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Managing the economy

GCSE ECONOMICS: UNIT 12. Managing the economy. Government Objectives Carousel. GCSE ECONOMICS: UNIT 12. Managing the economy. 1.1 Economic Growth. What is Economic Growth?. Put simply, “Economic growth is an increase in the value of goods and services produced by an economy over time”

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Managing the economy

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  1. GCSE ECONOMICS: UNIT 12 Managing the economy Government Objectives Carousel

  2. GCSE ECONOMICS: UNIT 12 Managing the economy 1.1 Economic Growth

  3. What is Economic Growth? • Put simply, “Economic growth is an increase in the value of goods and services produced by an economy over time” • Why does economic growth matter….what are the benefits of economic growth? • Complete your ideas on the sheet provided, using the internet to independently research ideas

  4. Why economic growth matters • Economic growth means that production is increasing within an economy • This is important because our standards of living depend on our access to goods and services • Without growth people can only enjoy improvements in their standards of living at the expense of others in society • With economic growth we can all potentially be better off!

  5. Aims of today’s lesson … • Identify the key benefits of economic growth • Investigate how we measure economic growth • Analyse the different components of Gross Domestic Product

  6. How do we measure Economic Growth?

  7. What is included in GDP? GDP = C + I +G (X-M) C = Consumption I = Investment G = Government spending X-M = Net Exports

  8. Consumption (C)

  9. Consumption spending is closely related to disposable incomes

  10. Investment (I)

  11. Government Spending (G)

  12. Exports (X) This covers spending on UK products/services by foreign nationals

  13. Imports (M) This covers spending on foreign products/services by UK citizens

  14. GDP: Lets look at the figures... The Components of GDP

  15. Plenary: Interactive Questions • You will be asked 5 key questions from Today’s lesson • Read each question carefully • Choose the correct answer and then click on ‘Submit’ • Be prepared to discuss your answers

  16. Extension Task… • What effect has the eurozone crisis had on UK Economics Growth? • Open the ‘Extension Task’ from the student shared area

  17. Aims of today’s lesson … • Identify the key benefits of economic growth • Investigate how we measure economic growth • Analyse the different components of Gross Domestic Product

  18. Amazing end game… Increased employment Economic Growth GDP Exports Higher living standards Gross DomesticProduct Imports Consumption Investment Government Spending

  19. Taking ownership of your learning…. • In small groups you will prepare a short 20 minute lesson on one of the following topics; • The costs and benefits of UK economic growth • Unemployment within the UK (youth, adult, long term) • The causes and consequences of inflation • Exchange rates and their impact on UK Balance of Payments • I want you to teach your chosen topic to the rest of the class in the MOST CREATIVE way you can think of.’ • The focus should be on the UK

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