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Chapter 23 Tracking the Economy

Chapter 23 Tracking the Economy

Author: Matthew Lonn

Students will examine GDP and how it is measured. Students will understand how GDP is used to track the economic growth.

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Questions you should be able to answer after the lesson.

What is the definition of GDP?

What is the expenditure approach to calculating GDP?

What is and is not counted in GDP?

What is the difference between real and nominal GDP?

Could I draw the circular flow model if asked?

What is the consumer price index and what is the formula for calculating it?

Chapter 23 Notes