The business cycle - short-term fluctuations and long-term trend
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Measures of economic activity: gross domestic product (GDP), and gross national product (GNP) or gross national income (GNI)
There is a good explanation of GDP in this Slate Magazine video "What is GDP?" You will continue working in the packet you were already given. Limitations in GDP measurement and in using GDP to compare countries Make notes under the following headings: (use p163-165 of textbook plus the handout you have already, p 223-225)
Radio 4 episode www.bbc.co.uk/programmes/b0bd6jj7 ... the surprising story of GDP and whether it's time to change how we measure our economy. Green GDP Explain the meaning and significance of “green GDP”.
The circular flow of income model
Today we start Macroeconomics.... let's start with an EconMovie to show how an economy works.
We will then build up a model of the economy on the board and you will be given a worksheet to complete. Check out this physical model of the circular flow as well... the Moniac Machine https://goo.gl/HGQ3En http://bit.ly/2GS5CaM Or try this short game... Tragedy of the Bunnies Common access resources and the threat to sustainability
Cap and trade schemes: http://www.stuffyoushouldknow.com/podcasts/whats-the-deal-with-carbon-trading/ https://drive.google.com/file/d/1em7SKZ413vvhagISmbV7rWukUzlF5cba/view?usp=sharing Use p147-153 Blink/Dorton plus handout from Welker text to fill in document I will give you to address the above objectives.
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March 2021
Maree SpraggonTeacher of IB Economics at the American School of Budapest Categories |