Economics Section Further Reading Keywords GDP Real GDP

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle • Class : Y 11 • Lesson Topic: Government & Economy • Scheme of Work: Economic Growth

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle P&D Planning and Data Lesson Objectives ALL (KNOWLEDGE • Identify methods of measurement of national income MOST (ANALYSIS) • Analyse the significance of economic growth Higher thinking Skills SOME (EVALUATION ) Discuss the uses and limitations of national income data to draw conclusions on living standards

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle P&D Planning and Data Planning Tools

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle Keyword Definition GDP Real GDP National Income Economic Cycle Output CONNECTIVES

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle CONTRASTING Although… Except… Moreover… If… However… Yet… Apart from… Unless… Despite… As long as… CAUSE & EFFECT Consequently… Due to… As a result… Therefore. . Because of… Because… CONCLUDING Firstly… After… Secondly… Before… Overall… I believe… Finally… I think … In conclusion… it depends… To conclude… short term… Meanwhile… Long term… COMPARING Equally… As with… Like… In the same way… Similarly… Even so… Likewise… CONNECTIVES for Analysis CONNECTIVES for Application CONNECTIVES for Evaluation EMPHASISING Most importantly… Significantly… Notably… Especially… Above all… In particular… Indeed… QUALIFYING Despite… Yet… As long as… Unless… Apart from… If… Moreover… Except… However… Although… ADDING In addition… And… Too… Also… Additionally… As well as… Furthermore… ILLUSTRATING For instance… Such as… In the case of… So… For example… As revealed by… As illustrated by…

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle ATD A-A* 1. To what extent 2. Do you think 3. Evaluate whether (8 -10 m) 10+ connectives & key words C-B Climb the Ladder 1. Explain 2. Compare 3. Analyse (5 -8 m) 5+ connectives & key words E-D Apply to demonstrate 1. Define 2. Describe 3. Identify (2 -4 m) 2 + connectives & key words

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle GDP A measure of economic activity. Gross Domestic Product (GDP) is a measure of National Income. It is the total value of all goods and services produced over a given time period (usually a year). It can be measured either as the total of income, expenditure or output.

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle • Output • Income • Expenditure

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle Gross Domestic Product Measures the total income of a Country Measures the total spending of a country Measures the value of output produced within the domestic boundaries of the UK

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle Gross Domestic Product comprises of…. Consumption = money households have spent on goods and services – 70% in the UK. Investment = building of new factories or buildings Government Spending Exports less Imports

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle Real GDP • Real GDP provides a truer picture of what is happening to output in an economy. • It removes the distorting effects of inflation. • Real GDP = Nominal GDP X Price Index in base year Price index in current year

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle Calculating Real GDP E. G. In 1998 a country’s nominal GDP is £ 500 million and its price index is 100. In 2005 the GDP rises to £ 600 million and its price index is 107. So for 2005 the Real GDP is:

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle Calculating Real GDP. . Real GDP= £ 600 million X 100 = £ 560. 75 million 107

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle Calculating Real GDP Extension : How much has GDP risen in real terms? Real GDP rise = 560. 75 – 500= 60. 75 x 100 = 12. 15% 500

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle Exercise • In 2002 a country’s Nominal GDP is £ 137, 000 million. In 2003 Nominal GDP rises to 150, 000 million and the price index increases by 4%. • Calculate: - Real GDP in 2003 - The % increase in Real GDP.

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle Explain GDP in UK (3 m)

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle GDP Per Capita $ 10, 211 $ 42, 030

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle Gross National Happiness

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle GDP Limitations • • • Income distribution Population Informal economy Accounting conventions Exchange rate – use of one that compares cost of living in each country [Purchasing Power Parity] • Climate difference • Geographical difference • Income & Wealth – correlation not perfect

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle Other Indicators Employment Rates Literacy Rates and Education Human Development Index: life expectancy, adult literacy rate , and income Life Expectancy Crime and Pollution Happynomics!!!

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle • Economists often use GDP to measure a country’s standard of living. Evaluate the effectiveness of GDP as an indicator?

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle True or False • GDP measures the total value of output produced within the domestic borders of a country. • GDP does not include Foreign Owned Businesses. • GDP includes the Black Market. • GDP includes Government Spending. • GDP includes literacy rates • Happiness is another indicator that can be used. ,

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle P&D Planning and Data Lesson Objectives ALL (KNOWLEDGE • Identify methods of measurement of national income MOST (ANALYSIS) • Analyse the significance of economic growth Higher thinking Skills SOME (EVALUATION ) Discuss the uses and limitations of national income data to draw conclusions on living standards

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle ATD A-A* 1. To what extent 2. Do you think 3. Evaluate whether (8 -10 m) 10+ connectives & key words C-B Climb the Ladder 1. Explain 2. Compare 3. Analyse (5 -8 m) 5+ connectives & key words E-D Apply to demonstrate 1. Define 2. Describe 3. Identify (2 -4 m) 2 + connectives & key words

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle R Review the Learning Pass the Parcel Add as much information you can remember from today’s lesson When the horn blows – pass your sheet to the next table!

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle R Review the Learning 2 things your neighbour has learnt today Neighbours 1 question your neighbour wants to ask

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle R Review the Learning Tweet Summarise your learning today into a single tweet 140 characters Keep all of the information STOP

Economics Section: Further Reading R Keywords – GDP, Real GDP, National Income, Output , Economic Cycle Review the Learning 1 question you need to ask 2 new things you learnt 3 pieces of information

Economics Section: Further Reading Keywords – GDP, Real GDP, National Income, Output , Economic Cycle 5 minutes. . . GO STOP