1. Student will be able to determine the criteria that is used in the GDP and argue its appropriateness.

2. ✤ BEFORE: Review Last Night’s Readings ✤ DURING: Close Read ✤ AFTER: Quick Write

3. ✤ Economics is the study of how people what they want with what they need while also recognizing scarcity. ✤ Scarcity: “There is not enough food at the buffet.” ✤ Study of Economics revolves around 3 decisions: ✤ WHAT, HOW, FOR WHOM (these are key when determining characteristics of differing economic ideologies) Key Notes:

4. Key Notes ✤ Factors of Production: ✤ Labor ✤ Land ✤ Capital (capital goods vs. financial capital) ✤ Entrepreneurs ✤ Production

5. Key Notes ✤ Study of Economics: 4 Key Elements in the Method of Study ✤ Description (what the reality is) ✤ Analysis (can be guesses at time, based on data - INFERENCES) ✤ Explanation (GDP???) ✤ Prediction (using trends, again making guesses) ✤ Seems as if their is a lot of research and a lot of guesses???? Discuss.

6. GDP Reading ✤ Page 1 Task: ✤ Write out (mathematically) how the GDP measures market throughput. ✤ Highlight the SIMPLE definition of GDP ✤ Pay attention to the footnote: JOT NOT THE DIFFERENCE BETWEEN GNP AND GDP

7. GDP READING ✤ Page 2 Task (First Two Paragraphs): ✤ Underline what economic activities are not included in GDP ✤ Highlight the last three sentences in the second paragraph. Argue what this thesis means? (Jot Note)

8. GDP Reading ✤ Page 2 Task (Third paragraph and text box): ✤ What does sine qua non most possibly mean? ✤ Based on the 4 key elements of the study of economics - what could GDP be used for? Underline examples in the text and identify. ✤ Read over Robert Kennedy speech excerpt in text box (FRQ)

9. GDP Reading ✤ Page 3 Task (First 3 paragraphs): ✤ Underline what GDP ignores in its measurement ✤ Highlight the MOST IMPORTANT reason these things need to be included. Explain your answer (jot note).

10. GDP Reading ✤ Page 3 (Last paragraph) Task: ✤ Highlight the ONE sentence the most thoroughly defines “threshold effect” caused by the GDP’s use as a measure of progress. ✤ Underline what the reading suggests is indirectly related with an increase in GDP.

11. GDP Reading/Exit Slip ✤ Page 4/5 Task: ✤ Based on the two charts provided and the readings, argue the following: ✤ If GDP continues to be the measure of economic wealth, where might US seek to be FIGURE 6? Explain your answer.