| Steven M. Reff Economics Lecturer University of Arizona (2007 - 2016) The 2015 University of Arizona Five-Star Faculty Award Steven Reff's Resume |
Topics 2.1 - 2.7 Review
| Day 3: Week 4 |
| Day 4: Week 4 |
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Unit 2: Basic Economic Concepts
• Topic 2.1 The Circular Flow and GDP
• Topic 2.2 Limitations of GDP
• Topic 2.3 Unemployment
• Topic 2.4 Price Indices and Inflation
• Topic 2.5 Costs of Inflation
• Topic 2.6 Real vs. Nominal GDP
• Topic 2.7 Business Cycles
• Topic 2.1 The Circular Flow and GDP
• Topic 2.2 Limitations of GDP
• Topic 2.3 Unemployment
• Topic 2.4 Price Indices and Inflation
• Topic 2.5 Costs of Inflation
• Topic 2.6 Real vs. Nominal GDP
• Topic 2.7 Business Cycles
| (12% – 17% of the exam) |
| 9 - 11 class periods |
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| Unit 2 Economics Indicators and Business Cycle |
| Week 4 |
Below are lessons for Unit 2: Topics 2.6 - 2.7 aligned to the AP® Macroeconomics CED.
You will have textbook readings, short videos with 3 multiple choice questions, workbook
assignments, multiple choice questions, "free" response questions and much more.
These resources can be displayed on the instructor's projection system inside the classroom,
or the instructor can copy the links and give to the students as homework.
Link to the AP® Macroeconomics CED (Course and Exam Description) to see in-depth
coverage on each of the topics listed below for Unit 1: Basic Economic Concepts.
You will have textbook readings, short videos with 3 multiple choice questions, workbook
assignments, multiple choice questions, "free" response questions and much more.
These resources can be displayed on the instructor's projection system inside the classroom,
or the instructor can copy the links and give to the students as homework.
Link to the AP® Macroeconomics CED (Course and Exam Description) to see in-depth
coverage on each of the topics listed below for Unit 1: Basic Economic Concepts.
| Principles of Macroeconomics |
| Day 2: Week 4 |
| Remember, you still have all of the resources and assessments that The College Board® provides for you and your students. |
| TEST YOURSELF 2.1 - 2.7 |
Topic 2.6 Real vs. Nominal GDP
| Day 1: Week 4 |
| eVideos -- Short Videos: |
| eWorkbook Activities Interactive: |
| Reading NOTES: |
| TEST YOURSELF 2.2: |
| (3 min. or less, along with 3 multiple choice questions) |
| eVideos -- Short Videos: |
| eWorkbook Activities Interactive: |
| eTextbook Reading: |
| (3 min. or less, along with 3 multiple choice questions) |
Topic 2.6 Business Cycle
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| TEST YOURSELF 2.4: |
| Day 5: Week 4 |
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Define nominal GDP and real GDP.
Nominal GDP is a measure of how much is spent on output. Real GDP is a
measure of how much is produced.
Nominal GDP measures aggregate output using current prices. Real GDP
measures aggregate output using constant prices, thus removing the
effect of changes in the overall price level.
Calculate real GDP and the GDP deflator.
One way of measuring real GDP is to weigh final goods and services by
their prices in a base year. Because this can lead to overstatement of real
GDP growth, statistical agencies actually use different methods.
Nominal GDP can be converted to real GDP by using the GDP deflator.
Nominal GDP is a measure of how much is spent on output. Real GDP is a
measure of how much is produced.
Nominal GDP measures aggregate output using current prices. Real GDP
measures aggregate output using constant prices, thus removing the
effect of changes in the overall price level.
Calculate real GDP and the GDP deflator.
One way of measuring real GDP is to weigh final goods and services by
their prices in a base year. Because this can lead to overstatement of real
GDP growth, statistical agencies actually use different methods.
Nominal GDP can be converted to real GDP by using the GDP deflator.
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