SS10.E.5

Social Studies (2010) Grade(s): 12 - Economics

SS10.E.5

Explain that a country’s standard of living depends upon its ability to produce goods and services.

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
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