About This Chapter
Below is a sample breakdown of the Macroeconomic Equilibrium chapter into a 5-day school week. Based on the pace of your course, you may need to adapt the lesson plan to fit your needs.
|Day||Topics||Key Terms and Concepts Covered|
|Monday||Real output, price level and real GDP||Gross domestic product, nominal vs. real measures, inflation rate, real output|
|Tuesday||Full employment GDP||Ideal employment level, SRAS, potential output, cyclical and frictional unemployment|
|Wednesday||The business cycle||Economic fluctuations, expansion, recession, peak, trough|
|Thursday||Recession||Contraction phase, following peaks, duration, the Great Recession|
|Friday||Depression||Prolonged recession, significant decline, the Great Depression|
1. Real Output, Price Level and the Real Gross Domestic Product
GDP is an important economic indicator, and it must be understood to be analyzed. In this lesson, you'll learn how price levels impact output and GDP and how real GDP can be calculated.
2. Full Employment GDP: Definition and Examples
In this lesson, you'll learn about an economy that is in balance. The full employment level of GDP is when economic output is at its highest sustainable level, when unemployment is at its most efficient level and when inflation is neither rising nor falling.
3. The Business Cycle: Economic Performance Over Time
Learn the economic terms that describe economic performance over time and how indicators such as unemployment and inflation behave throughout these economic fluctuations.
4. Recession vs. Depression: Definitions and Differentiation
Discover the real differences between recession and depression, including how economists actually define the two terms and when they have happened in the past.
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Other chapters within the Macroeconomics Syllabus Resource & Lesson Plans course
- Scarcity & Production Possibilities Curve Lesson Plans
- Comparative Advantage & Specialization Lesson Plans
- Demand, Supply and Market Equilibrium Lesson Plans
- Measuring the Economy Lesson Plans
- Economic Growth and Productivity Lesson Plans
- Inflation Measurement and Adjustment Lesson Plans
- Understanding Unemployment Lesson Plans
- Aggregate Demand and Supply Lesson Plans
- Inflation and Unemployment Lesson Plans
- Money, Banking and Financial Markets Lesson Plans
- Central Bank and the Money Supply Lesson Plans
- Fiscal and Monetary Policies Lesson Plans
- Foreign Exchange and the Balance of Payments Lesson Plans
- Inflows, Outflows, and Restrictions Lesson Plans