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)