• Macro Unit 1: GDP + Business Cycle
Macro Unit 1: Inflation + Unemployment

Unit I-1: Intro to Macroeconomics
Objectives:
1. TSW understand the reasoning/rationale for Macroeconomics.
2. TSW identify the 3 goals of every national economy.

Homework:
1. Read + Outline Chapter 23 in Mankiw (10 Points)

Unit I-2: GDP- Goal #1 - Promote Economic Growth
Objectives:
1. Define and answer how do we measure GDP?
2. How do you measure GDP from year to year? What is the percentage change is GDP formula?

Homework:
None

Unit I-3:  How do you calculate GDP?
Objectives:
1. What are the two approaches to GDP?
2. GDP Practice Problems within the packet.

Homework:
1. 2007 FRQ Practice

Unit I-4: Nominal vs. Real GDP
Objectives:
1. Define Real vs. Nominal GDP
2. Define base year and how it is used in relation to how GDP is measured?

Homework:
None

Unit I-5: Calculations using the GDP Deflator
Objectives
1. Man we talking about practice within our packet...

Homework:
None

Unit I-6: GDP Measured vs. Standard of Living
Objectives:
1. 5 Examples of GDP through productivity.
2. Define GDP/Capita in relation to all of the nations of the world.

Homework:
None

Objectives:
1. Identify the 4 phases of the business cycle.
2. Identify the 3 responsibilities of the federal government back to Macro goals.

Homework:
None

Unit I-8: Economic Growth + Income Distribution
Objectives:
1. Calculate GDP Growth Rate
2. Associate GDP Growth Rate with shifts/changes to the PPC Curve.

Homework:
None

Unit I-9: Calculating the Gini Coefficient + Graphing the Lorenz Curve
Objectives:
1. Calculate the Gini Coefficient
2. Graph the area under the Lorenz curve in order to decide the equality of income distribution throughout a nation.

Homework:
None

Unit I-10: Review
Objectives:
1. Review for the Macro Unit 1: GDP + Business Cycle Test

Homework:
None

Unit I-11: Test - Macro Unit 1 - GDP + Business Cycle

Unit I-12:  Goal #2: Full Employment
Objectives:
1. Define the following terms: unemployed, employed, labor force, unemployment rate
2. Determine how to calculate all of the above rates.

Homework:

Unit I-13: The 3 Types of Unemployment
Objectives:
1. Define and align the different types of unemployment such as frictional, structural, seasonal, and cyclical.

Homework:
1. None

Unit I-14: Natural Rate of Unemployment
Objectives:
1. How to calculate the NRU? What makes up this rate?
2. Define Okun's law.
3. Identify criticisms of the unemployment rate.

Homework:
1. None

Unit I-15: Intro to the Phillips Curve
Objectives:
1. Define long run and short run Phillips curves.
2. Evaluate the reasoning for the inverse relationship between unemployment and inflation.
3. Identify the 3 events possible to an economy.

Homework:
1. 2006 Practice FRQ

Unit I-16: Goal #3: Limit Inflation
Objectives:
1. Zimbabwe video and information.
2. Define inflation and identify how it is measured in the US?

Homework:
1. None

Unit I-17: CPI
Objectives:
1. Relation of the CPI to the US economy
2. Identify the differences between the CPI and the Core CPI.
3. Learn how to calculate the CPI
4. What problems occur with the CPI

Homework:
1. None

Unit I-18: Practice CPI + GDP Deflator Problems
Objectives:
1. Practice all of the above calculations...

Homework:
1. None

Unit I-19: 3 Causes of Inflation
Objectives:
1. Define the 3 causes of inflation.
2. Identify the quantity theory of money equation.
3. Explain the difference between demand pull and cost-push inflation.

Homework:
1. None

Unit I-20: Interest Rates + Inflation
Objectives:
1. Define the difference between nominal and real interest rates.
2. Calculate all of the above!

Homework:
1. None

Unit I-21: Review for Macro Unit 1 Test: GDP/Inflation/Unemployment

Unit I-22: Macro Unit 1 Test: GDP/Inflation/Unemployment