Opening Assignment
On your own paper answer the following questions: (20 minutes)- How would you describe a healthy teenager (physically, habits, etc)?
- Which, if any, are personal goals you have made for yourself? (you won't have to share aloud)
- How do teens actions affect their health?
- In your opinion, why do so many of us act in ways that are not healthy?
- Do you think the economy in the United States today is healthy?
- How can we measure the health of our nation's economy? Read pages 70-74 and be prepared to discuss in class.
Class Connection
- Take vitals of volunteer students. (optional, 7 minutes)
- Today we are actually going to be asking if our economy is healthy. Much like looking at different factors of your personal health, there are measurements in 5 different areas that we can check to see how are economy is faring.
- Name a period in U.S. history of which you would not want to be a part.
Video 1
Objectives:
- List and define the goals of a healthy economy
- Explain how an economy is measured
- Use online data resources to measure U.S. economy health
Goals of a Healthy Economy
- increased productivity
- decreased unemployment
- maintain stable prices
Economic Measurements
1. Labor Productivity
- invest in new equipment for more efficient work
- additional training or financial incentives
- reduce workforce
- specialization and division of labor (ex: assembly line)
http://www.bls.gov/lpc/
2. Gross Domestic Product (GDP)
- private investment
- government spending
- personal spending
- net exports of goods and services
- change in business inventories
Why do you think the United States government switched from using the GNP to the GDP?
U.S. Bureau of Economic Analysis
3. Standard of Living
- GDP/per person (capita) = standard of living Gallup research
- social services
- durable goods
4. Inflation Rate
- consumer price index (CPI)- cost of living index (food, housing, transportation, medical costs,etc)
- producer price index (PPI) - wholesale price level
- Inflation refers to rising prices. Give an example of economic inflation with a product that you purchase?
- Why and how does the government sometimes try to discourage borrowing money?
Click on the following link to determine the U.S. inflation rate for 2015.
U.S. Inflation Rate
- Is the most recent year's inflation rate higher or lower than the previous year?
- Is that good or bad?
- Is the trend getting better or worse?
5. Unemployment Rate
The lower the unemployment rate , the greater the chances are of economic expansion.
More people working = more people spending money, paying taxes (less social services)
Click on the following link to determine the most recent unemployment rate.
http://data.bls.gov/timeseries/LNS14000000
- When was unemployment at its highest level?
- When was unemployment at it's lowest level?
Partner Activity
Click on this video link from 2012 as it brings up the idea of under-employed workers and how they skew the unemployment rate. Interesting to think about...Ask each other the following questions and be prepared to share with the class:
- Do you know anyone that is currently unemployed and actively looking for a job (no names please)?
- How long have they been unemployed?
- How do you think unemployment levels affect tax-payers?
Other Economic Indicators and Trends
The Conference Board (private business research organization)- consumer confidence index
- consumer expectations index
- job index (consumer's perceptions about jobs available)
- consumer polling
- retail sales
- big purchases (housing, trucks, autos)
- wages and new payroll jobs
Review What You've Learned
So back to the question that I posed in the opening assignment...- How can we measure the health of our nation's economy?
Answer the following questions on your paper: (5 points each)
- What are the 3 goals of a healthy economy?
- What are the 5 key economic measurements?
- What indicator would you use to determine if employers were hiring more workers?
- What is inflation and what does it tell us about the strength of our economy?
- Since 2005 what 3 years had the highest inflation rate (in descending order starting with highest)?
Research Report
- Prepare a one page essay over the topic listed below.
- Must be typed, DS, 12 pt size font, Times New Roman
- Due next class period.
Rubric: 50 points available
10 -Formatting per instructions
10 -Grammar and punctuation
10 -Use of one of the discussed economic measurements (showing understanding of how measurement relates to the health of the economy
10 -Cite U.S. data and source of information in the report and as a footnote
10 - Headings: Title, "Dear Economic Doctor", Labeling of Report (see sample and checklist)
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