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A Web Quest Project in Economics for Fourth Year High School
introduction task process evaluation
INTRODUCTION
As embodied in the consumer price index and in the purchasing power of the peso, price stability both in the short run and in the long run is an elusive dream for economic planners of the country. Sharp and erratic price changes affect all the players in the economy – the consumers thru reduced buying power and the producers thru reduced capital value. This Web Quest is a guided instruction on the factors that influence inflation and the resulting effects of price changes in the economy.
introduction task process evaluation
TASK
You will assume the role position of a Representative of the IMF (International Monetary Fund) which involves multiple roles as a researcher, a statistician, and as a policy maker. You will research on the status of inflation in the Philippines and how it affects the lives of people. Your output is a position paper on inflation and how to soften its impact on the economy.
introduction task process evaluation
PROCESS
• It will all have to start on a basic research about inflation.
• You have to assume one role from the following:– Researcher– Statistician– Policy Maker
introduction task process evaluation
STEP 1: All About Inflation
• As a Researcher, you will have to know the following:– Differentiate inflation from hyperinflation and
deflation– Identify the different methods in measuring
price changes– Define Consumer Price Index (CPI) and how it is
measured– Define Purchasing Power of the Peso(PPP) and
how it is measured
PROCESS
introduction task process evaluation
• The following links to the internet will help you: – http://economics.about.com/cs/studentresources/f/money.
htm– http://en.wikipedia.org/wiki/Philippine_peso_bills#History_
of_Philippine_banknotes– http://en.wikipedia.org/wiki/Bangko_Sentral_ng_Pilipinas– http://www.bsp.gov.ph/about/functions.asp– http://economics.about.com/cs/inflation/a/deflation.htm– http://www.econlib.org/library/Enc/Hyperinflation.html– http://economics.about.com/cs/inflation/a/deflation.htm– http://www.investopedia.com/terms/c/consumerpriceindex
.asp– http://economics.about.com/cs/inflation/a/deflation.htm– http://www.bulatlat.com/news/4-25/4-25-taxes.html
PROCESS
introduction task process evaluation
STEP 2 Inflation in the Philippines
• As a Statistician, you will have to know the following:– What are the products included in the
basket of goods used in computing CPI– Compute for the 2007 CPI– Get the quarterly values of inflation from
1995 to 2007– Try to forecast the end-of-year inflation
for 2007
PROCESS
introduction task process evaluation
• The following links to the internet will help you:– http://encarta.msn.com/encyclopedia_761556418/Money
.html– http://www.pbs.org/newshour/on2/money/design.html– http://www.bankjr.com/pground/moneytech/currency.jsp– http://www.bankjr.com/– http://en.wikipedia.org/wiki/Euro– http://www.census.gov.ph/data/pressrelease/2006/cp061
0tx.html– http://www.census.gov.ph/data/sectordata/2006/cp0610
17r.htm– http://www.census.gov.ph/data/technotes/notecpi_rebas
e.html– http://www.sparknotes.com/economics/macro/measuring
1/section2.rhtml– http://www.csgnetwork.com/cpicalc.html
PROCESS
introduction task process evaluation
STEP 3: The Effects of Inflation in the Philippines • As a Policy Maker, you will have to know the following:
– List and explain the good and bad effects of inflation
– List and explain the effects of price increases in the purchasing behavior of people
PROCESS
introduction task process evaluation
• The following links to the net will help you:– http://www.gold-eagle.com/editorials_05/tacinv070907.ht
ml– http://www.mises.org/resources/7215a07f-1a67-475e-90
af-5789b7c82223– http://news.tradingcharts.com/futures/5/0/97445105.html– http://www.economicswebinstitute.org/glossary/inflat.ht
m#impact
PROCESS
introduction task process evaluation
STEP 4 The Output
• As a Representative of the IMF, you will prepare a report about the inflation in the Philippines. You need to answer the following questions:– How is CPI and Inflation computed in the Philippines– What are the effects of inflation in the lives of Filipinos– What possible policies will soften the impact of inflation
among Filipinos
PROCESS
introduction task process evaluation
• The following links will help you write a report:
– http://www.dbs.com/researchasset/mktalert/2007/asia_money_070605.pdf
– http://www.census.gov.ph/data/technotes/notecpi_rebase.html#COMPUTATION
– http://dirp4.pids.gov.ph/ris/dps/pidsdps9611.pdf
– http://www.bworldonline.com/Research/populareconomics.php?id=0034
– http://www.gov.ph/cat_economy/Official_Core_Inflation.pdf
PROCESS
introduction task process evaluation
EVALUATIONCategory and Score 3 Very Good 2 Average 1 Poor
Knowledge Gained Definitions and ramifications are complete with elaborate applications and examples
Definitions and ramifications are complete
Incomplete definitions and ramifications without applications and examples
Content Accuracy 95% of data presented are accurate and aligned with current standards
75% of data presented are accurate
50% of data presented are accurate
Policies are Feasible Policies are specific, measurable, attainable, realistic
Policies are specific, measurable but not realistic
Policies are out of sync with results of study
introduction task process evaluation
CREDITS
• What is Money?– From Mike Moffatt,
• Your Guide to Economics.– http://economics.about.com/cs/studentresources/f/
money.htm
• Money Tech: Currency Security• Zion's Bank
– http://www.bankjr.com/pground/moneytech/currency.jsp