SS10.E.9
Describe methods used to measure overall economic activity, including the Gross Domestic Product (GDP), the Consumer Price Index (CPI), inflation, and unemployment.
Describe methods used to measure overall economic activity, including the Gross Domestic Product (GDP), the Consumer Price Index (CPI), inflation, and unemployment.
UP:SS10.E.9
Vocabulary
- GDP
- CPI
- cost-push inflation
- demand-pull inflation
- hyperinflation
- unemployment rate
- Bureau of Labor Statistics
- cyclical unemployment
- frictional unemployment
- structural unemployment
- full employment
- recession
- expansion
- peak
- trough
Knowledge
Students know:
- The basic economic indicators: GDP, CPI and unemployment.
- The parts of the business cycle.
- The characteristics of each part of the business cycle.
- The different types of inflation.
- The different types of unemployment.
- The types of unemployment included in full employment.
Skills
Students are able to:
- Determine the portion of the business cycle represented by certain economic indicators.
- Identify examples of each type of unemployment.
- Calculate the unemployment rate.
- Calculate the inflation rate using the CPI.
Understanding
Students understand that:
- Each of the basic economic indicators change for specific reasons.
- There are specific causes of the different types of inflation.
- There are causes of each type of unemployment.
- There are specific reasons that economic activity changes over time.
