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  • About
  • Classes
    • Biology
    • Chemistry
    • Physics
    • Algebra I
    • Geometry
    • Algebra II
    • Pre-calculus
    • Economics & U.S. Gov
    • Principles of Engineering
    • Human Anatomy & Physiology
    • Business Management
  • SCHEDULE
  • CLASS FEES
  • REFERENCES
  • POLICIES
  • CONTACT

Economics & U.S. Government

Syllabus and class materials

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  • An introduction to Economics, based on the concepts of free enterprise and limited constitutional government. U.S. Government is integrated throughout the course, and we will be analyzing the Declaration of Independence, Constitution, and Bill of Rights as founding documents.
  • Textbook: We will be using OpenStax Principles of Economics, 3rd edition (orange cover shown). This book is available as a free download, or hardcover from Amazon. There are plenty of used copies. I will also be linking to the Declaration of Independence, Bill of Rights, and the U.S. Constitution when we get there. 
  • Supplies: You will need a calculator (TI-30Xa is perfect, $10), and various types of graph paper throughout the course Printfreegraphpaper.com. 
  • You will need access to a relatively modern computer with internet connection. A computer less than 5 years old should suffice.  You will need a webcam and mike to participate in the class.   
  • Homework: You'll be turning in your homework on Canvas. 
graph_paper_10ths.pdf
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economics_-_investment_game_2022-23.docx
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​en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)
​
https://www.usgovernmentspending.com/year_spending_2022CAbn_25bs2n#usgs302​
​U.S. Revenue: https://www.usgovernmentrevenue.com/
U.S. Spending:  https://www.usgovernmentspending.com/federal_budget_detail_fy24​
California revenue: https://www.usgovernmentrevenue.com/year_revenue_2022CAbn_25bs1n#usgs302 
California spending: https://www.usgovernmentspending.com/year_spending_2022CAbn_25bs2n#usgs302 

The Role of Markets

Ch. 1: Introduction
Reading
Ch. 1
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Lab
"Auctioning-off Dollars" - A classroom experiment in sunk costs and marginal costs
Intro_to_economics_ppt_slides.pptx
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1._ch._1_thought_questions.docx
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Ch. 1 Section Review questions
​Instructions: Complete 'Section Reviews' 1A, 1B, and 1C. This is (10) questions total. Be sure to type out the questions in addition to your answers, and keep the same numbering system as the book. Upload to Canvas when finished. 
spring_vacation_budget_assignment.docx
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Ch. 2: Choice and Scarcity
​Reading
Ch. 2

Topics
Production Possibilities Curve
​Begin discussing U.S. Budget

Labs
"World Oil Supremacy" - a classroom experiment on cartels and human behavior
"Investment Game" - a classroom simulation in stock & bond portfolio allocation
2._factors_production_ppc_profits.ppt
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Supply & Demand: If consumers were persuaded by Chick-fil-A to eat more chicken and less beef, would the cattle population increase or decrease short-term? What about long-term? 
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​Ch. 2 Review Questions
​Instructions: Complete Section Review 2A (3 questions), Section Review 2B (4 questions), and the "Application Questions" (3 questions). This is (10) questions total. Be sure to type out the questions in addition to your answers, and keep the same numbering system as the book. Upload to Canvas when finished. 
Other homework on Canvas
  • U.S. Federal Budget assignment
  • Farmer's Marginal Cost assignment

The Role of Markets

Ch. 3: Demand and Supply
ch._3_-_demand_lecture_notes.ppt
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ch._3_-_supply___prices_lecture_notes.ppt
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Reading
Ch. 3

Topics
  • Demand, supply, and equilibrium
  • Price ceilings and price floors
  • Efficiency in the market

Homework

Your chapter assignment is hosted in Canvas

​Labs
  • "Widgets and Whajamas" - illustrates the Production Possibilities Curve
  • "Risk and Reward Game" - a classroom simulation in stock & bond portfolio allocation
  • "World Oil Supremacy" game
Be prepared to critique the video below using economics principles we have learned so far
Supply & Prices_homework questions_2022.docx
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Ch. 4: Labor and Financial Markets
ch._4_-_labor_and_financial_markets_lecture_notes.docx
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Reading
Ch. 4

Topics
  • Labor markets
  • Financial markets

​Homework
Your chapter assignment is hosted in Canvas
All of this leads us to a discussion of Comparative Government
Note: This is HIGHLY SIMPLIFIED. As a practical matter, all modern economies are a blend of two or more of these.
  1. Market economy = private individuals & firms make their own economic decisions; what to make, and what prices to charge. You are free to raise capital from private sources, banks, stockholders. Investors expect to receive a return on their investment. 
  2. Socialism = the government owns the 'factors of production'. Production and pricing decisions are made by politicians, rather than via supply/demand feedback. Modern Socialist governments own the majority of stock of the big companies; small companies are left private. 
  3. Communism (Marxism) = Private property is an evil of the West. Marxism = revolution. Marxism = class struggle. The enemies are those who own property and/or have capital. They are known as the 'Bourgeoisie'. In Marxism, you don't have 'individuals' as we think of the term, with individual rights and liberties; instead, everyone is part of a 'class'. A small group at the top make the decisions. This is called "central planning". This leads to shortages of practically everything, and an underground market thrives.
  4. Monarchy = the King owns everything, or at least wants a piece of the action. Private commercial enterprises require approval from the King, who naturally wants control. The U.S. rejected this approach in 1776.
  5. Oligarchy = a group of families run the country. They exercise their control over private commercial enterprise through family connections. 
  6. Theocracy = the Mullahs or Priests are in charge. Economic freedom isn't really part of the deal. 

World Oil Supremacy classroom experiment
This is a "supply" simulation. It's dealing with the question, "How should we handle the supply problem?"
Lessons: Cartels always break down, due to 'defectors'. People will always seek their own self-interest. Any system which is based on people's "altruism" is doomed to fail. A system based on "Fairness and Guilt" doesn't work because people will seek their own self-interest. A Dictator tends to keep all the profits, or at best re-allocates them in order to get 're-elected'. A free market system using supply & demand curves tends to benefit suppliers and consumers and guarantees a steady supply. This is an example of Adam Smith's Invisible Hand.
world_oil_supremacy.docx
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Ch. 5: Elasticity
Picture
5._elasticity_lecture_notes.docx
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Reading
Ch. 5

Topics
  • Elasticity
  • Pricing strategies
  • Misconceptions about producers and pricing

Homework
Your chapter assignment is hosted in Canvas
0._buying_a_car_assignment_2023.docx
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Economics of the Nation (2024 note: re-allocate old Units 5&6 under new textbook "Macro")

Unit 5: What is the economic problem? (re-allocate 5&6 for new textbook)
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Reading
BJU Economics, Ch. 5 

Outline
What are our National economic goals?
  1. Low unemployment
  2. Low inflation
  3. Steady GDP growth
  4. A level playing field (opportunity for all)
Consider three National economic questions:
  1. What should we produce?
  2. How much should we produce?
  3. For whom should we produce?
Market Economies vs. Command Economies
Communism assignment
Now we will start discussing and comparing 'forms of Government' as it relates to Economics. In this case study we will look at Communism as it existed in the Soviet Union. 

You will watch part of a documentary and answer some questions. 

Access "The Soviet Story" video on Rumble and/or YouTube: 
  • https://rumble.com/v24acn6-the-soviet-story-2008.html
  • ​​https://www.youtube.com/watch?v=G1OZYoxaJ2Y
5._communism_assignment_-_the_soviet_story__rev_2023_.docx
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Chocolate Jalapeno business P&L statement
We'll start learning how to read a P&L
4._income_statement_and_profits_assignment_-_choc_jalapeno_business_year_2_results.docx
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income_statement_example_choc_covered_jalapenos.docx
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Unit 6: Economic Systems  (re-allocate 5&6 for new textbook)
Reading
BJU Economics Ch. 6

Outline
Any discussion of economics must include a discussion of Government.
  1. Many government systems have been devised; but at the end of the day, history is the story of man ruling over his fellow man. Therefore, if you consider what type of government a country has, it will be easier to understand its economic framework.
  2. Government, in the purely 'political science' sense, is legalized force. If you don't pay taxes to Caesar, you'll be arrested and go to jail. 
  3. Therefore, the economic system of a country reflects the type of government it has - because the "economy" is really just how people and firms are planning and interacting on a day-to-day basis.

​Now we'll look at Capitalism:
"Capitalism" arose from the writings of Adam Smith's "Wealth of Nations".
​The idea of Capitalism is that in order for citizens to enjoy economic and political liberty, they must strictly limit their government to three major duties.
  1. The government is to protect its citizens from violence and invasion
  2. The government is to protect the rights of its citizens from infringement by others
  3. The government is to provide public goods. This would include highways, large civil works, a system of courts, public schools, a military, a monetary system, and so forth.
The word "Capitalism" just means you can raise your own capital. You don't have to go to the King or Dictator to raise money. You, yourself, can go directly to banks, private individuals, your friends, your parents, the stock market, or "crowd-funding" to finance your enterprise. Those supplying you with capital are then entitled to receive a return on their investment.

With Capitalism, individuals own stock in companies. They have real ownership in the Factors of Production. Even a poor person can own a small portion of a business enterprise. Almost all large corporations in America are in effect owned by multitudes of average, ordinary citizens. This is something Marx and Engels did not foresee.

"Laissez Faire" is a famous term used in economics which means "leave us alone". It was the French telling their King, "Stop meddling in the economy, because you're wrecking it".
Here's a quick summary of economic systems: 
  1. Market economy = Private individuals & firms make their own economic decisions. Supply and demand of goods & services is maintained through the disinterested actions of thousand of individuals - without input from bureaucrats. For this to succeed, the government must protect private property and provide a fair system of courts which uphold private contracts. In practice, it's almost impossible to have a pure market economy. 
  2. Socialism = The government owns the Factors of Production. Production and pricing decisions are made by government. In a modern socialist country, the government owns a portion (say 50%) of the biggest companies, and essentially controls them that way. If you want to start your own, you have to compete against the 800-pound government-sanctioned gorilla, making it more difficult. 
  3. Communism (Marxism) = Communism is "Collectivization". There is no private property allowed. Property - such as a business or family farm - is taken away by force. Marxism is not about "individual liberties". It's about State control of everything. A small group at the top make the decisions. This is known as "central planning". This leads shortages of everything, and an underground market thrives. Marxism is centralized power without regard for economic or civil liberty. 
  4. Monarchy = In a true monarchy, the King controls everything. If you wanted to start a private commercial enterprise, you needed approval from the King. The British Crown, for example, very reluctantly allowed private corporations in the 1800's. The Roman Emperors viewed any kind of corporation or private business group as a potential threat to their power. The U.S. rejected the concept of Monarchy in 1776, in favor of government "of, by, and for the people".
  5. Oligarchy = A group of families run the country. They exercise their control over private commercial enterprise through family connections. A common approach in some countries. Sometimes referred to as a "traditional economy".
  6. Theocracy = The Mullah's are in charge. Economic freedom is not part of the deal. In Middle Eastern oil-rich countries, the wealth is concentrated at the top.
As a practical matter, all modern economies are a blend of two or more of the above.
Common Property experiment
"A common property experiment with a renewable resource"
Learning objectives: property rights, allocation of natural resources, negotiation, cooperation
Discussion: "Tragedy of the Commons"
a_common_property_experiment_with_a_renewable_resource1.docx
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Economics of the Business Firm

Ch. 7: Production and Business Costs
ch._7_-_production_and_business_costs_lecture.docx
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Reading
Ch. 7 Production, Costs, and Industry Structure

Topics
  • How to create an Income Statement for a business
  • "Inputs" or "Factors of Production" for a business
  • Variable vs. Fixed Costs
  • How to measure Productivity
  • The concepts of Marginal Product and Marginal Cost

Additional topic
  • Forms of Business Ownership
Class lecture slides - Forms of Business Ownership
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Classically, there are 3 forms of setting up a business
1. Sole proprietorship
2. Partnership
3. Corporation

Sole Proprietorship
  • The most prevalent form of small business. Accounts for 75% of small businesses.
  • Has one owner (You). Can't use "Inc." after the name.
  • Cheap to get started and has many advantages, but it's hard to raise capital.
  • Main disadvantage is you have unlimited personal liability for the business debts and losses.

Partnership
  • Two or more persons own the business.
  • The partners draw up a private Partnership Agreement, dealing with all aspects of running the business.
  • Mainly used when 2 or 3 entities want to run a business together. Accounts for less than 10%.
  • A completely private arrangement and you don't have to share proprietary information with outside people.
  • Disadvantage: each partner is liable for the business debts and losses (unless it's a Limited Partnership).
  • Disadvantage: partners often disagree about things, straining relationships. Also, adding partners (or separating from partners) can be clunky - the partnership agreement may need to be rewritten, which is not always easy.
Corporation
  • A corporation is an "artificial business entity" created with the State of California (or any other state). It has its own legal identity, separate from its founders. Has a life of its own.
  • A corporation can enter into contracts, own property, buy & sell, and be sued - just like any natural person can.
  • Almost all really-large firms are Corporations.
  • You can start a small corporation simply and cheaply by filing Articles of Incorporation with the California Secretary of State and paying around $100 filing fee. You can get all the documents you need from an Office Supply store or on the Internet. Alternatively, you can hire an attorney to set it up for you.
  • Corporations sell stock to raise capital. Each owner of stock - called a "shareholder" - then gets 1 vote at the annual shareholder meeting, to elect the business Directors. The Directors are responsible for overseeing the business. We will cover this in more detail in the class.
  • Important: the company Officers are responsible to the Directors, who are then responsible to the Shareholders. The Shareholders are at the top!
  • The main advantages are 1) limited liability for the firm's debts and losses, and 2) a nice, flexible arrangement for raising capital.
  • Possible disadvantage: you are giving up control of your business. You may still own some of the voting stock yourself, but you are taking on additional shareholders and Directors who will want a say in things.
The Fortune 500 companies list
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research_a_corporation_assignment_2023.docx
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Ch. 8: Perfect Competition
ch._8_perfect_competition_lecture_notes.docx
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Homework on Canvas
  • Ch. 8 Review Questions
  • Chocolate Jalapeno, Inc. P&L Statement
Ch. 9: Monopoly
ch._9_monopolies_lecture_notes.docx
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Capitalism, Profits, and Justice assgmt
capitalism_profits_and_justice_assignment_2023.docx
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Ch. 11: Monopoly and Antitrust Legislation
Lecture Slides: Market Structure & Competition
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Reading
Ch. 11

Summary
Types of Competition
  • Perfect competition
  • Imperfect competition
  • Oligopoly
  • Monopoly
Markets
  • What is meant by "market"
  • Product differentiation
  • Barriers to entry
  • Control over prices
Antitrust Legislation
  • Sherman Antitrust Act of 1890
  • Clayton Act of 1914
  • What is a "Trust"
  • Why don't we like Monopolies

Financing a Business class experiment
"Financing a Business" simulation using a modified Monopoly platform.
Objectives: How to finance several rounds of business operations, make decisions at the Board level, pay dividends or plough-back earnings, and manage a P&L statement
ch._11_markets_and_competition_assgmt_2023_.docx
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The largest 500 U.S. Corporations
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Ch. 14 Labor Markets and Income
Reading
Ch. 14
ch._14_labor_markets_lecture_notes.docx
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dictators_monarchs_and_presidents_.docx
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Dictators, Monarchs, and Presidents: Comparative Government, part 2: 
You will watch part of the documentary below and answer some questions. 
Access the documentary on Rumble and/or YouTube: 
  • https://rumble.com/v24acn6-the-soviet-story-2008.html
  • ​​https://www.youtube.com/watch?v=G1OZYoxaJ2Y
Ch. 17 Financial Markets
​Reading
Ch. 17
ch._17_financial_markets_lecture_part_1_stocks.docx
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ch._17_financial_markets_lecture_part_2_bonds.docx
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Raising Capital for a Business
Broadly speaking, there are three (3) ways a corporation can raise capital to expand or carry out new projects:
  1. A corporation can issue and sell shares of stock. The money raised from selling stock goes into the firm's bank account, where it can be used to carry out the intended purposes. It doesn't go into the officers' pockets! The persons who buy the stock (now called shareholders) usually expect to share in the firm's profits by receiving quarterly dividends and capital appreciation of their stock. They can also participate in the firm's decision-making, by voting their shares of stock.
  2. A corporation can sell bonds. Investors can buy a bond for its "face value", typically $1,000. This money flows into the firm's bank account, as described above. In return, the bondholder is entitled to receive interest payments, called "coupon payments", at predetermined intervals - typically yearly, semi-annually, or quarterly. At maturity, the bondholder also receives his/her principal - the original $1,000 - back again. So if the coupon is 6% annually, and the bond term is 10 years, the corporation must pay each bondholder $60 per year in interest, plus return the $1,000 principal after 10 years. Note that the corporation only pays the interest during the 10 year term, and returns the principal only at the end.
  3. A corporation can borrow money from a bank. The bank lends the money to the firm, and the firm gives the bank a "note payable". Throughout the term of the loan (for example 1 year, 5 years, 10 years) the bank is entitled to receive monthly payments consisting of principal AND interest, and the loan is discharged by the end of the term.
Ch. 17 Review Questions
Hosted in Canvas
Wealth, Greed, and Slavery assignment
The student example is posted for ideas. Do not copy it. I'm interested in your opinion. 
_wealth_greed_and_slavery_class_presentation.docx
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Midterm Review

Economics of Government & Society

Ch. 19 & 20: Macroeconomics, GDP, and Growth
U.S. GDP Growth Rate 1961-2023. www.macrotrends.net. Retrieved 2023-03-01.
  • https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)
  • https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)_per_capita
  • All charts  datacommons.org U.S. Economics and Labor charts
  • U.S. CPI https://tradingeconomics.com/united-states/consumer-price-index-cpi
  • U.S. Exports & Imports by category https://tradingeconomics.com/united-states/imports-by-category
Reading
Ch. 19 & 20
​
Summary​
The central question: "Why do some nations prosper, while others do not?"

What nations need to prosper:
  • Physical capital - roads, highways, shipping ports, factories, communication & power grid, etc.
  • Human capital - a workforce that can read & write, is healthy, has a work ethic, can get along with others, etc.
  • Natural resources - water, agriculture, coal, oil, gas, iron ore, timber, fisheries, etc. 

The role of institutions is also important:
  1. Political stability
  2. Private property
  3. Competitive markets
  4. Trade
  5. Stable money and prices
  6. Tax code

Gross Domestic Product (GDP) is the most common measure of the nation's economic output.

​GDP = the total dollar value of...
  • all final goods & services (intermediates are not counted, e.g. circuit boards that will be ultimately sold as a computer)
  • produced (mere transfers are not counted, e.g. stocks & bonds, social security, welfare, etc)
  • in a given year
  • within the nation's borders

GDP (Y) has four basic components
  1. Household spending or "consumption" (C) - cars, furniture, refrigerators, gasoline, doctor visits, school tuition, etc.
  2. Business investment (I) - factories, machines, tools, buildings and houses, build-up of inventory, etc.
  3. Government spending (G) - government buildings, salaries, highway construction, court system.... all the expenditures of local, state, and federal government. But doesn't include transfer payments, because a simple transfer of money doesn't produce any goods & services. 
  4. Net exports (NX) = items exported - items imported
​
Therefore we say, Y = C + I + G + NX 

GDP does not account for
  • Household production
  • Underground economy
  • Economic bads (harmful side effects)
  • Quality improvements (modern car vs. a 1970's car)
  • Introduction of new & improved goods (PC vs. typewriter)

​Homework
End of chapter problems are on Canvas
0._cost_of_college_assignment_2024.docx
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Economist Thomas Sowell on slavery & racism
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Ch. 21: Unemployment and The Business Cycle
Politicians use the economy as a weapon. This is a classic line from then-candidate Ronald Reagan. But did President Carter cause the 1979-1981 recession? Discuss...
Reading
Ch. 21

​Causes of the business cycle
​Here's 5 classic theories:
  1. sunspot theory - says that weather patterns affect agriculture, and that's how the economy rises and falls. 
  2. psychological theory - the economy is linked to peoples' confidence. Since people tend towards group-think and mass hysteria (the theory holds) they start panicking at the 'peak' of the cycle. Consumer spending stops, and the economy goes into recession. 
  3. monetary theory - the money supply drives the economy. In periods of "easy money" (the Fed expands the money supply) the economy expands. In periods of "tight money" (the Fed reduces the money supply, or slows its growth), the economy suffers. See Milton Friedman's A Monetary History of the United States. 
  4. technology theory - holds that bursts of innovation and new technology fuel investment spending, efficiencies, and economic growth. 
  5. political theory - the economy is shaped by politics in Washington D.C., and the rivalries between the two political parties. 
The unemployment rate
Total U.S. population
  • Subtract: military, in school, in prison, and <16 y/o
  • Subtract: homemakers, discouraged workers, non-participants
  • Equals: Total persons in the "labor force"
  • Subtract: Those actually working
  • Equals: unemployed persons 
  • Unemployed / Total labor force = "Unemployment rate"

​Review these links:
  • U.S. civilian labor force   https://fred.stlouisfed.org/series/CLF16OV 
  • U.S. current population  https://www.census.gov/popclock/ 
  • U.S. unemployment rate  https://fred.stlouisfed.org/series/UNRATE 
  • Charts  datacommons.org U.S. Economics and Labor charts
Ch. 22: Inflation 
Reading
Ch. 22

Inflation
  • A sustained rise in the average price level
  • Measured by Consumer Price Index (CPI)
Losers
  1. Elderly and those on fixed incomes
  2. Lenders - Banks, Savings & Loans, and Credit Unions
  3. Savers - people trying to save money for the future
  4. Consumers - anyone who has to buy items which are constantly going up in price
Winners
  1. Borrowers (including governments)
  2. Certain pension funds
Consumer Price Index (CPI)
  • Uses a base period of 1982-1984 which averages "100"
  • Measures a basket of goods used by the average urban household
  • The CPI is used to determine Cost of Living Adjustments, and in all sorts of contracts and labor agreements
14._inflation_lecture_notes.docx
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Causes of Inflation
  1. Cost-push inflation = where the costs of making an item have increased
  2. Demand-pull inflation = where the demand for an item has increased faster than its production
  3. Money growth = where the government has simply printed too much money. "Too much money chasing too few items".
Hyperinflation: classic examples
  • Germany right after WW I is the classic 20th-Century example. Occurred 1922-1923. Britain and France imposed massive reparations on Germany after the war, plus the government owed money to its companies and arms suppliers. The German government (known as the Weimar Republic) resorted to printing its way out of debt, but destroyed the deutsche mark and the country in the process, ultimately leading to the rise of Adolf Hitler and the Nazi party.
  • Zimbabwe in the early 2000's is the most-recent example of hyperinflation. During this period, the country was run by Robert Mugabe, a Communist thug and dictator, who financed his wars of genocide against neighboring African nations by printing money and lying about it to international authorities. Zimbabwe has basically been destroyed. The per capita GDP of Zimbabwe is only $900 per year.
  • Other examples: Almost all the large nations of South America have had periods of hyperinflation, the classic examples being Argentina and Chile.

Why would a Government want to cause inflation?
  • If a government is in debt, increasing the money supply makes it easier to pay its debt down.
  • Printing money, either electronically or physically, is easier than increasing taxes on its citizens. Inflation is a hidden tax. It's a sneaky way to finance a government without actually raising income taxes.
Homework
Chapter review problems are on Canvas
ch._22_understanding_inflation_questions.docx
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Ch. 27: Money and Banking
https://templates.office.com/en-us/simple-loan-calculator-and-amortization-table-tm16400462
Class preparation
Read Ch. 27

Lecture topics
Functions of money
  • A medium of exchange - Money makes it easy to pay for things and conduct business. Without money you would need to "barter" for everything, which doesn't work very well.
  • A store of value - Money provides a convenient way for us to store value; to hold our assets. You could hold all your assets in the form of cars, houses, stocks, food, ammunition, and gold bars - but you would have to sell these things or "barter" them in order to go out and buy anything. In contrast, money is "liquid" and can be easily transformed into the things you need every day. Also - food can spoil and cars can rust, whereas money at least retains its 'face value'. (We will talk about inflation in a later chapter).
  • A unit of account - Just as we use feet and miles to measure distance, we use the U.S. dollar to measure the cost of good, services, and assets we buy & sell. If instead we all used seashells and cows and bales of tobacco for money, it would be much harder to assign a "value" to anything.
Modern money is "Fiat Money". (Fiat = a decree by the government). It's not backed up by gold. 
  • Paper money has value due to its supply and demand. If the government prints too much money, it isn't worth as much (the supply outstrips demand). The dollar's purchasing power has decreased significantly.
  • Paper money is backed by the Federal Govt's ability to tax.
Money Supply
  • M1 = money in circulation + checking accounts + traveler's checks ($3.5 trillion 2017)
  • M2 = M1 + savings accounts + CD's + money market mutual funds ($13 trillion 2017)
  • Here are the charts: http://www.tradingeconomics.com/united-states/money-supply-m1
The U.S. Banking System
  • Fractional reserve banking - Banks are required to keep a small fraction of the deposits in the form of reserves. They can lend out the rest. This leads to a huge expansion of the money supply. Our classroom simulation/game will illustrate this principle.
  • Federal Reserve System - The central bank of the United States.
  • Commercial Banks - These traditionally accepted deposits and made loans to businesses and individuals
  • Savings & Loans - These were historically set up to accept savings deposits and make home loans to people
  • Credit Unions - These are cooperatives, owned by their members/customers
  • Today, all three accept checking and savings deposits and extend a wide variety of loans to their customers
Money and Banking classroom exercise
Objectives: 1) Simulate a society without money, and demonstrate the problems that occur with trade, 2) Create a bank in the 16th Century and demonstrate how it gets started and how it functions, and 3) Simulate a 16th Century bank with "fractional reserve requirements" and demonstrate how the supply of money grows as a result.
Ch. 28: Central Banking & Monetary Policy
Reading
Ch. 28

Lecture outline
The central bank in the U.S. is called the "Federal Reserve System". It is often just called "The Fed". It is headquartered in Washington D.C. - see picture above. The Federal Reserve was created in 1913 by Congress and President Woodrow Wilson. The National Income Tax was instituted in the same year. They go hand-in-hand. These are two of the most important events in the U.S. in the 20th Century.

Stated purpose of the Federal Reserve System: To regulate the nation's money supply and provide a favorable monetary climate that benefits the whole economy.

Three major centers of decision-making
  1. The Board of Governors - seven (7) members appointed by the U.S. President, who establish the rules & regulations that apply to all banks.
  2. The twelve (12) Federal Reserve District banks who monitor the commercial banks in their regions
  3. The Federal Open Market Committee - twelve (12) members who control the money supply in the United States

How the Fed controls the money supply
  1. By adjusting reserve requirements
  2. Open market operations - the buying and selling of U.S. bonds
  3. Extension of loans to commercial banks. By adjusting the "discount rate", the supply of money can be adjusted
  4. By adjusting the interest rate which the Fed pays commercial banks for excess reserves

The Federal Reserve System is NOT part of the Federal Government. It is a PRIVATE - or public/private - bank. It is called "the bankers' bank". There is a lot of controversy over whether the Federal Reserve should be allowed to create the nation's money, or whether the U.S. Congress should create the nation's money as stipulated in the U.S. Constitution. This controversy is extremely worthwhile to explore and think about, but goes a little beyond the scope of this class.

The U.S. Treasury Dept. is a part of the Federal Government. The purpose of the U.S. Treasury is to finance the government. The Treasury issues bonds and bills (known as "Treasuries", T-bills, government bonds, etc) to finance the shortfall between tax receipts and federal spending. In class we will talk about "who owns" the national debt, which is currently about $32 Trillion.

To summarize, the U.S. Treasury borrows money to pay for federal spending. The U.S. government spends about $6 Trillion per year - but only collects about $4 Trillion in taxes - so it must borrow the other $2 Trillion each year. That is the job of the U.S. Treasury Dept.

​​Classroom Activity
"Central Bank" classroom experiment:
Objectives: Create several banks with "fractional reserve requirements" and demonstrate how the supply of money can be expanded and contracted by adjusting reserve requirements.

Homework
End of chapter problems are on Canvas
Ch. 30: Government Budgets & Fiscal Policy
Reading
Ch. 30

Lecture outline
Fiscal Policy was developed by John Maynard Keynes in The General Theory of Employment, Interest, and Money (1936)
Became known as "Keynesian Economics"
Pronunciation: Keynes rhymes with Canes. Keynesian = Canes-ee-an 
ch._30_fiscal_policy_lecture_notes.docx
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​The National Budget
You should have a general idea of the government's budget (taxing and spending). 
  • Total U.S. Goverment spending https://www.usgovernmentspending.com/
  • Spending breakdown www.usgovernmentspending.com/federal_budget_detail_fy24rs12012n_1li1n
  • Total U.S. Government revenue https://www.usgovernmentrevenue.com/  
  • Revenue breakdown www.usgovernmentrevenue.com/yearrev2023_0.html
Picture
Classical Economics had said that peaks and valleys in the economy will smooth themselves out if left alone to the private sector. Supply and demand would rise and fall, but always return to equilibrium due to market forces. Wages would rise and fall, but would always follow the laws of supply and demand. If demand falls, wages will fall... but then prices will also fall, leading to more demand, leading to more output, and thus leading back to higher wages. 

​In these ideas, you probably recognize the influence of Adam Smith in The Wealth of Nations (1776). 
  • It is the highest impertinence and presumption… in kings and ministers, to pretend to watch over the economy of private people, and to restrain their expense... They are themselves always, and without any exception, the greatest spendthrifts in the society. Let them look well after their own expense, and they may safely trust private people with theirs. If their own extravagance does not ruin the state, that of their subjects never will.
  • There is no art which one government sooner learns of another than that of draining money from the pockets of the people.
​
Keynesian Economics was a huge departure from this. Keynes said that government should take an active role in managing the economy. In times of economic recession, the government should spend more money to stimulate output and try to keep wages high. In times of economic prosperity, the government should raise tax rates, thus siphoning money out of the economy, thus decreasing demand, thus decreasing output. The money brought in by higher taxes would be "set aside" for a rainy day, so to speak. 

Thought questions:
  1. How could a government stimulate output? Discuss...
  2. Why would raising tax rates decrease demand and output? Discuss...

​From our 21st century perspective of big, overreaching government sticking its fingers into every aspect of our lives and running up massive amounts of debt, Keynes can seem out-of-touch. In truth, he was an extremely intelligent and well educated person with a wide range of views on many things. In the 1930's, people were living through the Great Depression and trying to figure out government's best role in responding to it. Also keep in mind that people like Keynes (1930's) were trying to combat Marxism-Communism, which they viewed as extremely dangerous. 

​Class exercise: Analyze and compare the following quotations from Keynes (these are not related, they are from different periods of his life)
  • Capitalism is "the astonishing belief that the nastiest motives of the nastiest men somehow or other work for the best results in the best of all possible worlds."
  • "Communism draws its strength from deeper, more serious sources. Offered to us as a means of improving the economic situation, it is an insult to our intelligence. But offered as a means of making the economic situation worse, that is its subtle, its almost irresistible, attraction. Communism is not a reaction against the failure of the nineteenth century to organize optimal economic output. It is a reaction against its comparative success."
Today, if you say you are "Keynesian", it's a way of saying you favor a big, centralized government. 

New-Classical Economics advocates limiting the government's role in the economy (and, by extension, in society). This view has been heavily influenced in the U.S. by economists such as Milton Friedman, Robert Lucas, and Thomas Sowell. 

You get the gist of economist Milton Friedman if you look at some of his quotations: 
  • If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand.
  • Nothing is so permanent as a temporary government program.
  • Underlying most arguments against the free market is a lack of belief in freedom itself.
  • Most economic fallacies derive from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another.
  • Governments never learn. Only people learn.
  • Concentrated power is not rendered harmless by the good intentions of those who create it.
  • Inflation is taxation without legislation.
  • The government solution to a problem is usually as bad as the problem.
  • There's no such thing as a free lunch.
  • I am favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it's possible.
And a typical quote from Robert Lucas (Nobel Prize Economics, 1995):
  • The main development I want to discuss has already occurred: Keynesian economics is dead [maybe ‘disappeared’ is a better term]. I don’t know exactly when this happened but it is true today and it wasn’t true two years ago. This is a sociological not an economic observation, so the evidence for it is sociological. For example, you cannot find a good, under 40 economist who identifies himself and his work as ‘Keynesian’. Indeed, people even take offense if referred to in this way. At research seminars, people don’t take Keynesian theorizing seriously any more—the audience starts to whisper and giggle to one another. Leading journals aren’t getting Keynesian papers submitted any more.
And from Economist Thomas Sowell:
  • I have never understood why it is "greed" to want to keep the money you have earned but not greed to want to take somebody else's money.
  • The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.
  • Socialism is a wonderful idea. It is only as a reality that it has been disastrous. Among people of every race, color, and creed, all around the world, socialism has led to hunger in countries that used to have surplus food to export.... Nevertheless, for many of those who deal primarily in ideas, socialism remains an attractive idea -- in fact, seductive. Its every failure is explained away as due to the inadequacies of particular leaders. 

On having a work ethic: 
  • Despite a voluminous and often fervent literature on "income distribution," the cold fact is that most income is not distributed: It is earned. ​- Thomas Sowell
  • Those who work their land will have abundant food, but those who chase fantasies have no sense. - Ancient Proverb (Proverbs 12:11)
Taxation
In the U.S., we have a progressive income tax. Look carefully below at the rates.

Class discussion:
  • Should we have a progressive-style tax system? 
  • What other options are there? 
  • Why do we even have a federal income tax? Where does the U.S. Constitution give the federal government the right to take part of your income by using force if necessary? Think about it...you can be arrested and put in prison for not paying tribute to Washington D.C... (this will require some research...)
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Mr. & Mrs. Taxpayer assignment
15._form_1040_income_tax_assignment1.docx
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tax_package_1040_mr._mrs._taxpayer.pdf
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Tax assignment hint: Their taxable income (line 10 on Form 1040) will be between $65,000-70,000, their tax owed (line 11) will be between $7,000-8,000, and the amount of their refund (line 20a) will be between $3,000-5,000. 
Homework
End of chapter problems are on Canvas

U.S. Government: Our Founding Documents

Declaration of Independence
Picture
Reading
You will need to read the Declaration of Independence 
From the National Archives: https://www.archives.gov/founding-docs/declaration-history 
The "Law of Nature and Nature's God" was a common expression used by Montesquieu, Blackstone, Locke, and Sidney   

Lecture outline
  • The Declaration of Independence sets out to justify to the World the separation of the 13 Colonies from Great Britain. It was important to the Rebels to try to win over the other major World powers. The Colonies had already been at war with the Kingdom of Great Britain for more than a year. 
  • The Declaration listed 27 grievances against King George III, asserting natural and legal rights including the right of armed revolution. 
  • The 2nd sentence was made famous by President Lincoln in his Gettysburg Address (1863): "We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness."
  • The rough draft of the Declaration was written by Thomas Jefferson in about 17 days. Over the next few days, Congress made modifications to it, and shortened it by about 1/4th. 
  • It was completed on July 2nd, and ratified on July 4th, 1776. 

Homework
  • Declaration of Independence questions 
  • U.S. Citizenship Test 
  • Revolutionary War Battles class presentation 
  • "Communist Goals" presentation
communist_goals_-_1963_congressional_record.pdf
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Unit 17: U.S. Constitution and the Separation of Powers
Picture
Reading
For this lesson you will need to read the Constitution. It isn't very long... (see link below)
You will also need to read about the "setting" or "historical context" (see link below)

​The U.S. Constitution is here https://constitution.findlaw.com/articles.html
The historical background is here https://www.whitehouse.gov/about-the-white-house/the-constitution/  
An 'explanation' of the Constitution is here ​https://www.britannica.com/topic/Constitution-of-the-United-States-of-America
constitution_of_the_united_states__annotated__7pp_-_findlaw.pdf
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17._constitution_lecture_notes.docx
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The U.S. Constitution contains two radical ideas:
  1. The central government only has limited, "enumerated" powers. Until this time, a government possessed every conceivable power except those specifically denied to it. The framers of the U.S. Constitution stood that idea on its head by granting the central government only enumerated powers. Anything not specifically enumerated in the Constitution is reserved for the States, or the citizens directly. 
  2. The idea of "separation of powers". The new central government had its powers divided among three branches: executive, legislative, and judicial. This was and is a unique approach. 
  • Executive branch - the President - executes the laws
  • Legislative branch - the Congress - makes the laws
  • Judicial branch - the Courts - interprets the laws
 
  • By contrast, a Parliamentary system (Britain, Canada, etc) combines the executive and legislative branches, and does not give the courts the power of judicial review (important!). In a Parliamentary system, the "Prime Minister" is just the head of all the lesser Ministers (Minister of Defense, Minister of Commerce, Minister of Education, etc), and a Prime Minister must "put together a government" soon after being elected - meaning they need to be able to assemble a majority of all the Parliament members. In the U.S. system, a President answers more directly (in theory) to the voters who put him/her in office. 
Historical Context
The original 13 Colonies were ultimately governed by Great Britain through royal governors charted by the Crown. Americans considered themselves to have all the rights of Englishmen, even though they were separated by the vast Atlantic Ocean. 

One of these rights was that taxes could only be imposed by your representatives in British Parliament (not by the King himself). Americans were outraged when the British Parliament began imposing taxes on them in order to pay for defending them against Indian raids and French incursions (the long & expensive "French and Indian War" had just ended around 1763). Americans had no representation in Parliament, so how could Parliament lawfully impose taxes on them? The British government countered this argument by saying that Americans had "virtual representation" in Parliament.... this was because representatives who were elected by British voters actually represented all Englishmen, no matter where in the far-flung Empire they might be located! 

Revolt came in 1776, with the Declaration of Independence. During the Armed Revolution, the States cooperated with one another through the Continental Congress, a body of delegates from each of the Colonies. The Continental Congress would meet and decide how to conduct the War of Independence, and how to pay for it. 

With General Cornwallis' surrender in 1781, the Articles of Confederation were created to form a loose confederation of "United States". The Articles of Confederation stipulated that each State retained its own sovereignty, freedom, and independence. The United States Congress had the power to make war, but had no power to tax or regulate commerce in any way. 
Predictably, the Articles of Confederation did not work very well. All they did in essence was create a loose confederation of 13 independent nations. The different States gouged each other on trade and tariffs, the rates of exchange between their currencies constantly fluctuated and was almost impossible to track, and no one wanted to pay off the debts incurred to finance the Revolution. It could not continue...

By 1786, representatives from several large States resolved that a "General Convention" be held the following year in Philadelphia to address the problems. 

Thus, the Constitutional Convention took place in the summer of 1787. The delegates set about designing an entirely new charter of government, which was given the name, "U.S. Constitution". 
Unit 18: Bill of Rights and Limits on Government Power
Picture
Reading
Read the Bill of Rights, posted below with notes that correspond to the lecture video. 
Bill of Rights & subsequent Amendments__with lecture notes.docx
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The First Amendment: Case Brief
​
Choose a landmark 1st Amendment case (freedom of speech, press, religion, and assembly) that interests you, research it, and write a 2-page "brief" on the case, using 11-pt font and 1.15 spacing. Here is a good place to start searching:  https://en.wikipedia.org/wiki/List_of_United_States_Supreme_Court_cases_involving_the_First_Amendment. There are lots and lots of very interesting 1st Amendment cases, covering all sorts of things! Find one that interests you. 

STUDENT EXAMPLES:
lukumi_church_v._city_of_hialeah_1993__animal_sacrifice_is_protected_under_1st_amendment_.pdf
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brandenburg_v._ohio_1969__kkk_clansman_speech_protected_under_1st_amendment_.docx
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united_pentecostal_v._newsom_2020__covid_church_shutdown_a_violation_of_1st_amendment_.docx
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florida_star_v._bjf_1989__newspaper_can_use_full_name_of_rape_victim_.pdf
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carson_v._makin_2021_government_can_fund_religious_schools.pdf
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How to brief a case: 
  1. Title and year of the case, as in: "___________ vs. __________, 2001"​
  2. Facts of the case, as in, "In January, 2001, defendant Witherspoon was participating in a rally in which he was carrying a sign that said, "I Hate Cops", and generally minding his own business; when the Police Chief suddenly rode up on a horse, snatched the sign from his hands, and proceeded to.... (go into all the details... what happened?)" 
  3. Issues or Questions of Law: What laws and/or Constitutional provisions come into play? How does the 1st or 2nd Amendment apply to the case? What is the applicable law? How does it pertain to the case? 
  4. Decision: How did the court decide the case? Who won? Who wrote the decision? Who wrote the "dissent"? Summarize. 
  5. Reasoning: What was the reasoning behind the court's final decision? 
It's not difficult to brief a case. You can find many examples online. 
First Amendment - Campus Free Speech assignment
Freedom of Speech on college campuses is a hot issue right now! Some students say "offensive speech" is not "free speech". 
campus_free_speech_assignment_
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​​The following video shows a student being arrested after attempting to limit someone else's freedom of speech. 
​The student was offended by a sign being displayed on campus. 
Listen carefully to the Free Speech argument given by the police officer. 
​Background to the First Amendment: 
The First Amendment guarantees the freedom of speech and religion. 
  • "Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.
​The 1st Amendment is unique to the U.S. Constitution. No other nation (to my knowledge) has a similar guarantee to its citizens. For example, Canada and the U.K. do not! In Canada, you can go to prison for up to 2 years for publicly "offending" certain groups of people mentioned on a "list". And the Prime Minister of Canada (Trudeau) has just expanded "the list", to the annoyance of many Canadians. 

Important! Notice that the First Amendment:
  • Limits only "Congress". It doesn't limit "citizens" in any way! All it says is, "Congress shall make no law...." 
  • Stops Congress from making laws, it doesn't stop people from making statements... including hateful ones. 
  • Doesn't prevent citizens from saying rude things or offending people. 

The Supreme Court has repeatedly ruled (as recently as 2017) that "hate speech" is legally protected free speech under the First Amendment. In other words, citizens can march down the street with some pretty offensive signage, as long as they are not inciting people to commit a crime. 
  • Carrying a sign that says, "Abortionists are murderers" is probably not wise unless you are looking for a fight, but is protected speech. 
  • Carrying a sign that says, "Everyone should pick up a gun and go shoot an abortion Doctor" is inciting criminal action, and is not protected speech, and you will be arrested. 
  • Carrying a sign that knowingly lies, and falsely states, "Abortion Doctor so-and-so performs illegal abortions" would be defamation, and the Doctor can sue you in court for slander/defamation and you would have to pay damages. 
  • Pointing out the immoral or unethical (or even criminal) behavior of someone, as long as it is true, is not a crime. Again, the First Amendment limits what Congress can do, not what you can do... (just read it again!) 
  • Pointing out the immoral or criminal behavior of a "public figure" (the President, your Congressman, a famous Actor or Actress) is also not criminal speech, even if it's not true. Mocking and ridiculing the President is a time-honored American tradition! Read here...https://www.theatlantic.com/magazine/archive/2013/06/abraham-lincoln-is-an-idiot/309304/ 
As recently as 2017, in Matal vs. Tam, the U.S. Supreme Court affirmed that there is no "hate speech" exception to the First Amendment. 
  • "...the proudest boast of our free speech jurisprudence is that we protect the freedom to express "the thought that we hate". 
  • You can read about it here... https://en.wikipedia.org/wiki/Hate_speech_in_the_United_States
18._how_the_second_amendment_works_to_prevent_tyranny.pdf
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The Second Amendment: Case Brief
Choose a landmark 2nd Amendment case (right to bear arms), research it, and write a 2-page "brief" on the case, using 11-pt font and 1.15 spacing. Search "Second amendment landmark cases" and you will get many cases to choose from. A very recent landmark 2nd Amendment case is "District of Columbia v. Heller" (self-defense of the home), which would be an excellent example. Another recent case is Caetano v. Massachusetts. (defendant carried around a "stun gun"). 

STUDENT EXAMPLES:
u.s._v._hayes__2009__wife_beating_and_firearm_possession_.docx
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calif._rifle_association_v._becerra_2020__high_capacity_magazine_ban_.docx
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peruta_v._sd_county_2016__denial_of_concealed_firearm_permit_.odt
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mcdonald_v._chicago_2010__does_2nd_amendment_apply_to_states_?.pdf
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district_of_columbia_v._heller_2008_total_ban_on_handguns not allowed
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The Fourteenth Amendment: Case Brief
Choose a landmark 14th Amendment case (right to privacy, due process, equal protection), research it, and write a 2-page "brief" on the case, using 11-pt font and 1.15 spacing. Landmark 14th Amendment cases would include Roe v. Wade (abortion), Obergefell v. Hodges (same-sex marriage), Brown v. Board of Education (segregation of schools), and Griswold v. Connecticut (created the "right to privacy"). Search "14th amendment landmark cases" and you will get many more. 
2023 students_for_fair_admissions_v_harvard_14th_amendment (Universities can't use Race in admissions)
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Optional assignment: How the Second Amendment Prevents Tyranny
Write a 1-1/2 page summary of the article, "How the second amendment works to prevent tyranny", posted below, using 11-pt font and 1.15 spacing. In your analysis, specifically address: a) what are the arguments?, b) what is a "militia", c) what did Madison say in "Federalist #46"?, d) how would an armed populace protect against tyranny?. 
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