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Week 17/ December 4 to December 8

December 4 2017

Essential Question:

SSEMA1 The student will illustrate the means by which economic activity is measured.

a. Explain that overall levels of income, employment, and prices are determined by the spending and production decisions of households, businesses, government, and net exports.

b. Define Gross Domestic Product (GDP), economic growth, unemployment, Consumer Price Index (CPI), inflation, stagflation, and aggregate supply and aggregate demand. 

EQ: How and why to we measure economic growth?

Activator:

Classnotes:

GDP=Consumer Spending + Business Investment + Government Spending+ Net Exports (Imports-Exports)

 

GDP=C+I+G+NX

 

Gross Domestic Product is a key economic indicator that allows economists to see if economic growth is being achieved.  It is not a perfect measure of the economy, but it is one useful indicator.  The main economic indicator is Real GDP.  Economic Growth is found when there is rising Real GDP.

Another way to express Gross Domestic Product is:  The total dollar value of all final goods and services produced within a country’s borders in year.

Students will take a Socrative covering each of the three goals as review.

 

Teaching Strategies: 

Students will be introduced to the concept of Gross Domestic Product.  Students will complete an activity that requires them to decide what is included and not included in GDP.  Located under Unit 5 Macroeconomics entitled All About GDP.

Students will understand the basic concepts of GDP and what is and what is not included in GDP.

Presentation is available under Unit 5 Macroeconomics entitled GDP Presentation. (Create Day 1 GDP Notes Page)

Presentation CLICK HERE

GDP Practice CLICK HERE

Note Sheet CLICK HERE

Summarizer:

Socrative Exit Ticket

 

December 5 2017

Essential Question:

SSEMA1 The student will illustrate the means by which economic activity is measured.

a. Explain that overall levels of income, employment, and prices are determined by the spending and production decisions of households, businesses, government, and net exports.

b. Define Gross Domestic Product (GDP), economic growth, unemployment, Consumer Price Index (CPI), inflation, stagflation, and aggregate supply and aggregate demand. 

EQ:How is GDP a measure of economic growth?

Activator:

Classnotes:

Real Gross Domestic Product is  GDP adjusted for inflation (allows accurate comparison from year to year, taking out changes in prices).  It is this measure we use to determine economic growth.

Real Gross Domestic Product does not include used items, intermediate goods, illegal goods and services, etc.

 

Socrative on included or excluded in GDP.

Teaching Strategies: 

Students learn about the categories included in the calculation of GDP, as well as the difference between Real and Nominal GDP.  Students will complete activity where they will indicate which category of GDP an item fits in.  Activity located in Unit 5 macroeconomics entitled all about gdp.

Presentation is available under Unit 5 Macroeconomics entitled GDP Presentation. (Create Day 1 GDP Notes Page)

Students will then complete an activity on Real and Nominal GDP.  Located in Unit 5 Macroeconomics entitled Nominal and Real GDP.

Presentation CLICK HERE

Practice CLICK HERE

Practice 1 CLICK HERE

Practice 2 CLICK HERE

Summarizer:

Students will provide one example for something in each category of GDP.

 

December 6 2017

Essential Question:

SSEMA1 The student will illustrate the means by which economic activity is measured.

a. Explain that overall levels of income, employment, and prices are determined by the spending and production decisions of households, businesses, government, and net exports.

b. Define Gross Domestic Product (GDP), economic growth, unemployment, Consumer Price Index (CPI), inflation, stagflation, and aggregate supply and aggregate demand. 

EQ: What are the uses of GDP?

Activator:

Students will complete a warm up nominal and real GDP, helping them distinguish between the two.  Located under Unit 5 Macroeconomics entitled Nominal and Real GDP warm up.

Warm up Assignment CLICK HERE

Teaching Strategies: 

Students will take a cumulative quiz that covers all aspects of GDP.  Based on quiz results students will be placed in two groups.  Level A will start with basic facts and moves into more challenging material.  Level B has limited basic facts and jumps right into more higher level thinking.  Assignments are located under Unit 5 Microeconomics entitled GDP Level 1 and Level 2 Assignments.  Students will also retake Socrative and the highest grade will count as a quiz grade.

Students who complete these tiered activities will then read an article about the problems with GDP.  They will respond on todaysmeet.

Level 1 Assignment CLICK HERE

Level 2 Assignment CLICK HERE

Summarizer:

Answer any final questions on gdp. 

 

December 7 2017

Essential Question:

SSEMA1 The student will illustrate the means by which economic activity is measured.

b. Define Gross Domestic Product (GDP), economic growth, unemployment, Consumer Price Index (CPI), inflation, stagflation, and aggregate supply and aggregate demand.

e. Define the stages of the business cycle; include peak, contraction, trough, recovery, expansion as well as recession and depression. 

EQ: Why does GDP matter and how can it be misleading?

Activator:

Classnotes:

Per Capita Real GDP (Real GDP per person) is the best measure we have to compare standard of living.  The higher a country’s Per Capita Real GDP, typically the higher the standard of living.Sample Nominal vs GDP problem.

Teaching Strategies: 

Students will learn the difference between total GDP and per capita GDP and how these statistics are used.  They will also learn how to calculate economic growth in a country.  Students will then be shown images on why GDP matters and how these different statistics are seen in our every day world.

Students will also be prompted to respond in writing at various stages of presentation.

Presentation CLICK HERE

Summarizer:

Socrative Exit Ticket/ How does GDP effect you?

 

December 8 2017

Essential Question:

SSEMA1 The student will illustrate the means by which economic activity is measured.

a. Explain that overall levels of income, employment, and prices are determined by the spending and production decisions of households, businesses, government, and net exports.

b. Define Gross Domestic Product (GDP), economic growth, unemployment, Consumer Price Index (CPI), inflation, stagflation, and aggregate supply and aggregate demand.

e. Define the stages of the business cycle; include peak, contraction, trough, recovery, expansion as well as recession and depression. 

EQ: What is the business cycle?

Activator:

Classnotes:

The changes in real GDP over time are reflected in a model known as the business cycle.

(Business Cycle Example)

Expansion – Rising real GDP, falling unemployment

Peak – Real GDP stops rising

Contraction – Falling real GDP, rising unemployment

Recession- a contraction that lasts 6-18 months

Depression – a contraction that is especially long and severe

Trough- Real GDP stops falling

Recovery- another name for expansion that follows a contraction.  Real GDP begins to rise.

** There is an inverse relationship between real GDP and unemployment.

 

Teaching Strategies: 

Students will be introduced to the business cycle.  They will learn what each phase of the business cycle represents and how they can tell what each phase is, both by the information provided and on a business cycle.

Students will then answer a series of questions to determine what phase of the business cycle an economy is in.  Once students finish this they will examine date to determine if an economy is in expansion and contraction and try to determine where peaks and troughs are.  Available under Unit 5 Macroeconomics entitled Business Cycle Events and Business Cycle Data.

Presentation is available under Unit 5 Macroeconomics entitled Economic Growth and Business Cycle.

Presentation CLICK HERE

Graphic Organizer CLICK HERE

Practice CLICK HERE

Practice 2 CLICK HERE

Summarizer:

Socrative Exit Ticket

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