This week in class, we went over the Unit 2 exam. We then got introduced to how Macro-economics works. The first part of Macro-economics is GDP (Gross Domestic Product). We learned how GDP affects how a national economy functions. We also learned about different limitations of GDP and how they affect it. There are a lot of real life situations that affect GDP.
Suggested Reading: Textbook pgs. 300-309
Week #12 Vocabulary:
- GDP (Gross Domestic Product)
- Final Good
- Intermediate Good
- Expenditure Approach
- Income Approach
- GDP Per Capita
- Nominal GDP
- Real GDP
This week your blog post/homework is due by Sunday at midnight. Please complete your blog as a new post in the following fashion, labeling it as Week 12
- Paragraph 1: A thorough summary of our learning this week in class.
- Paragraph 2: Please answer the following question - Why do you think some people are more poor than others? What is something you think we can actually do to improve the poverty rate in America?
- Paragraph 3: Please feel free to ask questions regarding the class here.
Week #12 Attachments:
GDP PPT
Notes on GDP
Notes on Real vs. Nominal GDP