About This Chapter
Below is a sample breakdown of the Measuring the Economy 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||Circular flow of economic activity||Factors of productions, injections, leakages, savings, example of the circular flow mode|
|Tuesday||The income and expenditure approaches to gross domestic product||Two approaches to measuring the total amount of production|
|Wednesday||Definition and components of gross domestic product||Consumption, government spending, investment, imports, exports|
|Thursday||Items excluded from national production||Overview of items not included in the gross domestic product, final goods, intermediate goods, inventories|
|Friday||Investment vs. investments in economics||How investment and investments differ, gross private domestic investment|
1. Circular Flow of Economic Activity: The Flow of Goods, Services & Resources
Learn about the simple model used to describe where money goes and what it is exchanged for in a market economy. The circular flow model of economic activity shows you the basic relationships between households, firms and the government.
2. Gross Domestic Product: Using the Income and Expenditure Approaches
In this lesson, you will learn how economists measure gross domestic product using two different methods - the income approach and the expenditure approach.
3. Gross Domestic Product: Definition and Components
Learn how economists measure the total production of an economy using gross domestic product (GDP). This lesson also outlines the components that make up a GDP. How do we calculate the economic value of a nation?
4. Gross Domestic Product: Items Excluded from National Production
In this lesson, you'll gain a better understanding of what the gross domestic product is by exploring things that are excluded from it. Why do we count some items in the GDP but not others?
5. Investment vs. Investments in Economics
Discover the important difference between investment in economics and investments that individuals make by saving out of their income. This lesson defines and outlines the basic components of gross private domestic investment.
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Other chapters within the Macroeconomics Syllabus Resource & Lesson Plans course
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- Understanding Unemployment Lesson Plans
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- 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