Describe one positive thing about borrowing money and spending it.

1. Bell Ringer 31 • Describe one positive thing about borrowing money and spending it. • Describe one positive thing about saving money and not spending it. Fiscal Policy

2. Essay 2 Summative 6

3. Summative 6 • Reading Democrat vs. Republican statements over income inequality. • Reading Marcus Aurelius concerning living as in nature. • Chart analysis on excludable and rival, non-excludable and non-rival. • Reading Marcus Aurelius concerning beauty, nature and age. • Bridge or Highway category as non-excludable • Negative Externalities, sales taxes, excise taxes, income taxes, Stoicism of Marcus Aurelius (death and desire)

4. Homework 6Due Monday, February 18th The Prince by Niccolò Machiavelli (1513) Chapters 1, 6, 15, 16, & 17 6 pages total

5. The Prince by Niccolò Machiavelli Chapters 1, 6, 15, 16, 17 How many kinds of governments are there and how are they acquired? Why is a great leader like an archer? 6. What do wise leaders always do, and what are the two main methods by which they rule, come to power, or lead? What is Machiavelli’s opinion about a leader always being a good person, and doing the right thing all the time? Why is Machiavelli so opposed to a leader being too generous? (liberality) What is Machiavelli’s answer to the question; should a leader desire to be feared or loved? Kurtz Horror Vid

6. Bell Ringer 32 Use the document in your Google Stream to answer these. • Until the 1930’s, what economic approach was dominant in the United States and who first introduced it? • What events pushed the U.S. to adopt the ideas of John Maynard Keynes? • List a few solutions to economic troubles according to Keynesian economics.

7. Homework 7Due Tuesday, February 26th The Prince by Niccolò Machiavelli (1513) Chapters 18, 22 4 pages total

8. The Prince by Niccolò Machiavelli Chapters 18, 22 (Chapter 18) What are some examples of Machiavelli’s advice to a prince in this chapter? (Chapter 18) Why does Machiavelli say that a leader should be both a fox and a lion? (Chapter 22) Initially, how should the wisdom of a ruler be evaluated? (Chapter 22) Why are good servants so important to a leader?

9. A public policy used by the Legislative and Executive branches involving changes to taxing and spending. Used in order to change the economy andavoid wide swings in the business cycle such as booms and busts. (avoid inflation and recession) Fiscal Policy $$$$$$$$ $ Lower the money supply Increase the money supply • Expansionary Policy • Fight recession by borrowing money, increased government spending, and lowering taxes • Contractionary Policy • Fight inflation by decreased government spending and higher taxes.

10. The Legislative Branch “power of the purse” The Executive Branch “power of discretion” Fiscal Policy Supreme Court Rules on Constitutionality Spends appropriated money as he judges proper in execution of the law. $$$ Authorize and appropriate money (power of the purse) $$$

11. The Business Cycle • Keynesian Economics • (Demand Side) • Tax rich, and increase government spending • Public works jobs • Borrowing money to increase money supply and spending • Bail out failing industry, help out • Get everyone out of recession or depression • Monetarist Economics • (Supply Side) • Decrease government spending to lower debt, lower money supply • Lower taxes to give private sector more of their own money • More saving for real wealth • Businesses create more jobs • Wealth trickles down to lower classes from wealthy

12. A public policy used by the Legislative and Executive branches involving changes to taxing and spending. Used in order to change the economy and avoid wide swings in the business cycle such as booms and busts. (avoid inflation and recession) Fiscal Policy Demand Side Supply Side Video 1 Video 2

13. Bell Ringer 33 • If there was another recession in the U.S. economy, list one action that Keynesian economics would recommend. • What is the name for the category of fiscal policy promoted by Keynesian economics? (there could be two names) Hayek disapproves!

14. A public policy used by a nation in its dealing with other countries and leaders around the world, designed to achieve national objectives or goals. Foreign Policy The Goals of Foreign Policy Types of Foreign Policy Approaches to Foreign Policy

15. Bell Ringer 34 Use the link in your Google Stream to answer these. • One type or tool of foreign policy is foreign aid. How does the website define U.S. foreign aid or assistance? • What was the first U.S. aid program? • Press the “explore map button” and explore the information on the page. Share a fact that you learn.

16. Foreign Policy Slideshow Your team must read the three articles concerning the goals of foreign policy, type of foreign policy and approaches to foreign policy. Create your own outline of the important topics and present your findings in a google slideshow. Build it together as a team, dividing up the work, sharing the slideshow, using images when appropriate, and be prepared to present it as a team.

17. Bell Ringer 35 • List 3 “soft power” tools used within foreign policy. • Which U.S. approach to foreign policy was an attempt to limit the spread of communism in wars by proxy, such as the Korean War and Vietnam War?