Teacher: R Crawford
Lesson: APE 8.3
Textbook: pp. 271-275
Material: Economics U$A #4
Objectives: Students should be able to show business cycles using AD/AS and understand the self-correcting mechanism of classical economic theorists such as Schumpeter.
Concepts: classical theory
aggregate surplus
aggregate shortage
price and wage flexibility
interest rates
bathtub theory
Activities:
  1. Pass out quiz
  2. Show video part 1 Marx's Theory of Business Cycles
    1. Y = C + S
  3. Show video part 2 Schumpeter's Self-Correcting Mechanism
    1. Y = C + S
    2. S = I
    3. Y = C + I
  4. Discuss video
  5. Collect quiz
Assessment Activity: Economics U$A multiple choice quiz.