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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
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
extra credit
Extra Credit
  • 5 points each 6 weeks for bringing supplies:
    • Paper clips
    • Pens
    • Paper
    • Staples
    • Tape
gdp and changes in the price level

GDP and Changes in the Price Level

Chapter 13: Economic Performance

construct a price index
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.
major price indices
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/
real vs current gdp
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.
ending activity
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?