Unpacked Content
Knowledge
Students know:
- The four components of the expenditure approach to GDP.
- How productivity is calculated.
- How productivity can be increased.
- The factors that lead to economic growth.
Skills
Students are able to:
- Calculate GDP.
- Use a GDP deflator to calculate real GDP.
Understanding
Students understand that:
- The BEA categorizes the four components of the expenditure approach to GDP.
- Investment leads to increased productivity and economic growth.
- Increases in productivity lead to a higher standard of living
- There are specific factors that lead to increased productivity.
Vocabulary
- gross domestic product (GDP)
- nominal GDP
- real per capita GDP
- GDP deflator
- Bureau of Economic Analysis
- productivity
- input
- output
- Rule of 70
