Objectives

To understand: How the Size of the Economy is Measured 

  • To understand: How the Size of the Economy is Measured – Gross Domestic Product
  • Adjustment for Nominal Values to Real Values
  • How to Track Real GDP over Time
  • Compare GDP among Countries
  • How Well GDP Measures the Well-Being of Society

To-Do Before Class

Read: Ch. 19 The Macroeconomic Perspective 

Activities/Assignments

  • Review Week 4 slides and class notes
  • Apply Your Knowledge

Review Key Concepts: Ch. 6 Key Concepts and Summary 

Problems: Ch. 6 Problems (Answer # 30, 31, 32)

Critical thinking: Ch. 6 Critical Thinking Questions (Questions 20, 21, 27)

 Discussion (post questions for discussion posts and instructions here)