gets the goods? How does change occur? Production Possibilities Frontier and the Apply basic economic concepts, analytic business cycle. tools and vocabulary. What is the nature of the business cycle? Explain how the market system allocates Focus Questions resources. How does the market apply scarce resources to Analyze the effects of the business cycle meet wants? as measured by national account calculations How are economic policy decisions made? . How does society achieve allocative and productive efficiency? What are the benefits of trade? How does the market find equilibrium? How do we measure the performance of the economy? What are the economic costs of inflation and unemployment? Skill Objectives Students will: Draw and explain the production possibilities frontier. Use graphical narrative for finding equilibrium in an individual market. Calculate comparative advantage ratios. Graphically analyze producer, consumer surpluses and deadweight loss. Use the price index to determine Real GDP. Define and measure unemployment (unemployment rate) and inflation. Calculate and interpret components of national accounts. Calculate and interpret real GDP through use of price index. Depict business cycles graphically. Technology Resources Suggested Materials/Resources AP Economics textbook Computer Computer with Internet Access Projector or Interactive whiteboard
Apply basic economic concepts, analytic tools and vocabulary. Explain how the market system allocates resources. Analyze the effects of the business cycle as measured by national account calculations . gets the goods? How does change occur? What is the nature of the business cycle? Focus Questions How does the market apply scarce resources to meet wants? How are economic policy decisions made? How does society achieve allocative and productive efficiency? What are the benefits of trade? How does the market find equilibrium? How do we measure the performance of the economy? What are the economic costs of inflation and unemployment? Production Possibilities Frontier and the business cycle. Skill Objectives Students will: Draw and explain the production possibilities frontier. Use graphical narrative for finding equilibrium in an individual market. Calculate comparative advantage ratios. Graphically analyze producer, consumer surpluses and deadweight loss. Use the price index to determine Real GDP. Define and measure unemployment (unemployment rate) and inflation. Calculate and interpret components of national accounts. Calculate and interpret real GDP through use of price index. Depict business cycles graphically. Technology Resources Computer Projector or Interactive whiteboard Suggested Materials/Resources AP Economics textbook Computer with Internet Access
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