Lesson 3.4 Macro Economics basics-GDP-GNI-HDI
Learning Goals: By the end of this lesson you will be able to
•Describe the components included
in gross domestic product (GDP)
•Describe the strengths and
weaknesses of GDP, the CPI, and the unemployment rate as macroeconomic
indicators
Success criteria
By the end of this lesson you will be able to understand GDP and answer why is economic growth a goal?
How do we calculate GDP?
- •gross domestic product (GDP)
- •expenditure approach
- •income approach
- •Consumption
- •Investment
- •imports
- •Exports
- •economic growth
- •standard of living
- •GDP per capita
- •nominal GDP
- •real GDP
- •underground economy
- •unemployment rate
- •labour force
- •full employment
- •GDP gap
- •potential GDP
Why are HDI and GPI important?
Students to complete this after you've finished all activities/tasks in today's lesson.