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COURSE OUTLINE
Unit 1: Fundamentals of Economics
Economics and Choice
 Chapter 1:The Economic Way
of Thinking
 Chapter 2: Economic Systems
 Chapter 3: The American Free
Enterprise
Unit 2: Microeconomics
Market Economies at Work
 Chapter 4: Demand
 Chapter 5: Supply
 Chapter 6: Demand, Supply,
and Prices
 Chapter 7: Market Structures
Unit 3:
Types of Business Organizations
 Chapter 8: Types of Business
Organizations
Unit 4: Macroeconomics
Money and Banking
 Chapter 10: Money
Unit 5:
Measuring and Monitoring
Economic Performance
 Chapter 12: Economic
Indicators and Measurements
 Chapter 13: Facing Economic
Challenges
Unit 6:
The Role of Government in the
Economy
 Chapter 14: Government
Revenue and Spending
 Chapter 15: Using Fiscal Policy
Unit 7:
The Global Economy
CP Economics Organizer
Chapter 12: Economic Indicators and Measurements
The Big Picture:
Measuring the Economy The most important measure of an economy is the Gross Domestic Product (GDP), the market value of all goods and services produced within a nation
in a given time period. GDP includes spending by households, on durable and nondurable goods and on services; business investment, both fixed investment in capital goods
and inventory investment in unsold goods; government spending; and net exports, the value of all exports minus the cost of all imports. Nominal GDP is GDP expressed in
prices for the year it was measured. Read GDP is GDP adjusted for changes in the value of currency over time. GDP fails to measure some important things, though. It cannot
track nonmarket activities, such as that provided by homemakers. It cannot track the underground economy, and it does not measure quality of life. Other key economic
measures are Gross National Product, the value of all final goods and services a country produces in a given period; Net National Product, GNP minus the value of capital goods
that became worn out during the time period; National Income, the total income a nation earned from producing goods and services in a given time period; Personal Income,
income received by a country’s people in a given time period; and Disposable Personal Income, which is Personal Income minus taxes. Business Cycles and Economic Growth
The economy goes through somewhat predictable business cycles of expansion (when GDP increases), peak (the highest level of GDP), contraction (declining real GDP and
employment), and trough (the lowest level of GDP and employment). Then the cycle begins again. The forces of aggregate supply and aggregate demand affect the business
cycle. The point at which they are equal is called macroeconomic equilibrium. When aggregate demand increases, GDP follows, and an expansion takes place. When it
decreases, GDP also follows, and a contraction takes place. Changes in aggregate demand and supply can be brought on by business decision, changes in the interest rate,
consumer expectations, and external issues, such as natural disasters. Economic growth takes place from year to year if the real GDP rises. Factors affecting economic growth
include natural and human resources, a relatively high capital to labor ratio, and technology and innovation. An increase in productivity leads to an increase in GDP. Economic
growth sometimes comes with a cost, especially pollution.
Unit Pacing:
____– Read p. 350- 355
_____ – Business Cycle
____—Read p. 358359
_____— Aggregate Demand &
Aggregate Supply
_____— Economic Growth
_____— RETEACHING ACTIVITIES:
Section 1-3, Section Quizzes 13
_____— Chapter 12 Definitions Test
Key Terms and Phrases:
(Reading Assignments)
_____– GDP
____ – Read p. 360361
____—Read p. 368373
____—Read p. 350373
Chapter 12 TEST
Essentials Question:
1.
 Chapter 16: The Federal Reserve
2.
and Monetary Policy
 Chapter 17: International Trade 3.
Unit 8:
4.
Personal Finance
 Chapter 11: Personal Finance &
Financial Markets
Homework
Describe GDP and describe how it is measured.
Identify the causes of the changes in the business cycle.
Explain aggregate demand and aggregate supply.
How do economists measure economic growth?
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
GDP
Nominal GDP
Real GDP
Economic growth
CPI
Aggregate Supply
Aggregate Demand
Business Cycle
Peak Contraction
Trough
Recovery
Expansion
Productivity
14. Macroeconomic
equilibrium
15. Business Cycle
16. Standard of living
17. National Income
Accounting
18. Consumption
19. Investment
20. Government Spending
21. Net exports
22. Non-market activity
23. Underground economy
24. Quality of life
25. Expenditures approach
GPS
1. SSEMA1b
2. SSEMA1c
3. SSEMA1e
Course Website: http://vhs.gocats.org/apps/pages/index.jsp?uREC_ID=549730&type=u&pREC_ID=826211
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