ECONOMICS: March 19 (sub) IF YOU WERE ABSENT YESTERDAY: Pick up handouts from yesterday from sub and get answers from fellow students Warm-up #1 (see HO from yesterday and answer on notebook paper) Give an example of the following (items that would NOT be included in GDP): 1. an intermediate product; 2. a secondhand sale; and 3. a non-market transaction. Would a Social Security check count in GDP? Why or why not? Warm-up #2 (see HO from yesterday and answer on notebook paper) 1. Contrast how Current/Nominal GDP is calculated compared to Real GDP. 2. Explain why Real GDP is considered to be a better measure of economic performance than Current/Nominal GDP. Learning Target In order to understand the economic and social well-being of the U.S., I will be able to analyze how the government measures how changes in GDP growth in the U.S. and the rest of the world impact consumer income. I know I have it when I can: (1) determine whether an activity counts in GDP; (2) list and analyze the components that make up the GDP; and (3) calculate real GDP given nominal GDP data. Complete 12-1 (Day 2) Student Lesson Guide (new HO from sub) TURN IN WHEN FINISHED --current GDP vs. per capita GDP --what GDP does not tell us—see p. 340 --Output-Expenditures Formula (C + I + G + (X-M))—see pp. 342-343 --Closure Assignment Make sure you are familiar with what counts vs. what does not count in GDP