Download Economics - Wichita Falls ISD

Wichita falls ISD
[Economics]
Lesson Planner
Unit [4]: [Gross Domestic Product]
Time Frame: [1 Class Period]
Objectives
Skills: The student will be able to…
 Identify National Income and Product Accounts (NIPA).
 Explain how gross domestic product (GDP) is calculated.
 Explain the difference between nominal and real GDP.
 List the main limitations of GDP.
 Describe other income and output measures.
 Identify factors that influence GDP.
Lesson Information
Activities
Lesson 27
Knowledge Building

Class discussion about gross domestic product
and growth. Be sure to emphasize the
difference between real and nominal GDP. Also
explain how GDP affects aggregate supply and
aggregate demand.
Activities


Use the highest grossing films to explain the
difference between real and nominal GDP. Use
the attached website links for those numbers.
Ask students what would lead to films that are
produced now to have a higher dollar value in
terms of gross receipts. Nominal Box Office
Values Real Box Office Values
Divide students into groups and have them
complete GDP worksheet from Virtual
Economics. Use Capstone: Exemplary Lessons
for High School Economics. Unit 6: Lesson 33
Bell Ringer
Ask students if they remember paying more or
less for candy bars when they were younger.
Have some students explain their answers. Use
this information to lead into the discussion of
whether or not they really paid more based on
Real or Nominal
Re-enforcement
Wichita Falls ISD (2013-2014)
TEKS
6A, 16B, 23A,
23F, 23G,
24A
Vocabulary
 Aggregate demand
 Aggregate supply
 Depreciation
 Durable goods
 Gross domestic
product
 Gross national
product






Intermediate goods
National income
accounting
Nominal GDP
Nondurable goods
Price level
Real GDP
Additional Information
Materials/Resources
Gross Domestic Product PowerPoint
Virtual Economics
YouTube
Notes from Council
Parent Resources
 Economics Principles in Action Textbook Chapter 12 Sec 1 pgs: 301-308
 http://www.phschool.com/webcodes10/index.cfm?fuseaction=home.gotoWebCode&wcprefix=mne&wcsuf
fix=0012
 http://www.investopedia.com/ask/answers/199.asp
Wichita Falls ISD (2013-2014)