AP Week 6 Section 3 continued with GDP, unemployment and inflation

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Presentation transcript:

AP Week 6 Section 3 continued with GDP, unemployment and inflation Modules 10-15 THIS WEEK ENDS THE 6 WEEKS AND IS A SHORT WEEK (3) DAYS

Monday- You must have all test corrections done by tomorrow Monday- You must have all test corrections done by tomorrow. Grades go in Thursday AM Objective: Be able to practice using the formulas to calculate RGDP and NGDP and GDP deflator Read the article over economic growth and annotate. What are contributing factors? With your shoulder partner look at the formulas, read the explanations and annotate. Discuss them so that both understand. Do Now: What are the components of GDP? What is not counted? Go back over previous notes and summarize. EQ: What do all these numbers tell me? MAKE SURE YOU HAVE READ MODULES 10-15 FOR THIS UNIT

Real vs. Nominal GDP handout HAND OUTS PRACTICE WORKING PARTNERS HIGHLIGHT YOUR FINAL ANSWER- BUT SHOW THE WORK

Quick review to help you connect the measurements of the economy to the PPC.

And to connect to the business cycle. Note that it is Real GDP. The government is now labeling the last recession a depression.

Tuesday Objective: Be able to explain what CPI is and be able to calculate. Be able to discuss what CPI is formed from and connection to inflation. Do Now: In your notes make sure you understand the difference between real and nominal GDP EQ: What is Consumer Price Index and how is it determined? How is CPI connected to inflation?

https://www. youtube. com/watch https://www.youtube.com/watch?annotation_id=annotation_767513 &feature=iv&src_vid=iV4DS9aAQqM&v=gqm--7s0Ks4 ACDC Real and Nominal GDP https://www.youtube.com/watch?v=XxkDhGlMqko&index=10&list=P L11ADD17785C9C9A4 Practice CPI

Wednesday Be able to explain the chained CPI and why it is important as well as complications that arise from CPI. Be able to move from one practice set to another and complete the math in small groups while explaining CPI Do Now: Go back over your formulas. EQ: What is COLA and its relation to CPI? Vocabulary demand pull, inflation push,

Nominal GDP is found by multiplying the Years quantity by years price and adding all the goods together. Or Nominal = (Deflator) (Real GDP GDP 100

There are different problems set up around the room With your small group go around the room and work out the problems. Write the answers on one sheet and turn them in as a group. Make sure everyone’s name is on the sheet Over the long weekend. Read modules 10-15. Make sure you pay particular attention to the modules over unemployment and inflation. We will have a quiz over those modules on Monday. READ!!