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Standard: b. Define Gross Domestic Product (GDP), economic growth, unemployment, Consumer Price Index (CPI), inflation, stagflation, and aggregate supply and aggregate demand. c. Explain how economic growth, inflation, and unemployment are calculated. Essential Question: How do we measure inflation? How is inflation misleading. Warm up: Use the internet. Find an article or site that talks about inflation rate. As a warmup jot down what you think inflation means.

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Page 1: Standard: b. Define Gross Domestic Product (GDP), economic growth, unemployment, Consumer Price Index (CPI), inflation, stagflation, and aggregate supply

Standard: b. Define Gross Domestic Product (GDP), economic growth, unemployment, Consumer Price Index (CPI), inflation, stagflation, and aggregate supply and aggregate demand. c. Explain how economic growth, inflation, and

unemployment are calculated.

Essential Question: How do we measure inflation? How is inflation misleading.

Warm up: Use the internet. Find an article or site that talks about inflation rate. As a warmup jot down what you think inflation means.

Page 2: Standard: b. Define Gross Domestic Product (GDP), economic growth, unemployment, Consumer Price Index (CPI), inflation, stagflation, and aggregate supply

Unemployment Review

Types of unemployment -Cyclical-Business cycle -Structural-Skills -Frictional Labor force=employed+unemployed Not in the labor force Unemployment rate=unemployed/labor

force

Page 3: Standard: b. Define Gross Domestic Product (GDP), economic growth, unemployment, Consumer Price Index (CPI), inflation, stagflation, and aggregate supply

Unemployment rate example


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