The Wizard of Oz visits Japan
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A lesson plan for grades 11–12 Social Studies
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Deflationary conditions in the United States have not returned since the Great Depression. Instead, U.S. policy makers have frequently found it necessary to battle inflation over the past sixty years. While not a problem in America, concerns have been recently voiced about the economic effects of deflation in Japan. This EconomicsMinute examines (approximately one century after the publication of The Wonderful Wizard of Oz) the extent to which the deflationary “wizard” can be expected to influence economic prosperity in Japan at the dawn of the twenty-first century.
North Carolina Curriculum Alignment
Social Studies (2003)
Grade 11–12 — Economics
- Goal 1: The learner will demonstrate the role of economic choices within a market economy.
- Objective 1.07: Predict how interest rates act as an incentive for borrowing and saving.
- Goal 5: The learner will examine the various ways economic performance is measured.
- Objective 5.03: Describe the nature and causes of business cycles and analyze the impact of major events on them.
- Objective 5.04: Identify the causes of inflation and analyze its impact on economic decisions.
- Objective 5.05: Assess how individual spending and production decisions impact levels of income, employment, and prices.
- Objective 5.06: Identify causes and effects of inflation, and analyze its impact on economic decisions.
- Goal 7: The learner will assess economic stabilization policies and how they impact the economy.
- Objective 7.03: Explain how monetary policy affects the level of inflation.
