Define Gross Domestic Product and factors that influence it and explain how gross domestic product is calculated.
Describe stages of the business cycle and analyze the impact of events such as wars, industrialization, and technological developments on the business cycle.
Measure and analyze economic growth in terms of percentage changes in real Gross Domestic Product over time.
Explain the different types of unemployment and determine how unemployment affects economic conditions in the United States.
Define and calculate inflation and explain causes and impacts of inflation.
Identify measures of poverty and analyze how resource distribution affects poverty.
Explain the effect of advancements in technology and training on economic growth on standards of living.
Write a reflection about your learning in this unit. Your reflection should be at least three sentences. Use the following sentence starters as a guide.
I feel confident calculating Nominal GDP, Real GDP, and other economic indicators and can successfully use these indicators to draw conclusions because _________.
I am having difficulty understanding the different types of unemployment and how unemployment is calculated because _________.
Understanding the concept of inflation is important to help me make more educated decisions in regard to my saving and spending because __________.
The federal government can help to alleviate poverty and increase quality of life for those living below the poverty threshold by ____________.
Developing and improving job skills and the ability to adapt to changes in the market and workplace will help me ___________.
I feel confident calculating Nominal GDP, Real GDP, and other economic indicators and can successfully use these indicators to draw conclusions because I have had practice applying the formulas and concepts in real-world scenarios during this unit.
I am having difficulty understanding the different types of unemployment and how unemployment is calculated because the terms and calculations involved are complex and require a deeper understanding of economic principles.
Understanding the concept of inflation is important to help me make more educated decisions in regard to my saving and spending because it allows me to anticipate and adjust for changes in purchasing power over time.
The federal government can help to alleviate poverty and increase quality of life for those living below the poverty threshold by implementing policies that promote job creation, education, and better access to healthcare and social services.
Developing and improving job skills and the ability to adapt to changes in the market and workplace will help me stay competitive, secure higher-paying jobs, and achieve a better standard of living in the long run.