Download What is Economic Growth?

Survey
yes no Was this document useful for you?
   Thank you for your participation!

* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project

Document related concepts

Nouriel Roubini wikipedia , lookup

Sharing economy wikipedia , lookup

Economic planning wikipedia , lookup

Production for use wikipedia , lookup

Business cycle wikipedia , lookup

Economic growth wikipedia , lookup

Ragnar Nurkse's balanced growth theory wikipedia , lookup

Economics of fascism wikipedia , lookup

Chinese economic reform wikipedia , lookup

Economy of Italy under fascism wikipedia , lookup

Circular economy wikipedia , lookup

Rostow's stages of growth wikipedia , lookup

Steady-state economy wikipedia , lookup

Transformation in economics wikipedia , lookup

Non-monetary economy wikipedia , lookup

Transcript
SECTION 1
MANAGING THE
ECONOMY
GCSE ECONOMICS: UNIT 12
Managing the economy
Government Objectives Carousel
SECTION 1
MANAGING THE
ECONOMY
GCSE ECONOMICS: UNIT 12
Managing the economy
1.1 Economic Growth
SECTION 1
MANAGING THE
ECONOMY
What is Economic Growth?
• Put simply, “Economic growth is an increase in the
value of goods and services produced by an
economy over time”
• Why does economic growth matter….what are the
benefits of economic growth?
• Complete your ideas on the sheet provided, using
the internet to independently research ideas
SECTION 1
MANAGING THE
ECONOMY
Why economic growth matters
• Economic growth means that production is increasing
within an economy
• This is important because our standards of living
depend on our access to goods and services
• Without growth people can only enjoy improvements
in their standards of living at the expense of others in
society
• With economic growth we can all potentially be better
off!
SECTION 1
MANAGING THE
ECONOMY
Increased
profit
Increased
capital
investment
Technological
innovation
A rise in
average living
standards
The benefits of
economic
growth
Increased tax
revenues for the
government
The creation
of new jobs
Lower
unemployment
Improved
business
confidence
SECTION 1
MANAGING THE
ECONOMY
Aims of today’s lesson …
•
Identify the key benefits of economic growth
•
Investigate how we measure economic growth
•
Analyse the different components of Gross
Domestic Product
SECTION 1
MANAGING THE
ECONOMY
How do we measure
Economic Growth?
SECTION 1
MANAGING THE
ECONOMY
What is included in GDP?
GDP = C + I +G (X-M)
C = Consumption
I = Investment
G = Government spending
X-M = Net Exports
SECTION 1
MANAGING THE
ECONOMY
Consumption (C)
SECTION 1
MANAGING THE
ECONOMY
Consumption spending is closely
related to disposable incomes
SECTION 1
MANAGING THE
ECONOMY
Investment (I)
SECTION 1
MANAGING THE
ECONOMY
Government Spending (G)
SECTION 1
MANAGING THE
ECONOMY
This covers spending on UK
products/services by
foreign nationals
Exports (X)
SECTION 1
MANAGING THE
ECONOMY
This covers spending on
foreign products/services
by UK citizens
Imports (M)
SECTION 1
MANAGING THE
ECONOMY
GDP: Lets look at the figures...
The Components of GDP
SECTION 1
MANAGING THE
ECONOMY
Plenary: Interactive Questions
• You will be asked 5 key questions from Today’s
lesson
• Read each question carefully
• Choose the correct answer and then click on
‘Submit’
• Be prepared to discuss your answers
SECTION 1
MANAGING THE
ECONOMY
Extension Task…
• What effect has the eurozone crisis had on UK
Economics Growth?
• Open the ‘Extension Task’ from the student
shared area
SECTION 1
MANAGING THE
ECONOMY
Aims of today’s lesson …
•
Identify the key benefits of economic growth
•
Investigate how we measure economic growth
•
Analyse the different components of Gross
Domestic Product
SECTION 1
MANAGING THE
ECONOMY
Amazing end game…
SECTION 1
MANAGING THE
ECONOMY
Taking ownership of your
learning….
• In small groups you will prepare a short 20 minute lesson on
one of the following topics;
•
•
•
•
The costs and benefits of UK economic growth
Unemployment within the UK (youth, adult, long term)
The causes and consequences of inflation
Exchange rates and their impact on UK Balance of Payments
• I want you to teach your chosen topic to the rest of the class
in the MOST CREATIVE way you can think of.’
• The focus should be on the UK