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Heard County High School Lesson Plan Teacher: James Arp Subject: Economics Objectives: SSEMA1 The student will illustrate the means by which economic activity is measured. a. Explain that overall levels of income, employment, and prices are determined by the spending and production decisions of households, businesses, government, and net exports. 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. d. Identify structural, cyclical, and frictional unemployment. e. Define the stages of the business cycle, as well as recession and depression. f. Describe the difference between the national debt and government deficits. Activities: 1. Essential Question – Have students answer the following question(s) when they enter the classroom 1. What is inflation? 2. How does it impact you? After giving students a couple of minutes to respond on paper, sample the classes answers, and compile them on the board. (This could be used as a class-wide diagnostic assessment, allowing the teacher to have a sense of the student’s previous knowledge.) 2. Activity Sheet – Benchmark Review II Students will review elements and standards that showed up as weaknesses on the previous week’s benchmark exam. This review will cover specific terms and concepts that students are likely to see on the EOCT. 3. Class discussion over previous day’s topic – GDP 4. Reading Quiz – covers pp. 319-321, 327 5. Introduce new topic – Inflation (refer to the Essential Question) 6. Review Vocabulary: Week 9 Vocabulary (1) GDP (2) unemployment (3) CPI (4) economic growth (5) inflation (6) stagflation (7) aggregate supply (8) aggregate demand (9) business cycle (10) recession (11) depression (12) structural unemployment (13) frictional unemployment (14) cyclical unemployment 7. Class Discussion: GDP (PowerPoint Notes) 8. Homework: Study for Vocabulary Quiz Evaluations: 1. Feedback from class discussion. 2. Class activity. 3. Reading quiz.