Market Economy, Command Economy, GDP, GDP per Capita, Standard of Living, Entrepreneurship, Supply and Demand, Dow Jones Ind. Average, NASDAQ, Equilibrium Pricing etc. During today's review lesson for the Unit Test on Economics, PJ was very attentive and took good notes to use as his Study Guide.

Gross Domestic Product GDP, Standard of Living, Dow-Jones Industrial Average DJIA, and NASDAQ. Economic and Stock-Market "indicators. Explanation and detailed description of why the DJIA and the NASDAQ are key/significant indexes of current and near-future economic health/activity within the U.S. Division of Labor and Specialization definitions. During today's lesson on important methods and systems of measuring the economic health/activity within the U.S., numerous key terms were discussed with PJ including GDP, DJIA, and the NASDAQ. PJ is showing great interest in these topics because he is already a young investor.

Video on Gross Domestic Product GDP: Examples of new product sales, non-examples of
transactions that do not contribute to GDP such as used cars etc. GDP per Capita presented as an indirect measure of citizens prosperity and income levels. Goods and services provided from within a country and exported for sale or contracting is a major component of GDP Concept of net export sales/revenue. Pj was very well focused and clearly followed the main concepts involved with Gross Domestic Product and its influence on the Standard of Living of citizens within a given country.

Gross Domestic Product GDP definition, Standard of Living/Quality of Life, GDP per Capita, Entrepreneur definition. GDP as sales of goods and services. Factors affecting Standard of Living: Crime, health care, pollution, education system, traffic/congestion, unemployment etc. PJ was very attentive and well-focused during today's lesson on Gross Domestic Product and Standard of Living factors/effects.

Key Economic Terms: Marginal Analysis, Cost-Benefit analysis, Equilibrium pricing, Rate of Return on Investment.: ROR examples.
Review of end-of unit responses to economic questions. Tentative date for next Test: Friday 2/6 or Mon. 2/9.
During today's session on additional key economic terms such as Cost-benefit analysis and Rate of Return (ROR), PJ was genuinely interested in this key topic and had a clear understanding of the main concepts.

Key Business Terms for Capitalism Economics and Corporations

Key Economic terms : Opportunity Cost, Trade-off, Fixed Costs ,Variable Costs. Review of Market Economy and Command Economy. Detailed examples of Fixed Costs and Variable
Costs. During today's session on key economic/business terms, PJ was engaged in this topic and had a clear comprehension of the major concepts such as Opportunity Costs etc.

Economic Systems: Market Economy: Laws of Supply and Demand . Command Economy: Communist government control of businesses. etc. During today's session, the topic of types of economic conditions such as Market economy and Command Economy were investigated. PJ understood well these concepts and is engaged in this key economics topic.