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Beginning Activities

Beginning Activities. Title today’s lesson: GDP and Changes in the Price Level Beginning Activity : Construct a Price Index Mission Statement: To prepare you for a life of responsible citizenship Daily Expectations: Come in quietly and get to work immediately Pay attention and be respectful

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Beginning Activities

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  1. Beginning Activities • Title today’s lesson: GDP and Changes in the Price Level • Beginning Activity: Construct a Price Index • Mission Statement: To prepare you for a life of responsible citizenship • Daily Expectations: • Come in quietly and get to work immediately • Pay attention and be respectful • No phones • No food or drinks other than water • Do your work • Give AP quality effort • 5 bonus points for supplies

  2. Extra Credit • 5 points each 6 weeks for bringing supplies: • Paper clips • Pens • Paper • Staples • Tape

  3. GDP and Changes in the Price Level Chapter 13: Economic Performance

  4. Construct a Price Index • Use the section on “Constructing a Price Index” on pages 351-352 to create your own price index. • Use at least five items that you choose. • If you need help let me know.

  5. Major Price Indices • Consumer Price Index reports on 90,000 items in 364 categories in 85 geographical regions in the United States compared to 1982-84. • Producer Price Index measures price changes paid by domestic producers for their inputs. • Implicit GDP price deflator is an index of average levels of prices for all goods and services in the economy. It’s compared quarterly and has a base year of 1996/

  6. Real vs. Current GDP • Real GDP takes out inflation. • Real GDP = (GDP in current dollars/implicit GDP price deflator) X 100 • This allows economists to make comparisons with past years.

  7. Ending Activity • Page 355: Profiles in Economics • Make sure the floor is clean • Connect to our objectives: How does this prepare you for life and the future?

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