Unit 4: Macroeconomic measurements
The following resources are provided to you to supplement the information and activities that we will use in class.
Learning Goals
- What are the 3 most important Economic Goals of most societies?
- How do we measure Economic Growth?
- How do we measure the Unemployment Rate?
- How do we Measure the rate of Inflation?
- How do we use GDP, unemployment and inflation statistics?
- Illustrate the Business Cycle and explain the economic statistics associated with each phase.
- Define aggregate demand and aggregate supply.
Review and Resources
Macroeconomics SparkChart |
Econ Teacher Notes |
Economic Growth and Business Cycle |
Unemployment PPT |
Inflation PPT |
Key Terms and Overview |
GDP Practice |
Videos-GDP
Videos-Unemployment
Videos-Inflation
Videos - Business Cycle
Videos - Aggregate Demand/supply
SSEMA1 Illustrate the means by which economic activity is measured.
a. Identify and describe the macroeconomic goals of steady economic growth, stable prices, and full employment.
b. Define Gross Domestic Product (GDP) as the sum of Consumer Spending, Investment, Government Spending, and Net Exports (output expenditure model).
c. Define unemployment rate, Consumer Price Index (CPI), inflation, real GDP, aggregate supply, and aggregate demand and explain how each is used to evaluate the macroeconomic goals from SSEMA1a.
d. Give examples of who benefits and who loses from unanticipated inflation.
e. Identify seasonal, structural, cyclical, and frictional unemployment.
f. Define the stages of the business cycle including: peak, contraction, trough, recovery/expansion, as well as recession and depression.
a. Identify and describe the macroeconomic goals of steady economic growth, stable prices, and full employment.
b. Define Gross Domestic Product (GDP) as the sum of Consumer Spending, Investment, Government Spending, and Net Exports (output expenditure model).
c. Define unemployment rate, Consumer Price Index (CPI), inflation, real GDP, aggregate supply, and aggregate demand and explain how each is used to evaluate the macroeconomic goals from SSEMA1a.
d. Give examples of who benefits and who loses from unanticipated inflation.
e. Identify seasonal, structural, cyclical, and frictional unemployment.
f. Define the stages of the business cycle including: peak, contraction, trough, recovery/expansion, as well as recession and depression.