So wretched is the education in the
Minneapolis Public Schools that I have been motivated to put my talents as a
teacher and researcher into motion for the production of two monumental
tomes: Fundamentals of an Excellent Liberal Arts Education and
Understanding the Minneapolis Public Schools: Current Condition, Future
Prospect. The latter exposes the deficiencies of the Minneapolis
Public Schools in factual, analytical, and philosophical detail;
the former delivers to my students the education in economics, political
science, psychology, world religions, world history, American history, African
American history, other ethnic history, literature, English usage, fine arts,
mathematics, biology, chemistry, and physics that they do not get in the public
schools of Minneapolis.
In order to meet various student time frames
and immediate needs as to knowledge acquisition, I have generated various
versions of Fundamentals of an Excellent Liberal Arts Education, from
very concise to the longest edition at approximately 500 single-spaced
pages. I am currently working with an
exquisitely talented grade 11 student who has high capacity for information
acquisition and is moving rapidly in quest of Advanced Placement mastery and
superior ACT performance. I have for her generated a middle page-range
length of text in all chapters, which readers may find if they scroll on down
to my blog entries of late winter and early spring in this very year of 2019.
In these next few entries I provide to my
readers a list of essential terms to be understood in informational context for
detail and significance, providing these for several of the chapters of Fundamentals
of an Excellent Liberal Arts Education.
Please, then, peruse the first list, pertinent
to a middle page-range version of my chapter on economics:
>>>>>
Essential Information, Micro-Fundamentals
of an Excellent Liberal Arts Education
Economics
Gary Marvin Davison, Ph. D.
Director, New Salem Educational Initiative
I.
Microeconomics
Essential terms, to be understood in
historical context for detail and significance:
wage
salary
goods
services
market
producers
consumers
supply
demand
Law of Supply and Demand
the economy
Consumer Confidence Index/ CCI
Consumer Price Index/ CPI
Consumer Price Index/ CPI
durable goods
nondurable goods
stock
bond
principal
interest
real estate
II.
Macroeconomics
Essential terms, to be understood in
historical context for detail and significance:
inflation
deflation
fiscal quarters
economic growth
GDP (Gross Domestic Product)
GNP (Gross National Product)
standard of living
median income
federal fiscal policy
federal monetary policy
federal budget
balanced budget
federal budget deficit
federal budget debt
mandatory spending (71% of federal
budget)
>>>>> Entitlement
Program spending (47% of federal budget)
discretionary spending (29% of federal
budget0
>>>>> military
spending (16% of federal budget)
III.
Federal Reserve System
Essential terms, to be understood in
historical context for detail and significance:
federal monetary policy
12 district banks
Federal Deposit Insurance Corporation
(FDIC)
reserve ratios
money supply
three ways of regulating the national
money supply >>>>>
1)
raising or lowering reserve ratios
2)
raising or lowering interest rates
3)
selling or buying bonds
Milton Friedman
monetarists
IV.
Three Great Economists
Adam Smith (1723-1790)
John Maynard Keynes (1883-1946)
Karl Marx (1818-1883)
V. Additional
Concepts
Essential terms, to be understood in
historical context for detail and significance:
GDP growth in advanced economies
GDP growth in developing economies
recession (two successive quarters of zero
or negative economic growth)
depression (prolonged, multi-quarter
period of zero or negative economic growth)
economic liberals, moderates, and
conservatives
labor unions
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