Economics

Economics-11/13/13 Macroeconomic Concepts SSEMA1 The student will illustrate the means by which economic activity is measured. a. Explain that overall levels of income, employment, and prices are determined by the spending and production decisions of households, businesses, government, and net exports. b. Define Gross Domestic Product (GDP), economic growth, unemployment, Consumer Price Index (CPI), inflation, stagflation, and aggregate supply and aggregate demand. c. Explain how economic growth, inflation, and unemployment are calculated. d. Identify structural, cyclical, and frictional unemployment. e. Define the stages of the business cycle; include peak, contraction, trough, recovery, expansion as well as recession and depression. f. Describe the difference between the national debt and government deficits. Activator: How do we measure the success of our economy? Main Course: Discuss activator Turn in Steven Spielberg sheet if you didn’t turn it in on Tuesday after test. Notes from power point on GDP Create a collage on GDP: your paper must be labeled-GDP, C (consumer spending), G (government spending), investment spending (business spending), and Xm (imports-exports)-2 pictures for each: