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Published byMitchell Rogers Modified over 9 years ago
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Beginning Activities Title today’s lesson: Measuring the Nation’s Output Notes Activity: Measures of National Income Mission Statement: To prepare you for a life of responsible citizenship Daily Expectations: – Come in quietly and get to work immediately – Pay attention and be respectful – No phones – No food or drinks other than water – Do your work – Give AP quality effort 5 bonus points for supplies
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Extra Credit 5 points each 6 weeks for bringing supplies: – Paper clips – Pens – Paper – Staples – Tape
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Measuring the Nation’s Output Chapter & Section
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Notes Activity Pages 344-346 Measures of National Income – Gross National Product – Net National Product – National Income – Personal Income – Disposable Personal Income
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GDP – The Measure of National Output Gross Domestic Product – the dollar amount of all final goods and services produced within a country in a year Computing GDP – Multiply all of the final goods and services produced in a 12-month period by their prices – Add them up to get the total dollar value of production
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Excluded from GDP – Intermediate products – products used to make other products – Secondhand sales – Nonmarket transactions (underground economy) Limitations of GDP – Tells us nothing about composition of output (what’s being made) – Tells us little about the quality of life
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Economic Sectors and Circular Flows Consumer Sector (C) – household income Investment Sector (I) – productive sector Government Sector (G) – taxes and contributions Foreign Sector (X-M) – difference between goods sold and bought abroad
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Output-Expenditure Model GDP = C + I + G + (X – M) Used to explain and analyze the economy’s performance
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Ending Activity Map Activity: Highest GDPs Make sure the floor is clean Connect to our objectives: How does this prepare you for life and the future?
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