1. What is the highest Grossing movie of all time?
Which movie has made more money than any other EVER?!

2. SWBAT Define Gross Domestic Product (GDP)
Distinguish between real and nominal GDP
Understand why it is important to know the difference between the two

3. Avatar Article
Please read the article about the film Avatar
5 Minutes

4. So… Which movie has made more money than any other EVER?!
It’s not as easy as it seems

5. Gross Domestic Product
The total amount of all FINAL goods and services produced within a given country’s boarders.

6. Nominal GDP Gross Domestic Product calculated using current dollars.
Movies

7. Real GDP
GDP calculated using constant dollars
Movies

8. Time to practice
10 minutes to complete the questions.

9. So why is it important to know real and nominal GDP?
If you only use nominal you can show growth that isn’t actually there!
Real life example:
You’re a sales representative, the first year you sell 1,000 units, each unit is $100. You sold $100,000!
It is now your second year, you only sell 900 units, each unit is $150 you sold $135,000
You’re up 35,000! That is great right?
Not so fast you are down 100 units
So if we calculate using real GDP you only sold $90,000 you’re really down $10,000!

10. Conclusion Define Gross Domestic Product (GDP)
Distinguish between real and nominal GDP
Understand why it is important to know the difference between the two