Lesson 3.1 Macro Economics Models-
Learning Goals: By the end of this lesson you will be able to
Understand the business cycle model and its phases.
Analyse key economic indicators like GDP, employment, and inflation.
Success Criteria:
By the end of the lesson, students will:
Explain the phases of the business cycle and their impact on the economy.
Analyze how economic indicators like GDP, employment, and inflation reflect economic health.
Use the AD/AS model to explain economic fluctuations.
Apply concepts to real-world examples and scenarios.
What is depression of an economy?
- •labor force
- •employment rate
- •seasonally adjusted unemployment rate
- •participation rate
- •Underemployment
- •discouraged workers
- •hidden unemployed
- •frictional unemployment
- •seasonal unemployment
- •structural unemployment
- •technological unemployment
- •replacement unemployment
- geographical unemployment
- cyclical unemployment
- inadequate demand unemployment
- full employment
- potential output
- actual output
.
Pick up 5 terms from this Glossary and write the definition here.
You will discuss your choosen terms with class
Class Activity:
Graph Analysis: Students analyze AD/AS graphs to identify the effects of changes in demand or supply.
Scenario Discussion: Discuss how a rise in oil prices affects the AD/AS model and the economy.
Homework:
Write a short essay explaining how the business cycle affects different groups of people (e.g., workers, businesses, governments).
Analyze a real-world example (e.g., the 2008 financial crisis) using the AD/AS model.
Students to complete this after you've finished all activities/tasks in today's lesson.