AP Microeconomic: Macro unit Part I

Macroeconomics is the study of the national economy as a whole. What impact do we as consumers have on the national economy, what impact do businesses and the government have overall. These questions come up when we hear about stimulus packages, unemployment rates rising, “when can we open the economy back up”. These are all very important questions but to understand the decisions being made, you need to understand the tools used to both measure the health of the economy and the tools used to fix it. This is Macroeconomics.

  • To start I am linking a series of Youtube videos by Marginal Revolution University for each topic.
  • Each video is pretty short, approximately 5 minutes in length.
  • You will need to watch the videos on each topic and then go to our Teams notebook for an assessment of your understanding.
  • I would recommend taking some notes as you watch each video.
  • You can also reference economic-indicators-1  and business-cycle notes if you would like to supplement the videos.

Part I:

Gross Domestic Product:

What is Gross Domestic Product?

Splitting GDP

Unemployment:

Defining the Unemployment Rate

Frictional Unemployment

Structural Unemployment

Cyclical Unemployment

Assignment: 

Go to Teams in our Class Notebook and you will see an assignment labeled GDP and Unemployment Identification. Please complete the assignment. You must complete it in one sitting. 

Consumer Price Index:

Measuring Inflation

Causes of Inflation

Assignment: 

Pick 10 items you buy on a regular basis and note their current prices. Using an inflation rate calculator such as this one, calculate the inflation rate from 2001 (the year many of you were born) to today. Enter this data in your Teams assignment in our Class Notebook. 

Go to Teams in our Class Notebook and you will see an assignment labeled Unemployment and Inflation Correlation assignment.

Business Cycle:

Introduction to Business Fluctuations

The Aggregate Demand Curve

The Aggregate Supply Curve

Understanding the Great Depression

Assignment: 

Create and label a business cycle detailing the four stages and including the following details in each stage: what is GDP doing, what are prices doing, what is unemployment doing. Must be hand drawn. Take a picture and upload to Teams in our Class Notebook. 

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