Macroeconomics.

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Presentation transcript:

Macroeconomics

Create a unit 3 Title Page with the standards in for this unit on the next page in your notebook.

On the next page… You will need to watch the crash course video on macroeconomics and fill in the worksheet as you watch.

On a post-it: Standard: SSMA1a-e Goals: I will be able to define GDP and describe how GDP can indicate ups and downs in the Business Cycle.

GDP: does it measure up? In your group, read the article together. After reading, answer the questions that follow. You will be given 10 minutes to do this.

Correct your answers… 1. What is GDP? 2. What is REAL GDP? The total market value of ALL final goods & services. GDP adjusted for Inflation

Correct your answers… What is NOMINAL GDP? 3. Why is real GDP rather Nominal GDP used when comparing growth over time? Total market value in CURRENT PRICES, of all final goods & services produced in a nation during a given period of time…usually 1 year Nominal GDP is the market value in TODAY’s prices. Real GDP is measured in terms of a base year prices, which allows us to compare GDP for multiple years for output rather than changes in price.

Correct your answers… 4. Why is the US concerned about economic growth? 5. What did Kuznets mean when he said, “the welfare of a nation can scarcely be inferred from a measure of national income”? A growing economy means more goods & services are produced for its citizens. GDP measures economic activity—the amount of goods & services produced in an economy. Kuznets is suggesting that other things, beyond GDP, contribute to the well-being of society.

Correct your answers… 6. What examples does Robert Kennedy mention that ARE NOT included in GDP? 7. According to the article, what are some economic activities not included in GDP? Children’s joy in playing, Beauty of poetry, the strength of marriages, the intelligence of public debate, The integrity of Public Officials, the health of Children, and the Quality of Education Activities outside the market…mowing your own lawn, externalities, illegal activities in underground economy